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Stock impact report

Kearny Financial Corp. Revises Second Quarter Fiscal 2024 Results [Yahoo! Finance]

Kearny Financial (KRNY) 
Last kearny financial earnings: 4/29 04:15 pm Check Earnings Report
US:NASDAQ Investor Relations: kearnybank.com
Company Research Source: Yahoo! Finance
Bank (the “Bank”), revised the Company's earnings release for the quarter ended December 31, 2023 (the “Revised Earnings Release”), which was issued on January 25, 2024 (the “Original Earnings Release”), to adjust the timing of income recognition associated with a $4.8 million non-recurring increase in cash surrender value (the “enhancement fee”) associated with restructuring of its Bank-Owned Life Insurance (“BOLI”) portfolio that was originally recognized as non-interest income during the quarter. During the quarter ended December 31, 2023, the Company recorded a $4.8 million non-recurring increase in BOLI cash surrender value and recognized the enhancement fee within non-interest income. Subsequent to the issuance of the Original Earnings Release, the Company continued to evaluate the matter and determined it was necessary to revise its accounting for the enhancement fee and derecognize the enhancement fee and the increase in BOLI cash surrender value initially recorded in the fi Show less Read more
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