Form 8-K - Current report

Share Name	Share Symbol	Market	Type
Kearny Financial Corporation	NASDAQ:KRNY	NASDAQ	Common Stock

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.00	0.00%	6.88	6.75	7.55				0	00:00:00

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						Press release dated January 30, 2025.
99.2						Kearny Financial Corp. investor presentation dated January 30, 2025.
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

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.

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.

•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


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.

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

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	%

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.



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

_________________________

(2)Tangible book value equals total stockholders' equity reduced by goodwill and core deposit intangible assets.

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		%

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.

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

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		%

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.

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		%

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		%

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%

Cover	Jan. 30, 2025
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jan. 30, 2025
Entity Incorporation, State or Country Code	MD
Entity File Number	001-37399
Entity Tax Identification Number	30-0870244
Entity Address, Address Line One	120 Passaic Avenue
Entity Address, City or Town	Fairfield
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07004
City Area Code	(973)
Local Phone Number	244-4500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(g) Security	Common Stock, $0.01 par value
Trading Symbol	KRNY
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0001617242
Entity Registrant Name	KEARNY FINANCIAL CORP.

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KRNY Kearny Financial Corporation