Kearny Financial Q2 net income drops 88% to $2.0M on securities loss; dividend unchanged

Kearny Financial Corp.

2023-Q2 EPS reported $0.28 revenue$1,497,000

Net income $2.0M ($0.03 EPS) vs $16.5M ($0.25 EPS) prior quarter; after-tax loss $10.8M on securities sale.
Net interest margin fell 31bps to 2.38%; loans grew 5.8% but deposits declined 2.2%; borrowings surged $532M.
Declared $0.11 quarterly dividend payable Feb 22; repurchased 549,800 shares at $10.45 avg.
Non-performing assets decreased to $62.6M (0.76% of assets); provision for credit losses $1.7M.
Operating efficiency initiative targeting 5-10% annual expense reduction; $757K severance in quarter.

item 2.02 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Kearny Financial Corp. reported the quarter ended December 31, 2022 results: net income $2.0 million, EPS $0.03 per diluted share.

Period: the quarter ended December 31, 2022
Net income: $2.0 million
EPS: $0.03 per diluted share
Result: reported results

Exact text from the filing

Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), reported net income for the quarter ended December 31, 2022 of $2.0 million, or $0.03 per diluted share, compared to $16.5 million, or $0.25 per diluted share, for the quarter ended September 30, 2022.

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Source: SEC EDGAR

accession 0001617242-23-000006

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