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Sep 30, 2020
Kearny Financial Q1 2021 Earnings Report
Net income decreased due to non-recurring items from the MSB Financial Corp acquisition, but core earnings remained strong.
Key Takeaways
Kearny Financial Corp. reported a net income of $11.4 million, or $0.13 per diluted share, for the first quarter ended September 30, 2020. Excluding non-recurring items, net income would have been $15.0 million, or $0.17 per diluted share.
Net income for the quarter ended September 30, 2020 was $11.4 million, or $0.13 per diluted share.
Core earnings remain strong.
COVID-19 related loan modifications have declined to $76.9 million, or 1.5% of total loans.
Acquisition of MSB Financial Corp increased total assets by $581.9 million, net loans by $530.2 million and total deposits by $460.2 million.
Kearny Financial
Kearny Financial
Forward Guidance
The company did not provide specific forward guidance in this earnings report. However, they mentioned ongoing initiatives to improve operating efficiency, including branch consolidations.