Kearny Financial Corp.(KRNY) and its subsidiaries have r eleased their unaudited consolidated financial statements for the quarter ending March 31, 2023. The financial data shows the company's strong performance during the first quarter of the year, with notable figures in both net income and revenue.
Net Income/Loss
During the first quarter of 2023, Kearny Financial Corp. reported a net income of $10.31 million. This represents a positive financial outcome for the company, reflecting its ability to generate profits and maintain financial stability in a competitive market.
Revenue
The company achieved significant revenue during the first quarter, amounting to $214.03 million. This substantial revenue reflects the effectiveness of Kearny Financial Corp.'s business strategies and the successful management of its financial assets.
Kearny Financial Corp.'s consolidated statements of financial condition show total assets of $8.35 billion as of March 31, 2023, compared to $7.72 billion on June 30, 2022. The growth in assets demonstrates the company's expansion and strategic investments.
Key components of assets include cash and cash equivalents amounting to $194.57 million, investment securities available for sale valued at $1.27 billion, and net loans receivable totaling $5.92 billion. These figures indicate the company's diversified investment portfolio and loan growth.
On the liabilities side, total deposits amounted to $5.80 billion, while borrowings stood at $1.61 billion. These liabilities were partially offset by stockholders' equity totaling $866.23 million.
Kearny Financial Corp.'s financial performance for the first quarter of 2023 showcased a positive trajectory, with substantial net income and robust revenue generation. The company's diversified asset portfolio and effective financial strategies have contributed to its strong position in the market. As the company continues to navigate the financial landscape, stakeholders can look forward to further growth and profitability.