KRNY - Kearny Financial Corp. Announces Investment Securities Repositioning | Benzinga
FAIRFIELD, N.J., Dec. 20, 2023 (GLOBE NEWSWIRE) -- Kearny Financial Corp. (NASDAQ GS: KRNY) (the "Company"), the holding company of Kearny Bank (the "Bank"), announced the repositioning of a portion of its investment securities portfolio.
As part of the Company's ongoing strategy to realign its balance sheet for the prevailing economic and interest rate environment, the Company executed the sale of $122.2 million of its available-for-sale debt securities, yielding 3.22%, with a weighted average remaining life of 8.2 years. The sale resulted in an estimated after-tax loss of $12.9 million and is expected to have a nominal impact on tangible book value, as the loss was previously reflected in capital via accumulated other comprehensive loss.
Proceeds from the sale were utilized to retire higher-cost wholesale funding and to reinvest ...