Kearny Financial Corp. (KRNY: Quote) Friday reported a decline in profit for the fourth quarter, due mainly to lower incomes and higher loan loss provisions.
The Fairfield, New Jersey-based company's fourth-quarter net profit was $1.20 million or $0.02 per share, compared to $3.83 million or $0.06 per share last year.
Net interest income for the quarter dropped to $17.55 million from $19.25 million in the year-ago quarter. Total non-interest income declined to $1.25 million from $2.36 million in the prior-year quarter.
Loan loss provisions for the quarter increased to $2.11 million from $1.11 million last year.
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by RTT Staff Writer
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