logo
  Join        Login             Stock Quote

Kearny Financial (KRNY) 2Q Earnings Jump On Higher Non-Interest Income

 January 31, 2013 03:44 PM


(By Balaseshan) Kearny Financial Corp. (NASDAQ: KRNY) reported a 150.4% jump in quarterly earnings on higher non-interest income due to sale of mortgage-backed securities. However, net interest income fell 8.2% due to lower interest income.

Earnings for the second quarter were $1.18 million or $0.02 per share, up from $470,000 or $0.01 per share in the same period last year.

Net interest income declined 8.2% to $15.99 million, due to lower interest-earning assets.

Total non-interest income was $2.29 million, compared to a loss of $761,000 last year. The latest quarter results reflected net gains on sale of securities totaling $1.1 million attributable to the sale of mortgage-backed securities totaling about $70.8 million during the quarter.

Provision for loan losses for the second quarter rose to $1.39 million from $1.32 million.

Cash and cash equivalents, which consist primarily of interest-earning and non-interest-earning deposits in other banks, decreased to $187.0 million at December 31, 2012 from $188.1 million at September 30, 2012.

The outstanding balance of loans receivable, excluding deferred fees and costs and the allowance for loan losses, increased to $1.30 billion at December 31, 2012 from $1.29 billion for the quarter ended September 30, 2012.

The balance of total deposits decreased to $2.14 billion at December 31, 2012 from $2.15 billion at September 30, 2012, primarily reflected a decline in the balance of interest-bearing deposits of $6.6 million. The company reported a net decrease in borrowings of $8.1 million to $242.1 million at December 31, 2012.

KRNY is trading down 0.79% at $10.09 on Thursday. The stock has been trading between $8.66 and $10.22 for the past 52 weeks.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageChart Says This Retailer's Comeback Isn't Finished

One of the surprises, at least on the surface, of the market's recent swoon was the outperformance of read on...

article imageETF Performance Review: Major Asset Classes | 19 Dec 2014

It’s all about real estate investment trusts (REITs) these days when it comes to bullish performance among read on...

article imageOil and Global Stock Markets Rebounding Sharply

So far so good on our expectation of a 4 to 5% pullback and then a resumption of the bull read on...

article imageGrading the FOMC

Love its members or loathe them, you have to admire the gradual impact the policy-making committee has had read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center

Related Articles:

Recent Articles by Balaseshan
More Articles on: Finance



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.