Kearny Financial in Fairfield, N.J., repositioned a portion of its investment securities portfolio.
The $8 billion-asset company said in a press release that it sold $122.2 million of debt securities, including $78.9 million of pandemic-era securities, at an after-tax loss of $12.9 million.
Proceeds will be used to retire higher-cost wholesale funding and make loans.
The transaction is expected to be immediately accretive to net interest income.