secwatch.observer — SEC 8-K summary
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Issuer:     Kearny Financial Corp. (KRNY)
CIK:        0001617242
Form:       8-K
Filed at:   2023-01-26T23:59:59+00:00
Accession:  0001617242-23-000006
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Kearny Financial Q2 net income drops 88% to $2.0M on securities loss; dividend unchanged
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- Net income $2.0M ($0.03 EPS) vs $16.5M ($0.25 EPS) prior quarter; after-tax loss $10.8M on securities sale.
- Net interest margin fell 31bps to 2.38%; loans grew 5.8% but deposits declined 2.2%; borrowings surged $532M.
- Declared $0.11 quarterly dividend payable Feb 22; repurchased 549,800 shares at $10.45 avg.
- Non-performing assets decreased to $62.6M (0.76% of assets); provision for credit losses $1.7M.
- Operating efficiency initiative targeting 5-10% annual expense reduction; $757K severance in quarter.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1617242/000161724223000006/0001617242-23-000006-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1617242/000161724223000006/krny-20230126.htm
  HTML page:      https://secwatch.observer/filing/0001617242-23-000006

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