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Dec 31, 2022
Kearny Financial Q2 2023 Earnings Report
Reported net income 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.
Key Takeaways
Kearny Financial Corp. reported a decrease in net income and earnings per share for the quarter ended December 31, 2022, largely attributable to a previously announced after-tax loss of $10.8 million on the sale of securities. However, total assets increased by $399.7 million, or 5.1%, to $8.29 billion.
Net income for the quarter ended December 31, 2022 was $2.0 million, or $0.03 per diluted share.
Total assets increased $399.7 million, or 5.1%, to $8.29 billion at December 31, 2022.
Loans receivable increased $327.8 million, or 5.8%, to $5.98 billion at December 31, 2022.
A quarterly cash dividend of $0.11 per share was declared, payable on February 22, 2023.
Kearny Financial
Kearny Financial
Forward Guidance
Company completed the restructuring of a portion of their investment securities portfolio and adopted a company-wide operating efficiency initiative targeting a five to ten percent reduction in their annual operating expense. These initiatives are a part of their strategy to position themselves for future earnings improvement, irrespective of the macro-economic environment.