krny-20250424
FALSE000161724200016172422025-04-242025-04-24

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): April 24, 2025
_____________________________
KEARNY FINANCIAL CORP.
(Exact name of Registrant as Specified in Its Charter)
_____________________________
Maryland001-3739930-0870244
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueKRNYThe 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 April 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 March 31, 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 April 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 April 24, 2025, the Company’s Board of Directors announced a quarterly cash dividend of $0.11 per share, payable on May 21, 2025 to stockholders of record as of May 7, 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 NumberDescription
99.1
99.2
104Cover 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: April 24, 2025
By:/s/ Sean Byrnes
Sean Byrnes
Executive Vice President and Chief Financial Officer


Exhibit 99.1
FOR IMMEDIATE RELEASE
April 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 THIRD QUARTER FISCAL 2025 RESULTS
AND DECLARATION OF CASH DIVIDEND

Fairfield, N.J., April 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 March 31, 2025 of $6.6 million, or $0.11 per diluted share, compared to $6.6 million, or $0.10 per diluted share, for the quarter ended December 31, 2024.

The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.11 per share, payable on May 21, 2025, to stockholders of record as of May 7, 2025.

Craig L. Montanaro, President and Chief Executive Officer, commented, “Quarter over quarter net interest income grew by $1.4 million, resulting in eight basis points of net interest margin expansion. Contributing to this expansion was growth in net loans and deposits, coupled with a 24 basis point decrease in our cost of funds. We anticipate continued strong margin expansion into the June quarter, the final of our 2025 fiscal year.”

Mr. Montanaro continued, “Despite recent fluctuations in US Treasury rates and broader market indices, our core business continues to perform exceedingly well and we are confident in our ability to sustain and enhance our performance in spite of the volatile environment.”

Balance Sheet
•Total assets were $7.73 billion at March 31, 2025, a increase of $1.8 million from December 31, 2024.
•Investment securities totaled $1.13 billion at March 31, 2025, a decrease of $17.3 million, or 1.5%, from December 31, 2024.
•Loans receivable totaled $5.85 billion at March 31, 2025, an increase of $54.4 million, or 0.9%, from December 31, 2024, primarily reflecting growth in non-residential mortgage loans.
•Deposits were $5.71 billion at March 31, 2025, an increase of $36.3 million, or 0.6%, from December 31, 2024. This increase was primarily driven by increases in interest bearing demand deposits and consumer savings deposits, partially offset by a decrease in non-interest bearing demand deposits. The decrease in non-interest bearing deposits was primarily attributable to a $29.3 million outflow from a single depositor who used the funds to finance the construction of a building. Excluding this single account, non-interest bearing deposits increased $14.9 million, or 2.5%.
•Borrowings were $1.21 billion at March 31, 2025, a decrease of $45.0 million, or 3.6%, from December 31, 2024, reflecting reductions in Federal Home Loan Bank (“FHLB”) overnight borrowings.
•At March 31, 2025, the Company maintained available secured borrowing capacity with the FHLB and the Federal Reserve Discount Window of $2.42 billion, representing 31.3% of total assets.
1

Earnings
Net Interest Income and Net Interest Margin
•Net interest margin expanded eight basis points from the quarter ended December 31, 2024 to 1.90% for the quarter ended March 31, 2025. The increase for the quarter was driven by the paydown of borrowings resulting from growth in lower cost deposits and broad based decreases in deposit rates, partially offset by reduced yields on interest-earning assets.
•For the quarter ended March 31, 2025, net interest income increased $1.4 million to $34.0 million from $32.6 million for the quarter ended December 31, 2024. Included in net interest income for the quarters ended March 31, 2025 and December 31, 2024, respectively, was purchase accounting accretion of $511,000 and $685,000, and loan prepayment penalty income of $226,000 and $288,000.
Non-Interest Income
•For the quarter ended March 31, 2025, non-interest income decreased $311,000, or 6.4%, to $4.6 million from $4.9 million for the quarter ended December 31, 2024, primarily driven by decreases in gain on sale of loans and electronic banking fees and charges.
•Gain on sale of loans decreased $192,000 to $112,000 for the quarter ended March 31, 2025 from $304,000 for the quarter ended December 31, 2024. The decrease largely reflected a seasonal decrease in the volume of residential mortgage loans sold during the period.
•Electronic banking fees and charges decreased $102,000 to $391,000 for the quarter March 31, 2025 from $493,000 for the quarter ended December 31, 2024. The decrease largely reflected the absence of a non-recurring increase recorded in the prior period.
Non-Interest Expense
•For the quarter ended March 31, 2025, non-interest expense increased $829,000, or 2.8%, to $30.4 million from $29.6 million for the quarter ended December 31, 2024, primarily driven by increases in salary and benefits, net occupancy, advertising, and other expense.
•Salary and benefits expense increased $121,000 to $17.7 million primarily driven by an increase of $546,000 in payroll taxes and employee benefits associated with the start of a new calendar year, partially offset by a $427,000 non-recurring decrease in stock-based compensation.
•Net occupancy expense of premises increased $244,000 to $3.1 million primarily driven by seasonally higher snow removal expenses, partially offset by a decrease in repairs and other maintenance expenses.
•Advertising and marketing expense increased $298,000 to $609,000. This increase was primarily due to higher advertising expenses across various formats, driven by marketing campaigns supporting our loan and deposit growth initiatives.
•Other expense increased $225,000 primarily driven by a $37,000 provision for credit losses related to off balance sheet commitments compared to a reversal for credit losses on off balance sheet commitments of $116,000 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 $1.2 million for the quarter ended March 31, 2025 compared to $1.3 million for the quarter ended December 31, 2024, resulting in an effective tax rate of 15.3% and 16.0%, respectively.
2

Asset Quality
•The balance of non-performing assets remained steady at $37.7 million, or 0.49% of total assets, at March 31, 2025 and December 31, 2024, respectively.
•Net charge-offs totaled $368,000, or 0.03% of average loans, on an annualized basis, for the quarter ended March 31, 2025, compared to $573,000, or 0.04% of average loans, on an annualized basis, for the quarter ended December 31, 2024.
•For the quarter ended March 31, 2025, the Company recorded a provision for credit losses of $366,000, compared to $107,000 for the quarter ended December 31, 2024. The provision for credit loss expense for the quarter ended March 31, 2025 was primarily driven by the charge-offs described above.
•The ACL was $44.5 million, or 0.76% of total loans, at March 31, 2025, a decrease of $2,000 from $44.5 million, or 0.77% of total loans, at December 31, 2024.
Capital
•For the quarter ended March 31, 2025, book value per share increased $0.05, or 0.4%, to $11.58 while tangible book value per share increased $0.05, or 0.5%, to $9.80.
•At March 31, 2025, total stockholders’ equity included after-tax net unrealized losses on securities available for sale of $80.1 million, partially offset by after-tax unrealized gains on derivatives of $10.7 million. After-tax net unrecognized losses on securities held to maturity of $9.9 million were not reflected in total stockholders’ equity.
•At March 31, 2025, the Company’s tangible equity to tangible assets ratio equaled 8.31% 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 Q3 2025 Investor Presentation, a copy of which is available through the Investor Relations link located at the bottom of the page of our website at www.kearnybank.com and via a Current Report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov.
Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.
Category: Earnings
3

Linked-Quarter Comparative Financial Analysis
Kearny Financial Corp.
Consolidated Balance Sheets
(Unaudited)
(Dollars and Shares in Thousands,
Except Per Share Data)		March 31,
2025		December 31,
2024		Variance
or Change		Variance
or Change Pct.
Assets
Cash and cash equivalents$126,095 $141,554 $(15,459)-10.9 %
Securities available for sale1,003,393 1,018,279 (14,886)-1.5 %
Securities held to maturity124,859 127,266 (2,407)-1.9 %
Loans held-for-sale6,187 5,695 492 8.6 %
Loans receivable5,846,175 5,791,758 54,417 0.9 %
Less: allowance for credit losses on loans(44,455)(44,457)(2)-0.0 %
Net loans receivable5,801,720 5,747,301 54,419 0.9 %
Premises and equipment44,192 45,127 (935)-2.1 %
Federal Home Loan Bank stock62,261 64,443 (2,182)-3.4 %
Accrued interest receivable28,521 27,772 749 2.7 %
Goodwill113,525 113,525 — — %
Core deposit intangible1,554 1,679 (125)-7.4 %
Bank owned life insurance303,629 301,339 2,290 0.8 %
Deferred income taxes, net52,913 53,325 (412)-0.8 %
Other assets64,292 84,080 (19,788)-23.5 %
Total assets $7,733,141 $7,731,385 $1,756 0.0 %
Liabilities
Deposits:
Non-interest-bearing $587,118 $601,510 $(14,392)-2.4 %
Interest-bearing5,120,230 5,069,550 50,680 1.0 %
Total deposits5,707,348 5,671,060 36,288 0.6 %
Borrowings1,213,976 1,258,949 (44,973)-3.6 %
Advance payments by borrowers for taxes19,981 17,986 1,995 11.1 %
Other liabilities43,723 38,537 5,186 13.5 %
Total liabilities6,985,028 6,986,532 (1,504)-0.0 %
Stockholders' Equity
Common stock646 646 — — %
Paid-in capital494,131 494,092 39 0.0 %
Retained earnings341,921 342,155 (234)-0.1 %
Unearned ESOP shares(19,457)(19,943)486 2.4 %
Accumulated other comprehensive loss(69,128)(72,097)2,969 4.1 %
Total stockholders' equity748,113 744,853 3,260 0.4 %
Total liabilities and stockholders' equity$7,733,141 $7,731,385 $1,756 0.0 %
Consolidated capital ratios
Equity to assets9.67 %9.63 %0.04 %
Tangible equity to tangible assets (1)
8.31 %8.27 %0.04 %
Share data
Outstanding shares64,58064,580—— %
Book value per share$11.58 $11.53 $0.05 0.4 %
Tangible book value per share (2)
$9.80 $9.75 $0.05 0.5 %
_________________________
(1)Tangible equity equals total stockholders' equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets.
(2)Tangible book value equals total stockholders' equity reduced by goodwill and core deposit intangible assets.
4

Kearny Financial Corp.
Consolidated Statements of Income
(Unaudited)
(Dollars and Shares in Thousands,
Except Per Share Data)		Three Months EndedVariance
or Change		Variance
or Change Pct.
March 31,
2025		December 31,
2024
Interest income
Loans$64,768 $65,408 $(640)-1.0 %
Taxable investment securities12,738 13,803 (1,065)-7.7 %
Tax-exempt investment securities55 59 (4)-6.8 %
Other interest-earning assets1,773 2,215 (442)-20.0 %
Total interest income79,334 81,485 (2,151)-2.6 %
Interest expense
Deposits34,912 36,721 (1,809)-4.9 %
Borrowings10,380 12,152 (1,772)-14.6 %
Total interest expense45,292 48,873 (3,581)-7.3 %
Net interest income34,042 32,612 1,430 4.4 %
Provision for credit losses 366 107 259 242.1 %
Net interest income after provision for credit losses33,676 32,505 1,171 3.6 %
Non-interest income
Fees and service charges573 627 (54)-8.6 %
Gain on sale of loans112 304 (192)-63.2 %
Income from bank owned life insurance2,617 2,619 (2)-0.1 %
Electronic banking fees and charges391 493 (102)-20.7 %
Other income869 830 39 4.7 %
Total non-interest income4,562 4,873 (311)-6.4 %
Non-interest expense
Salaries and employee benefits17,700 17,579 121 0.7 %
Net occupancy expense of premises3,075 2,831 244 8.6 %
Equipment and systems3,921 3,892 29 0.7 %
Advertising and marketing609 311 298 95.8 %
Federal deposit insurance premium1,450 1,503 (53)-3.5 %
Directors' compensation326 361 (35)-9.7 %
Other expense3,309 3,084 225 7.3 %
Total non-interest expense30,390 29,561 829 2.8 %
Income before income taxes7,848 7,817 31 0.4 %
Income taxes1,200 1,251 (51)-4.1 %
Net income$6,648 $6,566 $82 1.2 %
Net income per common share (EPS)
Basic$0.11 $0.11 $— 
Diluted$0.11 $0.10 $0.01 
Dividends declared
Cash dividends declared per common share$0.11 $0.11 $— 
Cash dividends declared$6,933 $6,933 $— 
Dividend payout ratio104.3 %105.6 %-1.3 %
Weighted average number of common shares outstanding
Basic62,54862,443105
Diluted62,71362,576137
5

Kearny Financial Corp.
Average Balance Sheet Data
(Unaudited)
(Dollars in Thousands)Three Months EndedVariance
or Change		Variance
or Change Pct.
March 31,
2025		December 31,
2024
Assets
Interest-earning assets:
Loans receivable, including loans held for sale$5,805,045 $5,762,053 $42,992 0.7 %
Taxable investment securities1,251,612 1,285,800 (34,188)-2.7 %
Tax-exempt investment securities9,135 9,711 (576)-5.9 %
Other interest-earning assets110,736 116,354 (5,618)-4.8 %
Total interest-earning assets7,176,528 7,173,918 2,610 0.0 %
Non-interest-earning assets457,206 459,982 (2,776)-0.6 %
Total assets $7,633,734 $7,633,900 $(166)-0.0 %
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand$2,405,974 $2,314,378 $91,596 4.0 %
Savings751,243 711,801 39,442 5.5 %
Certificates of deposit (retail)1,215,767 1,216,948 (1,181)-0.1 %
Certificates of deposit (brokered)730,612 730,773 (161)-0.0 %
Total interest-bearing deposits5,103,596 4,973,900 129,696 2.6 %
Borrowings:
Federal Home Loan Bank advances1,028,958 1,085,455 (56,497)-5.2 %
Other borrowings93,389 156,522 (63,133)-40.3 %
Total borrowings1,122,347 1,241,977 (119,630)-9.6 %
Total interest-bearing liabilities6,225,943 6,215,877 10,066 0.2 %
Non-interest-bearing liabilities:
Non-interest-bearing deposits602,647 604,915 (2,268)-0.4 %
Other non-interest-bearing liabilities59,919 65,258 (5,339)-8.2 %
Total non-interest-bearing liabilities662,566 670,173 (7,607)-1.1 %
Total liabilities6,888,509 6,886,050 2,459 0.0 %
Stockholders' equity745,225 747,850 (2,625)-0.4 %
Total liabilities and stockholders' equity$7,633,734 $7,633,900 $(166)-0.0 %
Average interest-earning assets to average interest-bearing liabilities115.27 %115.41 %-0.14 %-0.1 %
6

Kearny Financial Corp.
Performance Ratio Highlights
(Unaudited)
Three Months EndedVariance
or Change
March 31,
2025		December 31,
2024
Average yield on interest-earning assets:
Loans receivable, including loans held for sale4.46 %4.54 %-0.08 %
Taxable investment securities4.07 %4.29 %-0.22 %
Tax-exempt investment securities (1)
2.43 %2.42 %0.01 %
Other interest-earning assets6.40 %7.62 %-1.22 %
Total interest-earning assets 4.42 %4.54 %-0.12 %
Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand2.73 %2.96 %-0.23 %
Savings 1.30 %1.29 %0.01 %
Certificates of deposit (retail)3.73 %4.06 %-0.33 %
Certificates of deposit (brokered)2.58 %2.70 %-0.12 %
Total interest-bearing deposits2.74 %2.95 %-0.21 %
Borrowings:
Federal Home Loan Bank advances3.63 %3.78 %-0.15 %
Other borrowings4.41 %4.88 %-0.47 %
Total borrowings3.70 %3.91 %-0.21 %
Total interest-bearing liabilities2.91 %3.15 %-0.24 %
Interest rate spread (2)
1.51 %1.39 %0.12 %
Net interest margin (3)
1.90 %1.82 %0.08 %
Non-interest income to average assets (annualized)0.24 %0.26 %-0.02 %
Non-interest expense to average assets (annualized)1.59 %1.55 %0.04 %
Efficiency ratio (4)
78.72 %78.86 %-0.14 %
Return on average assets (annualized)0.35 %0.34 %0.01 %
Return on average equity (annualized)3.57 %3.51 %0.06 %
Return on average tangible equity (annualized) (5)
4.28 %4.21 %0.07 %
_________________________
(1)The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.
(2)Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.
(3)Net interest income divided by average interest-earning assets.
(4)Non-interest expense divided by the sum of net interest income and non-interest income.
(5)Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.
7


Five-Quarter Financial Trend Analysis
Kearny Financial Corp.
Consolidated Balance Sheets
(Dollars and Shares in Thousands,
Except Per Share Data)		March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
(Unaudited)(Unaudited)(Unaudited)(Audited)(Unaudited)
Assets
Cash and cash equivalents$126,095 $141,554 $155,574 $63,864 $71,027 
Securities available for sale1,003,393 1,018,279 1,070,811 1,072,833 1,098,655 
Securities held to maturity124,859 127,266 132,256 135,742 139,643 
Loans held-for-sale6,187 5,695 8,866 6,036 4,117 
Loans receivable5,846,175 5,791,758 5,784,246 5,732,787 5,758,336 
Less: allowance for credit losses on loans(44,455)(44,457)(44,923)(44,939)(44,930)
Net loans receivable5,801,720 5,747,301 5,739,323 5,687,848 5,713,406 
Premises and equipment44,192 45,127 45,189 44,940 45,053 
Federal Home Loan Bank stock62,261 64,443 57,706 80,300 81,347 
Accrued interest receivable28,521 27,772 29,467 29,521 31,065 
Goodwill113,525 113,525 113,525 113,525 210,895 
Core deposit intangible1,554 1,679 1,805 1,931 2,057 
Bank owned life insurance303,629 301,339 300,186 297,874 296,493 
Deferred income taxes, net52,913 53,325 50,131 50,339 47,225 
Other assets64,292 84,080 67,540 98,708 100,989 
Total assets $7,733,141 $7,731,385 $7,772,379 $7,683,461 $7,841,972 
Liabilities
Deposits:
Non-interest-bearing $587,118 $601,510 $592,099 $598,366 $586,089 
Interest-bearing5,120,230 5,069,550 4,878,413 4,559,757 4,622,961 
Total deposits5,707,348 5,671,060 5,470,512 5,158,123 5,209,050 
Borrowings1,213,976 1,258,949 1,479,888 1,709,789 1,722,178 
Advance payments by borrowers for taxes19,981 17,986 17,824 17,409 17,387 
Other liabilities43,723 38,537 52,618 44,569 44,279 
Total liabilities6,985,028 6,986,532 7,020,842 6,929,890 6,992,894 
Stockholders' Equity
Common stock646 646 646 644 644 
Paid-in capital494,131 494,092 493,523 493,680 493,187 
Retained earnings341,921 342,155 342,522 343,326 440,308 
Unearned ESOP shares(19,457)(19,943)(20,430)(20,916)(21,402)
Accumulated other comprehensive loss(69,128)(72,097)(64,724)(63,163)(63,659)
Total stockholders' equity748,113 744,853 751,537 753,571 849,078 
Total liabilities and stockholders' equity$7,733,141 $7,731,385 $7,772,379 $7,683,461 $7,841,972 
Consolidated capital ratios
Equity to assets9.67 %9.63 %9.67 %9.81 %10.83 %
Tangible equity to tangible assets (1)
8.31 %8.27 %8.31 %8.43 %8.34 %
Share data
Outstanding shares 64,58064,58064,58064,43464,437
Book value per share$11.58 $11.53 $11.64 $11.70 $13.18 
Tangible book value per share (2)
$9.80 $9.75 $9.85 $9.90 $9.87 
_________________________
(1)Tangible equity equals total stockholders' equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets.
(2)Tangible book value equals total stockholders' equity reduced by goodwill and core deposit intangible assets.
8

Kearny Financial Corp.
Supplemental Balance Sheet Highlights
(Unaudited)
(Dollars in Thousands)March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Loan portfolio composition:
Commercial loans:
Multi-family mortgage$2,733,406 $2,722,623 $2,646,187 $2,645,851 $2,645,195 
Nonresidential mortgage988,074 950,194 950,771 948,075 965,539 
Commercial business140,224 135,740 145,984 142,747 147,326 
Construction174,722 176,704 227,327 209,237 229,457 
Total commercial loans4,036,426 3,985,261 3,970,269 3,945,910 3,987,517 
One- to four-family residential mortgage1,761,465 1,765,160 1,768,230 1,756,051 1,741,644 
Consumer loans:
Home equity loans49,699 47,101 44,741 44,104 42,731 
Other consumer2,859 2,778 2,965 2,685 3,198 
Total consumer loans52,558 49,879 47,706 46,789 45,929 
Total loans, excluding yield adjustments5,850,449 5,800,300 5,786,205 5,748,750 5,775,090 
Unaccreted yield adjustments(4,274)(8,542)(1,959)(15,963)(16,754)
Loans receivable, net of yield adjustments5,846,175 5,791,758 5,784,246 5,732,787 5,758,336 
Less: allowance for credit losses on loans(44,455)(44,457)(44,923)(44,939)(44,930)
Net loans receivable$5,801,720 $5,747,301 $5,739,323 $5,687,848 $5,713,406 
Asset quality:
Nonperforming assets:
Accruing loans - 90 days and over past due$— $— $— $— $— 
Nonaccrual loans37,683 37,697 39,854 39,882 39,546 
Total nonperforming loans37,683 37,697 39,854 39,882 39,546 
Nonaccrual loans held-for-sale— — — — — 
Other real estate owned— — — — — 
Total nonperforming assets$37,683 $37,697 $39,854 $39,882 $39,546 
Nonperforming loans (% total loans)0.64 %0.65 %0.69 %0.70 %0.69 %
Nonperforming assets (% total assets)0.49 %0.49 %0.51 %0.52 %0.50 %
Classified loans$125,790 $132,216 $119,534 $118,700 $115,772 
Allowance for credit losses on loans (ACL):
ACL to total loans0.76 %0.77 %0.78 %0.78 %0.78 %
ACL to nonperforming loans117.97 %117.93 %112.72 %112.68 %113.61 %
Net charge-offs $368 $573 $124 $3,518 $286 
Average net charge-off rate (annualized)0.03 %0.04 %0.01 %0.25 %0.02 %

9

Kearny Financial Corp.
Supplemental Balance Sheet Highlights
(Unaudited)
(Dollars in Thousands)March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Funding composition:
Deposits:
Non-interest-bearing deposits$587,118 $601,510 $592,099 $598,367 $586,089 
Interest-bearing demand2,410,925 2,380,408 2,247,685 2,308,915 2,349,032 
Savings 758,239 742,266 681,709 643,481 630,456 
Certificates of deposit (retail)1,218,479 1,213,887 1,215,746 1,199,127 1,235,261 
Certificates of deposit (brokered)732,587 732,989 733,273 408,234 408,212 
Interest-bearing deposits5,120,230 5,069,550 4,878,413 4,559,757 4,622,961 
Total deposits5,707,348 5,671,060 5,470,512 5,158,124 5,209,050 
Borrowings:
Federal Home Loan Bank advances1,028,976 1,028,949 1,209,888 1,534,789 1,457,178 
Overnight borrowings185,000 230,000 270,000 175,000 265,000 
Total borrowings1,213,976 1,258,949 1,479,888 1,709,789 1,722,178 
Total funding$6,921,324 $6,930,009 $6,950,400 $6,867,913 $6,931,228 
Loans as a % of deposits101.8 %101.4 %105.1 %110.4 %109.8 %
Deposits as a % of total funding82.5 %81.8 %78.7 %75.1 %75.2 %
Borrowings as a % of total funding17.5 %18.2 %21.3 %24.9 %24.8 %
Uninsured deposits:
Uninsured deposits (reported) (1)
$1,959,070 $1,935,607 $1,799,726 $1,772,623 $1,760,740 
Uninsured deposits (adjusted) (2)
$799,238 $797,721 $773,375 $764,447 $718,026 
_________________________
(1)Uninsured deposits of Kearny Bank.
(2)Uninsured deposits of Kearny Bank adjusted to exclude deposits of its wholly-owned subsidiary and holding company and collateralized deposits of state and local governments.
10

Kearny Financial Corp.
Consolidated Statements of Income (Loss)
(Unaudited)
Three Months Ended
(Dollars and Shares in Thousands,
Except Per Share Data)		March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Interest income
Loans$64,768 $65,408 $66,331 $65,819 $64,035 
Taxable investment securities12,738 13,803 14,384 14,802 15,490 
Tax-exempt investment securities55 59 71 80 85 
Other interest-earning assets1,773 2,215 2,466 2,289 2,475 
Total interest income79,334 81,485 83,252 82,990 82,085 
Interest expense
Deposits34,912 36,721 35,018 32,187 32,320 
Borrowings10,380 12,152 15,788 17,527 15,446 
Total interest expense45,292 48,873 50,806 49,714 47,766 
Net interest income34,042 32,612 32,446 33,276 34,319 
Provision for credit losses 366 107 108 3,527 349 
Net interest income after provision for credit losses33,676 32,505 32,338 29,749 33,970 
Non-interest income
Fees and service charges573 627 635 580 657 
Gain (loss) on sale of loans112 304 200 111 (712)
Income from bank owned life insurance2,617 2,619 2,567 3,209 3,039 
Electronic banking fees and charges391 493 391 1,130 464 
Other income869 830 833 776 755 
Total non-interest income4,562 4,873 4,626 5,806 4,203 
Non-interest expense
Salaries and employee benefits17,700 17,579 17,498 17,266 16,911 
Net occupancy expense of premises3,075 2,831 2,798 2,738 2,863 
Equipment and systems3,921 3,892 3,860 3,785 3,823 
Advertising and marketing609 311 342 480 387 
Federal deposit insurance premium1,450 1,503 1,563 1,532 1,429 
Directors' compensation326 361 361 360 360 
Goodwill impairment— — — 97,370 — 
Other expense3,309 3,084 3,364 3,020 3,286 
Total non-interest expense30,390 29,561 29,786 126,551 29,059 
Income (loss) before income taxes7,848 7,817 7,178 (90,996)9,114 
Income taxes1,200 1,251 1,086 (917)1,717 
Net income (loss)$6,648 $6,566 $6,092 $(90,079)$7,397 
Net income (loss) per common share (EPS)
Basic$0.11 $0.11 $0.10 $(1.45)$0.12 
Diluted$0.11 $0.10 $0.10 $(1.45)$0.12 
Dividends declared
Cash dividends declared per common share$0.11 $0.11 $0.11 $0.11 $0.11 
Cash dividends declared$6,933 $6,933 $6,896 $6,903 $6,844 
Dividend payout ratio104.3 %105.6 %113.2 %-7.7 %92.5 %
Weighted average number of common shares outstanding
Basic62,54862,44362,38962,25462,205
Diluted62,71362,57662,42062,33062,211
11

Kearny Financial Corp.
Average Balance Sheet Data
(Unaudited)
Three Months Ended
(Dollars in Thousands)March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Assets
Interest-earning assets:
Loans receivable, including loans held-for-sale$5,805,045 $5,762,053 $5,761,593 $5,743,008 $5,752,477 
Taxable investment securities1,251,612 1,285,800 1,314,945 1,343,541 1,382,064 
Tax-exempt investment securities9,135 9,711 12,244 13,737 14,614 
Other interest-earning assets110,736 116,354 131,981 128,257 125,155 
Total interest-earning assets7,176,528 7,173,918 7,220,763 7,228,543 7,274,310 
Non-interest-earning assets457,206 459,982 467,670 466,537 577,411 
Total assets $7,633,734 $7,633,900 $7,688,433 $7,695,080 $7,851,721 
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand$2,405,974 $2,314,378 $2,282,608 $2,310,521 $2,378,831 
Savings 751,243 711,801 668,240 631,622 635,226 
Certificates of deposit (retail)1,215,767 1,216,948 1,203,770 1,208,101 1,257,362 
Certificates of deposit (brokered)730,612 730,773 551,819 405,697 448,151 
Total interest-bearing deposits5,103,596 4,973,900 4,706,437 4,555,941 4,719,570 
Borrowings:
Federal Home Loan Bank advances1,028,958 1,085,455 1,325,583 1,507,192 1,428,801 
Other borrowings93,389 156,522 237,011 228,461 210,989 
Total borrowings1,122,347 1,241,977 1,562,594 1,735,653 1,639,790 
Total interest-bearing liabilities6,225,943 6,215,877 6,269,031 6,291,594 6,359,360 
Non-interest-bearing liabilities:
Non-interest-bearing deposits602,647 604,915 599,095 589,438 581,870 
Other non-interest-bearing liabilities59,919 65,258 69,629 62,978 65,709 
Total non-interest-bearing liabilities662,566 670,173 668,724 652,416 647,579 
Total liabilities6,888,509 6,886,050 6,937,755 6,944,010 7,006,939 
Stockholders' equity745,225 747,850 750,678 751,070 844,782 
Total liabilities and stockholders' equity$7,633,734 $7,633,900 $7,688,433 $7,695,080 $7,851,721 
Average interest-earning assets to average
 interest-bearing liabilities
115.27 %115.41 %115.18 %114.89 %114.39 %
12

Kearny Financial Corp.
Performance Ratio Highlights
Three Months Ended
March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Average yield on interest-earning assets:
Loans receivable, including loans held-for-sale4.46 %4.54 %4.61 %4.58 %4.45 %
Taxable investment securities4.07 %4.29 %4.38 %4.41 %4.48 %
Tax-exempt investment securities (1)
2.43 %2.42 %2.32 %2.32 %2.32 %
Other interest-earning assets6.40 %7.62 %7.47 %7.14 %7.91 %
Total interest-earning assets4.42 %4.54 %4.61 %4.59 %4.51 %
Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand2.73 %2.96 %3.13 %3.06 %3.08 %
Savings 1.30 %1.29 %1.05 %0.63 %0.46 %
Certificates of deposit (retail)3.73 %4.06 %4.12 %3.95 %3.52 %
Certificates of deposit (brokered)2.58 %2.70 %2.18 %1.59 %1.97 %
Total interest-bearing deposits2.74 %2.95 %2.98 %2.83 %2.74 %
Borrowings:
Federal Home Loan Bank advances3.63 %3.78 %3.82 %3.86 %3.55 %
Other borrowings4.41 %4.88 %5.28 %5.24 %5.22 %
Total borrowings3.70 %3.91 %4.04 %4.04 %3.77 %
Total interest-bearing liabilities2.91 %3.15 %3.24 %3.16 %3.00 %
Interest rate spread (2)
1.51 %1.39 %1.37 %1.43 %1.51 %
Net interest margin (3)
1.90 %1.82 %1.80 %1.84 %1.89 %
Non-interest income to average assets (annualized)0.24 %0.26 %0.24 %0.30 %0.21 %
Non-interest expense to average assets (annualized)1.59 %1.55 %1.55 %6.58 %1.48 %
Efficiency ratio (4)
78.72 %78.86 %80.35 %323.81 %75.43 %
Return on average assets (annualized)0.35 %0.34 %0.32 %-4.68 %0.38 %
Return on average equity (annualized)3.57 %3.51 %3.25 %-47.97 %3.50 %
Return on average tangible equity (annualized) (5)
4.28 %4.21 %3.89 %3.33 %4.68 %
_________________________
(1)The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.
(2)Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.
(3)Net interest income divided by average interest-earning assets.
(4)Non-interest expense divided by the sum of net interest income and non-interest income.
(5)Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.
13

The following tables provide a reconciliation of certain financial measures calculated in accordance with Generally Accepted Accounting Principles (“GAAP”) (as reported) and non-GAAP measures. These non-GAAP measures provide additional information which allow readers to evaluate the ongoing performance of the Company. They are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information. In all cases, it should be understood that non-GAAP per share measures do not depict amounts that accrue directly to the benefit of shareholders.
Kearny Financial Corp.
Reconciliation of GAAP to Non-GAAP
(Unaudited)
Three Months Ended
(Dollars and Shares in Thousands,
Except Per Share Data)		March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Adjusted net income:
Net income (loss) (GAAP)$6,648 $6,566 $6,092 $(90,079)$7,397 
Non-recurring transactions - net of tax:
Net effect of bank-owned life insurance restructure— — — 392 — 
Goodwill impairment— — — 95,283 — 
Adjusted net income$6,648 $6,566 $6,092 $5,596 $7,397 
Calculation of pre-tax, pre-provision net revenue:
Net income (loss) (GAAP)$6,648 $6,566 $6,092 $(90,079)$7,397 
Adjustments to net income (GAAP):
Provision for income taxes1,200 1,251 1,086 (917)1,717 
Provision for credit losses366 107 108 3,527 349 
Pre-tax, pre-provision net revenue (non-GAAP)$8,214 $7,924 $7,286 $(87,469)$9,463 
Adjusted earnings per share:
Weighted average common shares - basic62,54862,44362,38962,25462,205
Weighted average common shares - diluted62,71362,57662,42062,33062,211
Earnings per share - basic (GAAP)$0.11 $0.11 $0.10 $(1.45)$0.12 
Earnings per share - diluted (GAAP)$0.11 $0.10 $0.10 $(1.45)$0.12 
Adjusted earnings per share - basic (non-GAAP)$0.11 $0.11 $0.10 $0.09 $0.12 
Adjusted earnings per share - diluted (non-GAAP)$0.11 $0.10 $0.10 $0.09 $0.12 
Pre-tax, pre-provision net revenue per share:
Pre-tax, pre-provision net revenue per share - basic
  (non-GAAP)
$0.13 $0.13 $0.12 $(1.41)$0.15 
Pre-tax, pre-provision net revenue per share - diluted
  (non-GAAP)
$0.13 $0.13 $0.12 $(1.41)$0.15 
Adjusted return on average assets:
Total average assets$7,633,734 $7,633,900 $7,688,433 $7,695,080 $7,851,721 
Return on average assets (GAAP)0.35 %0.34 %0.32 %-4.68 %0.38 %
Adjusted return on average assets (non-GAAP)0.35 %0.34 %0.32 %0.29 %0.38 %
Adjusted return on average equity:
Total average equity$745,225 $747,850 $750,678 $751,070 $844,782 
Return on average equity (GAAP)3.57 %3.51 %3.25 %-47.97 %3.50 %
Adjusted return on average equity (non-GAAP)3.57 %3.51 %3.25 %2.98 %3.50 %
14

Kearny Financial Corp.
Reconciliation of GAAP to Non-GAAP
(Unaudited)
Three Months Ended
(Dollars and Shares in Thousands,
Except Per Share Data)		March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Adjusted return on average tangible equity:
Total average equity$745,225 $747,850 $750,678 $751,070 $844,782 
Less: average goodwill(113,525)(113,525)(113,525)(113,525)(210,895)
Less: average other intangible assets(1,636)(1,761)(1,886)(2,006)(2,138)
Total average tangible equity$630,064 $632,564 $635,267 $635,539 $631,749 
Return on average tangible equity (non-GAAP)4.28 %4.21 %3.89 %3.33 %4.68 %
Adjusted return on average tangible equity (non-GAAP)4.28 %4.21 %3.89 %3.58 %4.68 %
Adjusted non-interest expense ratio:
Non-interest expense (GAAP)$30,390 $29,561 $29,786 $126,551 $29,059 
Non-recurring transactions:
Goodwill impairment— — — (97,370)— 
Non-interest expense (non-GAAP)$30,390 $29,561 $29,786 $29,181 $29,059 
Non-interest expense ratio (GAAP)1.59 %1.55 %1.55 %6.58 %1.48 %
Adjusted non-interest expense ratio (non-GAAP)1.59 %1.55 %1.55 %1.52 %1.48 %
Adjusted efficiency ratio:
Non-interest expense (non-GAAP)$30,390 $29,561 $29,786 $29,181 $29,059 
Net interest income (GAAP)$34,042 $32,612 $32,446 $33,276 $34,319 
Total non-interest income (GAAP)4,562 4,873 4,626 5,806 4,203 
Non-recurring transactions:
Net effect of bank-owned life insurance restructure— — — 392 — 
Total revenue (non-GAAP)$38,604 $37,485 $37,072 $39,474 $38,522 
Efficiency ratio (GAAP)78.72 %78.86 %80.35 %323.81 %75.43 %
Adjusted efficiency ratio (non-GAAP)78.72 %78.86 %80.35 %73.92 %75.43 %

15
APRIL 24, 2025 I N V E S T O R P R E S E N T A T I O N T H I R 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: $9.80 Market Cap: $404.3 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. 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 March 31, 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

 
3Q25 Financial Highlights 1 GAAP to Adjusted reconciliation on page 19. No adjustments for this quarter. 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 $0.11 Net Interest Income CET-1 Ratio $34.0 million 14.48% Total Assets $7.7 billion Total Deposits Total Loans2 $5.7 billion $5.8 billion Net Income: Reported net income for 3Q 2025 was $6.6 million, or $0.11 per diluted share. Net Interest Margin: Expanded by eight basis points to 1.90% in 3Q 2025, driven by growth in loans and deposits, coupled with broad- based decreases in deposit rates. Total Assets and Deposits: Deposit growth continued during the quarter increasing by $36.3 million to $5.7 billion, driven by growth in interest-bearing demand deposits and consumer savings deposits. Asset Quality and Charge-offs: Asset quality remained very strong, with non-performing assets at 0.49% and nominal net charge-offs totaling 0.03% of average loans.

 
Capital Strength Equity Capitalization Level 1 Kearny Financial Corp. (NASDAQ: KRNY) Regulatory Capital Ratios as of March 31, 2025 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 2 8.34% 8.43% 8.31% 8.27% 8.31% 10.83% 9.81% 9.67% 9.63% 9.67% 3Q24 4Q24 1Q25 2Q25 3Q25 Tangible Common Equity / Tangible Assets Equity / Assets 9.22% 14.48% 14.48% 15.32% 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 Net Charge-offs to Average Total Loans Cumulative charge-offs for KRNY between 2006 and 3Q25 were minimal, totaling $39.7 million. Between 2006 and 2024, 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. 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 3Q25 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 March 31, 2025. Source: S&P Global Market Intelligence & Company Filings. 8 ($ millions) 1-4 Family 30.1% Home Equity 0.9% Multi-family 46.7% CRE 16.9% Construction 3.0% C&I 2.4% QTD Yield on Loans 4.46% New York 33.4% New Jersey 55.5% Pennsylvania 6.1% Other 4.9% LTV 60.8% $1,742 $1,756 $1,768 $1,765 $1,761 $2,645 $2,646 $2,646 $2,723 $2,733 $966 $948 $951 $950 $988 $5,775 $5,749 $5,786 $5,800 $5,850 3Q24 4Q24 1Q25 2Q25 3Q25 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 March 31, 2025. 9 Observations $ in millions NYC Multifamily Loan Portfolio by Location NYC Multifamily Portfolio: $1.2 billion Average Loan Balance: $3.47 million Weighted Average LTV: 61.8% Nonperforming Loans / Total MF Loans: 0.99% Calendar Year 2025 Maturity & Repricing: $137.8 million Loan Value % Brooklyn $813 64.1% Queens 170 13.4% Manhattan 140 11.1% Bronx 144 11.4% Total NYC MF Loan Portfolio $1,268 100.0% 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: 11% of NYC Multifamily loans maturing or repricing in 2025. Majority NYC Free Market 40.1% Outside NYC 55.0% Fully NYC Rent Regulated 2.0% Majority NYC Rent Regulated 3.0% Total MF $2.7B

 
CRE Loan Detail Source: Company Filings. 1 As of March 31, 2025. 10 CRE Portfolio by Collateral Type1 CRE Loan Geographic Distribution1 Total CRE $988M New Jersey 55.2% Brooklyn 9.2% New York (Ex. Brooklyn) 26.9% Pennsylvania 4.3% Other 4.4% LTV 50.8% Retail 29.6% Mixed Use 24.7% Office 12.6% Industrial 18.7% Specialty & Other 10.3% Medical 4.1%

 
Office Portfolio 1 As of March 31, 2025. Source: Company Filings. 11 Office Portfolio by Contractual Maturity1 12.6% of total CRE portfolio or $124 million Average loan size of $1.9 million ($ millions) Office Loan Geographic Distribution1 LTV 49.9% DSCR 1.8x Total Office $124M $3 $9 $35 $17 $9 $51 $0 $10 $20 $30 $40 $50 $60 2025 2026 2027 2028 2029 2030+ Manhattan 18.3% New York (Excl. Manhattan) 15.2% New Jersey 64.1% Other 2.4%

 
Asset Quality Metrics Non-Performing Assets / Total Assets Allowance for Credit Losses 1 As of March 31, 2025; amounts shown in millions. Source: Company Filings. 12 Net Charge-Offs / Average Loans Non-Performing Loans1 $ in millions 0.02% 0.25% 0.01% 0.04% 0.03% 3Q24 4Q24 1Q25 2Q25 3Q25 0.50% 0.52% 0.51% 0.49% 0.49% 3Q24 4Q24 1Q25 2Q25 3Q25 Multi- family $24.9 CRE $5.8 C&I $1.8 1-4 Family $5.2 Home Equity $0.1 NPL’s $37.7M $44.7 $44.1 $44.2 $44.3 $44.3 $0.2 $0.9 $0.8 $0.2 $0.1 0.78% 0.78% 0.78% 0.77% 0.76% 3Q24 4Q24 1Q25 2Q25 3Q25 ACL Balance - Individually Analyzed ACL Balance - Collectively Evaluated ACL to Total Loans Receivable Increase driven by a single C&I relationship

 
Granular Deposit Franchise 1 As of March 31, 2025. Source: Company Filings. 13 Non-Maturity Deposit Mix1 ($ millions) 21.4% 12.8% 13.3% 42.2% 10.3% Deposit Composition $1,235 $1,199 $1,216 $1,214 $1,218 $408 $408 $733 $733 $733 $630 $643 $682 $742 $758 $2,349 $2,309 $2,248 $2,380 $2,411 $586 $598 $592 $602 $587$5,209 $5,158 $5,470 $5,671 $5,707 3Q24 4Q24 1Q25 2Q25 3Q25 Retail CDs Wholesale CDs Savings Interest Bearing DDA Non-interest Bearing DDA Consumer 64.0% Commercial 21.6% Government 14.4% Deposit Growth

 
Retail Deposit Detail 1 Quarters are based on a calendar year view. 2As of March 31, 2025. 3 Excludes brokered and state & local government deposits. Source: Company Filings. 14 Retail CDs Maturities1 Retail Deposit Segmentation2,3 ($ millions) Over the next 12 months, $1.1 billion in Retail CDs will mature and rollover at lower interest rates, contributing to an increase in the net interest margin. $384 $257 $276 $225 $77 3.98% 3.39% 3.83% 3.65% 2.28% 2Q25 3Q25 4Q25 1Q26 2Q26 & Beyond Maturities Weighted Avg Yield Product # of Accounts Balance ($ millions) Average Balance per Account Checking 52,761 $ 2,457 $ 46,569 Savings 30,400 757 24,914 CDs 23,666 1,205 50,926 Total Retail Deposits 106,827 $ 4,420 $ 41,372

 
Liquidity Available for Uninsured Deposits Estimated Uninsured Deposits Analysis1,2 1 Estimated amount of uninsured deposits reported in March 31, 2025 Call Report. 2 As of March 31, 2025. 15 Available liquidity is 3.0x greater than the estimated uninsured deposits, excluding the items mentioned above. Total available capacity increased by $106 million from December 31, 2024 and represents 31% of total assets. Liquidity Capacity2 1 Estimated Uninsured Deposit Analysis ($ millions) Estimated Uninsured Deposits 1,959$ Less: Collateralized State & Local Government Deposits (540) Less: Bank's wholly-owned subsidiary & Holding Company Deposits (620) Estimated uninsured deposits excluding items above: 799$ Total Deposits 5,707$ Estimated uninsured deposits, excluding items above, as a % of Total Deposits 14.0% Sources of Liquidity ($ millions) Liquidity Capacity Funding Utilized Available Capacity Internal Sources: Free Securities and other 87$ -$ 87$ External Sources: FRB 1,627 - 1,627 FHLB 1,922 1,214 708 Total Liquidity 3,636$ 1,214$ 2,422$

 
Investment Securities 1 As of March 31, 2025. 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 As of March 31, 2025, the after-tax net unrecognized loss on securities held- to-maturity was $9.9 million, or 1.56% of tangible equity3 AFS/HTM & Effective Duration ($ millions) AFS 88.9% HTM 11.1% Total Effective Duration ≈ 3.4 years Floating rate securities ≈ 33.4% $1,397 $1,357 $1,327 $1,296 $1,261 4.46% 4.39% 4.36% 4.28% 4.06% 3Q24 4Q24 1Q25 2Q25 3Q25 Securities Portfolio Yield on Investments Corporate Bonds 11.5% CLO 28.8% ABS Student Loans 6.2% Agency MBS 52.8% Municipal Bonds 0.8% 2

 
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% 1.56% 2017 2018 2019 2020 2021 2022 2023 2024 YTD 3Q25 $68 $74 $75 $96 $114 $130 $131 $120 $133 2017 2018 2019 2020 2021 2022 2023 2024 YTD 3Q25 1.9x ($ 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) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Adjusted net income: Net income (loss) (GAAP) $6,648 $6,566 $6,092 ($90,079) $7,397 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 $6,648 $6,566 $6,092 $5,596 $7,397 Calculation of pre-tax, pre-provision net revenue: Net income (loss) (GAAP) $6,648 $6,566 $6,092 ($90,079) $7,397 Adjustments to net income (GAAP): Provision for income taxes $1,200 $1,251 $1,086 ($917) $1,717 Provision for credit losses $366 $107 $108 $3,527 $349 Pre-tax, pre-provision net revenue (non-GAAP) $8,214 $7,924 $7,286 ($87,469) $9,463 Adjusted earnings per share: Weighted average common shares - basic 62,548 62,443 62,389 62,254 62,205 Weighted average common shares - diluted 62,713 62,576 62,420 62,330 62,211 Earnings per share - basic (GAAP) $0.11 $0.11 $0.10 ($1.45) $0.12 Earnings per share - diluted (GAAP) $0.11 $0.10 $0.10 ($1.45) $0.12 Adjusted earnings per share - basic (non-GAAP) $0.11 $0.11 $0.10 $0.09 $0.12 Adjusted earnings per share - diluted (non-GAAP) $0.11 $0.10 $0.10 $0.09 $0.12 Pre-tax, pre-provision net revenue per share: Pre-tax, pre-provision net revenue per share - basic (non-GAAP) $0.13 $0.13 $0.12 ($1.41) $0.15 Pre-tax, pre-provision net revenue per share - diluted (non-GAAP) $0.13 $0.13 $0.12 ($1.41) $0.15 Adjusted return on average assets: Total average assets $7,633,734 $7,633,900 $7,688,433 $7,695,080 $7,851,721 Return on average assets (GAAP) 0.35% 0.34% 0.32% -4.68% 0.38% Adjusted return on average assets (non-GAAP) 0.35% 0.34% 0.32% 0.29% 0.38% Adjusted return on average equity: Total average equity $745,225 $747,850 $750,678 $751,070 $844,782 Return on average equity (GAAP) 3.57% 3.51% 3.25% -47.97% 3.50% Adjusted return on average equity (non-GAAP) 3.57% 3.51% 3.25% 2.98% 3.50%