株探米国株
日本語 英語
エドガーで原本を確認する
FALSE000161724200016172422025-07-242025-07-24

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): July 24, 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 July 24, 2025, Kearny Financial Corp. (the “Company”), the holding company for Kearny Bank, issued a press release reporting its financial results for the period ended June 30, 2025.
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 July 24, 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 July 24, 2025, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.11 per share, payable on August 26, 2025, to stockholders of record as of August 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: July 24, 2025
 By: /s/ Sean Byrnes
Sean Byrnes
Executive Vice President and Chief Financial Officer

EX-99.1 2 krny-20250724xexx991.htm EX-99.1 Document

Exhibit 99.1
FOR IMMEDIATE RELEASE
July 24, 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 FOURTH QUARTER AND FISCAL YEAR END 2025 RESULTS
AND DECLARATION OF $0.11 PER SHARE CASH DIVIDEND

Fairfield, N.J., July 24, 2025 – Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), reported net income for the quarter ended June 30, 2025 of $6.8 million, or $0.11 per diluted share, compared to $6.6 million, or $0.11 per diluted share, for the quarter ended March 31, 2025.

For the fiscal year ended June 30, 2025, the Company reported net income of $26.1 million, or $0.42 per diluted share, compared to a net loss of $86.7 million, or $1.39 per diluted share, for the fiscal year ended June 30, 2024. Excluding the impact of a non-cash, after-tax, goodwill impairment of $95.3 million and other non-recurring transactions, adjusted net income for the fiscal year ended June 30, 2024 was $28.2 million, or $0.45 per diluted share.

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

Craig L. Montanaro, President and Chief Executive Officer, commented, “We are pleased to report 23% growth in pre-tax, pre-provision earnings per share this quarter, driven by ten basis points of net interest margin expansion. In addition, credit quality remains exceptional, with negligible net charge-offs for both the quarter and the fiscal year.”

Mr. Montanaro continued, “These results reflect the successful execution of our strategy and the tailwinds provided by the natural repricing of our loan and time deposit portfolios. Looking ahead, we remain confident in our ability to deliver sustained earnings growth and continued margin expansion, creating long-term value for our shareholders.”

Fourth Quarter Highlights
•Net interest margin increased 10 basis points to 2.00%, while net interest income increased 5.3% to $35.8 million.
•Pre-tax, pre-provision earnings per share increased 23% to $0.16 per diluted share.
•Net charge-offs were less than 0.01% of average loans, reflecting strong underwriting and exceptional credit quality.
•Non-interest expense to average assets was 1.58%, reflecting disciplined expense management.
•The Company received regulatory approval to consolidate three branch locations, scheduled to close in October 2025. These closures are expected to have minimal impact on the Company’s financial results.

Balance Sheet
•Total assets were $7.74 billion at June 30, 2025, an increase of $7.3 million, or 0.1%, from March 31, 2025 and an increase of $57.0 million, or 0.7%, from June 30, 2024.
•Investment securities totaled $1.13 billion at June 30, 2025, an increase of $4.9 million, or 0.4%, from March 31, 2025 and a decrease of $75.4 million, or 6.2%, from June 30, 2024.
•Loans receivable totaled $5.81 billion at June 30, 2025, a decrease of $33.2 million, or 0.6%, from March 31, 2025 and an increase of $80.2 million, or 1.4%, from June 30, 2024.
•Deposits were $5.68 billion at June 30, 2025, a decrease of $32.1 million, or 0.6%, from March 31, 2025 and an increase of $517.1 million, or 10.0%, from June 30, 2024. The decrease from March 31, 2025 was primarily driven by a decline in interest bearing demand deposits, partially offset by an increase in certificates of deposits (“CDs”). The increase from June 30, 2024 was primarily driven by a reallocation from Federal Home Loan Bank (“FHLB”) advances into brokered CDs, reflecting more favorable funding costs, and growth in deposits from our branch network and digital channels.
1

•Borrowings were $1.26 billion at June 30, 2025, an increase of $42.5 million, or 3.5%, from March 31, 2025 and a decrease of $453.3 million, or 26.5%, from June 30, 2024.
•At June 30, 2025, the Company maintained available secured borrowing capacity with the FHLB and the Federal Reserve Discount Window of $2.22 billion, representing 28.7% of total assets.
Earnings
Net Interest Income and Net Interest Margin
•Net interest margin increased by 10 basis points to 2.00% for the quarter ended June 30, 2025 and declined six basis points to 1.88% for the year ended June 30, 2025. The quarterly improvement was driven by higher yields and average balances on loans receivable, a reduction in interest-bearing deposits, and broad-based declines in deposit rates. The year-over-year decline reflected higher costs on interest-bearing liabilities and a lower average balance of interest-earning assets, partially offset by improved asset yields and a reduction in the average balance of interest-bearing liabilities.
•For the quarter ended June 30, 2025, net interest income increased $1.8 million, or 5.3%, to $35.8 million from $34.0 million for the quarter ended March 31, 2025. Included in net interest income for the quarters ended June 30, 2025 and March 31, 2025, was purchase accounting accretion of $511,000 in each period and loan prepayment penalty income of $217,000 and $226,000, respectively.
•For the year ended June 30, 2025, net interest income decreased $7.7 million, or 5.4%, to $134.9 million from $142.6 million for the year ended June 30, 2024. Included in net interest income for the years ended June 30, 2025 and 2024, respectively, was purchase accounting accretion of $2.4 million and $2.6 million and loan prepayment penalty income of $783,000 and $879,000.
Non-Interest Income
•For the quarter ended June 30, 2025, non-interest income increased $429,000, or 9.4%, to $5.0 million from $4.6 million for the quarter ended March 31, 2025, primarily driven by increases in income from bank owned life insurance (“BOLI”), gain on sale of loans and electronic banking fees and charges.
•Income from BOLI increased $252,000 to $2.9 million for the quarter ended June 30, 2025 from $2.6 million for the quarter ended March 31, 2025, primarily driven by $223,000 in non-recurring payments on two life insurance policies in the current period. No such non-recurring items were recorded in the prior period.
•Gain on sale of loans increased $78,000 to $190,000 for the quarter ended June 30, 2025 from $112,000 for the quarter ended March 31, 2025.
•For the year ended June 30, 2025, non-interest income increased $21.0 million to $19.1 million from a loss of $2.0 million for the year ended June 30, 2024. The increase was primarily attributable to the absence of an $18.1 million pre-tax loss related to the investment securities portfolio repositioning executed during December 2023 and the absence of a non-recurring pre-tax loss of $884,000 attributable to the sale of three related nonperforming commercial real estate loans held-for-sale in the year ended June 30, 2024. No such losses were recorded during the year ended June 30, 2025.
Non-Interest Expense
•For the quarter ended June 30, 2025, non-interest expense increased $503,000, or 1.7%, to $30.9 million from $30.4 million for the quarter ended March 31, 2025, primarily driven by increases in salary and benefits and other expenses, partially offset by a decrease in net occupancy expense.
•Salary and benefits expense increased $393,000 to $18.1 million for the quarter ended June 30, 2025 from $17.7 million for the quarter ended March 31, 2025, primarily driven by the absence of a $427,000 non-recurring decrease in stock-based compensation recorded in the prior period.
•Net occupancy expense of premises decreased $255,000 to $2.8 million for the quarter ended June 30, 2025 from $3.1 million for the quarter ended March 31, 2025, primarily driven by lower snow removal expenses recorded in the current period.
•Other expense increased $324,000 to $3.6 million for the quarter ended June 30, 2025 from $3.3 million for the quarter ended March 31, 2025, primarily due to a non-recurring increase in professional fees incurred during the period. The remaining changes in the other components of non-interest expense between comparative periods generally reflected normal operating fluctuations within those line items.
2

•For the year ended June 30, 2025, non-interest expense decreased $94.5 million, or 43.9%, to $120.6 million from $215.2 million for the year ended June 30, 2024, primarily reflecting the absence of a non-cash goodwill impairment recognized in the prior year period. Excluding the goodwill impairment, adjusted non-interest expense for the year ended June 30, 2025 increased $2.8 million, or 2.4%, from $117.8 million in the prior year period. The increase was primarily attributable to an increase in salary and benefits expense attributable to annual merit increases and higher incentive compensation.
Income Taxes
•Income tax expense totaled $1.4 million for the quarter ended June 30, 2025 compared to $1.2 million for the quarter ended March 31, 2025, resulting in an effective tax rate of 17.0% and 15.3%, respectively.
•Income tax expense totaled $4.9 million for the year ended June 30, 2025 compared to $5.9 million for the year ended June 30, 2024. The decrease in income tax expense was primarily driven by the absence of a $5.7 million tax expense related to the surrender of BOLI policies in the prior year period, partially offset by higher pre-tax income in the current year period.
Asset Quality
•The balance of non-performing assets increased $7.9 million to $45.6 million, or 0.59% of total assets, at June 30, 2025, from $37.7 million, or 0.49% of total assets, at March 31, 2025. The balance of non-performing assets was $39.9 million, or 0.52% of total assets, at June 30, 2024. The increase from March 31, 2025 was primarily driven by two multifamily relationships totaling $6.1 million that were placed on non-accrual status.
•Net charge-offs totaled $49,000, or less than 0.01% of average loans, on an annualized basis, for the quarter ended June 30, 2025, compared to $368,000, or 0.03% of average loans, on an annualized basis, for the quarter ended March 31, 2025. For the year ended June 30, 2025, net charge-offs totaled $1.1 million, or 0.02% of average loans, compared to $10.0 million, or 0.17% of average loans, for the year ended June 30, 2024.
•For the quarter ended June 30, 2025, the Company recorded a provision for credit losses of $1.8 million, compared to $366,000 for the quarter ended March 31, 2025. The provision for credit losses for the quarter ended June 30, 2025 was driven by an $805,000 reserve related to a non-performing wholesale commercial and industrial (“C&I”) loan, representing the final wholesale C&I loan in the portfolio. Additionally, the current quarter’s provision included a $1.1 million increase in reserves on individually evaluated loans. For the years ended June 30, 2025 and June 30, 2024, the Company recorded a provision for credit losses of $2.4 million and $6.2 million, respectively.
•The allowance for credit losses (“ACL”) was $46.2 million, or 0.79% of total loans, at June 30, 2025, an increase of $1.7 million from $44.5 million, or 0.76% of total loans, at March 31, 2025. The ACL was $44.9 million, or 0.78% of total loans, at June 30, 2024.
Capital
•For the quarter ended June 30, 2025, book value per share and tangible book value per share decreased $0.03, or 0.3%, to $11.55 and $9.77, respectively, compared to the prior period.
•At June 30, 2025, total stockholders’ equity included after-tax net unrealized losses on securities available for sale of $79.6 million, partially offset by after-tax unrealized gains on derivatives of $6.9 million. After-tax net unrecognized losses on securities held to maturity of $9.6 million were not reflected in total stockholders’ equity.
•At June 30, 2025, 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.
3

This earnings release should be read in conjunction with Kearny Financial Corp.’s Q4 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.

Non-GAAP Measures
This earnings release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Where non-GAAP disclosures are used in this press release, the comparable GAAP measure, as well as a reconciliation to the comparable GAAP measure, is provided in the accompanying tables. Management believes that these non-GAAP measures provide useful information that is important to an understanding of the results of the Company’s core business as well as provide information standard in the financial institution industry. Non-GAAP measures should not be considered a substitute for financial measures determined in accordance with GAAP and investors should consider the Company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company.
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
4

Linked-Quarter Comparative Financial Analysis
Kearny Financial Corp.
Consolidated Balance Sheets
(Unaudited)
(Dollars and Shares in Thousands,
Except Per Share Data)		 June 30,
2025		 March 31,
2025		 Variance
or Change		 Variance
or Change Pct.
Assets
Cash and cash equivalents $ 167,269  $ 126,095  $ 41,174  32.7  %
Securities available for sale 1,012,969  1,003,393  9,576  1.0  %
Securities held to maturity 120,217  124,859  (4,642) -3.7  %
Loans held-for-sale 5,931  6,187  (256) -4.1  %
Loans receivable 5,812,937  5,846,175  (33,238) -0.6  %
Less: allowance for credit losses on loans (46,191) (44,455) 1,736  3.9  %
Net loans receivable 5,766,746  5,801,720  (34,974) -0.6  %
Premises and equipment 43,897  44,192  (295) -0.7  %
Federal Home Loan Bank stock 64,261  62,261  2,000  3.2  %
Accrued interest receivable 28,098  28,521  (423) -1.5  %
Goodwill 113,525  113,525  —  —  %
Core deposit intangible 1,436  1,554  (118) -7.6  %
Bank owned life insurance 304,717  303,629  1,088  0.4  %
Deferred income taxes, net 55,203  52,913  2,290  4.3  %
Other assets 56,181  64,292  (8,111) -12.6  %
Total assets $ 7,740,450  $ 7,733,141  $ 7,309  0.1  %
Liabilities
Deposits:
Non-interest-bearing $ 582,045  $ 587,118  $ (5,073) -0.9  %
Interest-bearing 5,093,172  5,120,230  (27,058) -0.5  %
Total deposits 5,675,217  5,707,348  (32,131) -0.6  %
Borrowings 1,256,491  1,213,976  42,515  3.5  %
Advance payments by borrowers for taxes 19,317  19,981  (664) -3.3  %
Other liabilities 43,463  43,723  (260) -0.6  %
Total liabilities 6,994,488  6,985,028  9,460  0.1  %
Stockholders' Equity
Common stock 646  646  —  —  %
Paid-in capital 494,546  494,131  415  0.1  %
Retained earnings 341,744  341,921  (177) -0.1  %
Unearned ESOP shares (18,970) (19,457) 487  2.5  %
Accumulated other comprehensive loss (72,004) (69,128) (2,876) -4.2  %
Total stockholders' equity 745,962  748,113  (2,151) -0.3  %
Total liabilities and stockholders' equity $ 7,740,450  $ 7,733,141  $ 7,309  0.1  %
Consolidated capital ratios
Equity to assets 9.64  % 9.67  % -0.03  %
Tangible equity to tangible assets (1)
 8.27  % 8.31  % -0.04  %
Share data
Outstanding shares 64,577 64,580 (3) -0.0  %
Book value per share $ 11.55  $ 11.58  $ (0.03) -0.3  %
Tangible book value per share (2)
 $ 9.77  $ 9.80  $ (0.03) -0.3  %
_________________________
(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.
5

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.
June 30,
2025		 March 31,
2025
Interest income
Loans $ 66,485  $ 64,768  $ 1,717  2.7  %
Taxable investment securities 12,322  12,738  (416) -3.3  %
Tax-exempt investment securities 49  55  (6) -10.9  %
Other interest-earning assets 1,549  1,773  (224) -12.6  %
Total interest income 80,405  79,334  1,071  1.3  %
Interest expense
Deposits 33,607  34,912  (1,305) -3.7  %
Borrowings 10,955  10,380  575  5.5  %
Total interest expense 44,562  45,292  (730) -1.6  %
Net interest income 35,843  34,042  1,801  5.3  %
Provision for credit losses 1,785  366  1,419  387.7  %
Net interest income after provision for credit losses 34,058  33,676  382  1.1  %
Non-interest income
Fees and service charges 655  573  82  14.3  %
Gain on sale of loans 190  112  78  69.6  %
Income from bank owned life insurance 2,869  2,617  252  9.6  %
Electronic banking fees and charges 442  391  51  13.0  %
Other income 835  869  (34) -3.9  %
Total non-interest income 4,991  4,562  429  9.4  %
Non-interest expense
Salaries and employee benefits 18,093  17,700  393  2.2  %
Net occupancy expense of premises 2,820  3,075  (255) -8.3  %
Equipment and systems 4,030  3,921  109  2.8  %
Advertising and marketing 615  609  6  1.0  %
Federal deposit insurance premium 1,395  1,450  (55) -3.8  %
Directors' compensation 307  326  (19) -5.8  %
Other expense 3,633  3,309  324  9.8  %
Total non-interest expense 30,893  30,390  503  1.7  %
Income before income taxes 8,156  7,848  308  3.9  %
Income taxes 1,387  1,200  187  15.6  %
Net income $ 6,769  $ 6,648  $ 121  1.8  %
Net income per common share (EPS)
Basic $ 0.11  $ 0.11  $ — 
Diluted $ 0.11  $ 0.11  $ — 
Dividends declared
Cash dividends declared per common share $ 0.11  $ 0.11  $ — 
Cash dividends declared $ 6,946  $ 6,933  $ 13 
Dividend payout ratio 102.6  % 104.3  % -1.7  %
Weighted average number of common shares outstanding
Basic 62,597 62,548 49
Diluted 62,755 62,713 42
6

Kearny Financial Corp.
Average Balance Sheet Data
(Unaudited)
(Dollars in Thousands) Three Months Ended Variance
or Change		 Variance
or Change Pct.
June 30,
2025		 March 31,
2025
Assets
Interest-earning assets:
Loans receivable, including loans held for sale $ 5,830,421  $ 5,805,045  $ 25,376  0.4  %
Taxable investment securities 1,227,825  1,251,612  (23,787) -1.9  %
Tax-exempt investment securities 8,039  9,135  (1,096) -12.0  %
Other interest-earning assets 117,622  110,736  6,886  6.2  %
Total interest-earning assets 7,183,907  7,176,528  7,379  0.1  %
Non-interest-earning assets 454,975  457,206  (2,231) -0.5  %
Total assets $ 7,638,882  $ 7,633,734  $ 5,148  0.1  %
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand $ 2,342,523  $ 2,405,974  $ (63,451) -2.6  %
Savings 754,192  751,243  2,949  0.4  %
Certificates of deposit (retail) 1,215,661  1,215,767  (106) -0.0  %
Certificates of deposit (brokered) 744,345  730,612  13,733  1.9  %
Total interest-bearing deposits 5,056,721  5,103,596  (46,875) -0.9  %
Borrowings:
Federal Home Loan Bank advances 1,083,902  1,028,958  54,944  5.3  %
Other borrowings 107,582  93,389  14,193  15.2  %
Total borrowings 1,191,484  1,122,347  69,137  6.2  %
Total interest-bearing liabilities 6,248,205  6,225,943  22,262  0.4  %
Non-interest-bearing liabilities:
Non-interest-bearing deposits 582,085  602,647  (20,562) -3.4  %
Other non-interest-bearing liabilities 64,405  59,919  4,486  7.5  %
Total non-interest-bearing liabilities 646,490  662,566  (16,076) -2.4  %
Total liabilities 6,894,695  6,888,509  6,186  0.1  %
Stockholders' equity 744,187  745,225  (1,038) -0.1  %
Total liabilities and stockholders' equity $ 7,638,882  $ 7,633,734  $ 5,148  0.1  %
Average interest-earning assets to average interest-bearing liabilities 114.98  % 115.27  % -0.29  % -0.3  %
7

Kearny Financial Corp.
Performance Ratio Highlights
(Unaudited)
Three Months Ended Variance
or Change
June 30,
2025		 March 31,
2025
Average yield on interest-earning assets:
Loans receivable, including loans held for sale 4.56  % 4.46  % 0.10  %
Taxable investment securities 4.01  % 4.07  % -0.06  %
Tax-exempt investment securities (1)
 2.43  % 2.43  % —  %
Other interest-earning assets 5.27  % 6.40  % -1.13  %
Total interest-earning assets 4.48  % 4.42  % 0.06  %
Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand 2.63  % 2.73  % -0.10  %
Savings 1.33  % 1.30  % 0.03  %
Certificates of deposit (retail) 3.56  % 3.73  % -0.17  %
Certificates of deposit (brokered) 2.62  % 2.58  % 0.04  %
Total interest-bearing deposits 2.66  % 2.74  % -0.08  %
Borrowings:
Federal Home Loan Bank advances 3.60  % 3.63  % -0.03  %
Other borrowings 4.45  % 4.41  % 0.04  %
Total borrowings 3.68  % 3.70  % -0.02  %
Total interest-bearing liabilities 2.85  % 2.91  % -0.06  %
Interest rate spread (2)
 1.62  % 1.51  % 0.11  %
Net interest margin (3)
 2.00  % 1.90  % 0.10  %
Non-interest income to average assets (annualized) 0.26  % 0.24  % 0.02  %
Non-interest expense to average assets (annualized) 1.62  % 1.59  % 0.03  %
Efficiency ratio (4)
 75.66  % 78.72  % -3.06  %
Return on average assets (annualized) 0.35  % 0.35  % —  %
Return on average equity (annualized) 3.64  % 3.57  % 0.07  %
Return on average tangible equity (annualized) (5)
 4.36  % 4.28  % 0.08  %
_________________________
(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.

8

Year-to-Year Comparative Financial Analysis
Kearny Financial Corp.
Consolidated Balance Sheets

(Dollars and Shares in Thousands,
Except Per Share Data)		 June 30,
2025		 June 30,
2024		 Variance
or Change		 Variance
or Change Pct.
(Unaudited) (Audited)
Assets
Cash and cash equivalents $ 167,269  $ 63,864  $ 103,405  161.9  %
Securities available for sale 1,012,969  1,072,833  (59,864) -5.6  %
Securities held to maturity 120,217  135,742  (15,525) -11.4  %
Loans held-for-sale 5,931  6,036  (105) -1.7  %
Loans receivable 5,812,937  5,732,787  80,150  1.4  %
Less: allowance for credit losses on loans (46,191) (44,939) 1,252  2.8  %
Net loans receivable 5,766,746  5,687,848  78,898  1.4  %
Premises and equipment 43,897  44,940  (1,043) -2.3  %
Federal Home Loan Bank of New York stock 64,261  80,300  (16,039) -20.0  %
Accrued interest receivable 28,098  29,521  (1,423) -4.8  %
Goodwill 113,525  113,525  —  —  %
Core deposit intangible 1,436  1,931  (495) -25.6  %
Bank owned life insurance 304,717  297,874  6,843  2.3  %
Deferred income tax assets, net 55,203  50,339  4,864  9.7  %
Other assets 56,181  98,708  (42,527) -43.1  %
Total assets $ 7,740,450  $ 7,683,461  $ 56,989  0.7  %
Liabilities
Deposits:
Non-interest-bearing $ 582,045  $ 598,366  $ (16,321) -2.7  %
Interest-bearing 5,093,172  4,559,757  533,415  11.7  %
Total deposits 5,675,217  5,158,123  517,094  10.0  %
Borrowings 1,256,491  1,709,789  (453,298) -26.5  %
Advance payments by borrowers for taxes 19,317  17,409  1,908  11.0  %
Other liabilities 43,463  44,569  (1,106) -2.5  %
Total liabilities 6,994,488  6,929,890  64,598  0.9  %
Stockholders' Equity
Common stock $ 646  $ 644  $ 2  0.3  %
Paid-in capital 494,546  493,680  866  0.2  %
Retained earnings 341,744  343,326  (1,582) -0.5  %
Unearned ESOP shares (18,970) (20,916) 1,946  9.3  %
Accumulated other comprehensive loss (72,004) (63,163) (8,841) -14.0  %
Total stockholders' equity 745,962  753,571  (7,609) -1.0  %
Total liabilities and stockholders' equity $ 7,740,450  $ 7,683,461  $ 56,989  0.7  %
Consolidated capital ratios
Equity to assets 9.64  % 9.81  % -0.17  %
Tangible equity to tangible assets (1)
 8.27  % 8.43  % -0.16  %
Share data
Outstanding shares 64,577 64,434 143 0.2  %
Book value per share $ 11.55  $ 11.70  $ (0.15) -1.3  %
Tangible book value per share (2)
 $ 9.77  $ 9.90  $ (0.13) -1.3  %
_________________________
(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.
9

Kearny Financial Corp.
Consolidated Statements of Income

Year Ended
(Dollars and Shares in Thousands,
Except Per Share Data)		 June 30,
2025		 June 30,
2024		 Variance
or Change		 Variance
or Change Pct.
(Unaudited) (Audited)
Interest income
Loans $ 262,992  $ 256,007  $ 6,985  2.7  %
Taxable investment securities 53,247  63,313  (10,066) -15.9  %
Tax-exempt investment securities 234  336  (102) -30.4  %
Other interest-earning assets 8,003  9,212  (1,209) -13.1  %
Total Interest Income 324,476  328,868  (4,392) -1.3  %
Interest expense
Deposits 140,258  122,414  17,844  14.6  %
Borrowings 49,275  63,860  (14,585) -22.8  %
Total interest expense 189,533  186,274  3,259  1.7  %
Net interest income 134,943  142,594  (7,651) -5.4  %
Provision for credit losses 2,366  6,226  (3,860) -62.0  %
Net interest income after provision for credit losses 132,577  136,368  (3,791) -2.8  %
Non-interest income
Fees and service charges 2,490  2,609  (119) -4.6  %
Loss on sale and call of securities —  (18,135) 18,135  100.0  %
Gain (loss) on sale of loans 806  (282) 1,088  385.8  %
Loss on sale of real estate owned —  (974) 974  100.0  %
Income from bank owned life insurance 10,672  9,076  1,596  17.6  %
Electronic banking fees and charges 1,717  2,357  (640) -27.2  %
Other income 3,367  3,356  11  0.3  %
Total non-interest income 19,052  (1,993) 21,045  1,055.9  %
Non-interest expense
Salaries and employee benefits 70,870  69,220  1,650  2.4  %
Net occupancy expense of premises 11,524  11,033  491  4.5  %
Equipment and systems 15,703  15,223  480  3.2  %
Advertising and marketing 1,877  1,396  481  34.5  %
Federal deposit insurance premium 5,911  5,980  (69) -1.2  %
Directors' compensation 1,355  1,506  (151) -10.0  %
Goodwill Impairment —  97,370  (97,370) -100.0  %
Other expense 13,390  13,423  (33) -0.2  %
Total non-interest expense 120,630  215,151  (94,521) -43.9  %
Income (loss) before income taxes 30,999  (80,776) 111,775  138.4  %
Income taxes 4,924  5,891  (967) -16.4  %
Net income (loss) $ 26,075  $ (86,667) $ 112,742  130.1  %
Net income (loss) per common share (EPS)
Basic $ 0.42  $ (1.39) $ 1.81 
Diluted $ 0.42  $ (1.39) $ 1.81 
Dividends declared
Cash dividends declared per common share $ 0.44  $ 0.44  $ — 
Cash dividends declared $ 27,657  $ 27,618  $ 39 
Dividend payout ratio 106.1  % -31.9  % 138  %
Weighted average number of common shares outstanding
Basic 62,508  62,444  64 
Diluted 62,716  62,444  272 
10

Kearny Financial Corp.
Average Balance Sheet Data
(Unaudited)

Year Ended
(Dollars in Thousands) June 30,
2025		 June 30,
2024		 Variance
or Change		 Variance
or Change Pct.
Assets
Interest-earning assets:
Loans receivable, including loans held for sale $ 5,789,583  $ 5,752,496  $ 37,087  0.6  %
Taxable investment securities 1,270,262  1,438,200  (167,938) -11.7  %
Tax-exempt investment securities 9,791  14,718  (4,927) -33.5  %
Other interest-earning assets 119,224  131,019  (11,795) -9.0  %
Total interest-earning assets 7,188,860  7,336,433  (147,573) -2.0  %
Non-interest-earning assets 459,986  541,859  (81,873) -15.1  %
Total assets $ 7,648,846  $ 7,878,292  $ (229,446) -2.9  %
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand $ 2,335,972  $ 2,308,893  $ 27,079  1.2  %
Savings 721,115  662,981  58,134  8.8  %
Certificates of deposit (retail) 1,213,015  1,278,535  (65,520) -5.1  %
Certificates of deposit (brokered) 689,011  500,147  188,864  37.8  %
Total interest-bearing deposits 4,959,113  4,750,556  208,557  4.4  %
Borrowings:
Federal Home Loan Bank Advances 1,131,662  1,458,941  (327,279) -22.4  %
Other borrowings 149,041  184,768  (35,727) -19.3  %
Total borrowings 1,280,703  1,643,709  (363,006) -22.1  %
Total interest-bearing liabilities 6,239,816  6,394,265  (154,449) -2.4  %
Non-interest-bearing liabilities:
Non-interest-bearing deposits 597,197  595,266  1,931  0.3  %
Other non-interest-bearing liabilities 64,831  64,444  387  0.6  %
Total non-interest-bearing liabilities 662,028  659,710  2,318  0.4  %
Total liabilities 6,901,844  7,053,975  (152,131) -2.2  %
Stockholders' equity 747,002  824,317  (77,315) -9.4  %
Total liabilities and stockholders' equity $ 7,648,846  $ 7,878,292  $ (229,446) -2.9  %
Average interest-earning assets to average interest-bearing liabilities 115.21  % 114.73  % 0.48  % 0.4  %
11

Kearny Financial Corp.
Performance Ratio Highlights
(Unaudited)

Year Ended
June 30,
2025		 June 30,
2024		 Variance
or Change
Average yield on interest-earning assets:
Loans receivable, including loans held for sale 4.54  % 4.45  % 0.09  %
Taxable investment securities 4.19  % 4.40  % -0.21  %
Tax-exempt investment securities (1)
 2.39  % 2.28  % 0.11  %
Other interest-earning assets 6.71  % 7.03  % -0.32  %
Total interest-earning assets 4.51  % 4.48  % 0.03  %
Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand 2.86  % 2.91  % -0.05  %
Savings 1.25  % 0.50  % 0.75  %
Certificates of deposit (retail) 3.87  % 3.27  % 0.60  %
Certificates of deposit (brokered) 2.54  % 2.03  % 0.51  %
Total interest-bearing deposits 2.83  % 2.58  % 0.25  %
Borrowings:
Federal Home Loan Bank Advances 3.71  % 3.70  % 0.01  %
Other borrowings 4.87  % 5.36  % -0.49  %
Total borrowings 3.85  % 3.89  % -0.04  %
Total interest-bearing liabilities 3.04  % 2.91  % 0.13  %
Interest rate spread (2)
 1.47  % 1.57  % -0.10  %
Net interest margin (3)
 1.88  % 1.94  % -0.06  %
Non-interest income to average assets 0.25  % -0.03  % 0.28  %
Non-interest expense to average assets 1.58  % 2.73  % -1.15  %
Efficiency ratio (4)
 78.33  % 153.02  % -74.69  %
Return on average assets 0.34  % -1.10  % 1.44  %
Return on average equity 3.49  % -10.51  % 14.00  %
Return on average tangible equity (5)
 4.18  % -13.64  % 17.82  %
_________________________
(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.

12

Five-Quarter Financial Trend Analysis
Kearny Financial Corp.
Consolidated Balance Sheets
(Dollars and Shares in Thousands,
Except Per Share Data)		 June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024		 June 30,
2024
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
Assets
Cash and cash equivalents $ 167,269  $ 126,095  $ 141,554  $ 155,574  $ 63,864 
Securities available for sale 1,012,969  1,003,393  1,018,279  1,070,811  1,072,833 
Securities held to maturity 120,217  124,859  127,266  132,256  135,742 
Loans held-for-sale 5,931  6,187  5,695  8,866  6,036 
Loans receivable 5,812,937  5,846,175  5,791,758  5,784,246  5,732,787 
Less: allowance for credit losses on loans (46,191) (44,455) (44,457) (44,923) (44,939)
Net loans receivable 5,766,746  5,801,720  5,747,301  5,739,323  5,687,848 
Premises and equipment 43,897  44,192  45,127  45,189  44,940 
Federal Home Loan Bank stock 64,261  62,261  64,443  57,706  80,300 
Accrued interest receivable 28,098  28,521  27,772  29,467  29,521 
Goodwill 113,525  113,525  113,525  113,525  113,525 
Core deposit intangible 1,436  1,554  1,679  1,805  1,931 
Bank owned life insurance 304,717  303,629  301,339  300,186  297,874 
Deferred income taxes, net 55,203  52,913  53,325  50,131  50,339 
Other assets 56,181  64,292  84,080  67,540  98,708 
Total assets $ 7,740,450  $ 7,733,141  $ 7,731,385  $ 7,772,379  $ 7,683,461 
Liabilities
Deposits:
Non-interest-bearing $ 582,045  $ 587,118  $ 601,510  $ 592,099  $ 598,366 
Interest-bearing 5,093,172  5,120,230  5,069,550  4,878,413  4,559,757 
Total deposits 5,675,217  5,707,348  5,671,060  5,470,512  5,158,123 
Borrowings 1,256,491  1,213,976  1,258,949  1,479,888  1,709,789 
Advance payments by borrowers for taxes 19,317  19,981  17,986  17,824  17,409 
Other liabilities 43,463  43,723  38,537  52,618  44,569 
Total liabilities 6,994,488  6,985,028  6,986,532  7,020,842  6,929,890 
Stockholders' Equity
Common stock 646  646  646  646  644 
Paid-in capital 494,546  494,131  494,092  493,523  493,680 
Retained earnings 341,744  341,921  342,155  342,522  343,326 
Unearned ESOP shares (18,970) (19,457) (19,943) (20,430) (20,916)
Accumulated other comprehensive loss (72,004) (69,128) (72,097) (64,724) (63,163)
Total stockholders' equity 745,962  748,113  744,853  751,537  753,571 
Total liabilities and stockholders' equity $ 7,740,450  $ 7,733,141  $ 7,731,385  $ 7,772,379  $ 7,683,461 
Consolidated capital ratios
Equity to assets 9.64  % 9.67  % 9.63  % 9.67  % 9.81  %
Tangible equity to tangible assets (1)
 8.27  % 8.31  % 8.27  % 8.31  % 8.43  %
Share data
Outstanding shares 64,577 64,580 64,580 64,580 64,434
Book value per share $ 11.55  $ 11.58  $ 11.53  $ 11.64  $ 11.70 
Tangible book value per share (2)
 $ 9.77  $ 9.80  $ 9.75  $ 9.85  $ 9.90 
_________________________
(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.
13

Kearny Financial Corp.
Supplemental Balance Sheet Highlights
(Unaudited)
(Dollars in Thousands) June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024		 June 30,
2024
Loan portfolio composition:
Commercial loans:
Multi-family mortgage $ 2,709,654  $ 2,733,406  $ 2,722,623  $ 2,646,187  $ 2,645,851 
Nonresidential mortgage 986,556  988,074  950,194  950,771  948,075 
Commercial business 138,755  140,224  135,740  145,984  142,747 
Construction 177,713  174,722  176,704  227,327  209,237 
Total commercial loans 4,012,678  4,036,426  3,985,261  3,970,269  3,945,910 
One- to four-family residential mortgage 1,748,591  1,761,465  1,765,160  1,768,230  1,756,051 
Consumer loans:
Home equity loans 50,737  49,699  47,101  44,741  44,104 
Other consumer 2,533  2,859  2,778  2,965  2,685 
Total consumer loans 53,270  52,558  49,879  47,706  46,789 
Total loans, excluding yield adjustments 5,814,539  5,850,449  5,800,300  5,786,205  5,748,750 
Unaccreted yield adjustments (1,602) (4,274) (8,542) (1,959) (15,963)
Loans receivable, net of yield adjustments 5,812,937  5,846,175  5,791,758  5,784,246  5,732,787 
Less: allowance for credit losses on loans (46,191) (44,455) (44,457) (44,923) (44,939)
Net loans receivable $ 5,766,746  $ 5,801,720  $ 5,747,301  $ 5,739,323  $ 5,687,848 
Asset quality:
Nonperforming assets:
Accruing loans - 90 days and over past due $ —  $ —  $ —  $ —  $ — 
Nonaccrual loans 45,597  37,683  37,697  39,854  39,882 
Total nonperforming loans 45,597  37,683  37,697  39,854  39,882 
Nonaccrual loans held-for-sale —  —  —  —  — 
Other real estate owned —  —  —  —  — 
Total nonperforming assets $ 45,597  $ 37,683  $ 37,697  $ 39,854  $ 39,882 
Nonperforming loans (% total loans) 0.78  % 0.64  % 0.65  % 0.69  % 0.70  %
Nonperforming assets (% total assets) 0.59  % 0.49  % 0.49  % 0.51  % 0.52  %
Classified loans $ 133,451  $ 125,790  $ 132,216  $ 119,534  $ 118,700 
Allowance for credit losses on loans (ACL):
ACL to total loans 0.79  % 0.76  % 0.77  % 0.78  % 0.78  %
ACL to nonperforming loans 101.30  % 117.97  % 117.93  % 112.72  % 112.68  %
Net charge-offs $ 49  $ 368  $ 573  $ 124  $ 3,518 
Average net charge-off rate (annualized) 0.00  % 0.03  % 0.04  % 0.01  % 0.25  %

14

Kearny Financial Corp.
Supplemental Balance Sheet Highlights
(Unaudited)
(Dollars in Thousands) June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024		 June 30,
2024
Funding composition:
Deposits:
Non-interest-bearing deposits $ 582,045  $ 587,118  $ 601,510  $ 592,099  $ 598,367 
Interest-bearing demand 2,362,222  2,410,925  2,380,408  2,247,685  2,308,915 
Savings 754,376  758,239  742,266  681,709  643,481 
Certificates of deposit (retail) 1,218,920  1,218,479  1,213,887  1,215,746  1,199,127 
Certificates of deposit (brokered) 757,654  732,587  732,989  733,273  408,234 
Interest-bearing deposits 5,093,172  5,120,230  5,069,550  4,878,413  4,559,757 
Total deposits 5,675,217  5,707,348  5,671,060  5,470,512  5,158,124 
Borrowings:
Federal Home Loan Bank advances 1,106,491  1,028,976  1,028,949  1,209,888  1,534,789 
Overnight borrowings 150,000  185,000  230,000  270,000  175,000 
Total borrowings 1,256,491  1,213,976  1,258,949  1,479,888  1,709,789 
Total funding $ 6,931,708  $ 6,921,324  $ 6,930,009  $ 6,950,400  $ 6,867,913 
Loans as a % of deposits 101.7  % 101.8  % 101.4  % 105.1  % 110.4  %
Deposits as a % of total funding 81.9  % 82.5  % 81.8  % 78.7  % 75.1  %
Borrowings as a % of total funding 18.1  % 17.5  % 18.2  % 21.3  % 24.9  %
Uninsured deposits:
Uninsured deposits (reported) (1)
 $ 1,989,095  $ 1,959,070  $ 1,935,607  $ 1,799,726  $ 1,772,623 
Uninsured deposits (adjusted) (2)
 $ 813,780  $ 799,238  $ 797,721  $ 773,375  $ 764,447 
_________________________
(1)Uninsured deposits of Kearny Bank.
(2)Uninsured deposits of Kearny Bank adjusted to exclude deposits of its wholly-owned subsidiary and its holding company and collateralized deposits of state and local governments.
15

Kearny Financial Corp.
Consolidated Statements of Income (Loss)
(Unaudited)
Three Months Ended
(Dollars and Shares in Thousands,
Except Per Share Data)		 June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024		 June 30,
2024
Interest income
Loans $ 66,485  $ 64,768  $ 65,408  $ 66,331  $ 65,819 
Taxable investment securities 12,322  12,738  13,803  14,384  14,802 
Tax-exempt investment securities 49  55  59  71  80 
Other interest-earning assets 1,549  1,773  2,215  2,466  2,289 
Total interest income 80,405  79,334  81,485  83,252  82,990 
Interest expense
Deposits 33,607  34,912  36,721  35,018  32,187 
Borrowings 10,955  10,380  12,152  15,788  17,527 
Total interest expense 44,562  45,292  48,873  50,806  49,714 
Net interest income 35,843  34,042  32,612  32,446  33,276 
Provision for credit losses 1,785  366  107  108  3,527 
Net interest income after provision for credit losses 34,058  33,676  32,505  32,338  29,749 
Non-interest income
Fees and service charges 655  573  627  635  580 
Gain on sale of loans 190  112  304  200  111 
Income from bank owned life insurance 2,869  2,617  2,619  2,567  3,209 
Electronic banking fees and charges 442  391  493  391  1,130 
Other income 835  869  830  833  776 
Total non-interest income 4,991  4,562  4,873  4,626  5,806 
Non-interest expense
Salaries and employee benefits 18,093  17,700  17,579  17,498  17,266 
Net occupancy expense of premises 2,820  3,075  2,831  2,798  2,738 
Equipment and systems 4,030  3,921  3,892  3,860  3,785 
Advertising and marketing 615  609  311  342  480 
Federal deposit insurance premium 1,395  1,450  1,503  1,563  1,532 
Directors' compensation 307  326  361  361  360 
Goodwill impairment —  —  —  —  97,370 
Other expense 3,633  3,309  3,084  3,364  3,020 
Total non-interest expense 30,893  30,390  29,561  29,786  126,551 
Income (loss) before income taxes 8,156  7,848  7,817  7,178  (90,996)
Income taxes 1,387  1,200  1,251  1,086  (917)
Net income (loss) $ 6,769  $ 6,648  $ 6,566  $ 6,092  $ (90,079)
Net income (loss) per common share (EPS)
Basic $ 0.11  $ 0.11  $ 0.11  $ 0.10  $ (1.45)
Diluted $ 0.11  $ 0.11  $ 0.10  $ 0.10  $ (1.45)
Dividends declared
Cash dividends declared per common share $ 0.11  $ 0.11  $ 0.11  $ 0.11  $ 0.11 
Cash dividends declared $ 6,946  $ 6,933  $ 6,933  $ 6,896  $ 6,903 
Dividend payout ratio 102.6  % 104.3  % 105.6  % 113.2  % -7.7  %
Weighted average number of common shares outstanding
Basic 62,597 62,548 62,443 62,389 62,254
Diluted 62,755 62,713 62,576 62,420 62,330
16

Kearny Financial Corp.
Average Balance Sheet Data
(Unaudited)
Three Months Ended
(Dollars in Thousands) June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024		 June 30,
2024
Assets
Interest-earning assets:
Loans receivable, including loans held-for-sale $ 5,830,421  $ 5,805,045  $ 5,762,053  $ 5,761,593  $ 5,743,008 
Taxable investment securities 1,227,825  1,251,612  1,285,800  1,314,945  1,343,541 
Tax-exempt investment securities 8,039  9,135  9,711  12,244  13,737 
Other interest-earning assets 117,622  110,736  116,354  131,981  128,257 
Total interest-earning assets 7,183,907  7,176,528  7,173,918  7,220,763  7,228,543 
Non-interest-earning assets 454,975  457,206  459,982  467,670  466,537 
Total assets $ 7,638,882  $ 7,633,734  $ 7,633,900  $ 7,688,433  $ 7,695,080 
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand $ 2,342,523  $ 2,405,974  $ 2,314,378  $ 2,282,608  $ 2,310,521 
Savings 754,192  751,243  711,801  668,240  631,622 
Certificates of deposit (retail) 1,215,661  1,215,767  1,216,948  1,203,770  1,208,101 
Certificates of deposit (brokered) 744,345  730,612  730,773  551,819  405,697 
Total interest-bearing deposits 5,056,721  5,103,596  4,973,900  4,706,437  4,555,941 
Borrowings:
Federal Home Loan Bank advances 1,083,902  1,028,958  1,085,455  1,325,583  1,507,192 
Other borrowings 107,582  93,389  156,522  237,011  228,461 
Total borrowings 1,191,484  1,122,347  1,241,977  1,562,594  1,735,653 
Total interest-bearing liabilities 6,248,205  6,225,943  6,215,877  6,269,031  6,291,594 
Non-interest-bearing liabilities:
Non-interest-bearing deposits 582,085  602,647  604,915  599,095  589,438 
Other non-interest-bearing liabilities 64,405  59,919  65,258  69,629  62,978 
Total non-interest-bearing liabilities 646,490  662,566  670,173  668,724  652,416 
Total liabilities 6,894,695  6,888,509  6,886,050  6,937,755  6,944,010 
Stockholders' equity 744,187  745,225  747,850  750,678  751,070 
Total liabilities and stockholders' equity $ 7,638,882  $ 7,633,734  $ 7,633,900  $ 7,688,433  $ 7,695,080 
Average interest-earning assets to average
 interest-bearing liabilities
 114.98  % 115.27  % 115.41  % 115.18  % 114.89  %
17

Kearny Financial Corp.
Performance Ratio Highlights
Three Months Ended
June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024		 June 30,
2024
Average yield on interest-earning assets:
Loans receivable, including loans held-for-sale 4.56  % 4.46  % 4.54  % 4.61  % 4.58  %
Taxable investment securities 4.01  % 4.07  % 4.29  % 4.38  % 4.41  %
Tax-exempt investment securities (1)
 2.43  % 2.43  % 2.42  % 2.32  % 2.32  %
Other interest-earning assets 5.27  % 6.40  % 7.62  % 7.47  % 7.14  %
Total interest-earning assets 4.48  % 4.42  % 4.54  % 4.61  % 4.59  %
Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand 2.63  % 2.73  % 2.96  % 3.13  % 3.06  %
Savings 1.33  % 1.30  % 1.29  % 1.05  % 0.63  %
Certificates of deposit (retail) 3.56  % 3.73  % 4.06  % 4.12  % 3.95  %
Certificates of deposit (brokered) 2.62  % 2.58  % 2.70  % 2.18  % 1.59  %
Total interest-bearing deposits 2.66  % 2.74  % 2.95  % 2.98  % 2.83  %
Borrowings:
Federal Home Loan Bank advances 3.60  % 3.63  % 3.78  % 3.82  % 3.86  %
Other borrowings 4.45  % 4.41  % 4.88  % 5.28  % 5.24  %
Total borrowings 3.68  % 3.70  % 3.91  % 4.04  % 4.04  %
Total interest-bearing liabilities 2.85  % 2.91  % 3.15  % 3.24  % 3.16  %
Interest rate spread (2)
 1.62  % 1.51  % 1.39  % 1.37  % 1.43  %
Net interest margin (3)
 2.00  % 1.90  % 1.82  % 1.80  % 1.84  %
Non-interest income to average assets (annualized) 0.26  % 0.24  % 0.26  % 0.24  % 0.30  %
Non-interest expense to average assets (annualized) 1.62  % 1.59  % 1.55  % 1.55  % 6.58  %
Efficiency ratio (4)
 75.66  % 78.72  % 78.86  % 80.35  % 323.81  %
Return on average assets (annualized) 0.35  % 0.35  % 0.34  % 0.32  % -4.68  %
Return on average equity (annualized) 3.64  % 3.57  % 3.51  % 3.25  % -47.97  %
Return on average tangible equity (annualized) (5)
 4.36  % 4.28  % 4.21  % 3.89  % 3.33  %
_________________________
(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.
18

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)		 June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024		 June 30,
2024
Adjusted net income:
Net income (loss) (GAAP) $ 6,769  $ 6,648  $ 6,566  $ 6,092  $ (90,079)
Non-recurring transactions - net of tax:
Net effect of bank-owned life insurance restructure —  —  —  —  392 
Goodwill impairment —  —  —  —  95,283 
Adjusted net income $ 6,769  $ 6,648  $ 6,566  $ 6,092  $ 5,596 
Calculation of pre-tax, pre-provision net revenue:
Net income (loss) (GAAP) $ 6,769  $ 6,648  $ 6,566  $ 6,092  $ (90,079)
Adjustments to net income (GAAP):
Provision for income taxes 1,387  1,200  1,251  1,086  (917)
Provision for credit losses 1,785  366  107  108  3,527 
Pre-tax, pre-provision net revenue (non-GAAP) $ 9,941  $ 8,214  $ 7,924  $ 7,286  $ (87,469)
Adjusted earnings per share:
Weighted average common shares - basic 62,597 62,548 62,443 62,389 62,254
Weighted average common shares - diluted 62,755 62,713 62,576 62,420 62,330
Earnings per share - basic (GAAP) $ 0.11  $ 0.11  $ 0.11  $ 0.10  $ (1.45)
Earnings per share - diluted (GAAP) $ 0.11  $ 0.11  $ 0.10  $ 0.10  $ (1.45)
Adjusted earnings per share - basic (non-GAAP) $ 0.11  $ 0.11  $ 0.11  $ 0.10  $ 0.09 
Adjusted earnings per share - diluted (non-GAAP) $ 0.11  $ 0.11  $ 0.10  $ 0.10  $ 0.09 
Pre-tax, pre-provision net revenue per share:
Pre-tax, pre-provision net revenue per share - basic
  (non-GAAP)
 $ 0.16  $ 0.13  $ 0.13  $ 0.12  $ (1.41)
Pre-tax, pre-provision net revenue per share - diluted
  (non-GAAP)
 $ 0.16  $ 0.13  $ 0.13  $ 0.12  $ (1.41)
Adjusted return on average assets:
Total average assets $ 7,638,882  $ 7,633,734  $ 7,633,900  $ 7,688,433  $ 7,695,080 
Return on average assets (GAAP) 0.35  % 0.35  % 0.34  % 0.32  % -4.68  %
Adjusted return on average assets (non-GAAP) 0.35  % 0.35  % 0.34  % 0.32  % 0.29  %
Adjusted return on average equity:
Total average equity $ 744,187  $ 745,225  $ 747,850  $ 750,678  $ 751,070 
Return on average equity (GAAP) 3.64  % 3.57  % 3.51  % 3.25  % -47.97  %
Adjusted return on average equity (non-GAAP) 3.64  % 3.57  % 3.51  % 3.25  % 2.98  %
19

Kearny Financial Corp.
Reconciliation of GAAP to Non-GAAP
(Unaudited)
Three Months Ended
(Dollars and Shares in Thousands,
Except Per Share Data)		 June 30,
2025		 March 31,
2025		 December 31,
2024		 September 30,
2024		 June 30,
2024
Adjusted return on average tangible equity:
Total average equity $ 744,187  $ 745,225  $ 747,850  $ 750,678  $ 751,070 
Less: average goodwill (113,525) (113,525) (113,525) (113,525) (113,525)
Less: average other intangible assets (1,513) (1,636) (1,761) (1,886) (2,006)
Total average tangible equity $ 629,149  $ 630,064  $ 632,564  $ 635,267  $ 635,539 
Return on average tangible equity (non-GAAP) 4.36  % 4.28  % 4.21  % 3.89  % 3.33  %
Adjusted return on average tangible equity (non-GAAP) 4.36  % 4.28  % 4.21  % 3.89  % 3.58  %
Adjusted non-interest expense ratio:
Non-interest expense (GAAP) $ 30,893  $ 30,390  $ 29,561  $ 29,786  $ 126,551 
Non-recurring transactions:
Goodwill impairment —  —  —  —  (97,370)
Non-interest expense (non-GAAP) $ 30,893  $ 30,390  $ 29,561  $ 29,786  $ 29,181 
Non-interest expense ratio (GAAP) 1.62  % 1.59  % 1.55  % 1.55  % 6.58  %
Adjusted non-interest expense ratio (non-GAAP) 1.62  % 1.59  % 1.55  % 1.55  % 1.52  %
Adjusted efficiency ratio:
Non-interest expense (non-GAAP) $ 30,893  $ 30,390  $ 29,561  $ 29,786  $ 29,181 
Net interest income (GAAP) $ 35,843  $ 34,042  $ 32,612  $ 32,446  $ 33,276 
Total non-interest income (GAAP) 4,991  4,562  4,873  4,626  5,806 
Non-recurring transactions:
Net effect of bank-owned life insurance restructure —  —  —  —  392 
Total revenue (non-GAAP) $ 40,834  $ 38,604  $ 37,485  $ 37,072  $ 39,474 
Efficiency ratio (GAAP) 75.66  % 78.72  % 78.86  % 80.35  % 323.81  %
Adjusted efficiency ratio (non-GAAP) 75.66  % 78.72  % 78.86  % 80.35  % 73.92  %

20

Kearny Financial Corp.
Reconciliation of GAAP to Non-GAAP
(Unaudited)
Year Ended
(Dollars and Shares in Thousands,
Except Per Share Data)		 June 30,
2025		 June 30,
2024
Adjusted net income:
Net income (loss) (GAAP) $ 26,075  $ (86,667)
Non-recurring transactions - net of tax:
Net effect of sale and call of securities —  12,876 
Net effect of bank-owned life insurance contract restructure —  6,678 
Goodwill impairment —  95,283 
Adjusted net income $ 26,075  $ 28,170 
Calculation of pre-tax, pre-provision net revenue:
Net income (loss) (GAAP) $ 26,075  $ (86,667)
Adjustments to net income (GAAP):
Provision for income taxes 4,924  5,891 
Provision for credit losses 2,366  6,226 
Pre-tax, pre-provision net revenue (non-GAAP) $ 33,365  $ (74,550)
Adjusted earnings per share:
Weighted average common shares - basic 62,508 62,444
Weighted average common shares - diluted 62,716 62,444
Earnings per share - basic (GAAP) $ 0.42  $ (1.39)
Earnings per share - diluted (GAAP) $ 0.42  $ (1.39)
Adjusted earnings per share - basic (non-GAAP) $ 0.42  $ 0.45 
Adjusted earnings per share - diluted (non-GAAP) $ 0.42  $ 0.45 
Pre-tax, pre-provision net revenue per share:
Pre-tax, pre-provision net revenue per share - basic (non-GAAP) $ 0.53  $ (1.19)
Pre-tax, pre-provision net revenue per share - diluted (non-GAAP) $ 0.53  $ (1.19)
Adjusted return on average assets:
Total average assets $ 7,648,846  $ 7,878,292 
Return on average assets (GAAP) 0.34  % -1.10  %
Adjusted return on average assets (non-GAAP) 0.34  % 0.36  %
Adjusted return on average equity:
Total average equity $ 747,002  $ 824,317 
Return on average equity (GAAP) 3.49  % -10.51  %
Adjusted return on average equity (non-GAAP) 3.49  % 3.42  %
Adjusted return on average tangible equity:
Total average equity $ 747,002  $ 824,317 
Less: average goodwill (113,525) (186,685)
Less: average other intangible assets (1,700) (2,209)
Total average tangible equity $ 631,777  $ 635,423 
Return on average tangible equity (non-GAAP) 4.18  % -13.64  %
Adjusted return on average tangible equity (non-GAAP) 4.18  % 4.43  %
21

Kearny Financial Corp.
Reconciliation of GAAP to Non-GAAP
(Unaudited)
Year Ended
(Dollars in Thousands) June 30,
2025		 June 30,
2024
Adjusted non-interest expense ratio:
Non-interest expense (GAAP) $ 120,630  $ 215,151 
Non-routine transactions:
Goodwill impairment —  (97,370)
Non-interest expense (non-GAAP) $ 120,630  $ 117,781 
Non-interest expense ratio (GAAP) 1.58  % 2.73  %
Adjusted non-interest expense ratio (non-GAAP) 1.58  % 1.50  %
Adjusted efficiency ratio:
Non-interest expense (non-GAAP) $ 120,630  $ 117,781 
Net interest income (GAAP) $ 134,943  $ 142,594 
Total non-interest income (GAAP) 19,052  (1,993)
Non-routine transactions:
Net effect of sale and call of securities —  18,135 
Net effect of bank-owned life insurance contract restructure —  965 
Total revenue (non-GAAP) $ 153,995  $ 159,701 
Efficiency ratio (GAAP) 78.33  % 153.02  %
Adjusted efficiency ratio (non-GAAP) 78.33  % 73.75  %
22
EX-99.2 3 krny-20250724xexx992xfin.htm EX-99.2 krny-20250724xexx992xfin
July 24, 2025 I N V E S T O R P R E S E N T A T I O N F O U R T H 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 at the end of 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: $9.77 Market Cap: $417.2 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 Ranked among the top 10 New Jersey-based financial institutions by assets and deposits. Operates 43 full-service branches across 12 counties in New Jersey and New York City. Active acquirer, having completed seven whole-bank acquisitions since 1999. Source: Company Filings 1 As of June 30, 2025. 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

 
4Q25 Financial Highlights 1 GAAP to Adjusted reconciliation on page 22. No adjustments for this quarter. 2 Excludes Yield Adjustments. Source: Company Filings. 5 Net Income GAAP Adjusted1 $6.8 million $6.8 million Basic/Diluted EPS GAAP Adjusted1 $0.11 $0.11 Net Interest Income CET-1 Ratio $35.8 million 14.49% Total Assets $7.7 billion Total Deposits Total Loans2 $5.7 billion $5.8 billion Sustained Earnings Growth Net income rose to $6.8 million, with EPS steady at $0.11, reflecting consistent performance and disciplined financial management. Pre-Tax, Pre-Provision EPS Growth Pre-tax, pre-provision earnings per share increased 23% to $0.16 per diluted share, highlighting improved core profitability and operating leverage. Net Interest Margin Expansion Net interest income grew 5.3% as NIM improved 10 bps to 2.00%, driven by improving loan yields and deposit cost management. Diversified Non-Interest Revenue Non-interest income rose 9.4%, led by higher BOLI income, loan sale gains, and stronger fee revenue. Efficiency Expense Management Non-interest expense to average assets was 1.62%, reflecting disciplined expense management. Strong Credit Quality Net charge-offs were less than 0.01% of average loans reflecting strong underwriting and portfolio quality. Branch Network Optimization Regulatory approval received to consolidate three branches; scheduled to close by October 2025, with minimal expected financial impact.

 
Sustained Earnings Growth and Margin Expansion Net Interest Income & Net Interest Margin 6 Earnings Metrics 2 $32,446 $32,612 $34,042 $35,843 1.80% 1.82% 1.90% 2.00% 1Q25 2Q25 3Q25 4Q25 Net Interest Income Net Interest Margin $6,092 $6,566 $6,648 $6,769 $7,286 $7,924 $8,214 $9,941 $0.10 $0.10 $0.11 $0.11 $0.12 $0.13 $0.13 $0.16 1Q25 2Q25 3Q25 4Q25 Net income Pre-tax, pre-provision net revenue Earnings per share, Diluted ($) Pre-tax, pre-provision earnings per share ($) 1 See “Non-GAAP Financial Information” for reconciliation on page 22. Source: Company Filings. 1 ($ thousands) ($ thousands, except per share data)

 
Capital Strength Equity Capitalization Level 1 Kearny Financial Corp. (NASDAQ: KRNY) Regulatory Capital Ratios as of June 30, 2025 are preliminary. 2 Well capitalized regulatory minimums are determined at Bank level. Source: Company Filings. 7 Regulatory Capital Ratios1,2 8.43% 8.31% 8.27% 8.31% 8.27% 9.81% 9.67% 9.63% 9.67% 9.64% 4Q24 1Q25 2Q25 3Q25 4Q25 Tangible Common Equity / Tangible Assets Equity / Assets 5.00% 6.50% 8.00% 10.00% 9.23% 14.49% 14.49% 15.37% Tier 1 Leverage Common Equity Tier 1 Tier 1 Risk-Based Capital Total Risk-Based Capital Well Capitalized Regulatory Minimum

 
Track Record of Strong Credit Performance 1 Data provided by Federal Reserve Bank of St. Louis. Source: Company Filings. 8 Net Charge-offs to Average Total Loans Between 2006 and 2025, including the periods of the Global Financial Crisis and the COVID-19 Pandemic, KRNY maintained an average annual net charge-off rate of 9 basis points, significantly lower than the 48 basis points average for all commercial banks (US Banks not among the top 100)1. Cumulative charge-offs for KRNY between 2006 and 4Q25 were minimal, totaling $39.8 million. 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Commercial Banks (not among top 100) KRNY Global Hurricane Sandy COVID-19 Pandemic

 
Diversified Loan Portfolio Loan Composition1 Geographic Distribution1 Loan Trend 1 As of June 30, 2025. Source: S&P Global Market Intelligence & Company Filings. 9 ($ millions) 1-4 Family 30.1% Home Equity 0.9% Multi-family 46.6% CRE 17.0% Construction 3.1% C&I 2.4% QTD Yield on Loans 4.56% LTV 60.4% $1,756 $1,768 $1,765 $1,761 $1,749 $2,646 $2,646 $2,723 $2,733 $2,710 $948 $951 $950 $988 $987 $5,749 $5,786 $5,800 $5,850 $5,815 4Q24 1Q25 2Q25 3Q25 4Q25 1-4 Family Home Equity Multi-family CRE Construction C&I New York 33.2% New Jersey 55.8% Pennsylvania 6.2% Other 4.9%

 
Opportunity to Drive Margin Expansion 10 Multifamily / CRE Loan Repricing Opportunity1 Loan Repricing: CRE loan portfolio reprices based on the 5-Year Treasury rate plus a spread or contractual terms. Projected Interest Income Growth: Assuming replacement into similar loan type, repricing through 2029 presents the opportunity to generate a cumulative annual increase in interest income of ~$55 million. Yield Optimization / Loan Portfolio Remix Opportunity: As loans mature, capital can be strategically reallocated to higher- yielding asset classes, enhancing overall returns. 1 Excludes coupon greater than 6%. Based on a calendar year view. 2 Repricing Rate: Maturing loans assume treasury + a spread and Repricing loans assume contractual terms. Source: Company Filings $77,697 $230,412 $454,798 $90,119 $239,559 $29,532 $186,309 $278,782 $72,927 $56,041 3.60% 3.71% 3.75% 3.97% 3.88% 6.54% 7.03% 7.14% 6.56% 6.83% Remainder 2025 2026 2027 2028 2029 Maturing Repricing Current Rate Repricing Rate (if repriced 7/14/25) Average Implied Spread of 3.19% ($ thousands) 2

 
Multifamily Loan Portfolio Multifamily Loan Portfolio Composition1 New York City (“NYC”) Multifamily1 Source: Company Filings 1 As of June 30, 2025. 11 Observations $ in millions NYC Multifamily Loan Portfolio by Location Outstanding Asset Quality: Exceptional asset quality across multiple credit cycles. Diversified Portfolio: Less than half of the Multifamily portfolio is in NYC, with only 5% rent-regulated. Upcoming Loan Maturities: 13% of NYC Multifamily loans maturing or repricing over the next 12 months. Majority NYC Free Market 39.9% Outside NYC 54.8% Fully NYC Rent Regulated 1.9% Majority NYC Rent Regulated 3.4% Total MF $2.7B Loan Value % Brooklyn $810 64.3% Queens 169 13.4% Manhattan 140 11.1% Bronx 142 11.2% Total NYC MF Loan Portfolio $1,261 100.0% NYC Multifamily Portfolio: $1.2 billion Average Loan Balance: $3.41 million Weighted Average LTV: 61.6% Nonperforming Loans / Total MF Loans: 1.23% Next 12 Months of Maturity & Repricing: $155.6 million

 
CRE Loan Detail Source: Company Filings. 1 As of June 30, 2025. 12 CRE Portfolio by Collateral Type1 CRE Loan Geographic Distribution1 Retail 28.9% Mixed Use 24.8% Office 13.4% Industrial 18.5% Specialty & Other 10.4% Medical 4.0% Total CRE $987M New Jersey 55.8% Brooklyn 9.2% New York (Ex. Brooklyn) 26.2% Pennsylvania 4.3% Other 4.5% LTV 50.5%

 
Office Portfolio 1 As of June 30, 2025. Source: Company Filings. 13 Office Portfolio by Contractual Maturity1 13.4% of total CRE portfolio or $132 million Average loan size of $1.9 million ($ millions) Office Loan Geographic Distribution1 LTV 49.6% DSCR 1.8x Manhattan 17.1% New York (Excl. Manhattan) 14.2% New Jersey 65.4% Other 3.3% Total Office $132M $3 $9 $34 $17 $9 $60 $0 $10 $20 $30 $40 $50 $60 $70 2025 2026 2027 2028 2029 2030+

 
Asset Quality Metrics Non-Performing Assets / Total Assets 1 As of June 30, 2025; amounts shown in millions. Source: Company Filings. 14 Net Charge-Offs / Average Loans 0.52% 0.51% 0.49% 0.49% 0.59% 4Q24 1Q25 2Q25 3Q25 4Q25 Multi-family $30.9 CRE $5.8 C&I $2.2 1-4 Family $6.6 Home Equity $0.2 NPL’s $45.6M Non-Performing Loans1 0.25% 0.01% 0.04% 0.03% 0.00% 4Q24 1Q25 2Q25 3Q25 4Q25 Increase driven by a single C&I relationship

 
Asset Quality Metrics Allowance for Credit Losses 1 As of June 30, 2025. 2 Commercial includes Multifamily, CRE, C&I and Construction loans. Consumer includes Residential and Home Equity Loans. Source: Company Filings. 15 ACL by Loan Segment1 ($ millions) $44.9 $44.9 $44.5 $44.5 $46.2 0.78% 0.78% 0.77% 0.76% 0.79% 4Q24 1Q25 2Q25 3Q25 4Q25 ACL Balance ACL to Total Loans Receivable $4,013 $1,802 0.88% 0.60% Commercial Consumer Loan Balance ACL/Loans

 
Granular Deposit Franchise 1 As of June 30, 2025. Source: Company Filings. 16 Non-Maturity Deposit Mix1 ($ millions) 21.5% 13.4% 13.3% 41.6% 10.3% Deposit Composition Deposit Growth $1,199 $1,216 $1,214 $1,218 $1,219 $408 $733 $733 $733 $758 $643 $682 $742 $758 $754 $2,309 $2,248 $2,380 $2,411 $2,362 $598 $592 $602 $587 $582$5,158 $5,471 $5,671 $5,707 $5,675 4Q24 1Q25 2Q25 3Q25 4Q25 Retail CDs Wholesale CDs Savings Interest Bearing DDA Non-interest Bearing DDA Consumer 63.8% Commercial 22.0% Government 14.2%

 
Retail Deposit Detail 1 Quarters are based on a calendar year view. 2As of June 30, 2025. 3 Excludes brokered and state & local government deposits. Source: Company Filings. 17 Retail CD Maturities1 Retail Deposit Segmentation2,3 ($ millions) $285 $532 $275 $67 $60 3.64% 3.69% 3.70% 3.14% 2.03% 3Q25 4Q25 1Q26 2Q26 3Q26 & Beyond Product # of Accounts Balance ($ millions) Average Balance per Account Checking 52,351 $ 2,420 $ 46,224 Savings 29,873 754 25,225 CDs 23,146 1,205 52,064 Total Retail Deposits 105,370 $ 4,378 $ 41,554

 
Investment Securities 1 As of June 30, 2025. 2 Comprised entirely of securitized federal education loans with 97% U.S. government guarantees. 3 Assumes 29% marginal tax rate. Source: Company Filings. 18 Securities Composition1 Securities Average Balance & Yield Trend As of June 30, 2025, the after-tax net unrecognized loss on securities held- to-maturity was $9.6 million, or 1.52% of tangible equity3 AFS/HTM & Effective Duration ($ millions) 2 $1,357 $1,327 $1,296 $1,261 $1,236 4.39% 4.36% 4.28% 4.06% 4.00% 4Q24 1Q25 2Q25 3Q25 4Q25 Securities Portfolio Yield on Investments AFS , 89.4% HTM , 10.6% Total Effective Duration ≈ 3.7 years Floating rate securities ≈ 32.5% Corporate Bonds 12.4% CLO 28.6% ABS Student Loans 5.3% Agency MBS 53.2% Municipal Bonds 0.7%

 
Best-in-Class Operating Efficiency 1 Adjusted for previously disclosed goodwill impairment. Source: S&P Global Market Intelligence & Company Filings. 19 1.76% 1.73% 1.61% 1.55% 1.62% 1.69% 1.51% 1.50% 1.58% 1.40% 1.45% 1.50% 1.55% 1.60% 1.65% 1.70% 1.75% 1.80% 2017 2018 2019 2020 2021 2022 2023 2024 2025 Adjusted Non-interest Expense to Average Assets $68 $74 $75 $96 $114 $130 $131 $120 $132 1 21 41 61 81 101 121 2017 2018 2019 2020 2021 2022 2023 2024 4Q25 1.9x Deposits per Branch ($ millions) 1

 
20 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

 
Liquidity Available for Uninsured Deposits Estimated Uninsured Deposits Analysis1,2 1 Estimated amount of uninsured deposits reported in June 30, 2025 Call Report. 2 As of June 30, 2025. 21 Available liquidity is 2.7x greater than the estimated uninsured deposits, excluding the items mentioned above. Liquidity Capacity2 1 Estimated Uninsured Deposit Analysis ($ millions) Estimated Uninsured Deposits 1,989$ Less: Collateralized State & Local Government Deposits (523) Less: Bank's wholly-owned subsidiary & Holding Company Deposits (652) Estimated uninsured deposits excluding items above: 814$ Total Deposits 5,675$ Estimated uninsured deposits, excluding items above, as a % of Total Deposits 14.3% Sources of Liquidity ($ millions) Liquidity Capacity Funding Utilized Available Capacity Internal Sources: Free Securities and other 337$ -$ 337$ External Sources: FRB 1,191 - 1,191 FHLB 1,951 1,256 695 Total Liquidity 3,480$ 1,256$ 2,224$

 
Non-GAAP Reconciliation 22 Reconciliation of GAAP to Non-GAAP (Dollars and Shares in Thousands, Except Per Share Data) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Adjusted net income: Net income (loss) (GAAP) $6,769 $6,648 $6,566 $6,092 ($90,079) Non-recurring transactions - net of tax: Net effect of sale and call of securities - - - - - Net effect of bank-owned life insurance restructure - - - - 392 Goodwill impairment - - - - 95,283 Adjusted net income $6,769 $6,648 $6,566 $6,092 $5,596 Calculation of pre-tax, pre-provision net revenue: Net income (loss) (GAAP) $6,769 $6,648 $6,566 $6,092 ($90,079) Adjustments to net income (GAAP): Provision for income taxes $1,387 $1,200 $1,251 $1,086 ($917) Provision for credit losses $1,785 $366 $107 $108 $3,527 Pre-tax, pre-provision net revenue (non-GAAP) $9,941 $8,214 $7,924 $7,286 ($87,469) Adjusted earnings per share: Weighted average common shares - basic 62,597 62,548 62,443 62,389 62,254 Weighted average common shares - diluted 62,755 62,713 62,576 62,420 62,330 Earnings per share - basic (GAAP) $0.11 $0.11 $0.11 $0.10 ($1.45) Earnings per share - diluted (GAAP) $0.11 $0.11 $0.10 $0.10 ($1.45) Adjusted earnings per share - basic (non-GAAP) $0.11 $0.11 $0.11 $0.10 $0.09 Adjusted earnings per share - diluted (non-GAAP) $0.11 $0.11 $0.10 $0.10 $0.09 Pre-tax, pre-provision net revenue per share: Pre-tax, pre-provision net revenue per share - basic (non-GAAP) $0.16 $0.13 $0.13 $0.12 ($1.41) Pre-tax, pre-provision net revenue per share - diluted (non-GAAP) $0.16 $0.13 $0.13 $0.12 ($1.41) Adjusted return on average assets: Total average assets $7,638,882 $7,633,734 $7,633,900 $7,688,433 $7,695,080 Return on average assets (GAAP) 0.35% 0.35% 0.34% 0.32% -4.68% Adjusted return on average assets (non-GAAP) 0.35% 0.35% 0.34% 0.32% 0.29% Adjusted return on average equity: Total average equity $744,187 $745,225 $747,850 $750,678 $751,070 Return on average equity (GAAP) 3.64% 3.57% 3.51% 3.25% -47.97% Adjusted return on average equity (non-GAAP) 3.64% 3.57% 3.51% 3.25% 2.98% For the quarter ended