krny-20250724
FALSE000161724200016172422025-07-242025-07-24

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_____________________________
FORM 8-K
_____________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 24, 2025
_____________________________
KEARNY FINANCIAL CORP.
(Exact name of Registrant as Specified in Its Charter)
_____________________________
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 July 24, 2025, Kearny Financial Corp. (the “Company”), the holding company for Kearny Bank, issued a press release reporting its financial results for the period ended June 30, 2025.
A copy of the press release announcing the results is included as Exhibit 99.1 to this Current Report on Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.
Item 7.01    Regulation FD Disclosure
On July 24, 2025, the Company released a slide presentation that will be used in upcoming meetings with potential investors and current shareholders of the Company.
A copy of the slide presentation that will be used in the Company’s presentation is included as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference. The information included in this Current Report pursuant to this Item 7.01 is being furnished to, and not filed with, the Securities and Exchange Commission.
Item 8.01    Other Events
On July 24, 2025, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.11 per share, payable on August 26, 2025, to stockholders of record as of August 12, 2025.
Item 9.01    Financial Statements and Exhibits
(a)Financial Statements of Business Acquired. Not applicable.
(b)Pro Forma Financial Information. Not applicable.
(c)Shell Company Transaction. Not applicable.
(d)Exhibits.
Exhibit 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: July 24, 2025
By:/s/ Sean Byrnes
Sean Byrnes
Executive Vice President and Chief Financial Officer


Exhibit 99.1
FOR IMMEDIATE RELEASE
July 24, 2025
For further information contact:
Keith Suchodolski, Senior Executive Vice President and Chief Operating Officer, or
Sean Byrnes, Executive Vice President and Chief Financial Officer
Kearny Financial Corp.
(973) 244-4500
KEARNY FINANCIAL CORP. ANNOUNCES FOURTH QUARTER AND FISCAL YEAR END 2025 RESULTS
AND DECLARATION OF $0.11 PER SHARE CASH DIVIDEND

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

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

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

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

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

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

Balance Sheet
•Total assets were $7.74 billion at June 30, 2025, an increase of $7.3 million, or 0.1%, from March 31, 2025 and an increase of $57.0 million, or 0.7%, from June 30, 2024.
•Investment securities totaled $1.13 billion at June 30, 2025, an increase of $4.9 million, or 0.4%, from March 31, 2025 and a decrease of $75.4 million, or 6.2%, from June 30, 2024.
•Loans receivable totaled $5.81 billion at June 30, 2025, a decrease of $33.2 million, or 0.6%, from March 31, 2025 and an increase of $80.2 million, or 1.4%, from June 30, 2024.
•Deposits were $5.68 billion at June 30, 2025, a decrease of $32.1 million, or 0.6%, from March 31, 2025 and an increase of $517.1 million, or 10.0%, from June 30, 2024. The decrease from March 31, 2025 was primarily driven by a decline in interest bearing demand deposits, partially offset by an increase in certificates of deposits (“CDs”). The increase from June 30, 2024 was primarily driven by a reallocation from Federal Home Loan Bank (“FHLB”) advances into brokered CDs, reflecting more favorable funding costs, and growth in deposits from our branch network and digital channels.
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•Borrowings were $1.26 billion at June 30, 2025, an increase of $42.5 million, or 3.5%, from March 31, 2025 and a decrease of $453.3 million, or 26.5%, from June 30, 2024.
•At June 30, 2025, the Company maintained available secured borrowing capacity with the FHLB and the Federal Reserve Discount Window of $2.22 billion, representing 28.7% of total assets.
Earnings
Net Interest Income and Net Interest Margin
•Net interest margin increased by 10 basis points to 2.00% for the quarter ended June 30, 2025 and declined six basis points to 1.88% for the year ended June 30, 2025. The quarterly improvement was driven by higher yields and average balances on loans receivable, a reduction in interest-bearing deposits, and broad-based declines in deposit rates. The year-over-year decline reflected higher costs on interest-bearing liabilities and a lower average balance of interest-earning assets, partially offset by improved asset yields and a reduction in the average balance of interest-bearing liabilities.
•For the quarter ended June 30, 2025, net interest income increased $1.8 million, or 5.3%, to $35.8 million from $34.0 million for the quarter ended March 31, 2025. Included in net interest income for the quarters ended June 30, 2025 and March 31, 2025, was purchase accounting accretion of $511,000 in each period and loan prepayment penalty income of $217,000 and $226,000, respectively.
•For the year ended June 30, 2025, net interest income decreased $7.7 million, or 5.4%, to $134.9 million from $142.6 million for the year ended June 30, 2024. Included in net interest income for the years ended June 30, 2025 and 2024, respectively, was purchase accounting accretion of $2.4 million and $2.6 million and loan prepayment penalty income of $783,000 and $879,000.
Non-Interest Income
•For the quarter ended June 30, 2025, non-interest income increased $429,000, or 9.4%, to $5.0 million from $4.6 million for the quarter ended March 31, 2025, primarily driven by increases in income from bank owned life insurance (“BOLI”), gain on sale of loans and electronic banking fees and charges.
•Income from BOLI increased $252,000 to $2.9 million for the quarter ended June 30, 2025 from $2.6 million for the quarter ended March 31, 2025, primarily driven by $223,000 in non-recurring payments on two life insurance policies in the current period. No such non-recurring items were recorded in the prior period.
•Gain on sale of loans increased $78,000 to $190,000 for the quarter ended June 30, 2025 from $112,000 for the quarter ended March 31, 2025.
•For the year ended June 30, 2025, non-interest income increased $21.0 million to $19.1 million from a loss of $2.0 million for the year ended June 30, 2024. The increase was primarily attributable to the absence of an $18.1 million pre-tax loss related to the investment securities portfolio repositioning executed during December 2023 and the absence of a non-recurring pre-tax loss of $884,000 attributable to the sale of three related nonperforming commercial real estate loans held-for-sale in the year ended June 30, 2024. No such losses were recorded during the year ended June 30, 2025.
Non-Interest Expense
•For the quarter ended June 30, 2025, non-interest expense increased $503,000, or 1.7%, to $30.9 million from $30.4 million for the quarter ended March 31, 2025, primarily driven by increases in salary and benefits and other expenses, partially offset by a decrease in net occupancy expense.
•Salary and benefits expense increased $393,000 to $18.1 million for the quarter ended June 30, 2025 from $17.7 million for the quarter ended March 31, 2025, primarily driven by the absence of a $427,000 non-recurring decrease in stock-based compensation recorded in the prior period.
•Net occupancy expense of premises decreased $255,000 to $2.8 million for the quarter ended June 30, 2025 from $3.1 million for the quarter ended March 31, 2025, primarily driven by lower snow removal expenses recorded in the current period.
•Other expense increased $324,000 to $3.6 million for the quarter ended June 30, 2025 from $3.3 million for the quarter ended March 31, 2025, primarily due to a non-recurring increase in professional fees incurred during the period. The remaining changes in the other components of non-interest expense between comparative periods generally reflected normal operating fluctuations within those line items.
2

•For the year ended June 30, 2025, non-interest expense decreased $94.5 million, or 43.9%, to $120.6 million from $215.2 million for the year ended June 30, 2024, primarily reflecting the absence of a non-cash goodwill impairment recognized in the prior year period. Excluding the goodwill impairment, adjusted non-interest expense for the year ended June 30, 2025 increased $2.8 million, or 2.4%, from $117.8 million in the prior year period. The increase was primarily attributable to an increase in salary and benefits expense attributable to annual merit increases and higher incentive compensation.
Income Taxes
•Income tax expense totaled $1.4 million for the quarter ended June 30, 2025 compared to $1.2 million for the quarter ended March 31, 2025, resulting in an effective tax rate of 17.0% and 15.3%, respectively.
•Income tax expense totaled $4.9 million for the year ended June 30, 2025 compared to $5.9 million for the year ended June 30, 2024. The decrease in income tax expense was primarily driven by the absence of a $5.7 million tax expense related to the surrender of BOLI policies in the prior year period, partially offset by higher pre-tax income in the current year period.
Asset Quality
•The balance of non-performing assets increased $7.9 million to $45.6 million, or 0.59% of total assets, at June 30, 2025, from $37.7 million, or 0.49% of total assets, at March 31, 2025. The balance of non-performing assets was $39.9 million, or 0.52% of total assets, at June 30, 2024. The increase from March 31, 2025 was primarily driven by two multifamily relationships totaling $6.1 million that were placed on non-accrual status.
•Net charge-offs totaled $49,000, or less than 0.01% of average loans, on an annualized basis, for the quarter ended June 30, 2025, compared to $368,000, or 0.03% of average loans, on an annualized basis, for the quarter ended March 31, 2025. For the year ended June 30, 2025, net charge-offs totaled $1.1 million, or 0.02% of average loans, compared to $10.0 million, or 0.17% of average loans, for the year ended June 30, 2024.
•For the quarter ended June 30, 2025, the Company recorded a provision for credit losses of $1.8 million, compared to $366,000 for the quarter ended March 31, 2025. The provision for credit losses for the quarter ended June 30, 2025 was driven by an $805,000 reserve related to a non-performing wholesale commercial and industrial (“C&I”) loan, representing the final wholesale C&I loan in the portfolio. Additionally, the current quarter’s provision included a $1.1 million increase in reserves on individually evaluated loans. For the years ended June 30, 2025 and June 30, 2024, the Company recorded a provision for credit losses of $2.4 million and $6.2 million, respectively.
•The allowance for credit losses (“ACL”) was $46.2 million, or 0.79% of total loans, at June 30, 2025, an increase of $1.7 million from $44.5 million, or 0.76% of total loans, at March 31, 2025. The ACL was $44.9 million, or 0.78% of total loans, at June 30, 2024.
Capital
•For the quarter ended June 30, 2025, book value per share and tangible book value per share decreased $0.03, or 0.3%, to $11.55 and $9.77, respectively, compared to the prior period.
•At June 30, 2025, total stockholders’ equity included after-tax net unrealized losses on securities available for sale of $79.6 million, partially offset by after-tax unrealized gains on derivatives of $6.9 million. After-tax net unrecognized losses on securities held to maturity of $9.6 million were not reflected in total stockholders’ equity.
•At June 30, 2025, the Company’s tangible equity to tangible assets ratio equaled 8.27% and the regulatory capital ratios of both the Company and the Bank were in excess of the levels required by federal banking regulators to be classified as “well-capitalized” under regulatory guidelines.
3

This earnings release should be read in conjunction with Kearny Financial Corp.’s Q4 2025 Investor Presentation, a copy of which is available through the Investor Relations link located at the bottom of the page of our website at www.kearnybank.com and via a Current Report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov.

Non-GAAP Measures
This earnings release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Where non-GAAP disclosures are used in this press release, the comparable GAAP measure, as well as a reconciliation to the comparable GAAP measure, is provided in the accompanying tables. Management believes that these non-GAAP measures provide useful information that is important to an understanding of the results of the Company’s core business as well as provide information standard in the financial institution industry. Non-GAAP measures should not be considered a substitute for financial measures determined in accordance with GAAP and investors should consider the Company’s performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company.
Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.
Category: Earnings
4

Linked-Quarter Comparative Financial Analysis
Kearny Financial Corp.
Consolidated Balance Sheets
(Unaudited)
(Dollars and Shares in Thousands,
Except Per Share Data)		June 30,
2025		March 31,
2025		Variance
or Change		Variance
or Change Pct.
Assets
Cash and cash equivalents$167,269 $126,095 $41,174 32.7 %
Securities available for sale1,012,969 1,003,393 9,576 1.0 %
Securities held to maturity120,217 124,859 (4,642)-3.7 %
Loans held-for-sale5,931 6,187 (256)-4.1 %
Loans receivable5,812,937 5,846,175 (33,238)-0.6 %
Less: allowance for credit losses on loans(46,191)(44,455)1,736 3.9 %
Net loans receivable5,766,746 5,801,720 (34,974)-0.6 %
Premises and equipment43,897 44,192 (295)-0.7 %
Federal Home Loan Bank stock64,261 62,261 2,000 3.2 %
Accrued interest receivable28,098 28,521 (423)-1.5 %
Goodwill113,525 113,525 — — %
Core deposit intangible1,436 1,554 (118)-7.6 %
Bank owned life insurance304,717 303,629 1,088 0.4 %
Deferred income taxes, net55,203 52,913 2,290 4.3 %
Other assets56,181 64,292 (8,111)-12.6 %
Total assets $7,740,450 $7,733,141 $7,309 0.1 %
Liabilities
Deposits:
Non-interest-bearing $582,045 $587,118 $(5,073)-0.9 %
Interest-bearing5,093,172 5,120,230 (27,058)-0.5 %
Total deposits5,675,217 5,707,348 (32,131)-0.6 %
Borrowings1,256,491 1,213,976 42,515 3.5 %
Advance payments by borrowers for taxes19,317 19,981 (664)-3.3 %
Other liabilities43,463 43,723 (260)-0.6 %
Total liabilities6,994,488 6,985,028 9,460 0.1 %
Stockholders' Equity
Common stock646 646 — — %
Paid-in capital494,546 494,131 415 0.1 %
Retained earnings341,744 341,921 (177)-0.1 %
Unearned ESOP shares(18,970)(19,457)487 2.5 %
Accumulated other comprehensive loss(72,004)(69,128)(2,876)-4.2 %
Total stockholders' equity745,962 748,113 (2,151)-0.3 %
Total liabilities and stockholders' equity$7,740,450 $7,733,141 $7,309 0.1 %
Consolidated capital ratios
Equity to assets9.64 %9.67 %-0.03 %
Tangible equity to tangible assets (1)
8.27 %8.31 %-0.04 %
Share data
Outstanding shares64,57764,580(3)-0.0 %
Book value per share$11.55 $11.58 $(0.03)-0.3 %
Tangible book value per share (2)
$9.77 $9.80 $(0.03)-0.3 %
_________________________
(1)Tangible equity equals total stockholders' equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets.
(2)Tangible book value equals total stockholders' equity reduced by goodwill and core deposit intangible assets.
5

Kearny Financial Corp.
Consolidated Statements of Income
(Unaudited)
(Dollars and Shares in Thousands,
Except Per Share Data)		Three Months EndedVariance
or Change		Variance
or Change Pct.
June 30,
2025		March 31,
2025
Interest income
Loans$66,485 $64,768 $1,717 2.7 %
Taxable investment securities12,322 12,738 (416)-3.3 %
Tax-exempt investment securities49 55 (6)-10.9 %
Other interest-earning assets1,549 1,773 (224)-12.6 %
Total interest income80,405 79,334 1,071 1.3 %
Interest expense
Deposits33,607 34,912 (1,305)-3.7 %
Borrowings10,955 10,380 575 5.5 %
Total interest expense44,562 45,292 (730)-1.6 %
Net interest income35,843 34,042 1,801 5.3 %
Provision for credit losses 1,785 366 1,419 387.7 %
Net interest income after provision for credit losses34,058 33,676 382 1.1 %
Non-interest income
Fees and service charges655 573 82 14.3 %
Gain on sale of loans190 112 78 69.6 %
Income from bank owned life insurance2,869 2,617 252 9.6 %
Electronic banking fees and charges442 391 51 13.0 %
Other income835 869 (34)-3.9 %
Total non-interest income4,991 4,562 429 9.4 %
Non-interest expense
Salaries and employee benefits18,093 17,700 393 2.2 %
Net occupancy expense of premises2,820 3,075 (255)-8.3 %
Equipment and systems4,030 3,921 109 2.8 %
Advertising and marketing615 609 6 1.0 %
Federal deposit insurance premium1,395 1,450 (55)-3.8 %
Directors' compensation307 326 (19)-5.8 %
Other expense3,633 3,309 324 9.8 %
Total non-interest expense30,893 30,390 503 1.7 %
Income before income taxes8,156 7,848 308 3.9 %
Income taxes1,387 1,200 187 15.6 %
Net income$6,769 $6,648 $121 1.8 %
Net income per common share (EPS)
Basic$0.11 $0.11 $— 
Diluted$0.11 $0.11 $— 
Dividends declared
Cash dividends declared per common share$0.11 $0.11 $— 
Cash dividends declared$6,946 $6,933 $13 
Dividend payout ratio102.6 %104.3 %-1.7 %
Weighted average number of common shares outstanding
Basic62,59762,54849
Diluted62,75562,71342
6

Kearny Financial Corp.
Average Balance Sheet Data
(Unaudited)
(Dollars in Thousands)Three Months EndedVariance
or Change		Variance
or Change Pct.
June 30,
2025		March 31,
2025
Assets
Interest-earning assets:
Loans receivable, including loans held for sale$5,830,421 $5,805,045 $25,376 0.4 %
Taxable investment securities1,227,825 1,251,612 (23,787)-1.9 %
Tax-exempt investment securities8,039 9,135 (1,096)-12.0 %
Other interest-earning assets117,622 110,736 6,886 6.2 %
Total interest-earning assets7,183,907 7,176,528 7,379 0.1 %
Non-interest-earning assets454,975 457,206 (2,231)-0.5 %
Total assets $7,638,882 $7,633,734 $5,148 0.1 %
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand$2,342,523 $2,405,974 $(63,451)-2.6 %
Savings754,192 751,243 2,949 0.4 %
Certificates of deposit (retail)1,215,661 1,215,767 (106)-0.0 %
Certificates of deposit (brokered)744,345 730,612 13,733 1.9 %
Total interest-bearing deposits5,056,721 5,103,596 (46,875)-0.9 %
Borrowings:
Federal Home Loan Bank advances1,083,902 1,028,958 54,944 5.3 %
Other borrowings107,582 93,389 14,193 15.2 %
Total borrowings1,191,484 1,122,347 69,137 6.2 %
Total interest-bearing liabilities6,248,205 6,225,943 22,262 0.4 %
Non-interest-bearing liabilities:
Non-interest-bearing deposits582,085 602,647 (20,562)-3.4 %
Other non-interest-bearing liabilities64,405 59,919 4,486 7.5 %
Total non-interest-bearing liabilities646,490 662,566 (16,076)-2.4 %
Total liabilities6,894,695 6,888,509 6,186 0.1 %
Stockholders' equity744,187 745,225 (1,038)-0.1 %
Total liabilities and stockholders' equity$7,638,882 $7,633,734 $5,148 0.1 %
Average interest-earning assets to average interest-bearing liabilities114.98 %115.27 %-0.29 %-0.3 %
7

Kearny Financial Corp.
Performance Ratio Highlights
(Unaudited)
Three Months EndedVariance
or Change
June 30,
2025		March 31,
2025
Average yield on interest-earning assets:
Loans receivable, including loans held for sale4.56 %4.46 %0.10 %
Taxable investment securities4.01 %4.07 %-0.06 %
Tax-exempt investment securities (1)
2.43 %2.43 %— %
Other interest-earning assets5.27 %6.40 %-1.13 %
Total interest-earning assets 4.48 %4.42 %0.06 %
Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand2.63 %2.73 %-0.10 %
Savings 1.33 %1.30 %0.03 %
Certificates of deposit (retail)3.56 %3.73 %-0.17 %
Certificates of deposit (brokered)2.62 %2.58 %0.04 %
Total interest-bearing deposits2.66 %2.74 %-0.08 %
Borrowings:
Federal Home Loan Bank advances3.60 %3.63 %-0.03 %
Other borrowings4.45 %4.41 %0.04 %
Total borrowings3.68 %3.70 %-0.02 %
Total interest-bearing liabilities2.85 %2.91 %-0.06 %
Interest rate spread (2)
1.62 %1.51 %0.11 %
Net interest margin (3)
2.00 %1.90 %0.10 %
Non-interest income to average assets (annualized)0.26 %0.24 %0.02 %
Non-interest expense to average assets (annualized)1.62 %1.59 %0.03 %
Efficiency ratio (4)
75.66 %78.72 %-3.06 %
Return on average assets (annualized)0.35 %0.35 %— %
Return on average equity (annualized)3.64 %3.57 %0.07 %
Return on average tangible equity (annualized) (5)
4.36 %4.28 %0.08 %
_________________________
(1)The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.
(2)Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.
(3)Net interest income divided by average interest-earning assets.
(4)Non-interest expense divided by the sum of net interest income and non-interest income.
(5)Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.

8

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

(Dollars and Shares in Thousands,
Except Per Share Data)		June 30,
2025		June 30,
2024		Variance
or Change		Variance
or Change Pct.
(Unaudited)(Audited)
Assets
Cash and cash equivalents$167,269 $63,864 $103,405 161.9 %
Securities available for sale1,012,969 1,072,833 (59,864)-5.6 %
Securities held to maturity120,217 135,742 (15,525)-11.4 %
Loans held-for-sale5,931 6,036 (105)-1.7 %
Loans receivable5,812,937 5,732,787 80,150 1.4 %
Less: allowance for credit losses on loans(46,191)(44,939)1,252 2.8 %
Net loans receivable5,766,746 5,687,848 78,898 1.4 %
Premises and equipment43,897 44,940 (1,043)-2.3 %
Federal Home Loan Bank of New York stock64,261 80,300 (16,039)-20.0 %
Accrued interest receivable28,098 29,521 (1,423)-4.8 %
Goodwill113,525 113,525 — — %
Core deposit intangible1,436 1,931 (495)-25.6 %
Bank owned life insurance304,717 297,874 6,843 2.3 %
Deferred income tax assets, net55,203 50,339 4,864 9.7 %
Other assets56,181 98,708 (42,527)-43.1 %
Total assets $7,740,450 $7,683,461 $56,989 0.7 %
Liabilities
Deposits:
Non-interest-bearing $582,045 $598,366 $(16,321)-2.7 %
Interest-bearing5,093,172 4,559,757 533,415 11.7 %
Total deposits5,675,217 5,158,123 517,094 10.0 %
Borrowings1,256,491 1,709,789 (453,298)-26.5 %
Advance payments by borrowers for taxes19,317 17,409 1,908 11.0 %
Other liabilities43,463 44,569 (1,106)-2.5 %
Total liabilities6,994,488 6,929,890 64,598 0.9 %
Stockholders' Equity
Common stock$646 $644 $2 0.3 %
Paid-in capital494,546 493,680 866 0.2 %
Retained earnings341,744 343,326 (1,582)-0.5 %
Unearned ESOP shares(18,970)(20,916)1,946 9.3 %
Accumulated other comprehensive loss(72,004)(63,163)(8,841)-14.0 %
Total stockholders' equity745,962 753,571 (7,609)-1.0 %
Total liabilities and stockholders' equity$7,740,450 $7,683,461 $56,989 0.7 %
Consolidated capital ratios
Equity to assets9.64 %9.81 %-0.17 %
Tangible equity to tangible assets (1)
8.27 %8.43 %-0.16 %
Share data
Outstanding shares 64,57764,4341430.2 %
Book value per share$11.55 $11.70 $(0.15)-1.3 %
Tangible book value per share (2)
$9.77 $9.90 $(0.13)-1.3 %
_________________________
(1)Tangible equity equals total stockholders' equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets.
(2)Tangible book value equals total stockholders' equity reduced by goodwill and core deposit intangible assets.
9

Kearny Financial Corp.
Consolidated Statements of Income

Year Ended
(Dollars and Shares in Thousands,
Except Per Share Data)		June 30,
2025		June 30,
2024		Variance
or Change		Variance
or Change Pct.
(Unaudited)(Audited)
Interest income
Loans$262,992 $256,007 $6,985 2.7 %
Taxable investment securities53,247 63,313 (10,066)-15.9 %
Tax-exempt investment securities234 336 (102)-30.4 %
Other interest-earning assets8,003 9,212 (1,209)-13.1 %
Total Interest Income324,476 328,868 (4,392)-1.3 %
Interest expense
Deposits140,258 122,414 17,844 14.6 %
Borrowings49,275 63,860 (14,585)-22.8 %
Total interest expense189,533 186,274 3,259 1.7 %
Net interest income134,943 142,594 (7,651)-5.4 %
Provision for credit losses2,366 6,226 (3,860)-62.0 %
Net interest income after provision for credit losses132,577 136,368 (3,791)-2.8 %
Non-interest income
Fees and service charges2,490 2,609 (119)-4.6 %
Loss on sale and call of securities— (18,135)18,135 100.0 %
Gain (loss) on sale of loans806 (282)1,088 385.8 %
Loss on sale of real estate owned — (974)974 100.0 %
Income from bank owned life insurance10,672 9,076 1,596 17.6 %
Electronic banking fees and charges1,717 2,357 (640)-27.2 %
Other income3,367 3,356 11 0.3 %
Total non-interest income19,052 (1,993)21,045 1,055.9 %
Non-interest expense
Salaries and employee benefits70,870 69,220 1,650 2.4 %
Net occupancy expense of premises11,524 11,033 491 4.5 %
Equipment and systems15,703 15,223 480 3.2 %
Advertising and marketing1,877 1,396 481 34.5 %
Federal deposit insurance premium5,911 5,980 (69)-1.2 %
Directors' compensation1,355 1,506 (151)-10.0 %
Goodwill Impairment— 97,370 (97,370)-100.0 %
Other expense13,390 13,423 (33)-0.2 %
Total non-interest expense120,630 215,151 (94,521)-43.9 %
Income (loss) before income taxes30,999 (80,776)111,775 138.4 %
Income taxes4,924 5,891 (967)-16.4 %
Net income (loss) $26,075 $(86,667)$112,742 130.1 %
Net income (loss) per common share (EPS)
Basic$0.42 $(1.39)$1.81 
Diluted$0.42 $(1.39)$1.81 
Dividends declared
Cash dividends declared per common share$0.44 $0.44 $— 
Cash dividends declared$27,657 $27,618 $39 
Dividend payout ratio106.1 %-31.9 %138 %
Weighted average number of common shares outstanding
Basic62,508 62,444 64 
Diluted62,716 62,444 272 
10

Kearny Financial Corp.
Average Balance Sheet Data
(Unaudited)

Year Ended
(Dollars in Thousands)June 30,
2025		June 30,
2024		Variance
or Change		Variance
or Change Pct.
Assets
Interest-earning assets:
Loans receivable, including loans held for sale$5,789,583 $5,752,496 $37,087 0.6 %
Taxable investment securities1,270,262 1,438,200 (167,938)-11.7 %
Tax-exempt investment securities9,791 14,718 (4,927)-33.5 %
Other interest-earning assets119,224 131,019 (11,795)-9.0 %
Total interest-earning assets7,188,860 7,336,433 (147,573)-2.0 %
Non-interest-earning assets459,986 541,859 (81,873)-15.1 %
Total assets $7,648,846 $7,878,292 $(229,446)-2.9 %
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand$2,335,972 $2,308,893 $27,079 1.2 %
Savings721,115 662,981 58,134 8.8 %
Certificates of deposit (retail)1,213,015 1,278,535 (65,520)-5.1 %
Certificates of deposit (brokered)689,011 500,147 188,864 37.8 %
Total interest-bearing deposits4,959,113 4,750,556 208,557 4.4 %
Borrowings:
Federal Home Loan Bank Advances1,131,662 1,458,941 (327,279)-22.4 %
Other borrowings149,041 184,768 (35,727)-19.3 %
Total borrowings1,280,703 1,643,709 (363,006)-22.1 %
Total interest-bearing liabilities6,239,816 6,394,265 (154,449)-2.4 %
Non-interest-bearing liabilities:
Non-interest-bearing deposits597,197 595,266 1,931 0.3 %
Other non-interest-bearing liabilities64,831 64,444 387 0.6 %
Total non-interest-bearing liabilities662,028 659,710 2,318 0.4 %
Total liabilities6,901,844 7,053,975 (152,131)-2.2 %
Stockholders' equity747,002 824,317 (77,315)-9.4 %
Total liabilities and stockholders' equity$7,648,846 $7,878,292 $(229,446)-2.9 %
Average interest-earning assets to average interest-bearing liabilities115.21 %114.73 %0.48 %0.4 %
11

Kearny Financial Corp.
Performance Ratio Highlights
(Unaudited)

Year Ended
June 30,
2025		June 30,
2024		Variance
or Change
Average yield on interest-earning assets:
Loans receivable, including loans held for sale4.54 %4.45 %0.09 %
Taxable investment securities4.19 %4.40 %-0.21 %
Tax-exempt investment securities (1)
2.39 %2.28 %0.11 %
Other interest-earning assets6.71 %7.03 %-0.32 %
Total interest-earning assets4.51 %4.48 %0.03 %
Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand2.86 %2.91 %-0.05 %
Savings1.25 %0.50 %0.75 %
Certificates of deposit (retail)3.87 %3.27 %0.60 %
Certificates of deposit (brokered)2.54 %2.03 %0.51 %
Total interest-bearing deposits2.83 %2.58 %0.25 %
Borrowings:
Federal Home Loan Bank Advances3.71 %3.70 %0.01 %
Other borrowings4.87 %5.36 %-0.49 %
Total borrowings3.85 %3.89 %-0.04 %
Total interest-bearing liabilities3.04 %2.91 %0.13 %
Interest rate spread (2)
1.47 %1.57 %-0.10 %
Net interest margin (3)
1.88 %1.94 %-0.06 %
Non-interest income to average assets0.25 %-0.03 %0.28 %
Non-interest expense to average assets1.58 %2.73 %-1.15 %
Efficiency ratio (4)
78.33 %153.02 %-74.69 %
Return on average assets0.34 %-1.10 %1.44 %
Return on average equity3.49 %-10.51 %14.00 %
Return on average tangible equity (5)
4.18 %-13.64 %17.82 %
_________________________
(1)The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.
(2)Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.
(3)Net interest income divided by average interest-earning assets.
(4)Non-interest expense divided by the sum of net interest income and non-interest income.
(5)Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.

12

Five-Quarter Financial Trend Analysis
Kearny Financial Corp.
Consolidated Balance Sheets
(Dollars and Shares in Thousands,
Except Per Share Data)		June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024
(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Audited)
Assets
Cash and cash equivalents$167,269 $126,095 $141,554 $155,574 $63,864 
Securities available for sale1,012,969 1,003,393 1,018,279 1,070,811 1,072,833 
Securities held to maturity120,217 124,859 127,266 132,256 135,742 
Loans held-for-sale5,931 6,187 5,695 8,866 6,036 
Loans receivable5,812,937 5,846,175 5,791,758 5,784,246 5,732,787 
Less: allowance for credit losses on loans(46,191)(44,455)(44,457)(44,923)(44,939)
Net loans receivable5,766,746 5,801,720 5,747,301 5,739,323 5,687,848 
Premises and equipment43,897 44,192 45,127 45,189 44,940 
Federal Home Loan Bank stock64,261 62,261 64,443 57,706 80,300 
Accrued interest receivable28,098 28,521 27,772 29,467 29,521 
Goodwill113,525 113,525 113,525 113,525 113,525 
Core deposit intangible1,436 1,554 1,679 1,805 1,931 
Bank owned life insurance304,717 303,629 301,339 300,186 297,874 
Deferred income taxes, net55,203 52,913 53,325 50,131 50,339 
Other assets56,181 64,292 84,080 67,540 98,708 
Total assets $7,740,450 $7,733,141 $7,731,385 $7,772,379 $7,683,461 
Liabilities
Deposits:
Non-interest-bearing $582,045 $587,118 $601,510 $592,099 $598,366 
Interest-bearing5,093,172 5,120,230 5,069,550 4,878,413 4,559,757 
Total deposits5,675,217 5,707,348 5,671,060 5,470,512 5,158,123 
Borrowings1,256,491 1,213,976 1,258,949 1,479,888 1,709,789 
Advance payments by borrowers for taxes19,317 19,981 17,986 17,824 17,409 
Other liabilities43,463 43,723 38,537 52,618 44,569 
Total liabilities6,994,488 6,985,028 6,986,532 7,020,842 6,929,890 
Stockholders' Equity
Common stock646 646 646 646 644 
Paid-in capital494,546 494,131 494,092 493,523 493,680 
Retained earnings341,744 341,921 342,155 342,522 343,326 
Unearned ESOP shares(18,970)(19,457)(19,943)(20,430)(20,916)
Accumulated other comprehensive loss(72,004)(69,128)(72,097)(64,724)(63,163)
Total stockholders' equity745,962 748,113 744,853 751,537 753,571 
Total liabilities and stockholders' equity$7,740,450 $7,733,141 $7,731,385 $7,772,379 $7,683,461 
Consolidated capital ratios
Equity to assets9.64 %9.67 %9.63 %9.67 %9.81 %
Tangible equity to tangible assets (1)
8.27 %8.31 %8.27 %8.31 %8.43 %
Share data
Outstanding shares 64,57764,58064,58064,58064,434
Book value per share$11.55 $11.58 $11.53 $11.64 $11.70 
Tangible book value per share (2)
$9.77 $9.80 $9.75 $9.85 $9.90 
_________________________
(1)Tangible equity equals total stockholders' equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets.
(2)Tangible book value equals total stockholders' equity reduced by goodwill and core deposit intangible assets.
13

Kearny Financial Corp.
Supplemental Balance Sheet Highlights
(Unaudited)
(Dollars in Thousands)June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024
Loan portfolio composition:
Commercial loans:
Multi-family mortgage$2,709,654 $2,733,406 $2,722,623 $2,646,187 $2,645,851 
Nonresidential mortgage986,556 988,074 950,194 950,771 948,075 
Commercial business138,755 140,224 135,740 145,984 142,747 
Construction177,713 174,722 176,704 227,327 209,237 
Total commercial loans4,012,678 4,036,426 3,985,261 3,970,269 3,945,910 
One- to four-family residential mortgage1,748,591 1,761,465 1,765,160 1,768,230 1,756,051 
Consumer loans:
Home equity loans50,737 49,699 47,101 44,741 44,104 
Other consumer2,533 2,859 2,778 2,965 2,685 
Total consumer loans53,270 52,558 49,879 47,706 46,789 
Total loans, excluding yield adjustments5,814,539 5,850,449 5,800,300 5,786,205 5,748,750 
Unaccreted yield adjustments(1,602)(4,274)(8,542)(1,959)(15,963)
Loans receivable, net of yield adjustments5,812,937 5,846,175 5,791,758 5,784,246 5,732,787 
Less: allowance for credit losses on loans(46,191)(44,455)(44,457)(44,923)(44,939)
Net loans receivable$5,766,746 $5,801,720 $5,747,301 $5,739,323 $5,687,848 
Asset quality:
Nonperforming assets:
Accruing loans - 90 days and over past due$— $— $— $— $— 
Nonaccrual loans45,597 37,683 37,697 39,854 39,882 
Total nonperforming loans45,597 37,683 37,697 39,854 39,882 
Nonaccrual loans held-for-sale— — — — — 
Other real estate owned— — — — — 
Total nonperforming assets$45,597 $37,683 $37,697 $39,854 $39,882 
Nonperforming loans (% total loans)0.78 %0.64 %0.65 %0.69 %0.70 %
Nonperforming assets (% total assets)0.59 %0.49 %0.49 %0.51 %0.52 %
Classified loans$133,451 $125,790 $132,216 $119,534 $118,700 
Allowance for credit losses on loans (ACL):
ACL to total loans0.79 %0.76 %0.77 %0.78 %0.78 %
ACL to nonperforming loans101.30 %117.97 %117.93 %112.72 %112.68 %
Net charge-offs $49 $368 $573 $124 $3,518 
Average net charge-off rate (annualized)0.00 %0.03 %0.04 %0.01 %0.25 %

14

Kearny Financial Corp.
Supplemental Balance Sheet Highlights
(Unaudited)
(Dollars in Thousands)June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024
Funding composition:
Deposits:
Non-interest-bearing deposits$582,045 $587,118 $601,510 $592,099 $598,367 
Interest-bearing demand2,362,222 2,410,925 2,380,408 2,247,685 2,308,915 
Savings 754,376 758,239 742,266 681,709 643,481 
Certificates of deposit (retail)1,218,920 1,218,479 1,213,887 1,215,746 1,199,127 
Certificates of deposit (brokered)757,654 732,587 732,989 733,273 408,234 
Interest-bearing deposits5,093,172 5,120,230 5,069,550 4,878,413 4,559,757 
Total deposits5,675,217 5,707,348 5,671,060 5,470,512 5,158,124 
Borrowings:
Federal Home Loan Bank advances1,106,491 1,028,976 1,028,949 1,209,888 1,534,789 
Overnight borrowings150,000 185,000 230,000 270,000 175,000 
Total borrowings1,256,491 1,213,976 1,258,949 1,479,888 1,709,789 
Total funding$6,931,708 $6,921,324 $6,930,009 $6,950,400 $6,867,913 
Loans as a % of deposits101.7 %101.8 %101.4 %105.1 %110.4 %
Deposits as a % of total funding81.9 %82.5 %81.8 %78.7 %75.1 %
Borrowings as a % of total funding18.1 %17.5 %18.2 %21.3 %24.9 %
Uninsured deposits:
Uninsured deposits (reported) (1)
$1,989,095 $1,959,070 $1,935,607 $1,799,726 $1,772,623 
Uninsured deposits (adjusted) (2)
$813,780 $799,238 $797,721 $773,375 $764,447 
_________________________
(1)Uninsured deposits of Kearny Bank.
(2)Uninsured deposits of Kearny Bank adjusted to exclude deposits of its wholly-owned subsidiary and its holding company and collateralized deposits of state and local governments.
15

Kearny Financial Corp.
Consolidated Statements of Income (Loss)
(Unaudited)
Three Months Ended
(Dollars and Shares in Thousands,
Except Per Share Data)		June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024
Interest income
Loans$66,485 $64,768 $65,408 $66,331 $65,819 
Taxable investment securities12,322 12,738 13,803 14,384 14,802 
Tax-exempt investment securities49 55 59 71 80 
Other interest-earning assets1,549 1,773 2,215 2,466 2,289 
Total interest income80,405 79,334 81,485 83,252 82,990 
Interest expense
Deposits33,607 34,912 36,721 35,018 32,187 
Borrowings10,955 10,380 12,152 15,788 17,527 
Total interest expense44,562 45,292 48,873 50,806 49,714 
Net interest income35,843 34,042 32,612 32,446 33,276 
Provision for credit losses 1,785 366 107 108 3,527 
Net interest income after provision for credit losses34,058 33,676 32,505 32,338 29,749 
Non-interest income
Fees and service charges655 573 627 635 580 
Gain on sale of loans190 112 304 200 111 
Income from bank owned life insurance2,869 2,617 2,619 2,567 3,209 
Electronic banking fees and charges442 391 493 391 1,130 
Other income835 869 830 833 776 
Total non-interest income4,991 4,562 4,873 4,626 5,806 
Non-interest expense
Salaries and employee benefits18,093 17,700 17,579 17,498 17,266 
Net occupancy expense of premises2,820 3,075 2,831 2,798 2,738 
Equipment and systems4,030 3,921 3,892 3,860 3,785 
Advertising and marketing615 609 311 342 480 
Federal deposit insurance premium1,395 1,450 1,503 1,563 1,532 
Directors' compensation307 326 361 361 360 
Goodwill impairment— — — — 97,370 
Other expense3,633 3,309 3,084 3,364 3,020 
Total non-interest expense30,893 30,390 29,561 29,786 126,551 
Income (loss) before income taxes8,156 7,848 7,817 7,178 (90,996)
Income taxes1,387 1,200 1,251 1,086 (917)
Net income (loss)$6,769 $6,648 $6,566 $6,092 $(90,079)
Net income (loss) per common share (EPS)
Basic$0.11 $0.11 $0.11 $0.10 $(1.45)
Diluted$0.11 $0.11 $0.10 $0.10 $(1.45)
Dividends declared
Cash dividends declared per common share$0.11 $0.11 $0.11 $0.11 $0.11 
Cash dividends declared$6,946 $6,933 $6,933 $6,896 $6,903 
Dividend payout ratio102.6 %104.3 %105.6 %113.2 %-7.7 %
Weighted average number of common shares outstanding
Basic62,59762,54862,44362,38962,254
Diluted62,75562,71362,57662,42062,330
16

Kearny Financial Corp.
Average Balance Sheet Data
(Unaudited)
Three Months Ended
(Dollars in Thousands)June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024
Assets
Interest-earning assets:
Loans receivable, including loans held-for-sale$5,830,421 $5,805,045 $5,762,053 $5,761,593 $5,743,008 
Taxable investment securities1,227,825 1,251,612 1,285,800 1,314,945 1,343,541 
Tax-exempt investment securities8,039 9,135 9,711 12,244 13,737 
Other interest-earning assets117,622 110,736 116,354 131,981 128,257 
Total interest-earning assets7,183,907 7,176,528 7,173,918 7,220,763 7,228,543 
Non-interest-earning assets454,975 457,206 459,982 467,670 466,537 
Total assets $7,638,882 $7,633,734 $7,633,900 $7,688,433 $7,695,080 
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand$2,342,523 $2,405,974 $2,314,378 $2,282,608 $2,310,521 
Savings 754,192 751,243 711,801 668,240 631,622 
Certificates of deposit (retail)1,215,661 1,215,767 1,216,948 1,203,770 1,208,101 
Certificates of deposit (brokered)744,345 730,612 730,773 551,819 405,697 
Total interest-bearing deposits5,056,721 5,103,596 4,973,900 4,706,437 4,555,941 
Borrowings:
Federal Home Loan Bank advances1,083,902 1,028,958 1,085,455 1,325,583 1,507,192 
Other borrowings107,582 93,389 156,522 237,011 228,461 
Total borrowings1,191,484 1,122,347 1,241,977 1,562,594 1,735,653 
Total interest-bearing liabilities6,248,205 6,225,943 6,215,877 6,269,031 6,291,594 
Non-interest-bearing liabilities:
Non-interest-bearing deposits582,085 602,647 604,915 599,095 589,438 
Other non-interest-bearing liabilities64,405 59,919 65,258 69,629 62,978 
Total non-interest-bearing liabilities646,490 662,566 670,173 668,724 652,416 
Total liabilities6,894,695 6,888,509 6,886,050 6,937,755 6,944,010 
Stockholders' equity744,187 745,225 747,850 750,678 751,070 
Total liabilities and stockholders' equity$7,638,882 $7,633,734 $7,633,900 $7,688,433 $7,695,080 
Average interest-earning assets to average
 interest-bearing liabilities
114.98 %115.27 %115.41 %115.18 %114.89 %
17

Kearny Financial Corp.
Performance Ratio Highlights
Three Months Ended
June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024
Average yield on interest-earning assets:
Loans receivable, including loans held-for-sale4.56 %4.46 %4.54 %4.61 %4.58 %
Taxable investment securities4.01 %4.07 %4.29 %4.38 %4.41 %
Tax-exempt investment securities (1)
2.43 %2.43 %2.42 %2.32 %2.32 %
Other interest-earning assets5.27 %6.40 %7.62 %7.47 %7.14 %
Total interest-earning assets4.48 %4.42 %4.54 %4.61 %4.59 %
Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand2.63 %2.73 %2.96 %3.13 %3.06 %
Savings 1.33 %1.30 %1.29 %1.05 %0.63 %
Certificates of deposit (retail)3.56 %3.73 %4.06 %4.12 %3.95 %
Certificates of deposit (brokered)2.62 %2.58 %2.70 %2.18 %1.59 %
Total interest-bearing deposits2.66 %2.74 %2.95 %2.98 %2.83 %
Borrowings:
Federal Home Loan Bank advances3.60 %3.63 %3.78 %3.82 %3.86 %
Other borrowings4.45 %4.41 %4.88 %5.28 %5.24 %
Total borrowings3.68 %3.70 %3.91 %4.04 %4.04 %
Total interest-bearing liabilities2.85 %2.91 %3.15 %3.24 %3.16 %
Interest rate spread (2)
1.62 %1.51 %1.39 %1.37 %1.43 %
Net interest margin (3)
2.00 %1.90 %1.82 %1.80 %1.84 %
Non-interest income to average assets (annualized)0.26 %0.24 %0.26 %0.24 %0.30 %
Non-interest expense to average assets (annualized)1.62 %1.59 %1.55 %1.55 %6.58 %
Efficiency ratio (4)
75.66 %78.72 %78.86 %80.35 %323.81 %
Return on average assets (annualized)0.35 %0.35 %0.34 %0.32 %-4.68 %
Return on average equity (annualized)3.64 %3.57 %3.51 %3.25 %-47.97 %
Return on average tangible equity (annualized) (5)
4.36 %4.28 %4.21 %3.89 %3.33 %
_________________________
(1)The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.
(2)Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.
(3)Net interest income divided by average interest-earning assets.
(4)Non-interest expense divided by the sum of net interest income and non-interest income.
(5)Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.
18

The following tables provide a reconciliation of certain financial measures calculated in accordance with Generally Accepted Accounting Principles (“GAAP”) (as reported) and non-GAAP measures. These non-GAAP measures provide additional information, which allow readers to evaluate the ongoing performance of the Company. They are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information. In all cases, it should be understood that non-GAAP per share measures do not depict amounts that accrue directly to the benefit of shareholders.
Kearny Financial Corp.
Reconciliation of GAAP to Non-GAAP
(Unaudited)
Three Months Ended
(Dollars and Shares in Thousands,
Except Per Share Data)		June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024
Adjusted net income:
Net income (loss) (GAAP)$6,769 $6,648 $6,566 $6,092 $(90,079)
Non-recurring transactions - net of tax:
Net effect of bank-owned life insurance restructure— — — — 392 
Goodwill impairment— — — — 95,283 
Adjusted net income$6,769 $6,648 $6,566 $6,092 $5,596 
Calculation of pre-tax, pre-provision net revenue:
Net income (loss) (GAAP)$6,769 $6,648 $6,566 $6,092 $(90,079)
Adjustments to net income (GAAP):
Provision for income taxes1,387 1,200 1,251 1,086 (917)
Provision for credit losses1,785 366 107 108 3,527 
Pre-tax, pre-provision net revenue (non-GAAP)$9,941 $8,214 $7,924 $7,286 $(87,469)
Adjusted earnings per share:
Weighted average common shares - basic62,59762,54862,44362,38962,254
Weighted average common shares - diluted62,75562,71362,57662,42062,330
Earnings per share - basic (GAAP)$0.11 $0.11 $0.11 $0.10 $(1.45)
Earnings per share - diluted (GAAP)$0.11 $0.11 $0.10 $0.10 $(1.45)
Adjusted earnings per share - basic (non-GAAP)$0.11 $0.11 $0.11 $0.10 $0.09 
Adjusted earnings per share - diluted (non-GAAP)$0.11 $0.11 $0.10 $0.10 $0.09 
Pre-tax, pre-provision net revenue per share:
Pre-tax, pre-provision net revenue per share - basic
  (non-GAAP)
$0.16 $0.13 $0.13 $0.12 $(1.41)
Pre-tax, pre-provision net revenue per share - diluted
  (non-GAAP)
$0.16 $0.13 $0.13 $0.12 $(1.41)
Adjusted return on average assets:
Total average assets$7,638,882 $7,633,734 $7,633,900 $7,688,433 $7,695,080 
Return on average assets (GAAP)0.35 %0.35 %0.34 %0.32 %-4.68 %
Adjusted return on average assets (non-GAAP)0.35 %0.35 %0.34 %0.32 %0.29 %
Adjusted return on average equity:
Total average equity$744,187 $745,225 $747,850 $750,678 $751,070 
Return on average equity (GAAP)3.64 %3.57 %3.51 %3.25 %-47.97 %
Adjusted return on average equity (non-GAAP)3.64 %3.57 %3.51 %3.25 %2.98 %
19

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

20

Kearny Financial Corp.
Reconciliation of GAAP to Non-GAAP
(Unaudited)
Year Ended
(Dollars and Shares in Thousands,
Except Per Share Data)		June 30,
2025		June 30,
2024
Adjusted net income:
Net income (loss) (GAAP)$26,075 $(86,667)
Non-recurring transactions - net of tax:
Net effect of sale and call of securities— 12,876 
Net effect of bank-owned life insurance contract restructure— 6,678 
Goodwill impairment— 95,283 
Adjusted net income$26,075 $28,170 
Calculation of pre-tax, pre-provision net revenue:
Net income (loss) (GAAP)$26,075 $(86,667)
Adjustments to net income (GAAP):
Provision for income taxes4,924 5,891 
Provision for credit losses2,366 6,226 
Pre-tax, pre-provision net revenue (non-GAAP)$33,365 $(74,550)
Adjusted earnings per share:
Weighted average common shares - basic62,50862,444
Weighted average common shares - diluted62,71662,444
Earnings per share - basic (GAAP)$0.42 $(1.39)
Earnings per share - diluted (GAAP)$0.42 $(1.39)
Adjusted earnings per share - basic (non-GAAP)$0.42 $0.45 
Adjusted earnings per share - diluted (non-GAAP)$0.42 $0.45 
Pre-tax, pre-provision net revenue per share:
Pre-tax, pre-provision net revenue per share - basic (non-GAAP)$0.53 $(1.19)
Pre-tax, pre-provision net revenue per share - diluted (non-GAAP)$0.53 $(1.19)
Adjusted return on average assets:
Total average assets$7,648,846 $7,878,292 
Return on average assets (GAAP)0.34 %-1.10 %
Adjusted return on average assets (non-GAAP)0.34 %0.36 %
Adjusted return on average equity:
Total average equity$747,002 $824,317 
Return on average equity (GAAP)3.49 %-10.51 %
Adjusted return on average equity (non-GAAP)3.49 %3.42 %
Adjusted return on average tangible equity:
Total average equity$747,002 $824,317 
Less: average goodwill(113,525)(186,685)
Less: average other intangible assets(1,700)(2,209)
Total average tangible equity$631,777 $635,423 
Return on average tangible equity (non-GAAP)4.18 %-13.64 %
Adjusted return on average tangible equity (non-GAAP)4.18 %4.43 %
21

Kearny Financial Corp.
Reconciliation of GAAP to Non-GAAP
(Unaudited)
Year Ended
(Dollars in Thousands)June 30,
2025		June 30,
2024
Adjusted non-interest expense ratio:
Non-interest expense (GAAP)$120,630 $215,151 
Non-routine transactions:
Goodwill impairment— (97,370)
Non-interest expense (non-GAAP)$120,630 $117,781 
Non-interest expense ratio (GAAP)1.58 %2.73 %
Adjusted non-interest expense ratio (non-GAAP)1.58 %1.50 %
Adjusted efficiency ratio:
Non-interest expense (non-GAAP)$120,630 $117,781 
Net interest income (GAAP)$134,943 $142,594 
Total non-interest income (GAAP)19,052 (1,993)
Non-routine transactions:
Net effect of sale and call of securities— 18,135 
Net effect of bank-owned life insurance contract restructure— 965 
Total revenue (non-GAAP)$153,995 $159,701 
Efficiency ratio (GAAP)78.33 %153.02 %
Adjusted efficiency ratio (non-GAAP)78.33 %73.75 %
22
July 24, 2025 I N V E S T O R P R E S E N T A T I O N F O U R T H Q U A R T E R F I S C A L 2 0 2 5 Exhibit 99.2

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

 
Kearny Financial Corp. Company Overview NASDAQ: KRNY Founded: 1884 Assets: $7.7 billion Loans $5.8 billion Deposits $5.7 billion TBV Per Share: $9.77 Market Cap: $417.2 million1 1 As of June 30, 2024 2 As of June 30, 2024 Source: S&P Global Market Intelligence & Company Filings 3 Branch/Office Footprint Company Profile Ranked among the top 10 New Jersey-based financial institutions by assets and deposits. Operates 43 full-service branches across 12 counties in New Jersey and New York City. Active acquirer, having completed seven whole-bank acquisitions since 1999. Source: Company Filings 1 As of June 30, 2025. 3

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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