secwatch.observer — SEC 8-K summary
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Issuer:     Kearny Financial Corp. (KRNY)
CIK:        0001617242
Form:       8-K/A
Filed at:   2024-01-31T23:59:59+00:00
Accession:  0001617242-24-000010
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 8.01, 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1617242/000161724224000010/0001617242-24-000010-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1617242/000161724224000010/krny-20240125.htm
  HTML page:      https://secwatch.observer/filing/0001617242-24-000010

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