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FAIRFIELD, N.J. - Kearny Financial Corp. (NASDAQ:KRNY) reported third-quarter earnings that fell short of analyst expectations, but saw its stock rise 4.9% as the company’s net interest margin expanded and management expressed confidence in future performance.
The New Jersey-based bank holding company posted earnings of $0.11 per share for the quarter ended March 31, 2025, missing the analyst consensus of $0.12. Revenue came in at $38.6 million, below estimates of $39.23 million. Despite the earnings miss, Kearny’s shares jumped on news of improved margins and positive guidance.
Net interest margin expanded by eight basis points to 1.90% compared to the previous quarter, driven by lower borrowing costs and decreased deposit rates. Net interest income increased by $1.4 million to $34.0 million. The company also reported loan growth of $54.4 million, or 0.9%, primarily in non-residential mortgages.
"Quarter over quarter net interest income grew by $1.4 million, resulting in eight basis points of net interest margin expansion," said Craig L. Montanaro, President and CEO of Kearny Financial. "We anticipate continued strong margin expansion into the June quarter, the final of our 2025 fiscal year."
Total (EPA:TTEF) deposits increased by $36.3 million, or 0.6%, to $5.71 billion. The company maintained a strong liquidity position with $2.42 billion in available secured borrowing capacity, representing 31.3% of total assets.
Kearny Financial’s board declared a quarterly cash dividend of $0.11 per share, payable on May 21, 2025, to stockholders of record as of May 7, 2025.
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