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Jun 30, 2022
Kearny Financial Q4 2022 Earnings Report
Kearny Financial's net income decreased due to an increase in provision for credit losses and recognition of non-recurring expenses.
Key Takeaways
Kearny Financial Corp. reported a decrease in net income for the quarter ended June 30, 2022, with $11.4 million, or $0.17 per diluted share, compared to the previous quarter's $17.7 million, or $0.25 per diluted share. The decrease was primarily due to a pre-tax increase in provision for credit losses and non-recurring expenses. The Board of Directors declared a quarterly cash dividend of $0.11 per share.
Net income for the quarter was $11.4 million, or $0.17 per diluted share.
Net interest margin expanded three basis points to 2.92%.
Non-interest income decreased $381,000 to $2.8 million.
The Board of Directors declared a quarterly cash dividend of $0.11 per share.
Forward Guidance
Looking ahead to fiscal 2023, Kearny Financial's most critical initiative is the acceleration of their digital strategy, spearheaded by the adoption of a cloud-based, best-in-breed digital banking platform. Complementing this technology enhancement will be the expansion of their data analytics, artificial intelligence and digital marketing capabilities.
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