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Jun 30, 2020
Kearny Financial Q4 2020 Earnings Report
Kearny Financial reported record earnings for the quarter and fiscal year, while progressing towards improving its funding mix.
Key Takeaways
Kearny Financial Corp. reported a net income of $13.7 million, or $0.17 per diluted share, for the quarter ended June 30, 2020. The company's retail deposits increased, and wholesale funding was reduced. The acquisition of MSB Financial Corp. was successfully closed.
Net income for the quarter ended June 30, 2020, was $13.7 million, or $0.17 per diluted share.
Deposits increased by $177.0 million to $4.43 billion, driven by a $224.9 million increase in retail deposits.
Loans receivable decreased by $64.1 million to $4.50 billion.
The company originated 749 loans totaling $69.0 million under the Payroll Protection Program (PPP).
Kearny Financial
Kearny Financial
Forward Guidance
The company continues to focus on assisting clients adversely impacted by COVID-19 and believes that the combined balance sheets are well-positioned for the uncertain economic environment ahead.