Kearny Financial Corp. announced net income of $6.6 million for the second quarter ended December 31, 2024, an increase from $6.1 million reported in the previous quarter. Earnings per basic and diluted share were $0.11 and $0.10, respectively, for the quarter. The company's net interest margin expanded by two basis points to 1.82% for the quarter, demonstrating sequential monthly growth.
Deposit growth was a key highlight, increasing by 3.7% from September 30, 2024, which allowed the company to reduce its outstanding borrowings by $220.9 million to $1.26 billion. This growth also contributed to a nine basis point reduction in the cost of funds quarter-over-quarter. The loan to deposit ratio improved from 105.9% to 101.4% at December 31, 2024.
Asset quality continued to improve, with non-performing assets decreasing to 0.49% of total assets from 0.51% in the prior quarter. Net charge-offs totaled $573,000, or 0.04% of average loans, which remains low compared to peers. The Board of Directors declared a quarterly cash dividend of $0.11 per share, payable on February 26, 2025.
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