Kearny Financial Corp. reported net income of $6.6 million, or $0.11 per diluted share, for the third quarter ended March 31, 2025. This performance was consistent with the prior quarter's net income of $6.6 million, which had diluted earnings per share of $0.10. The company's net interest income grew by $1.4 million quarter-over-quarter, leading to an eight basis point expansion in its net interest margin to 1.90%.
This margin expansion was attributed to growth in net loans and deposits, alongside a 24 basis point decrease in the cost of funds. Total deposits increased by $36.3 million to $5.7 billion, driven by growth in interest-bearing demand deposits and consumer savings deposits. Net loans receivable grew by $54.4 million, or 0.9%, to $5.80 billion.
Asset quality remained strong, with non-performing assets at 0.49% of total assets and nominal net charge-offs totaling 0.03% of average loans. The Board of Directors declared a quarterly cash dividend of $0.11 per share, payable on May 21, 2025. President and CEO Craig L. Montanaro expressed confidence in sustaining and enhancing performance, anticipating continued strong margin expansion into the June quarter.
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