Kearny Financial Corp. in Fairfield, N.J., reported a sharp drop in first-quarter earnings due to an increase in its deposit costs.
The $2 billion-asset parent of Kearny Federal Savings Bank said that net income fell 90%, to $242,000, largely as a result of a 38% increase in interest expense, to $12.2 million. Kearny's cost of average interest-bearing liabilities was 3.52%, compared to 2.63% a year ago.
Interest income grew 29%, to $11.7 million.
Prashant Sharma, JPMorgan Payments' executive director of biometrics and identity solutions, spoke with American Banker about agentic commerce and how liability is shifting as a result of large language models.
The Office of the Comptroller of the Currency issued a final rule saying that federal law trumps state mandates on interest in escrow accounts for national banks, wading into an ongoing court battle.
The Mortgage Bankers Association now predicts a Federal Reserve rate hike to arrive in 2027, as housing price growth also slows over the next two years.
The company says its mission-driven culture, family-supporting benefits and emphasis on flexibility are key factors.
An analysis of American Banker's 2026 Best Fintechs to Work For finds that workers appreciate flexibility, as well as "meaningful" work.
The 33 companies that made it to this year's Best Fintechs to Work For list are actively preserving remote work options and non-salary benefit packages.
