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FALSE000161724200016172422025-01-302025-01-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_____________________________
FORM 8-K
_____________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 30, 2025
_____________________________
KEARNY FINANCIAL CORP.
(Exact name of Registrant as Specified in Its Charter)
_____________________________
Maryland 001-37399 30-0870244
(State or Other Jurisdiction
of Incorporation)
 (Commission File Number)
(IRS Employer
Identification No.)
120 Passaic Avenue Fairfield, New Jersey
07004
(Address of Principal Executive Offices)
 (Zip Code)
Registrant’s Telephone Number, Including Area Code: (973) 244-4500
(Former Name or Former Address, if Changed Since Last Report)
_____________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $0.01 par value KRNY The NASDAQ Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02    Results of Operation and Financial Condition
On January 30, 2025, Kearny Financial Corp. (the “Company”), the holding company for Kearny Bank, issued a press release reporting its financial results for the period ended December 31, 2024.
A copy of the press release announcing the results is included as Exhibit 99.1 to this Current Report on Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.
Item 7.01    Regulation FD Disclosure
On January 30, 2025, the Company released a slide presentation that will be used in upcoming meetings with potential investors and current shareholders of the Company.
A copy of the slide presentation that will be used in the Company’s presentation is included as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference. The information included in this Current Report pursuant to this Item 7.01 is being furnished to, and not filed with, the Securities and Exchange Commission.
Item 8.01    Other Events
On January 30, 2025, the Company’s Board of Directors announced a quarterly cash dividend of $0.11 per share, payable on February 26, 2025 to stockholders of record as of February 12, 2025.
Item 9.01    Financial Statements and Exhibits
(a)Financial Statements of Business Acquired. Not applicable.
(b)Pro Forma Financial Information. Not applicable.
(c)Shell Company Transaction. Not applicable.
(d)Exhibits.
Exhibit Number Description
99.1
99.2
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
KEARNY FINANCIAL CORP.
Date: January 30, 2025
 By: /s/ Sean Byrnes
Sean Byrnes
Executive Vice President and Chief Financial Officer

EX-99.1 2 krny-20250130xexx991.htm EX-99.1 Document

Exhibit 99.1
FOR IMMEDIATE RELEASE
January 30, 2025
For further information contact:
Keith Suchodolski, Senior Executive Vice President and Chief Operating Officer, or
Sean Byrnes, Executive Vice President and Chief Financial Officer
Kearny Financial Corp.
(973) 244-4500
KEARNY FINANCIAL CORP. ANNOUNCES SECOND QUARTER FISCAL 2025 RESULTS
AND DECLARATION OF CASH DIVIDEND

Fairfield, N.J., January 30, 2025 – Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), reported net income for the quarter ended December 31, 2024 of $6.6 million, compared to $6.1 million for the quarter ended September 30, 2024.

Earnings per basic and diluted share were $0.11 and $0.10, respectively, for the quarter ended December 31, 2024. This compares to earnings per basic and diluted share of $0.10 for the quarter ended September 30, 2024.

The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.11 per share, payable on February 26, 2025, to stockholders of record as of February 12, 2025.

Craig L. Montanaro, President and Chief Executive Officer, commented, “As anticipated, this quarter reflected the early stages of growth in net interest income and expansion of net interest margin. We are pleased to report growth in deposits of 3.7% from September 30, 2024, reflecting robust performance from our branch network, digital channels and commercial lending relationships. This growth allowed us to shrink the balance of outstanding borrowings while reducing our cost of funds by nine basis points quarter-over-quarter.”

Mr. Montanaro continued, “Although market expectations for fed funds rate cuts have moderated, the continuation of positive deposit trends coupled with the reinvestment of low-coupon cash flows from our loan and securities portfolio should serve as earnings tailwinds in the coming quarters.”

Balance Sheet
•Total assets were $7.73 billion at December 31, 2024, a decrease of $41.0 million, or 0.5%, from September 30, 2024.
•Investment securities totaled $1.15 billion at December 31, 2024, a decrease of $57.5 million, or 4.8%, from September 30, 2024.
•Loans receivable totaled $5.79 billion at December 31, 2024, an increase of $7.5 million, or 0.1%, from September 30, 2024.
•Deposits were $5.67 billion at December 31, 2024, an increase of $200.5 million, or 3.7%, from September 30, 2024. This increase was primarily driven by increases in interest and non-interest bearing demand deposits of $142.1 million, and an increase of $60.6 million in consumer savings deposits.
•Borrowings were $1.26 billion at December 31, 2024, a decrease of $220.9 million, or 14.9%, from September 30, 2024, reflecting reductions in Federal Home Loan Bank (“FHLB”) and other borrowings.
•At December 31, 2024, the Company maintained available secured borrowing capacity with the FHLB and the Federal Reserve Discount Window of $2.32 billion, an increase of $256.0 million from September 30, 2024, representing 30.0% of total assets.
1

Earnings
Net Interest Income and Net Interest Margin
•Net interest margin expanded two basis points from the quarter ended September 30, 2024 to 1.82% for the quarter ended December 31, 2024. The increase for the quarter was driven by the replacement of borrowings with relatively lower cost deposits and broad based decreases in deposit rates, partially offset by higher costs and average balances of brokered certificates of deposit (“CDs”), along with reduced average balances and yields on interest-earning assets.
•For the quarter ended December 31, 2024, net interest income increased $166,000 to $32.6 million from $32.4 million for the quarter ended September 30, 2024. Included in net interest income for the quarters ended December 31, 2024 and September 30, 2024, respectively, was purchase accounting accretion of $685,000 and $649,000, and loan prepayment penalty income of $288,000 and $52,000.
Non-Interest Income
•Non-interest income increased $247,000 to $4.9 million for the quarter ended December 31, 2024, from $4.6 million for the quarter ended September 30, 2024. This increase was primarily driven by a $104,000 larger gain on the sale of loans held-for-sale compared to the prior comparative period and a $102,000 increase in electronic banking fees and charges.
Non-Interest Expense
•For the quarter ended December 31, 2024, non-interest expense decreased $225,000, or 0.8%, to $29.6 million from $29.8 million for the quarter ended September 30, 2024. This decrease was primarily driven by a decrease in other expense, partially offset by an increase in salary and benefits expense.
•Salary and benefits expense increased $81,000 primarily driven by the absence of a non-recurring decrease in stock-based compensation recorded in the prior comparative period, partially offset by a decrease in payroll taxes.
•Other expense decreased $280,000 primarily driven by a reversal of $116,000 for credit losses related to off balance sheet commitments compared to a provision for credit losses on off balance sheet commitments of $274,000 recorded in the prior comparative period. The remaining changes in the other components of non-interest expense between comparative periods generally reflected normal operating fluctuations within those line items.
Income Taxes
•Income tax expense totaled $1.3 million for the quarter ended December 31, 2024 compared to $1.1 million for the quarter ended September 30, 2024, resulting in an effective tax rate of 16.0% and 15.1%, respectively. The increase in income tax expense was primarily due to higher pre-tax income in the current quarter.
Asset Quality
•The balance of non-performing assets decreased $2.2 million to $37.7 million, or 0.49% of total assets, at December 31, 2024, from $39.9 million, or 0.51% of total assets, at September 30, 2024, respectively.
•Net charge-offs totaled $573,000, or 0.04% of average loans, on an annualized basis, for the quarter ended December 31, 2024, compared to $124,000, or 0.01% of average loans, on an annualized basis, for the quarter ended September 30, 2024. The net charge-offs recorded for the quarter ended December 31, 2024 had previously been individually reserved for within the allowance for credit losses (“ACL”).
•For the quarter ended December 31, 2024, the Company recorded a provision for credit losses of $107,000, compared to $108,000 for the quarter ended September 30, 2024. The provision for credit loss expense for the quarter ended December 31, 2024 was primarily driven by loan growth.
•The ACL was $44.5 million, or 0.77% of total loans, at December 31, 2024, a decrease of $466,000 from $44.9 million, or 0.78% of total loans, at September 30, 2024. The decrease in the ACL from September 30, 2024 was largely attributable to a reduction in reserves for individually evaluated loans, resulting from the charge-offs noted above.
Capital
•For the quarter ended December 31, 2024, book value per share decreased $0.11, or 0.9%, to $11.53 while tangible book value per share decreased $0.10, or 1.0%, to $9.75. These decreases were driven by a $7.4 million larger accumulated other comprehensive loss due primarily to a decrease in the fair value of the Company’s available for sale securities, partially offset by an increase in the fair value of the Company’s derivatives portfolio.
2

•At December 31, 2024, total stockholders’ equity included after-tax net unrealized losses on securities available for sale of $89.8 million, partially offset by after-tax unrealized gains on derivatives of $17.4 million. After-tax net unrecognized losses on securities held to maturity of $11.3 million were not reflected in total stockholders’ equity.
•At December 31, 2024, the Company’s tangible equity to tangible assets ratio equaled 8.27% and the regulatory capital ratios of both the Company and the Bank were in excess of the levels required by federal banking regulators to be classified as “well-capitalized” under regulatory guidelines.

This earnings release should be read in conjunction with Kearny Financial Corp.’s Q2 2025 Investor Presentation, a copy of which is available through the Investor Relations link located at the bottom of the page of our website at www.kearnybank.com and via a Current Report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov.
Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.
Category: Earnings
3

Linked-Quarter Comparative Financial Analysis
Kearny Financial Corp.
Consolidated Balance Sheets
(Unaudited)
(Dollars and Shares in Thousands,
Except Per Share Data)		 December 31,
2024		 September 30,
2024		 Variance
or Change		 Variance
or Change Pct.
Assets
Cash and cash equivalents $ 141,554  $ 155,574  $ (14,020) -9.0  %
Securities available for sale 1,018,279  1,070,811  (52,532) -4.9  %
Securities held to maturity 127,266  132,256  (4,990) -3.8  %
Loans held-for-sale 5,695  8,866  (3,171) -35.8  %
Loans receivable 5,791,758  5,784,246  7,512  0.1  %
Less: allowance for credit losses on loans (44,457) (44,923) (466) -1.0  %
Net loans receivable 5,747,301  5,739,323  7,978  0.1  %
Premises and equipment 45,127  45,189  (62) -0.1  %
Federal Home Loan Bank stock 64,443  57,706  6,737  11.7  %
Accrued interest receivable 27,772  29,467  (1,695) -5.8  %
Goodwill 113,525  113,525  —  —  %
Core deposit intangible 1,679  1,805  (126) -7.0  %
Bank owned life insurance 301,339  300,186  1,153  0.4  %
Deferred income taxes, net 53,325  50,131  3,194  6.4  %
Other assets 84,080  67,540  16,540  24.5  %
Total assets $ 7,731,385  $ 7,772,379  $ (40,994) -0.5  %
Liabilities
Deposits:
Non-interest-bearing $ 601,510  $ 592,099  $ 9,411  1.6  %
Interest-bearing 5,069,550  4,878,413  191,137  3.9  %
Total deposits 5,671,060  5,470,512  200,548  3.7  %
Borrowings 1,258,949  1,479,888  (220,939) -14.9  %
Advance payments by borrowers for taxes 17,986  17,824  162  0.9  %
Other liabilities 38,537  52,618  (14,081) -26.8  %
Total liabilities 6,986,532  7,020,842  (34,310) -0.5  %
Stockholders' Equity
Common stock 646  646  —  —  %
Paid-in capital 494,092  493,523  569  0.1  %
Retained earnings 342,155  342,522  (367) -0.1  %
Unearned ESOP shares (19,943) (20,430) 487  2.4  %
Accumulated other comprehensive loss (72,097) (64,724) (7,373) -11.4  %
Total stockholders' equity 744,853  751,537  (6,684) -0.9  %
Total liabilities and stockholders' equity $ 7,731,385  $ 7,772,379  $ (40,994) -0.5  %
Consolidated capital ratios
Equity to assets 9.63  % 9.67  % -0.04  %
Tangible equity to tangible assets (1)
 8.27  % 8.31  % -0.04  %
Share data
Outstanding shares 64,580 64,580 — —  %
Book value per share $ 11.53  $ 11.64  $ (0.11) -0.9  %
Tangible book value per share (2)
 $ 9.75  $ 9.85  $ (0.10) -1.0  %
_________________________
(1)Tangible equity equals total stockholders' equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets.
(2)Tangible book value equals total stockholders' equity reduced by goodwill and core deposit intangible assets.
4

Kearny Financial Corp.
Consolidated Statements of Income
(Unaudited)
(Dollars and Shares in Thousands,
Except Per Share Data)		 Three Months Ended Variance
or Change		 Variance
or Change Pct.
December 31,
2024		 September 30,
2024
Interest income
Loans $ 65,408  $ 66,331  $ (923) -1.4  %
Taxable investment securities 13,803  14,384  (581) -4.0  %
Tax-exempt investment securities 59  71  (12) -16.9  %
Other interest-earning assets 2,215  2,466  (251) -10.2  %
Total interest income 81,485  83,252  (1,767) -2.1  %
Interest expense
Deposits 36,721  35,018  1,703  4.9  %
Borrowings 12,152  15,788  (3,636) -23.0  %
Total interest expense 48,873  50,806  (1,933) -3.8  %
Net interest income 32,612  32,446  166  0.5  %
Provision for credit losses 107  108  (1) -0.9  %
Net interest income after provision for credit losses 32,505  32,338  167  0.5  %
Non-interest income
Fees and service charges 627  635  (8) -1.3  %
Gain on sale of loans 304  200  104  52.0  %
Income from bank owned life insurance 2,619  2,567  52  2.0  %
Electronic banking fees and charges 493  391  102  26.1  %
Other income 830  833  (3) -0.4  %
Total non-interest income 4,873  4,626  247  5.3  %
Non-interest expense
Salaries and employee benefits 17,579  17,498  81  0.5  %
Net occupancy expense of premises 2,831  2,798  33  1.2  %
Equipment and systems 3,892  3,860  32  0.8  %
Advertising and marketing 311  342  (31) -9.1  %
Federal deposit insurance premium 1,503  1,563  (60) -3.8  %
Directors' compensation 361  361  —  —  %
Other expense 3,084  3,364  (280) -8.3  %
Total non-interest expense 29,561  29,786  (225) -0.8  %
Income before income taxes 7,817  7,178  639  8.9  %
Income taxes 1,251  1,086  165  15.2  %
Net income $ 6,566  $ 6,092  $ 474  7.8  %
Net income per common share (EPS)
Basic $ 0.11  $ 0.10  $ 0.01 
Diluted $ 0.10  $ 0.10  $ — 
Dividends declared
Cash dividends declared per common share $ 0.11  $ 0.11  $ — 
Cash dividends declared $ 6,933  $ 6,896  $ 37 
Dividend payout ratio 105.6  % 113.2  % -7.6  %
Weighted average number of common shares outstanding
Basic 62,443 62,389 54
Diluted 62,576 62,420 156
5

Kearny Financial Corp.
Average Balance Sheet Data
(Unaudited)
(Dollars in Thousands) Three Months Ended Variance
or Change		 Variance
or Change Pct.
December 31,
2024		 September 30,
2024
Assets
Interest-earning assets:
Loans receivable, including loans held for sale $ 5,762,053  $ 5,761,593  $ 460  —  %
Taxable investment securities 1,285,800  1,314,945  (29,145) -2.2  %
Tax-exempt investment securities 9,711  12,244  (2,533) -20.7  %
Other interest-earning assets 116,354  131,981  (15,627) -11.8  %
Total interest-earning assets 7,173,918  7,220,763  (46,845) -0.6  %
Non-interest-earning assets 459,982  467,670  (7,688) -1.6  %
Total assets $ 7,633,900  $ 7,688,433  $ (54,533) -0.7  %
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand $ 2,314,378  $ 2,282,608  $ 31,770  1.4  %
Savings 711,801  668,240  43,561  6.5  %
Certificates of deposit (retail) 1,211,985  1,203,770  8,215  0.7  %
Certificates of deposit (brokered and listing service) 735,736  551,819  183,917  33.3  %
Total interest-bearing deposits 4,973,900  4,706,437  267,463  5.7  %
Borrowings:
Federal Home Loan Bank advances 1,085,455  1,325,583  (240,128) -18.1  %
Other borrowings 156,522  237,011  (80,489) -34.0  %
Total borrowings 1,241,977  1,562,594  (320,617) -20.5  %
Total interest-bearing liabilities 6,215,877  6,269,031  (53,154) -0.8  %
Non-interest-bearing liabilities:
Non-interest-bearing deposits 604,915  599,095  5,820  1.0  %
Other non-interest-bearing liabilities 65,258  69,629  (4,371) -6.3  %
Total non-interest-bearing liabilities 670,173  668,724  1,449  0.2  %
Total liabilities 6,886,050  6,937,755  (51,705) -0.7  %
Stockholders' equity 747,850  750,678  (2,828) -0.4  %
Total liabilities and stockholders' equity $ 7,633,900  $ 7,688,433  $ (54,533) -0.7  %
Average interest-earning assets to average interest-bearing liabilities 115.41  % 115.18  % 0.23  % 0.2  %
6

Kearny Financial Corp.
Performance Ratio Highlights
(Unaudited)
Three Months Ended Variance
or Change
December 31,
2024		 September 30,
2024
Average yield on interest-earning assets:
Loans receivable, including loans held for sale 4.54  % 4.61  % -0.07  %
Taxable investment securities 4.29  % 4.38  % -0.09  %
Tax-exempt investment securities (1)
 2.42  % 2.32  % 0.10  %
Other interest-earning assets 7.62  % 7.47  % 0.15  %
Total interest-earning assets 4.54  % 4.61  % -0.07  %
Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand 2.96  % 3.13  % -0.17  %
Savings 1.29  % 1.05  % 0.24  %
Certificates of deposit (retail) 4.06  % 4.12  % -0.06  %
Certificates of deposit (brokered and listing service) 2.71  % 2.18  % 0.53  %
Total interest-bearing deposits 2.95  % 2.98  % -0.03  %
Borrowings:
Federal Home Loan Bank advances 3.78  % 3.82  % -0.04  %
Other borrowings 4.88  % 5.28  % -0.40  %
Total borrowings 3.91  % 4.04  % -0.13  %
Total interest-bearing liabilities 3.15  % 3.24  % -0.09  %
Interest rate spread (2)
 1.39  % 1.37  % 0.02  %
Net interest margin (3)
 1.82  % 1.80  % 0.02  %
Non-interest income to average assets (annualized) 0.26  % 0.24  % 0.02  %
Non-interest expense to average assets (annualized) 1.55  % 1.55  % —  %
Efficiency ratio (4)
 78.86  % 80.35  % -1.49  %
Return on average assets (annualized) 0.34  % 0.32  % 0.02  %
Return on average equity (annualized) 3.51  % 3.25  % 0.26  %
Return on average tangible equity (annualized) (5)
 4.21  % 3.89  % 0.32  %
_________________________
(1)The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.
(2)Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.
(3)Net interest income divided by average interest-earning assets.
(4)Non-interest expense divided by the sum of net interest income and non-interest income.
(5)Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.
7


Five-Quarter Financial Trend Analysis
Kearny Financial Corp.
Consolidated Balance Sheets
(Dollars and Shares in Thousands,
Except Per Share Data)		 December 31,
2024		 September 30,
2024		 June 30,
2024		 March 31,
2024		 December 31,
2023
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Assets
Cash and cash equivalents $ 141,554  $ 155,574  $ 63,864  $ 71,027  $ 73,860 
Securities available for sale 1,018,279  1,070,811  1,072,833  1,098,655  1,144,175 
Securities held to maturity 127,266  132,256  135,742  139,643  141,959 
Loans held-for-sale 5,695  8,866  6,036  4,117  14,030 
Loans receivable 5,791,758  5,784,246  5,732,787  5,758,336  5,745,629 
Less: allowance for credit losses on loans (44,457) (44,923) (44,939) (44,930) (44,867)
Net loans receivable 5,747,301  5,739,323  5,687,848  5,713,406  5,700,762 
Premises and equipment 45,127  45,189  44,940  45,053  45,928 
Federal Home Loan Bank stock 64,443  57,706  80,300  81,347  83,372 
Accrued interest receivable 27,772  29,467  29,521  31,065  30,258 
Goodwill 113,525  113,525  113,525  210,895  210,895 
Core deposit intangible 1,679  1,805  1,931  2,057  2,189 
Bank owned life insurance 301,339  300,186  297,874  296,493  256,064 
Deferred income taxes, net 53,325  50,131  50,339  47,225  46,116 
Other real estate owned —  —  —  —  11,982 
Other assets 84,080  67,540  98,708  100,989  136,242 
Total assets $ 7,731,385  $ 7,772,379  $ 7,683,461  $ 7,841,972  $ 7,897,832 
Liabilities
Deposits:
Non-interest-bearing $ 601,510  $ 592,099  $ 598,366  $ 586,089  $ 584,130 
Interest-bearing 5,069,550  4,878,413  4,559,757  4,622,961  4,735,500 
Total deposits 5,671,060  5,470,512  5,158,123  5,209,050  5,319,630 
Borrowings 1,258,949  1,479,888  1,709,789  1,722,178  1,667,055 
Advance payments by borrowers for taxes 17,986  17,824  17,409  17,387  16,742 
Other liabilities 38,537  52,618  44,569  44,279  46,427 
Total liabilities 6,986,532  7,020,842  6,929,890  6,992,894  7,049,854 
Stockholders' Equity
Common stock 646  646  644  644  645 
Paid-in capital 494,092  493,523  493,680  493,187  493,297 
Retained earnings 342,155  342,522  343,326  440,308  439,755 
Unearned ESOP shares (19,943) (20,430) (20,916) (21,402) (21,889)
Accumulated other comprehensive loss (72,097) (64,724) (63,163) (63,659) (63,830)
Total stockholders' equity 744,853  751,537  753,571  849,078  847,978 
Total liabilities and stockholders' equity $ 7,731,385  $ 7,772,379  $ 7,683,461  $ 7,841,972  $ 7,897,832 
Consolidated capital ratios
Equity to assets 9.63  % 9.67  % 9.81  % 10.83  % 10.74  %
Tangible equity to tangible assets (1)
 8.27  % 8.31  % 8.43  % 8.34  % 8.26  %
Share data
Outstanding shares 64,580 64,580 64,434 64,437 64,445
Book value per share $ 11.53  $ 11.64  $ 11.70  $ 13.18  $ 13.16 
Tangible book value per share (2)
 $ 9.75  $ 9.85  $ 9.90  $ 9.87  $ 9.85 
_________________________
(1)Tangible equity equals total stockholders' equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets.
(2)Tangible book value equals total stockholders' equity reduced by goodwill and core deposit intangible assets.
8

Kearny Financial Corp.
Supplemental Balance Sheet Highlights
(Unaudited)
(Dollars in Thousands) December 31,
2024		 September 30,
2024		 June 30,
2024		 March 31,
2024		 December 31,
2023
Loan portfolio composition:
Commercial loans:
Multi-family mortgage $ 2,722,623  $ 2,646,187  $ 2,645,851  $ 2,645,195  $ 2,651,274 
Nonresidential mortgage 950,194  950,771  948,075  965,539  947,287 
Commercial business 135,740  145,984  142,747  147,326  144,134 
Construction 176,704  227,327  209,237  229,457  221,933 
Total commercial loans 3,985,261  3,970,269  3,945,910  3,987,517  3,964,628 
One- to four-family residential mortgage 1,765,160  1,768,230  1,756,051  1,741,644  1,746,065 
Consumer loans:
Home equity loans 47,101  44,741  44,104  42,731  43,517 
Other consumer 2,778  2,965  2,685  3,198  2,728 
Total consumer loans 49,879  47,706  46,789  45,929  46,245 
Total loans, excluding yield adjustments 5,800,300  5,786,205  5,748,750  5,775,090  5,756,938 
Unaccreted yield adjustments (8,542) (1,959) (15,963) (16,754) (11,309)
Loans receivable, net of yield adjustments 5,791,758  5,784,246  5,732,787  5,758,336  5,745,629 
Less: allowance for credit losses on loans (44,457) (44,923) (44,939) (44,930) (44,867)
Net loans receivable $ 5,747,301  $ 5,739,323  $ 5,687,848  $ 5,713,406  $ 5,700,762 
Asset quality:
Nonperforming assets:
Accruing loans - 90 days and over past due $ —  $ —  $ —  $ —  $ — 
Nonaccrual loans 37,697  39,854  39,882  39,546  28,089 
Total nonperforming loans 37,697  39,854  39,882  39,546  28,089 
Nonaccrual loans held-for-sale —  —  —  —  9,700 
Other real estate owned —  —  —  —  11,982 
Total nonperforming assets $ 37,697  $ 39,854  $ 39,882  $ 39,546  $ 49,771 
Nonperforming loans (% total loans) 0.65  % 0.69  % 0.70  % 0.69  % 0.49  %
Nonperforming assets (% total assets) 0.49  % 0.51  % 0.52  % 0.50  % 0.63  %
Classified loans $ 132,216  $ 119,534  $ 118,700  $ 115,772  $ 94,676 
Allowance for credit losses on loans (ACL):
ACL to total loans 0.77  % 0.78  % 0.78  % 0.78  % 0.78  %
ACL to nonperforming loans 117.93  % 112.72  % 112.68  % 113.61  % 159.73  %
Net charge-offs $ 573  $ 124  $ 3,518  $ 286  $ 4,110 
Average net charge-off rate (annualized) 0.04  % 0.01  % 0.25  % 0.02  % 0.29  %

9

Kearny Financial Corp.
Supplemental Balance Sheet Highlights
(Unaudited)
(Dollars in Thousands) December 31,
2024		 September 30,
2024		 June 30,
2024		 March 31,
2024		 December 31,
2023
Funding composition:
Deposits:
Non-interest-bearing deposits $ 601,510  $ 592,099  $ 598,367  $ 586,089  $ 584,130 
Interest-bearing demand 2,380,408  2,247,685  2,308,915  2,349,032  2,347,262 
Savings 742,266  681,709  643,481  630,456  646,182 
Certificates of deposit (retail) 1,194,865  1,215,746  1,199,127  1,235,261  1,283,676 
Certificates of deposit (brokered and listing service) 752,011  733,273  408,234  408,212  458,380 
Interest-bearing deposits 5,069,550  4,878,413  4,559,757  4,622,961  4,735,500 
Total deposits 5,671,060  5,470,512  5,158,124  5,209,050  5,319,630 
Borrowings:
Federal Home Loan Bank advances 1,028,949  1,209,888  1,534,789  1,457,178  1,432,055 
Overnight borrowings 230,000  270,000  175,000  265,000  235,000 
Total borrowings 1,258,949  1,479,888  1,709,789  1,722,178  1,667,055 
Total funding $ 6,930,009  $ 6,950,400  $ 6,867,913  $ 6,931,228  $ 6,986,685 
Loans as a % of deposits 101.4  % 105.1  % 110.4  % 109.8  % 107.4  %
Deposits as a % of total funding 81.8  % 78.7  % 75.1  % 75.2  % 76.1  %
Borrowings as a % of total funding 18.2  % 21.3  % 24.9  % 24.8  % 23.9  %
Uninsured deposits:
Uninsured deposits (reported) (1)
 $ 1,935,607  $ 1,799,726  $ 1,772,623  $ 1,760,740  $ 1,813,122 
Uninsured deposits (adjusted) (2)
 $ 797,721  $ 773,375  $ 764,447  $ 718,026  $ 694,510 
_________________________
(1)Uninsured deposits of Kearny Bank.
(2)Uninsured deposits of Kearny Bank adjusted to exclude deposits of its wholly-owned subsidiary and holding company and collateralized deposits of state and local governments.
10

Kearny Financial Corp.
Consolidated Statements of Income (Loss)
(Unaudited)
Three Months Ended
(Dollars and Shares in Thousands,
Except Per Share Data)		 December 31,
2024		 September 30,
2024		 June 30,
2024		 March 31,
2024		 December 31,
2023
Interest income
Loans $ 65,408  $ 66,331  $ 65,819  $ 64,035  $ 63,384 
Taxable investment securities 13,803  14,384  14,802  15,490  16,756 
Tax-exempt investment securities 59  71  80  85  84 
Other interest-earning assets 2,215  2,466  2,289  2,475  2,401 
Total interest income 81,485  83,252  82,990  82,085  82,625 
Interest expense
Deposits 36,721  35,018  32,187  32,320  30,340 
Borrowings 12,152  15,788  17,527  15,446  16,446 
Total interest expense 48,873  50,806  49,714  47,766  46,786 
Net interest income 32,612  32,446  33,276  34,319  35,839 
Provision for credit losses 107  108  3,527  349  2,105 
Net interest income after provision for credit losses 32,505  32,338  29,749  33,970  33,734 
Non-interest income
Fees and service charges 627  635  580  657  624 
Loss on sale and call of securities —  —  —  —  (18,135)
Gain (loss) on sale of loans 304  200  111  (712) 104 
Loss on sale of other real estate owned —  —  —  —  (974)
Income from bank owned life insurance 2,619  2,567  3,209  3,039  1,162 
Electronic banking fees and charges 493  391  1,130  464  396 
Other income 830  833  776  755  811 
Total non-interest income 4,873  4,626  5,806  4,203  (16,012)
Non-interest expense
Salaries and employee benefits 17,579  17,498  17,266  16,911  17,282 
Net occupancy expense of premises 2,831  2,798  2,738  2,863  2,674 
Equipment and systems 3,892  3,860  3,785  3,823  3,814 
Advertising and marketing 311  342  480  387  301 
Federal deposit insurance premium 1,503  1,563  1,532  1,429  1,495 
Directors' compensation 361  361  360  360  393 
Goodwill impairment —  —  97,370  —  — 
Other expense 3,084  3,364  3,020  3,286  3,808 
Total non-interest expense 29,561  29,786  126,551  29,059  29,767 
Income (loss) before income taxes 7,817  7,178  (90,996) 9,114  (12,045)
Income taxes 1,251  1,086  (917) 1,717  1,782 
Net income (loss) $ 6,566  $ 6,092  $ (90,079) $ 7,397  $ (13,827)
Net income (loss) per common share (EPS)
Basic $ 0.11  $ 0.10  $ (1.45) $ 0.12  $ (0.22)
Diluted $ 0.10  $ 0.10  $ (1.45) $ 0.12  $ (0.22)
Dividends declared
Cash dividends declared per common share $ 0.11  $ 0.11  $ 0.11  $ 0.11  $ 0.11 
Cash dividends declared $ 6,933  $ 6,896  $ 6,903  $ 6,844  $ 6,882 
Dividend payout ratio 105.6  % 113.2  % -7.7  % 92.5  % -49.8  %
Weighted average number of common shares outstanding
Basic 62,443 62,389 62,254 62,205 62,299
Diluted 62,576 62,420 62,254 62,211 62,299
11

Kearny Financial Corp.
Average Balance Sheet Data
(Unaudited)
Three Months Ended
(Dollars in Thousands) December 31,
2024		 September 30,
2024		 June 30,
2024		 March 31,
2024		 December 31,
2023
Assets
Interest-earning assets:
Loans receivable, including loans held-for-sale $ 5,762,053  $ 5,761,593  $ 5,743,008  $ 5,752,477  $ 5,726,321 
Taxable investment securities 1,285,800  1,314,945  1,343,541  1,382,064  1,509,165 
Tax-exempt investment securities 9,711  12,244  13,737  14,614  15,025 
Other interest-earning assets 116,354  131,981  128,257  125,155  139,740 
Total interest-earning assets 7,173,918  7,220,763  7,228,543  7,274,310  7,390,251 
Non-interest-earning assets 459,982  467,670  466,537  577,411  554,335 
Total assets $ 7,633,900  $ 7,688,433  $ 7,695,080  $ 7,851,721  $ 7,944,586 
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand $ 2,314,378  $ 2,282,608  $ 2,310,521  $ 2,378,831  $ 2,301,169 
Savings 711,801  668,240  631,622  635,226  664,926 
Certificates of deposit (retail) 1,211,985  1,203,770  1,208,101  1,257,362  1,292,837 
Certificates of deposit (brokered and listing service) 735,736  551,819  405,697  448,151  531,479 
Total interest-bearing deposits 4,973,900  4,706,437  4,555,941  4,719,570  4,790,411 
Borrowings:
Federal Home Loan Bank advances 1,085,455  1,325,583  1,507,192  1,428,801  1,513,497 
Other borrowings 156,522  237,011  228,461  210,989  142,283 
Total borrowings 1,241,977  1,562,594  1,735,653  1,639,790  1,655,780 
Total interest-bearing liabilities 6,215,877  6,269,031  6,291,594  6,359,360  6,446,191 
Non-interest-bearing liabilities:
Non-interest-bearing deposits 604,915  599,095  589,438  581,870  597,294 
Other non-interest-bearing liabilities 65,258  69,629  62,978  65,709  62,387 
Total non-interest-bearing liabilities 670,173  668,724  652,416  647,579  659,681 
Total liabilities 6,886,050  6,937,755  6,944,010  7,006,939  7,105,872 
Stockholders' equity 747,850  750,678  751,070  844,782  838,714 
Total liabilities and stockholders' equity $ 7,633,900  $ 7,688,433  $ 7,695,080  $ 7,851,721  $ 7,944,586 
Average interest-earning assets to average
 interest-bearing liabilities
 115.41  % 115.18  % 114.89  % 114.39  % 114.65  %
12

Kearny Financial Corp.
Performance Ratio Highlights
Three Months Ended
December 31,
2024		 September 30,
2024		 June 30,
2024		 March 31,
2024		 December 31,
2023
Average yield on interest-earning assets:
Loans receivable, including loans held-for-sale 4.54  % 4.61  % 4.58  % 4.45  % 4.43  %
Taxable investment securities 4.29  % 4.38  % 4.41  % 4.48  % 4.44  %
Tax-exempt investment securities (1)
 2.42  % 2.32  % 2.32  % 2.32  % 2.25  %
Other interest-earning assets 7.62  % 7.47  % 7.14  % 7.91  % 6.87  %
Total interest-earning assets 4.54  % 4.61  % 4.59  % 4.51  % 4.47  %
Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand 2.96  % 3.13  % 3.06  % 3.08  % 2.91  %
Savings 1.29  % 1.05  % 0.63  % 0.46  % 0.44  %
Certificates of deposit (retail) 4.06  % 4.12  % 3.95  % 3.52  % 3.06  %
Certificates of deposit (brokered and listing service) 2.71  % 2.18  % 1.59  % 1.97  % 2.24  %
Total interest-bearing deposits 2.95  % 2.98  % 2.83  % 2.74  % 2.53  %
Borrowings:
Federal Home Loan Bank advances 3.78  % 3.82  % 3.86  % 3.55  % 3.82  %
Other borrowings 4.88  % 5.28  % 5.24  % 5.22  % 5.65  %
Total borrowings 3.91  % 4.04  % 4.04  % 3.77  % 3.97  %
Total interest-bearing liabilities 3.15  % 3.24  % 3.16  % 3.00  % 2.90  %
Interest rate spread (2)
 1.39  % 1.37  % 1.43  % 1.51  % 1.57  %
Net interest margin (3)
 1.82  % 1.80  % 1.84  % 1.89  % 1.94  %
Non-interest income to average assets (annualized) 0.26  % 0.24  % 0.30  % 0.21  % -0.81  %
Non-interest expense to average assets (annualized) 1.55  % 1.55  % 6.58  % 1.48  % 1.50  %
Efficiency ratio (4)
 78.86  % 80.35  % 323.81  % 75.43  % 150.13  %
Return on average assets (annualized) 0.34  % 0.32  % -4.68  % 0.38  % -0.70  %
Return on average equity (annualized) 3.51  % 3.25  % -47.97  % 3.50  % -6.59  %
Return on average tangible equity (annualized) (5)
 4.21  % 3.89  % 3.33  % 4.68  % -8.84  %
_________________________
(1)The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.
(2)Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.
(3)Net interest income divided by average interest-earning assets.
(4)Non-interest expense divided by the sum of net interest income and non-interest income.
(5)Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.
13

The following tables provide a reconciliation of certain financial measures calculated in accordance with Generally Accepted Accounting Principles (“GAAP”) (as reported) and non-GAAP measures. These non-GAAP measures provide additional information which allow readers to evaluate the ongoing performance of the Company. They are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information. In all cases, it should be understood that non-GAAP per share measures do not depict amounts that accrue directly to the benefit of shareholders.
Kearny Financial Corp.
Reconciliation of GAAP to Non-GAAP
(Unaudited)
Three Months Ended
(Dollars and Shares in Thousands,
Except Per Share Data)		 December 31,
2024		 September 30,
2024		 June 30,
2024		 March 31,
2024		 December 31,
2023
Adjusted net income:
Net income (loss) (GAAP) $ 6,566  $ 6,092  $ (90,079) $ 7,397  $ (13,827)
Non-recurring transactions - net of tax:
Net effect of sale and call of securities —  —  —  —  12,876 
Net effect of bank-owned life insurance restructure —  —  392  —  6,286 
Goodwill impairment —  —  95,283  —  — 
Adjusted net income $ 6,566  $ 6,092  $ 5,596  $ 7,397  $ 5,335 
Calculation of pre-tax, pre-provision net revenue:
Net income (loss) (GAAP) $ 6,566  $ 6,092  $ (90,079) $ 7,397  $ (13,827)
Adjustments to net income (GAAP):
Provision for income taxes 1,251  1,086  (917) 1,717  1,782 
Provision for credit losses 107  108  3,527  349  2,105 
Pre-tax, pre-provision net revenue (non-GAAP) $ 7,924  $ 7,286  $ (87,469) $ 9,463  $ (9,940)
Adjusted earnings per share:
Weighted average common shares - basic 62,443 62,389 62,254 62,205 62,299
Weighted average common shares - diluted 62,576 62,420 62,330 62,211 62,367
Earnings per share - basic (GAAP) $ 0.11  $ 0.10  $ (1.45) $ 0.12  $ (0.22)
Earnings per share - diluted (GAAP) $ 0.10  $ 0.10  $ (1.45) $ 0.12  $ (0.22)
Adjusted earnings per share - basic (non-GAAP) $ 0.11  $ 0.10  $ 0.09  $ 0.12  $ 0.09 
Adjusted earnings per share - diluted (non-GAAP) $ 0.10  $ 0.10  $ 0.09  $ 0.12  $ 0.09 
Pre-tax, pre-provision net revenue per share:
Pre-tax, pre-provision net revenue per share - basic
  (non-GAAP)
 $ 0.13  $ 0.12  $ (1.41) $ 0.15  $ (0.16)
Pre-tax, pre-provision net revenue per share - diluted
  (non-GAAP)
 $ 0.13  $ 0.12  $ (1.41) $ 0.15  $ (0.16)
Adjusted return on average assets:
Total average assets $ 7,633,900  $ 7,688,433  $ 7,695,080  $ 7,851,721  $ 7,944,586 
Return on average assets (GAAP) 0.34  % 0.32  % -4.68  % 0.38  % -0.70  %
Adjusted return on average assets (non-GAAP) 0.34  % 0.32  % 0.29  % 0.38  % 0.27  %
Adjusted return on average equity:
Total average equity $ 747,850  $ 750,678  $ 751,070  $ 844,782  $ 838,714 
Return on average equity (GAAP) 3.51  % 3.25  % -47.97  % 3.50  % -6.59  %
Adjusted return on average equity (non-GAAP) 3.51  % 3.25  % 2.98  % 3.50  % 2.54  %
14

Kearny Financial Corp.
Reconciliation of GAAP to Non-GAAP
(Unaudited)
Three Months Ended
(Dollars and Shares in Thousands,
Except Per Share Data)		 December 31,
2024		 September 30,
2024		 June 30,
2024		 March 31,
2024		 December 31,
2023
Adjusted return on average tangible equity:
Total average equity $ 747,850  $ 750,678  $ 751,070  $ 844,782  $ 838,714 
Less: average goodwill (113,525) (113,525) (113,525) (210,895) (210,895)
Less: average other intangible assets (1,761) (1,886) (2,006) (2,138) (2,277)
Total average tangible equity $ 632,564  $ 635,267  $ 635,539  $ 631,749  $ 625,542 
Return on average tangible equity (non-GAAP) 4.21  % 3.89  % 3.33  % 4.68  % -8.84  %
Adjusted return on average tangible equity (non-GAAP) 4.21  % 3.89  % 3.58  % 4.68  % 3.41  %
Adjusted non-interest expense ratio:
Non-interest expense (GAAP) $ 29,561  $ 29,786  $ 126,551  $ 29,059  $ 29,767 
Non-recurring transactions:
Goodwill impairment —  —  (97,370) —  — 
Non-interest expense (non-GAAP) $ 29,561  $ 29,786  $ 29,181  $ 29,059  $ 29,767 
Non-interest expense ratio (GAAP) 1.55  % 1.55  % 6.58  % 1.48  % 1.50  %
Adjusted non-interest expense ratio (non-GAAP) 1.55  % 1.55  % 1.52  % 1.48  % 1.50  %
Adjusted efficiency ratio:
Non-interest expense (non-GAAP) $ 29,561  $ 29,786  $ 29,181  $ 29,059  $ 29,767 
Net interest income (GAAP) $ 32,612  $ 32,446  $ 33,276  $ 34,319  $ 35,839 
Total non-interest income (GAAP) 4,873  4,626  5,806  4,203  (16,012)
Non-recurring transactions:
Net effect of sale and call of securities —  —  —  —  18,135 
Net effect of bank-owned life insurance restructure —  —  392  —  573 
Total revenue (non-GAAP) $ 37,485  $ 37,072  $ 39,474  $ 38,522  $ 38,535 
Efficiency ratio (GAAP) 78.86  % 80.35  % 323.81  % 75.43  % 150.13  %
Adjusted efficiency ratio (non-GAAP) 78.86  % 80.35  % 73.92  % 75.43  % 77.25  %

15
EX-99.2 3 krny-20250130xexx992.htm EX-99.2 krny-20250130xexx992
JANUARY 30, 2025 I N V E S T O R P R E S E N T A T I O N S E C O N D Q U A R T E R F I S C A L 2 0 2 5 Exhibit 99.2

 
Forward Looking Statements & Financial Measures 2 This presentation may include certain “forward-looking statements,” which are made in good faith by Kearny Financial Corp. (the “Company”) pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties, such as statements of the Company’s plans, objectives, expectations, estimates and intentions that are subject to change based on various important factors (some of which are beyond the Company’s control). In addition to the factors described under Item 1A. Risk Factors in the Company’s Annual Report on Form 10-K, and subsequent filings with the Securities and Exchange Commission, the following factors, among others, could cause the Company’s financial performance to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements: • the strength of the United States economy in general and the strength of the local economy in which the Company conducts operations, • the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System, inflation, interest rates, market and monetary fluctuations, • the impact of changes in laws, regulations and government policies regarding financial institutions (including laws concerning taxation, banking, securities and insurance), • changes in accounting policies and practices, as may be adopted by regulatory agencies, the Financial Accounting Standards Board (“FASB”) or the Public Company Accounting Oversight Board, • technological changes, • competition among financial services providers, and • the success of the Company at managing the risks involved in the foregoing and managing its business. The Company cautions that the foregoing list of important factors is not exhaustive. Readers should not place any undue reliance on any forward looking statements, which speak only as of the date made. The Company does not undertake any obligation to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company. This presentation contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Management uses these “non-GAAP” measures in its analysis of the Company’s performance. Management believes these non-GAAP financial measures allow for better comparability of period to period operating performance. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. A reconciliation of the non-GAAP measures used in this presentation to the most directly comparable GAAP measures is provided in the Appendix to this presentation.

 
Kearny Financial Corp. Company Overview NASDAQ: KRNY Founded: 1884 Assets: $7.7 billion Loans $5.8 billion Deposits $5.7 billion TBV Per Share: $9.75 Market Cap: $457.2 million1 1 As of June 30, 2024 2 As of June 30, 2024 Source: S&P Global Market Intelligence & Company Filings 3 Branch/Office Footprint Company Profile Top 10 New Jersey-based financial institution by assets & deposits 43 full-service branches in 12 counties throughout New Jersey and New York City Active acquirer, having completed 7 whole-bank acquisitions since 1999 Focus is on helping our clients achieve their financial goals for today and aspirations for tomorrow – creating communities that thrive Source: Company Filings 1 As of December 31, 2024. 3

 
4 Founded Kearny, NJ 1884 Obtained Federal Charter 1941 South Bergen Savings Bank Acquired 1999 Pulaski Bancorp Acquired 2003 West Essex Bank Acquired 2004 Completed First-Step Mutual Conversion & IPO of $218.2M 2005 Central Jersey Bancorp Acquired 2011 Atlas Bank Acquired 2014 Formed the KearnyBank foundation funded with $10M 2015 Completed Second-Step Conversion and $717.5M Stock Offering 2015 Converted to NJ State - Chartered Savings Bank 2017 Clifton Bancorp Acquired 2018 MSB Financial Corp. Acquired 2020 Introduced Private Client Services 2021 Established Kearny Investment Services 2022 141 Years: Franchise Milestones “Serving our Communities and Clients” 4

 
2Q25 Financial Highlights 1 GAAP to Adjusted reconciliation on page 19. 2 Excludes Yield Adjustments. Source: Company Filings. 5 Net Income GAAP Adjusted1 $6.6 million $6.6 million Basic/Diluted EPS GAAP Adjusted1 $0.11/$0.10 $0.11/$0.10 Net Interest Income CET-1 Ratio $32.6 million 14.59% Total Assets $7.7 billion Total Deposits Total Loans2 $5.7 billion $5.8 billion ASSET QUALITY Strong asset quality as non-performing assets improved to 0.49% of total assets compared to 0.51% in the quarter ended September 30, 2024. Net charge-offs totaled $573,000, or 0.04% of average loans, on an annualized basis, for the quarter ended December 31, 2024, which remains relatively low compared to our peers. EARNINGS Reported net income of $6.6 million for the quarter ended December 31, 2024, compared to $6.1 million for the quarter ended September 30, 2024. Earnings per basic and diluted share were $0.11 and $0.10, respectively, for the quarter ended December 31, 2024. For the quarter ending December 31, 2024, the net interest margin increased by two basis points to 1.82%, demonstrating sequential monthly growth throughout the period. BALANCE SHEET Total assets were $7.7 billion at December 31, 2024, a decrease of $41.0 million, or 0.5%, from September 30, 2024 primarily due to decrease in investment securities of $57.5 million. Deposits of $5.7 billion increased $200.5 million, driven by strong momentum across all deposit types. The increase in deposits has improved the Loan to Deposit ratio from 105.9% at September 30, 2024 to 101.4%, at December 31, 2024. Borrowings of $1.26 billion decreased $220.9 million, as result of deposit growth mentioned above. CAPITAL Capital ratios continue to remain well above regulatory minimums and peer comparisons with Common Equity Tier 1 Capital ratio of 14.59%, as of December 31, 2024.

 
Capital Strength Equity Capitalization Level 1 Kearny Financial Corp. (NASDAQ: KRNY) Regulatory Capital Ratios as of December 31, 2024 are preliminary. 2 Equity to Asset ratio, for June 30, 2024 going forward, was impacted by previously disclosed goodwill impairment. Source: Company Filings. 6 Regulatory Capital Ratios1,2 8.26% 8.34% 8.43% 8.31% 8.27% 10.74% 10.83% 9.81% 9.67% 9.63% 2Q24 3Q24 4Q24 1Q25 2Q25 Tangible Common Equity / Tangible Assets Equity / Assets 2 9.22% 14.59% 14.59% 15.43% 5.00% 6.50% 8.00% 10.00% Tier 1 Leverage Common Equity Tier 1 Tier 1 Risk-Based Capital Total Risk-Based Capital KRNY Well Capitalized Regulatory Minimum

 
Track Record of Strong Credit Performance 1 Data provided by Federal Reserve Bank of St. Louis. Source: Company Filings. 7 From 2006 to 2024, inclusive of the Global Financial Crisis and the COVID-19 Pandemic, KRNY’s net charge-offs to average total loans totaled 9 bps per year compared to 48 bps for all commercial banks (US Banks not among the top 100)1. Net Charge-offs to Average Total Loans 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2Q25 Commercial Banks (not among top 100) KRNY Global Financial Crisis Hurricane Sandy COVID-19 PandemicCumulative charge-offs for KRNY between 2006 and 2Q25 were minimal, totaling $39.3 million.

 
Diversified Loan Portfolio Loan Composition1 Geographic Distribution1 Loan Trend 1 As of December 31, 2024. Source: S&P Global Market Intelligence & Company Filings. 8 ($ millions) 1-4 Family 30.4% Home Equity 0.8% Multi-family 46.9% CRE 16.4% Construction 3.1% C&I 2.3%QTD Yield on Loans 4.54% New York 33.0% New Jersey 55.8% Pennsylvania 6.2% Other 5.0% LTV 60.9% $1,746 $1,742 $1,756 $1,768 $1,765 $2,651 $2,645 $2,646 $2,646 $2,723 $947 $966 $948 $951 $950 $5,757 $5,775 $5,749 $5,786 $5,800 2Q24 3Q24 4Q24 1Q25 2Q25 1-4 Family Home Equity Multi-family CRE Construction C&I

 
Multifamily Loan Portfolio Multifamily Loan Portfolio Composition1 New York City (“NYC”) Multifamily1 Source: Company Filings 1 As of December 31, 2024. 9 Outstanding asset quality over multiple credit cycles Less than half of our Multifamily portfolio is collateralized by properties in NYC Only 5.4% of our Multifamily portfolio is collateralized by majority or fully rent-regulated NYC properties Approx. 11% of maturing or repricing NYC Multifamily loans in calendar 2025 65% of the Company’s NYC Multifamily portfolio is located in Brooklyn, NY Observations Majority NYC Free Market 39.5% Outside NYC 55.1% Fully NYC Rent Regulated 2.0% Majority NYC Rent Regulated 3.4% Total MF $2.7B NYC Multifamily Portfolio: $1.2 billion Average Loan Balance: $3.46 million Weighted Average LTV: 61.8% Nonperforming Loans / Total MF Loans: 0.93% Calendar Year 2025 Maturity & Repricing: $139.3 million Loan Value % Brooklyn $814 65.1% Queens 160 12.8% Manhattan 141 11.3% Bronx 135 10.8% Total NYC MF Loan Portfolio $1,250 100.0% $ in millions NYC Multifamily Loan Portfolio by Location

 
CRE Loan Detail Source: Company Filings. 1 As of December 31, 2024. 10 CRE Portfolio by Collateral Type1 CRE Loan Geographic Distribution1 New Jersey 56.7% Brooklyn 9.0% New York (Ex. Brooklyn) 24.9% Pennsylvania 4.8% Other 4.6% Retail 31.1% Mixed Use 27.3% Office 11.1% Industrial 19.5% Specialty & Other 6.7% Medical 4.3% Total CRE $950M LTV 50.6%

 
Office Portfolio 1 As of December 31, 2024. Source: Company Filings. 11 Office Portfolio by Contractual Maturity1 Office Portfolio Profile 11.1% of total CRE portfolio or $106 million Average loan size of $1.6 million ($ millions) Office Loan Geographic Distribution1 Manhattan 21.7% New York (Excl. Manhattan) 6.1% New Jersey 69.2% Other 2.9% LTV 47.7% DSCR 1.9x Total Office $106M $4 $9 $35 $17 $9 $32 2025 2026 2027 2028 2029 2030+

 
Asset Quality Metrics Non-Performing Assets / Total Assets Allowance for Credit Losses 1 As of December 30, 2024; amounts shown in millions. Source: Company Filings. 12 Net Charge-Offs / Average Loans Increase driven by a single commercial real estate relationship Increase driven by a single C&I relationship 0.29% 0.02% 0.25% 0.01% 0.04% 2Q24 3Q24 4Q24 1Q25 2Q25 0.63% 0.50% 0.52% 0.51% 0.49% 2Q24 3Q24 4Q24 1Q25 2Q25 $44.7 $44.7 $44.1 $44.2 $44.3 $0.2 $0.2 $0.9 $0.8 $0.2 0.78% 0.78% 0.78% 0.78% 0.77% 2Q24 3Q24 4Q24 1Q25 2Q25 ACL Balance - Collectively Evaluated ACL Balance - Individually Analyzed ACL to Total Loans Receivable Non-Performing Loans1 $ in millions Multi-family $25.3 CRE $6.5 C&I $0.5 1-4 Family $5.3 NPL’s $37.7M

 
$1,284 $1,235 $1,199 $1,216 $1,195 $457 $408 $408 $733 $752 $646 $630 $643 $682 $742 $2,347 $2,349 $2,310 $2,248 $2,380 $584 $586 $598 $592 $602 $5,320 $5,209 $5,158 $5,471 $5,671 2Q24 3Q24 4Q24 1Q25 2Q25 Retail CDs Wholesale CDs Savings Interest Bearing DDA Non-interest Bearing DDA Granular Deposit Franchise 1 As of December 31, 2024. Source: Company Filings. 13 Deposit Trend Non-Maturity Deposit Mix1 ($ millions) 21.1% 13.2% 13.1% 42.0% 10.6% Deposit Composition Consumer 64.5% Commercial 20.7% Government 14.8%

 
Retail Deposit Detail 1 As of December 31, 2024. 2 Excludes brokered, listing services and state & local government deposits. Source: Company Filings. 14 Retail Time Deposit Maturities Retail Deposit Segmentation1,2 ($ millions) Over the next 12 months, $1.1 billion of Retail CDs will mature and rollover at lower rates, further expanding net interest margin. $402 $318 $181 $162 $132 4.26% 3.93% 4.01% 3.66% 2.94% 1Q25 2Q25 3Q25 4Q25 1Q26 & Beyond Maturities Weighted Avg Yield Product # of Accounts Balance ($ millions) Average Balance per Account Checking 52,784 $ 2,431 $ 46,063 Savings 30,802 741 24,070 CDs 24,346 1,192 48,948 Total Retail Deposits 107,932 $ 4,364 $ 40,437

 
Liquidity Available for Uninsured Deposits Estimated Uninsured Deposits Analysis1,2 1 Estimated amount of uninsured deposits reported in December 31, 2024 Call Report. 2 As of December 31, 2024. 15 Available liquidity is 2.9x greater than estimated uninsured deposits (excluding items above) Total available capacity increased by $256 million from September 30, 2024 and represents 30% of total assets. Liquidity Capacity2 1 Estimated Uninsured Deposit Analysis ($ millions) Estimated Uninsured Deposits 1,936$ Less: Collateralized State & Local Government Deposits (539) Less: Bank's wholly-owned subsidiary & Holding Company Deposits (599) Estimated uninsured deposits excluding items above: 798$ Total Deposits 5,671$ Estimated uninsured deposits, excluding items above, as a % of Total Deposits 14.1% Sources of Liquidity ($ millions) Liquidity Capacity Funding Utilized Available Capacity Internal Sources: Free Securities and other 96$ -$ 96$ External Sources: FRB 1,605 - 1,605 FHLB 1,885 1,270 615 Total Liquidity 3,586$ 1,270$ 2,316$

 
Investment Securities 1 As of December 31, 2024. 2 Comprised entirely of securitized federal education loans with 97% U.S. government guarantees. 3 Assumes 29% marginal tax rate. Source: Company Filings. 16 Securities Composition1 Securities Average Balance & Yield Trend At December 31, 2024, the after-tax net unrecognized loss on securities held-to-maturity was $11.3 million, or 1.79% of tangible equity3 AFS/HTM & Effective Duration Corporate Bonds 12.0% CLO 29.1% ABS Student Loans 6.3% Agency MBS 51.8% Municipal Bonds 0.8% ($ millions) 2 $1,524 $1,397 $1,357 $1,327 $1,296 4.42% 4.46% 4.39% 4.36% 4.28% 2Q24 3Q24 4Q24 1Q25 2Q25 Securities Portfolio Yield on Investments AFS 88.9% HTM 11.1% Total Effective Duration ≈ 3.4 years Floating rate securities ≈ 34.4%

 
Best-in-Class Operating Efficiency 1 Adjusted for non-routine transactions. GAAP to Adjusted reconciliation on page 19 Source: S&P Global Market Intelligence & Company Filings. 17 Adjusted Non-interest Expense to Average Assets1 Deposits per Branch 1.76% 1.73% 1.61% 1.55% 1.62% 1.69% 1.51% 1.50% 1.55% 2017 2018 2019 2020 2021 2022 2023 2024 2Q25 $68 $74 $75 $96 $114 $130 $131 $120 $132 1 21 41 61 81 101 121 2017 2018 2019 2020 2021 2022 2023 2024 2Q25 1.9x ($ millions)

 
18 Conservative Underwriting Culture Comprehensive CRE / Multifamily Underwriting Highly disciplined LTV and DSCR standards Interest rates stressed at origination DSCR based on in-place rents, not projections, with conservative allowances for vacancy NOI underwritten to include forecasted expense increases and full taxes (where a tax abatement exists) Approval Authority & Underwriting Consistency Lending authority aggregated by borrower/group of related borrowers Technology ensures consistent and efficient underwriting and risk rating process Multi-faceted Loan Review & Stress Testing Semi-annual third-party loan-level stress testing and annual capital-based stress testing Quarterly third-party portfolio loan review with 65% of total portfolio reviewed on an annual basis Annual internal loan reviews on all commercial loans with balances of $2.5 million or greater Proactive Workout Process Dedicated team of portfolio managers and loan workout specialists Weekly meetings comprised of loan officers, credit personnel and special assets group to pre-emptively address delinquencies or problem credits Philosophy of aggressively addressing impaired assets in a timely fashion Senior Credit Officer Approval Management Loan Committee Approval Board Loan Committee Approval

 
Non-GAAP Reconciliation 19 Reconciliation of GAAP to Non-GAAP For the quarter ended For the quarter ended For the quarter ended For the quarter ended For the quarter ended (Dollars and Shares in Thousands, Except Per Share Data) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Adjusted net income: Net income (loss) (GAAP) $6,566 $6,092 ($90,079) $7,397 ($13,827) Non-recurring transactions - net of tax: Net effect of sale and call of securities - - - - 12,876 Net effect of bank-owned life insurance restructure - - 392 - 6,286 Goodwill impairment - - 95,283 - - Adjusted net income $6,566 $6,092 $5,596 $7,397 $5,335 Calculation of pre-tax, pre-provision net revenue: Net income (loss) (GAAP) $6,566 $6,092 ($90,079) $7,397 ($13,827) Adjustments to net income (GAAP): Provision for income taxes $1,251 $1,086 ($917) $1,717 $1,782 Provision for (reversal of) credit losses $107 $108 $3,527 $349 $2,105 Pre-tax, pre-provision net revenue (non-GAAP) $7,924 $7,286 ($87,469) $9,463 ($9,940) Adjusted earnings per share: Weighted average common shares - basic 62,443 62,389 62,254 62,205 62,299 Weighted average common shares - diluted 62,576 62,420 62,330 62,211 62,367 Earnings per share - basic (GAAP) $0.11 $0.10 ($1.45) $0.12 ($0.22) Earnings per share - diluted (GAAP) $0.10 $0.10 ($1.45) $0.12 ($0.22) Adjusted earnings per share - basic (non-GAAP) $0.11 $0.10 $0.09 $0.12 $0.09 Adjusted earnings per share - diluted (non-GAAP) $0.10 $0.10 $0.09 $0.12 $0.09 Pre-tax, pre-provision net revenue per share: Pre-tax, pre-provision net revenue per share - basic (non-GAAP) $0.13 $0.12 ($1.41) $0.15 ($0.16) Pre-tax, pre-provision net revenue per share - diluted (non-GAAP) $0.13 $0.12 ($1.41) $0.15 ($0.16) Adjusted return on average assets: Total average assets $7,633,900 $7,688,433 $7,695,080 $7,851,721 $7,944,586 Return on average assets (GAAP) 0.34% 0.32% -4.68% 0.38% -0.70% Adjusted return on average assets (non-GAAP) 0.34% 0.32% 0.29% 0.38% 0.27% Adjusted return on average equity: Total average equity $747,850 $750,678 $751,070 $844,782 $838,714 Return on average equity (GAAP) 3.51% 3.25% -47.97% 3.50% -6.59% Adjusted return on average equity (non-GAAP) 3.51% 3.25% 2.98% 3.50% 2.54%