Kearny Financial revises Q2 FY2024 net loss to $13.8M ($0.22/share) on BOLI accounting change

Kearny Financial Corp.

2024-Q2 EPS reported -$0.06

Derecognized $4.8M BOLI enhancement fee; now to be recognized prospectively, increasing net loss by $4.8M.
Net loss of $13.8M ($0.22 diluted EPS); dividend declared at $0.11/share payable Feb 21 to holders of record Feb 7.
Sold $122.2M AFS securities at $18.1M pre-tax loss; reinvested proceeds into loans yielding ~7.0%.
Restructured BOLI portfolio: exchanged $103.4M policies from 2.1% to 5.1% yield; incurred $5.7M tax expense.
NPAs down to $49.8M (0.63% of assets); net charge-offs $4.1M (0.29% annualized); provision for credit losses $2.1M.

item 8.01 item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Kearny Financial Corp. reported the quarter ended December 31, 2023 results: net income net loss of $13.8 million, or $0.22 per diluted share, EPS $0.22 per diluted share.

Period: the quarter ended December 31, 2023
Net income: net loss of $13.8 million, or $0.22 per diluted share
EPS: $0.22 per diluted share
Result: preliminary results

Exact text from the filing

The impact to the Company’s income statement, as a result of this revision, was to increase the Company’s net loss for the quarter ended December 31, 2023 by $4.8 million, resulting in a net loss of $13.8 million, or $0.22 per diluted share.

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Source: SEC EDGAR

accession 0001617242-24-000010

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