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Sep 30, 2024
Kearny Financial Q1 2025 Earnings Report
Reported a net income of $6.1 million, driven by an increase from adjusted net income for the quarter ended June 30, 2024.
Key Takeaways
Kearny Financial Corp. reported a net income of $6.1 million for the quarter ended September 30, 2024, compared to a GAAP net loss of $90.1 million for the quarter ended June 30, 2024. Excluding a goodwill impairment, net income increased $496,000 from the previous quarter. The Board of Directors declared a quarterly cash dividend of $0.11 per share.
Net interest margin reached its inflection point and began to ascend.
Recent fed funds rate reduction of 50 basis points has already begun translating into a cost of funds benefit in October.
Loan portfolio remains strong with minimal exposure to New York City rent-regulated multifamily and office real estate.
Commercial real estate ACL coverage ratios and peer-leading charge-off ratios leave the company well-positioned in the current environment.
Revenue by Segment
Forward Guidance
Management anticipates that additional fed funds rate cuts will positively impact the liability-sensitive balance sheet and that the company is well-positioned in the current environment due to its strong loan portfolio and robust coverage ratios.
Positive Outlook
- Net interest margin is expected to increase.
- Cost of funds is expected to benefit from recent fed funds rate reductions.
- Additional fed funds rate cuts are anticipated to be a positive catalyst.
- Loan portfolio remains strong.
- Company is well-positioned in the current environment.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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