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Mar 31, 2021
Kearny Financial Q3 2021 Earnings Report
Kearny Financial's net income was $16.4 million, with earnings per diluted share of $0.20, driven by margin expansion and controlled operating expenses.
Key Takeaways
Kearny Financial Corp. reported a net income of $16.4 million, or $0.20 per diluted share, for the quarter ended March 31, 2021. The company experienced double-digit margin expansion due to a decrease in the cost of interest-bearing liabilities. Asset quality remained solid despite an increase in reserves on individually evaluated loans.
Net income for the quarter was $16.4 million, or $0.20 per diluted share.
Deposits increased by $61.8 million to $5.37 billion, reflecting growth in core non-maturity deposits.
Net interest income increased by $3.1 million to $47.6 million.
The Company repurchased 3,026,564 shares of common stock at a cost of $34.9 million, or $11.52 per share.
Kearny Financial
Kearny Financial
Kearny Financial Revenue by Segment
Revenue by Segment
Loans Revenue
CapyFin.comTaxable Investment Securities Revenue
CapyFin.comTax-Exempt Investment Securities Revenue
CapyFin.comOther Interest-Earning Assets Revenue
CapyFin.com Forward Guidance
The COVID-19 pandemic is having an adverse impact on the Company, its customers and the communities it serves. The extent of such impact will depend on future developments, which are highly uncertain, including when the coronavirus can be controlled and abated and when and how the economy may be reopened or remain open.
Challenges Ahead
- The demand for our products and services may decline, making it difficult to grow assets and income.
- If the economy is unable to substantially reopen or remain open, and high levels of unemployment continue for an extended period of time, loan delinquencies, problem assets, and foreclosures may increase, resulting in increased charges and reduced income.
- Collateral for loans, especially real estate, may decline in value, which could cause loan losses to increase.
- Our allowance for credit losses may increase if borrowers experience financial difficulties, which will adversely affect our net income.
- The net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us.
Revenue & Expenses
Visualization of income flow from segment revenue to net income