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COPYRIGHT 2005 PR Newswire Association LLC
FAIRFIELD, N.J., Oct. 31 /PRNewswire-FirstCall/ -- Kearny Financial Corp. (the "Company"), the holding company of Kearny Federal Savings Bank (the "Bank"), today reported net income for the quarter ended September 30, 2005 of $3.0 million compared with $3.8 million for the quarter ended September 30, 2004 and $8.1 million reported for the quarter ended June 30, 2005. Net income for the quarter ended June 30, 2005 included $7.6 million of non-interest income from the gain on sale of available for sale securities.
The Company completed its initial public offering during the quarter ended March 31, 2005. A total of 21,821,250 shares, representing 30% of the outstanding common stock, were sold to eligible subscribers, including 1,745,700 shares issued to the Kearny Federal Savings Bank Employee Stock Ownership Plan. The remaining 70% of the Company continues to be held by Kearny MHC, the mutual holding company parent of the Company. Net proceeds of the offering were $214.6 million. Shares of the Company began trading on the Nasdaq National Market under the symbol "KRNY" on February 24, 2005.
Kearny Financial Corp. is the holding company for Kearny Federal Savings Bank, which operates from its administrative headquarters building in Fairfield, New Jersey, and 26 retail branch offices located in Bergen, Hudson, Passaic, Morris, Middlesex, Essex, Union and Ocean counties, New Jersey. At September 30, 2005, Kearny Financial Corp. had total assets, deposits and stockholders' equity of $2.08 billion, $1.50 billion and $506.0 million, respectively.
The following is a financial overview for the quarter: Net Interest Income
Net interest income for the quarter ended September 30, 2005 was $12.8 million. This compares to $12.8 million for the same quarter in 2004 and $13.2 million reported for the quarter ended June 30, 2005. The net interest margin for the quarter ended September 30, 2005 was 2.63%. This compares to 2.87% for the same quarter in 2004 and 2.72%...
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