Fri, Aug 23, 7:14 PM (144 days ago)
Kearny Financial Corp. reported a significant net loss of $86.7 million for the fiscal year ending June 30, 2024, largely due to a goodwill impairment charge of $97.4 million. This contrasts with a net income of $40.8 million in the previous year. Revenue from interest decreased by $33.3 million, while interest expenses increased significantly, leading to a net interest income of $142.6 million. The company’s total assets decreased by 4.7% to $7.68 billion, primarily due to declines in loans and investment securities. The allowance for credit losses on loans stood at $44.9 million, reflecting a decrease from the prior year, while non-performing loans slightly decreased to 0.70% of total loans. The company maintained robust capital ratios, exceeding regulatory requirements, with a Common Equity Tier 1 ratio of 14.79%. Future outlook remains cautious amid rising interest rates and economic uncertainties, with a focus on improving operating efficiency and diversifying the loan portfolio. Key risks include potential increases in loan defaults, regulatory changes, and competitive pressures in the financial services market.