Kearny Financial reports Q4 adjusted EPS 19c vs 18c last year

Total assets were $8.06 billion at June 30, 2023, a decrease of $284.5 million, or 3.4%, from March 31, 2023 and an increase of $344.9 million, or 4.5%, from June 30, 2022. For the quarter ended June 30, 2023, book value per share increased $0.21, or 1.6%, to $13.20 while tangible book value per share increased $0.17, or 1.7%, to $9.96. For the year ended June 30, 2023, book value per share increased $0.18, or 1.4%, to $13.20 while tangible book value per share increased $0.06, or 0.6%, to $9.96. At June 30, 2023, the Company’s tangible equity to tangible assets ratio equaled 8.35% and the regulatory capital ratios of both the Company and the Bank were in excess of the levels required by federal banking regulators to be classified as “well-capitalized” under regulatory guidelines. Craig Montanaro, President and Chief Executive Officer, commented, “The current operating environment for community banks remains challenging. An inverted yield curve, intense competition for deposits and slowing demand for loans all present near-term earnings headwinds for our industry. Despite these challenges I am pleased to report our success on several fronts.”