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Dec 31, 2019
Kearny Financial Q2 2020 Earnings Report
Net income decreased due to merger-related expenses and non-recurring items, but core deposits grew strongly.
Key Takeaways
Kearny Financial Corp. reported a net income of $10.7 million for the quarter ended December 31, 2019, a decrease of $718,000 compared to the previous quarter. The results were impacted by merger-related expenses and non-recurring items related to branch consolidations. However, the company experienced strong core deposit growth during the quarter.
Net income for the quarter ended December 31, 2019 was $10.7 million, or $0.13 per basic and diluted share.
Core deposits grew by $147.3 million during the quarter.
The company facilitated the outflow of $120.5 million in wholesale funding.
A definitive agreement to acquire MSB Financial Corp. was entered into.
Kearny Financial
Kearny Financial
Forward Guidance
No specific forward guidance was provided in the release.