Kearny Financial (KRNY) AGM 2024 summary

Opening remarks and agenda

• Meeting called to order with board members, executive team, and key partners in attendance.

• Rules of conduct outlined; Inspector of Election appointed and sworn in.

• Quorum confirmed with over half of outstanding shares represented.

• Agenda limited to three proposals: director elections, auditor ratification, and executive compensation.

Financial performance review

• Assets at $7.7 billion, loans at $5.7 billion, deposits at $5.2 billion, and market cap at $443 million as of September 30.

• Fiscal 2024 GAAP loss of $86.7 million, mainly due to $95.3 million goodwill impairment; adjusted earnings $28.2 million.

• Net interest income for the year was $142 million; capital ratio strong at 14.79%.

• Tangible equity to assets at 8.43% in 2024, down from 14% in 2019, reflecting capital deployment.

• Nearly $1 billion returned to shareholders since 2019 through dividends and buybacks.

Board and executive committee updates

• Four directors elected for three-year terms: John N. Hopkins, Catherine A. Lawton, Craig L. Montanaro, and Leopold W. Montanaro.