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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________

FORM 10-Q

__________________________________________

(Mark One)

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

OR

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________to ________

Commission File Number: 001-37399

__________________________________________

KEARNY FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

__________________________________________

Maryland	30-0870244
(State or other jurisdiction of<br>incorporation or organization)	(I.R.S. Employer<br>Identification Number)
120 Passaic Ave., Fairfield, New Jersey	07004
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code

973-244-4500

__________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	KRNY	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filers,” “accelerated filers,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	o	Accelerated filer	x
Non-accelerated filer	o	Smaller reporting company	o
		Emerging growth company	o

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. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

The number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: October 31, 2025.

$0.01 par value common stock — 64,739,151 shares outstanding

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

TABLE OF CONTENTS

		Page<br>Number
PART I—FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Statements of Financial Condition at September 30, 2025 (Unaudited) and June 30, 2025	1
	Consolidated Statements of Income for the ThreeMonths EndedSeptember30, 2025 andSeptember30, 2024 (Unaudited)	2
	Consolidated Statements of Comprehensive Income for the ThreeMonths EndedSeptember30, 2025 andSeptember30, 2024 (Unaudited)	3
	Consolidated Statements of Changes in Stockholders’ Equity for the ThreeMonths EndedSeptember30, 2025 andSeptember30, 2024 (Unaudited)	4
	Consolidated Statements of Cash Flows for theThreeMonths EndedSeptember30, 2025 andSeptember30, 2024 (Unaudited)	5
	Notes to Consolidated Financial Statements (Unaudited)	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	33
Item 3.	Quantitative and Qualitative Disclosure About Market Risk	41
Item 4.	Controls and Procedures	42
PART II—OTHER INFORMATION
Item 1.	Legal Proceedings	43
Item 1A.	Risk Factors	43
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	43
Item 3.	Defaults Upon Senior Securities	43
Item 4.	Mine Safety Disclosures	43
Item 5.	Other Information	43
Item 6.	Exhibits	44
SIGNATURES		45

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(In Thousands, Except Share and Per Share Data)

	September 30,<br>2025		June 30,<br>2025
	(Unaudited)
Assets
Cash and amounts due from depository institutions	$	15,828	$	21,864
Interest-bearing deposits in other banks	114,311		145,405
Cash and cash equivalents	130,139		167,269
Investment securities available for sale (amortized cost of $1,116,953 and $1,125,111, respectively)	1,016,182		1,012,969
Investment securities held to maturity (fair value of $104,817 and $106,712, respectively)	116,681		120,217
Loans held-for-sale	6,650		5,931
Loans receivable	5,767,419		5,812,937
Less: allowance for credit losses on loans	(45,060)		(46,191)
Net loans receivable	5,722,359		5,766,746
Premises and equipment	43,222		43,897
Federal Home Loan Bank (“FHLB”) of New York stock	62,011		64,261
Accrued interest receivable	29,460		28,098
Goodwill	113,525		113,525
Core deposit intangibles	1,317		1,436
Bank owned life insurance	307,248		304,717
Deferred income tax assets, net	51,587		55,203
Other assets	47,629		56,181
Total Assets	$	7,648,010	$	7,740,450
Liabilities and Stockholders' Equity
Liabilities
Deposits:
Non-interest-bearing	$	578,481	$	582,045
Interest-bearing	5,053,401		5,093,172
Total deposits	5,631,882		5,675,217
Borrowings	1,206,497		1,256,491
Advance payments by borrowers for taxes	19,261		19,317
Other liabilities	37,166		43,463
Total Liabilities	6,894,806		6,994,488
Stockholders' Equity
Preferred stock, $0.01 par value, 100,000,000 shares authorized; none issued and outstanding	—		—
Common stock, $0.01 par value; 800,000,000 shares authorized; 64,739,151 shares and 64,577,481 shares issued and outstanding, respectively	648		646
Paid-in capital	494,490		494,546
Retained earnings	344,287		341,744
Unearned employee stock ownership plan shares; 1,906,630 shares and 1,956,805 shares, respectively	(18,484)		(18,970)
Accumulated other comprehensive loss	(67,737)		(72,004)
Total Stockholders' Equity	753,204		745,962
Total Liabilities and Stockholders' Equity	$	7,648,010	$	7,740,450

See notes to unaudited consolidated financial statements.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Per Share Data)

(Unaudited)

	Three Months Ended<br>September 30,
		2025		2024
Interest Income
Loans		$	68,349	$	66,331
Taxable investment securities		12,600		14,384
Tax-exempt investment securities		41		71
Other interest-earning assets		1,518		2,466
Total Interest Income		82,508		83,252
Interest Expense
Deposits		33,931		35,018
Borrowings		10,873		15,788
Total Interest Expense		44,804		50,806
Net Interest Income		37,704		32,446
(Reversal of) provision for credit losses		(82)		108
Net Interest Income after (Reversal of) Provision for Credit Losses		37,786		32,338
Non-Interest Income
Fees and service charges		892		635
Gain on sale of loans		199		200
Income from bank owned life insurance		2,689		2,567
Electronic banking fees and charges		416		391
Other income		1,651		833
Total Non-Interest Income		5,847		4,626
Non-Interest Expense
Salaries and employee benefits		18,745		17,498
Net occupancy expense of premises		3,307		2,798
Equipment and systems		3,974		3,860
Advertising and marketing		562		342
Federal deposit insurance premium		1,301		1,563
Directors' compensation		307		361
Other expense		3,470		3,364
Total Non-Interest Expense		31,666		29,786
Income before Income Taxes		11,967		7,178
Income tax expense		2,461		1,086
Net Income		$	9,506	$	6,092
Net Income per Common Share (EPS)
Basic		$	0.15	$	0.10
Diluted		$	0.15	$	0.10
Weighted Average Number of Common Shares Outstanding
Basic		62,741		62,389
Diluted		62,951		62,420

See notes to unaudited consolidated financial statements.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Thousands, Unaudited)

	Three Months Ended<br>September 30,
		2025		2024
Net Income		$	9,506	$	6,092
Other Comprehensive Income (Loss) , net of tax:
Net unrealized gain on securities available for sale		8,081		16,982
Fair value adjustments on derivatives		(3,789)		(18,624)
Benefit plan adjustments		(25)		81
Total Other Comprehensive Income (Loss)		4,267		(1,561)
Total Comprehensive Income		$	13,773	$	4,531

See notes to unaudited consolidated financial statements.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(In Thousands, Except Per Share Data, Unaudited)

	Common Stock			Paid-In <br>Capital		Retained<br>Earnings		Unearned<br>ESOP<br>Shares		Accumulated<br>Other<br>Comprehensive <br>Loss		Total
	Shares	Amount
Balance - June 30, 2024	64,434	$	644	$	493,680	$	343,326	$	(20,916)	$	(63,163)	$	753,571
Net income	—	—		—		6,092		—		—		6,092
Other comprehensive loss, net of income tax	—	—		—		—		—		(1,561)		(1,561)
ESOP shares committed to be released (50 shares)	—	—		(156)		—		486		—		330
Issuance of stock under stock benefit plan	207	2		(2)		—		—		—		—
Stock-based compensation expense	—	—		350		—		—		—		350
Cancellation of shares issued for restricted stock awards	(61)	—		(349)		—		—		—		(349)
Cash dividends declared ($0.11 per common share)	—	—		—		(6,896)		—		—		(6,896)
Balance - September 30, 2024	64,580	$	646	$	493,523	$	342,522	$	(20,430)	$	(64,724)	$	751,537
	Common Stock			Paid-In<br>Capital		Retained<br>Earnings		Unearned<br>ESOP<br>Shares		Accumulated<br>Other<br>Comprehensive<br>Loss		Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Shares	Amount
Balance - June 30, 2025	64,577	$	646	$	494,546	$	341,744	$	(18,970)	$	(72,004)	$	745,962
Net income	—	—		—		9,506		—		—		9,506
Other comprehensive income, net of income tax	—	—		—		—		—		4,267		4,267
ESOP shares committed to be released (50 shares)	—	—		(164)		—		486		—		322
Issuance of stock under stock benefit plans	238	2		(2)		—		—		—		—
Stock-based compensation expense	—	—		525		—		—		—		525
Cancellation of shares issued for restricted stock awards	(76)	—		(415)		—		—		—		(415)
Cash dividends declared ($0.11 per common share)	—	—		—		(6,963)		—		—		(6,963)
Balance - September 30, 2025	64,739	$	648	$	494,490	$	344,287	$	(18,484)	$	(67,737)	$	753,204

See notes to unaudited consolidated financial statements.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands, Unaudited)

	Three Months Ended<br>September 30,
	2025		2024
Cash Flows from Operating Activities:
Net income	$	9,506	$	6,092
Adjustment to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of premises and equipment	1,042		1,108
Net accretion of yield adjustments	(139)		(388)
Deferred income taxes	1,892		875
Amortization of intangible assets	119		126
Net change in benefit plan accrued expense	(35)		115
(Reversal of) provision for credit losses	(82)		108
Loans originated for sale	(28,605)		(29,463)
Proceeds from sale of mortgage loans held-for-sale	28,085		26,833
Gain on sale of mortgage loans held-for-sale, net	(199)		(200)
Realized gain on disposition of premises and equipment	(749)		(1)
Increase in cash surrender value of bank owned life insurance	(2,689)		(2,567)
ESOP and stock-based compensation expense	847		680
(Increase) decrease in interest receivable	(1,362)		54
Decrease in other assets	645		486
(Decrease) increase in interest payable	(2,108)		1,625
Decrease in other liabilities	(4,664)		(2,944)
Net Cash Provided by Operating Activities	1,504		2,539
Cash Flows from Investing Activities:
Purchases of:
Investment securities available for sale	(71,170)		(37,542)
Proceeds from:
Repayments/calls/maturities of investment securities available for sale	79,405		63,608
Repayments/calls/maturities of investment securities held to maturity	3,507		3,455
Purchase of loans	(5,053)		—
Net decrease (increase) in loans receivable	50,763		(37,293)
Additions to premises and equipment	(367)		(1,357)
Proceeds from death benefit of bank owned life insurance	301		255
Proceeds from cash settlement of premises and equipment	2,629		1
Purchase of FHLB stock	(9,900)		(18,806)
Redemption of FHLB stock	12,150		41,400
Net Cash Provided by Investing Activities	62,265		13,721

See notes to unaudited consolidated financial statements.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(In Thousands, Unaudited)

	Three Months Ended<br>September 30,
	2025		2024
Cash Flows from Financing Activities:
Net (decrease) increase in deposits	(43,333)		312,395
Repayment of term FHLB advances	(1,200,000)		(1,425,000)
Proceeds from term FHLB advances and other borrowings	1,100,000		1,100,000
Net increase in other short-term borrowings	50,000		95,000
Net (decrease) increase in advance payments by borrowers for taxes	(56)		415
Cancellation of shares repurchased on vesting to pay taxes	(415)		(349)
Dividends paid	(7,095)		(7,011)
Net Cash (Used in) Provided by Financing Activities	(100,899)		75,450
Net (Decrease) Increase in Cash and Cash Equivalents	(37,130)		91,710
Cash and Cash Equivalents - Beginning	167,269		63,864
Cash and Cash Equivalents - Ending	$	130,139	$	155,574
Supplemental Disclosures of Cash Flows Information:
Cash paid during the period for:
Income taxes, net of refunds	$	2,711	$	1,268
Interest	$	46,912	$	49,181

See notes to unaudited consolidated financial statements.

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KEARNY FINANCIAL CORP. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The unaudited consolidated financial statements include the accounts of Kearny Financial Corp. (the “Company”), its wholly-owned subsidiary, Kearny Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries. The Company conducts its business principally through the Bank. Management prepared the unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), including the elimination of all significant inter-company accounts and transactions during consolidation.

Basis of Presentation

The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and Regulation S-X and do not include the information or footnotes necessary for a complete presentation of financial condition, income, comprehensive income, changes in stockholders’ equity and cash flows in conformity with GAAP. However, in the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the unaudited consolidated financial statements have been included. The results of operations for the three months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the entire fiscal year or any other period.

The data in the Consolidated Statement of Financial Condition at June 30, 2025 was derived from the Company’s 2025 Annual Report on Form 10-K. That data, along with the interim unaudited financial information presented in the Consolidated Statements of Financial Condition, Income, Comprehensive Income, Changes in Stockholders’ Equity and Cash Flows should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in the Company’s 2025 Annual Report on Form 10-K.

The accounting and reporting policies of the Company conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1, Summary of Significant Accounting Policies, included in the Company’s 2025 Annual Report on Form 10-K. There have been no material changes to the Company’s significant accounting policies since June 30, 2025.

2.    SUBSEQUENT EVENTS

The Company has evaluated events and transactions occurring subsequent to the statement of financial condition date of September 30, 2025, for items that should potentially be recognized or disclosed in these consolidated financial statements (unaudited). The evaluation was conducted through the date this document was filed.

On October 22, 2025, the Company declared a quarterly cash dividend of $0.11 per share, payable on November 19, 2025 to stockholders of record as of November 5, 2025.

3.    RECENT ACCOUNTING PRONOUNCEMENTS

Accounting Standards Issued Not Yet Adopted

In November 2024, and as amended in January 2025, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires improved disclosures about a public business entity’s expenses, including more detailed information about the types of expenses in commonly presented expense captions. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, although early adoption is permitted.

In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This ASU amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. Adoption of ASU 2024-03 and ASU 2025-01 is not expected to have a significant impact on the Company's consolidated financial statements.

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4.    SECURITIES

The following tables present the amortized cost, gross unrealized gains and losses and estimated fair values for available for sale securities and the amortized cost, gross unrecognized gains and losses and estimated fair values for held to maturity securities as of the dates indicated:

	September 30, 2025
	Amortized<br>Cost		Gross<br>Unrealized<br>Gains		Gross<br>Unrealized<br>Losses		Allowance for<br>Credit Losses		Fair<br>Value
	(In Thousands)
Available for sale:
Debt securities:
Asset-backed securities	$	58,686	$	9	$	207	$	—	$	58,488
Collateralized loan obligations	331,135		883		163		—		331,855
Corporate bonds	144,546		860		8,083		—		137,323
Total debt securities	534,367		1,752		8,453		—		527,666
Mortgage-backed securities:
Residential pass-through securities (1)	430,740		608		75,009		—		356,339
Commercial pass-through securities (1)	151,846		464		20,133		—		132,177
Total mortgage-backed securities	582,586		1,072		95,142		—		488,516
Total securities available for sale	$	1,116,953	$	2,824	$	103,595	$	—	$	1,016,182

___________________________

(1)Government-sponsored enterprises.

	June 30, 2025
	Amortized<br>Cost		Gross<br>Unrealized<br>Gains		Gross<br>Unrealized<br>Losses		Allowance for<br>Credit Losses		Fair<br>Value
	(In Thousands)
Available for sale:
Debt securities:
Asset-backed securities	$	60,255	$	59	$	816	$	—	$	59,498
Collateralized loan obligations	322,407		956		118		—		323,245
Corporate bonds	149,550		235		9,668		—		140,117
Total debt securities	532,212		1,250		10,602		—		522,860
Mortgage-backed securities:
Residential pass-through securities (1)	440,168		329		83,178		—		357,319
Commercial pass-through securities (1)	152,731		436		20,377		—		132,790
Total mortgage-backed securities	592,899		765		103,555		—		490,109
Total securities available for sale	$	1,125,111	$	2,015	$	114,157	$	—	$	1,012,969

___________________________

(1)Government-sponsored enterprises.

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	September 30, 2025
	Amortized<br>Cost		Gross<br>Unrecognized<br>Gains		Gross<br>Unrecognized<br>Losses		Allowance for<br>Credit Losses		Fair<br>Value
	(In Thousands)
Held to maturity:
Debt securities:
Obligations of state and political subdivisions	$	6,500	$	1	$	35	$	—	$	6,466
Total debt securities	6,500		1		35		—		6,466
Mortgage-backed securities:
Residential pass-through securities (1)	98,008		318		10,765		—		87,561
Commercial pass-through securities (1)	12,173		—		1,383		—		10,790
Total mortgage-backed securities	110,181		318		12,148		—		98,351
Total securities held to maturity	$	116,681	$	319	$	12,183	$	—	$	104,817

___________________________

(1)Government-sponsored enterprises.

	June 30, 2025
	Amortized<br>Cost		Gross<br>Unrecognized<br>Gains		Gross<br>Unrecognized<br>Losses		Allowance for<br>Credit Losses		Fair<br>Value
	(In Thousands)
Held to maturity:
Debt securities:
Obligations of state and political subdivisions	$	7,553	$	1	$	74	$	—	$	7,480
Total debt securities	7,553		1		74		—		7,480
Mortgage-backed securities:
Residential pass-through securities (1)	100,482		102		12,024		—		88,560
Commercial pass-through securities (1)	12,182		—		1,510		—		10,672
Total mortgage-backed securities	112,664		102		13,534		—		99,232
Total securities held to maturity	$	120,217	$	103	$	13,608	$	—	$	106,712

___________________________

(1)Government-sponsored enterprises.

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Excluding the balances of mortgage-backed securities, the following tables present the amortized cost and estimated fair values of debt securities available for sale and held to maturity, by contractual maturity, at September 30, 2025:

	September 30, 2025
	Amortized<br>Cost		Fair<br>Value
	(In Thousands)
Available for sale debt securities:
Due in one year or less	$	—	$	—
Due after one year through five years	17,025		16,583
Due after five years through ten years	344,628		338,588
Due after ten years	172,714		172,495
Total	$	534,367	$	527,666			September 30, 2025
---	---	---	---	---
	Amortized<br>Cost		Fair<br>Value
	(In Thousands)
Held to maturity debt securities:
Due in one year or less	$	2,402	$	2,395
Due after one year through five years	4,098		4,071
Due after five years through ten years	—		—
Due after ten years	—		—
Total	$	6,500	$	6,466

The carrying value of securities pledged were as follows as of the dates presented below:

	September 30,<br>2025		June 30,<br>2025
	(In Thousands)
Securities pledged:
Pledged to secure public funds on deposit	$	248,253	$	475,234
Pledged for potential borrowings at the Federal Reserve Bank of New York	64,748		66,811
Total carrying value of securities pledged	$	313,001	$	542,045

The following tables present the gross unrealized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that securities have been in a continuous unrealized loss position within the available for sale portfolio at September 30, 2025 and June 30, 2025:

	September 30, 2025
	Less than 12 Months				12 Months or More				Total
	Fair<br>Value		Unrealized<br>Losses		Fair<br>Value		Unrealized<br>Losses		Number of Securities	Fair<br>Value		Unrealized<br>Losses
	(Dollars in Thousands)
Securities Available for Sale:
Asset-backed securities	$	19,970	$	45	$	35,659	$	162	7	$	55,629	$	207
Collateralized loan obligations	151,647		159		14,996		4		11	166,643		163
Corporate bonds	2,009		16		108,954		8,067		21	110,963		8,083
Commercial pass-through securities	—		—		109,293		20,133		7	109,293		20,133
Residential pass-through securities	—		—		315,331		75,009		95	315,331		75,009
Total	$	173,626	$	220	$	584,233	$	103,375	141	$	757,859	$	103,595

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	June 30, 2025
	Less than 12 Months				12 Months or More				Total
	Fair<br>Value		Unrealized<br>Losses		Fair<br>Value		Unrealized<br>Losses		Number of Securities	Fair<br>Value		Unrealized<br>Losses
	(Dollars in Thousands)
Securities Available for Sale:
Asset-backed securities	$	29,860	$	493	$	18,526	$	323	7	$	48,386	$	816
Collateralized loan obligations	105,251		82		14,964		36		8	120,215		118
Corporate bonds	1,987		38		112,395		9,630		22	114,382		9,668
Commercial pass-through securities	—		—		109,817		20,377		7	109,817		20,377
Residential pass-through securities	21,942		109		314,871		83,069		99	336,813		83,178
Total	$	159,040	$	722	$	570,573	$	113,435	143	$	729,613	$	114,157

Available for sale securities are evaluated to determine if a decline in fair value below the amortized cost basis has resulted from a credit loss or from other factors. An impairment related to credit factors would be recorded through an allowance for credit losses. The allowance is limited to the amount by which the security’s amortized cost basis exceeds the fair value. An impairment that has not been recorded through an allowance for credit losses shall be recorded through other comprehensive income, net of applicable taxes. Investment securities will be written down to fair value through the Consolidated Statement of Income if management intends to sell, or may be required to sell, the securities before they recover in value. The issuers of these securities continue to make timely principal and interest payments and none of these securities were past due or were placed in nonaccrual status at September 30, 2025. The Company also monitors the credit quality of the issuers through credit ratings from various rating agencies. Credit ratings express opinions about the credit quality of a security and are utilized by the Company to make informed decisions. Management believes that the unrealized losses on these securities are a function of changes in market interest rates and credit spreads, not changes in credit quality. No allowance for credit losses was recorded at September 30, 2025 on available for sale securities.

At September 30, 2025, the held to maturity securities portfolio consisted of agency mortgage-backed securities and obligations of state and political subdivisions. The mortgage-backed securities are issued by U.S. government agencies and are implicitly guaranteed by the U.S. government. The obligations of state and political subdivisions in the portfolio are highly rated by major rating agencies and have a long history of no credit losses. The Company regularly monitors the obligations of state and political subdivisions sector of the market and reviews collectability including such factors as the financial condition of the issuers as well as credit ratings in effect as of the reporting period. No allowance for credit losses was recorded at September 30, 2025 on held to maturity securities.

As of September 30, 2025 and June 30, 2025, there were no holdings of debt securities of any one issuer, other than U.S. government sponsored entities and agencies, in an amount greater than 10% of stockholders’ equity.

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5.    LOANS RECEIVABLE

The following table sets forth the composition of the Company’s loan portfolio at September 30, 2025 and June 30, 2025:

	September 30,<br>2025		June 30,<br>2025
	(In Thousands)
Commercial loans:
Multi-family mortgage	$	2,640,737	$	2,709,654
Nonresidential mortgage	988,969		986,556
Commercial business	142,304		138,755
Construction	189,626		177,713
Total commercial loans	3,961,636		4,012,678
One- to four-family residential mortgage	1,749,362		1,748,591
Consumer loans:
Home equity loans	54,116		50,737
Other consumer	2,487		2,533
Total consumer loans	56,603		53,270
Total loans	5,767,601		5,814,539
Unaccreted yield adjustments (1)	(182)		(1,602)
Total loans receivable, net of yield adjustments	$	5,767,419	$	5,812,937

___________________________

(1)At September 30, 2025 and June 30, 2025, included a fair value adjustment to the carrying amount of hedged one- to four-family residential mortgage loans.

Past Due Loans

Past due status is based on the contractual payment terms of the loans. The following tables present the payment status of past due loans as of September 30, 2025 and June 30, 2025, by loan segment:

	Payment Status<br>September 30, 2025
	30-59 Days		60-89 Days		90 Days and Over		Total Past Due		Current		Total
	(In Thousands)
Multi-family mortgage	$	1,524	$	1,204	$	27,076	$	29,804	$	2,610,933	$	2,640,737
Nonresidential mortgage	—		—		4,927		4,927		984,042		988,969
Commercial business	509		179		453		1,141		141,163		142,304
Construction	4,500		—		20,494		24,994		164,632		189,626
One- to four-family residential mortgage	1,001		1,149		3,271		5,421		1,743,941		1,749,362
Home equity loans	276		—		298		574		53,542		54,116
Other consumer	—		—		—		—		2,487		2,487
Total loans	$	7,810	$	2,532	$	56,519	$	66,861	$	5,700,740	$	5,767,601			Payment Status<br>June 30, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---
	30-59 Days		60-89 Days		90 Days and Over		Total Past Due		Current		Total
	(In Thousands)
Multi-family mortgage	$	—	$	5,270	$	22,218	$	27,488	$	2,682,166	$	2,709,654
Nonresidential mortgage	926		—		4,937		5,863		980,693		986,556
Commercial business	—		400		1,301		1,701		137,054		138,755
Construction	—		—		—		—		177,713		177,713
One- to four-family residential mortgage	1,350		2,890		3,643		7,883		1,740,708		1,748,591
Home equity loans	176		96		204		476		50,261		50,737
Other consumer	—		—		—		—		2,533		2,533
Total loans	$	2,452	$	8,656	$	32,303	$	43,411	$	5,771,128	$	5,814,539

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Nonperforming Loans

Loans are generally placed on nonaccrual status when contractual payments become 90 or more days past due or when the Company does not expect to receive all principal and interest payments owed substantially in accordance with the terms of the loan agreement, regardless of past due status. Loans that become 90 days or more past due, but are well secured and in the process of collection, may remain on accrual status. Nonaccrual loans are generally returned to accrual status when all payments due are brought current and the Company expects to receive all remaining principal and interest payments owed substantially in accordance with the terms of the loan agreement. Payments received in cash on nonaccrual loans, including both the principal and interest portions of those payments, are generally applied to reduce the carrying value of the loan. The Company did not recognize interest income on non-accrual loans during the three months ended September 30, 2025 and 2024.

The following tables present information relating to the Company’s nonperforming loans as of September 30, 2025 and June 30, 2025:

	Performance Status<br>September 30, 2025
	90 Days and Over Past Due Accruing		Nonaccrual Loans with Allowance for Credit Losses		Nonaccrual Loans with no Allowance for Credit Losses		Total Nonperforming		Performing		Total
	(In Thousands)
Multi-family mortgage	$	—	$	7,227	$	24,388	$	31,615	$	2,609,122	$	2,640,737
Nonresidential mortgage	—		—		5,732		5,732		983,237		988,969
Commercial business	—		838		301		1,139		141,165		142,304
Construction	20,494		—		—		20,494		169,132		189,626
One- to four-family residential mortgage	—		2,383		2,918		5,301		1,744,061		1,749,362
Home equity loans	—		106		192		298		53,818		54,116
Other consumer	—		—		—		—		2,487		2,487
Total loans	$	20,494	$	10,554	$	33,531	$	64,579	$	5,703,022	$	5,767,601			Performance Status<br>June 30, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---
	90 Days and Over Past Due Accruing		Nonaccrual Loans with Allowance for Credit Losses		Nonaccrual Loans with no Allowance for Credit Losses		Total Nonperforming		Performing		Total
	(In Thousands)
Multi-family mortgage	$	—	$	15,867	$	14,990	$	30,857	$	2,678,797	$	2,709,654
Nonresidential mortgage	—		—		5,763		5,763		980,793		986,556
Commercial business	—		1,930		293		2,223		136,532		138,755
Construction	—		—		—		—		177,713		177,713
One- to four-family residential mortgage	—		2,862		3,688		6,550		1,742,041		1,748,591
Home equity loans	—		188		16		204		50,533		50,737
Other consumer	—		—		—		—		2,533		2,533
Total loans	$	—	$	20,847	$	24,750	$	45,597	$	5,768,942	$	5,814,539

Loan Modifications Made to Borrowers Experiencing Financial Difficulty

No loan modifications were made to borrowers experiencing financial difficulty during the three months ended September 30, 2025.

The following table presents the amortized cost basis at September 30, 2024 of loan modifications made to borrowers experiencing financial difficulty that were restructured during the three months ended September 30, 2024, by type of modification:

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	Three Months Ended September 30, 2024
	Payment Delay		Term Extension		Payment Delay, Term Extension and Interest Rate Reductions		Total		Percent of Total Class
	(Dollars In Thousands)
Multi-family mortgage	$	8,782	$	—	$	2,666	$	11,448	0.43	%
Nonresidential mortgage	178		—		—		178		0.02	%
Total	$	8,960	$	—	$	2,666	$	11,626

No modifications made during the three months ended September 30, 2024 involved forgiveness of principal. At September 30, 2025 and September 30, 2024, there were no commitments to lend additional funds to borrowers experiencing financial difficulty whose terms have been restructured.

Of the loans restructured during the three months ended September 30, 2024, there were no subsequent defaults as of September 30, 2025. For restructured loans, a subsequent payment default is defined in terms of delinquency, when a principal or interest payment is 90 days past due or classified into non-accrual status during the reporting period.

The following table presents the performance status of the loans that were modified in the last twelve months to borrowers experiencing financial difficulties:

	September 30, 2025
	Current		30-89 Days Past Due		90 Days or More Past Due		Total<br>Past Due		Non-Accrual
	(Dollars In Thousands)
Multi-family mortgage	$	22,466	$	—	$	—	$	—	$	3,335
Commercial business	43		—		—		—		43
Total	$	22,509	$	—	$	—	$	—	$	3,378

Individually Analyzed Loans

Individually analyzed loans include loans which do not share similar risk characteristics with other loans. Loans previously modified as TDRs and loan modifications made to borrowers experiencing financial difficulty are generally evaluated for individual impairment. However, after a period of sustained repayment performance which permits the credit to be returned to accrual status, the loans are generally removed from individual impairment analysis and returned to its corresponding pool. As of September 30, 2025, the carrying value of individually analyzed loans, including loans acquired with deteriorated credit quality that were individually analyzed, totaled $44.1 million, of which $35.3 million were considered collateral dependent.

For collateral dependent loans where management has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and repayment of the loan is to be provided substantially through the operation or sale of the collateral, the allowance for credit losses is measured based on the difference between the fair value of the collateral, less costs to sell, and the amortized cost basis of the loan as of the measurement date. See Note 12 for additional disclosure regarding fair value of individually analyzed collateral dependent loans.

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The following table presents the carrying value and related allowance of collateral dependent individually analyzed loans at the dates indicated:

	September 30, 2025				June 30, 2025
	Carrying Value		Related Allowance		Carrying Value		Related Allowance
	(In Thousands)
Commercial loans:
Multi-family mortgage	$	30,363	$	1,014	$	30,808	$	1,377
Nonresidential mortgage (1)	4,697		—		4,697		—
Total commercial loans	35,060		1,014		35,505		1,377
One- to four-family residential mortgage (2)	202		—		2,264		—
Consumer loans:
Home equity loans (2)	15		—		16		—
Total	$	35,277	$	1,014	$	37,785	$	1,377

___________________________

(1)Secured by income-producing nonresidential property.

(2)Secured by one- to four-family residential properties.

Credit Quality Indicators

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually to classify the loans as to credit risk. The Company uses the following definitions for risk ratings:

Pass – Loans that are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell, of any underlying collateral in a timely manner.

Special Mention – Loans which do not currently expose the Company to a sufficient degree of risk to warrant an adverse classification but have some credit deficiencies or other potential weaknesses.

Substandard – Loans which are inadequately protected by the paying capacity and net worth of the obligor or the collateral pledged, if any. Substandard assets include those characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

Doubtful – Loans which have all of the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values.

Loss – Loans which are considered uncollectible or of so little value that their continuance as assets is not warranted.

The following table presents the risk category of loans and current period gross charge-offs as of September 30, 2025 by loan segment and vintage year:

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	Term Loans by Origination Year for Fiscal Years ended June 30,
	2026		2025		2024		2023		2022		Prior		Revolving Loans		Total
	(In Thousands)
Multi-family mortgage:
Pass	$	4,080	$	144,457	$	26,366	$	588,995	$	892,595	$	917,056	$	—	$	2,573,549
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		1,524		65,664		—		67,188
Doubtful	—		—		—		—		—		—		—		—
Total multi-family mortgage	4,080		144,457		26,366		588,995		894,119		982,720		—		2,640,737
Multi-family current period gross charge-offs	—		—		—		—		—		386		—		386
Nonresidential mortgage:
Pass	17,782		131,885		81,034		101,774		189,280		448,811		—		970,566
Special Mention	—		—		—		—		—		6,589		—		6,589
Substandard	—		—		—		—		—		11,814		—		11,814
Doubtful	—		—		—		—		—		—		—		—
Total nonresidential mortgage	17,782		131,885		81,034		101,774		189,280		467,214		—		988,969
Nonresidential current period gross charge-offs	—		—		—		—		—		5		—		5
Commercial business:
Pass	16,091		17,094		9,004		5,165		20,302		20,653		52,539		140,848
Special Mention	—		—		—		—		253		118		—		371
Substandard	—		86		400		—		—		599		—		1,085
Doubtful	—		—		—		—		—		—		—		—
Total commercial business	16,091		17,180		9,404		5,165		20,555		21,370		52,539		142,304
Commercial current period gross charge-offs	—		—		—		—		—		636		—		636
Construction loans:
Pass	1,226		52,851		88,757		—		979		12,329		5,735		161,877
Special Mention	—		—		—		—		—		2,755		—		2,755
Substandard	—		—		4,500		—		—		20,494		—		24,994
Doubtful	—		—		—		—		—		—		—		—
Total construction loans	1,226		52,851		93,257		—		979		35,578		5,735		189,626
Construction current period gross charge-offs	—		—		—		—		—		—		—		—
Residential mortgage:
Pass	40,790		137,282		156,899		171,218		406,528		824,226		—		1,736,943
Special Mention	—		—		—		—		—		303		—		303
Substandard	—		—		296		1,444		769		9,607		—		12,116
Doubtful	—		—		—		—		—		—		—		—
Total residential mortgage	40,790		137,282		157,195		172,662		407,297		834,136		—		1,749,362
Residential current period gross charge-offs	—		—		—		—		—		45		—		45
Home equity loans:
Pass	—		451		1,625		4,440		1,540		7,532		38,035		53,623
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		93		—		83		155		162		493
Doubtful	—		—		—		—		—		—		—		—
Total home equity loans	—		451		1,718		4,440		1,623		7,687		38,197		54,116
Home equity current period gross charge-offs	—		—		—		—		—		10		—		10
Other consumer loans
Pass	258		364		300		187		81		1,180		27		2,397
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		3		87		90
Other consumer loans	258		364		300		187		81		1,183		114		2,487
Other consumer current period gross charge-offs	—		—		—		—		—		—		—		—
Total loans	$	80,227	$	484,470	$	369,274	$	873,223	$	1,513,934	$	2,349,888	$	96,585	$	5,767,601
Total current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	1,082	$	—	$	1,082

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The following table presents the risk category of loans and gross charge-offs as of June 30, 2025 by loan segment and vintage year:

	Term Loans by Origination Year for Fiscal Years ended June 30,
	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total
	(In Thousands)
Multi-family mortgage:
Pass	$	146,525	$	26,430	$	591,647	$	939,414	$	219,907	$	720,674	$	—	$	2,644,597
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		11,830		53,227		—		65,057
Doubtful	—		—		—		—		—		—		—		—
Total multi-family mortgage	146,525		26,430		591,647		939,414		231,737		773,901		—		2,709,654
Multi-family current period gross charge-offs	—		—		—		—		—		—		—		—
Nonresidential mortgage:
Pass	132,407		81,426		102,965		190,781		107,519		352,364		49		967,511
Special Mention	—		—		—		—		945		6,187		—		7,132
Substandard	—		—		—		—		851		11,062		—		11,913
Doubtful	—		—		—		—		—		—		—		—
Total nonresidential mortgage	132,407		81,426		102,965		190,781		109,315		369,613		49		986,556
Nonresidential current period gross charge-offs	—		—		—		—		—		830		—		830
Commercial business:
Pass	23,729		9,355		5,718		20,915		14,264		7,608		53,647		135,236
Special Mention	—		—		—		1,043		125		—		—		1,168
Substandard	87		400		—		—		—		1,735		129		2,351
Doubtful	—		—		—		—		—		—		—		—
Total commercial business	23,816		9,755		5,718		21,958		14,389		9,343		53,776		138,755
Commercial current period gross charge-offs	—		—		—		—		—		295		—		295
Construction loans:
Pass	41,990		85,712		—		979		8,991		3,362		5,735		146,769
Special Mention	—		—		—		—		5,950		—		—		5,950
Substandard	—		4,500		—		—		20,494		—		—		24,994
Doubtful	—		—		—		—		—		—		—		—
Total construction loans	41,990		90,212		—		979		35,435		3,362		5,735		177,713
Construction current period gross charge-offs	—		—		—		—		—		—		—		—
Residential mortgage:
Pass	138,854		160,333		174,947		410,255		432,804		417,105		5		1,734,303
Special Mention	—		—		—		—		—		687		—		687
Substandard	—		299		1,459		773		799		10,271		—		13,601
Doubtful	—		—		—		—		—		—		—		—
Total residential mortgage	138,854		160,632		176,406		411,028		433,603		428,063		5		1,748,591
Residential current period gross charge-offs	—		—		—		—		—		2		—		2
Home equity loans:
Pass	800		1,690		4,606		1,648		302		7,612		33,553		50,211
Special Mention	—		—		—		—		—		—		96		96
Substandard	—		96		—		83		—		180		71		430
Doubtful	—		—		—		—		—		—		—		—
Total home equity loans	800		1,786		4,606		1,731		302		7,792		33,720		50,737
Home equity current period gross charge-offs	—		—		—		—		—		2		—		2
Other consumer loans
Pass	605		343		189		86		236		976		26		2,461
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		72		72
Other consumer loans	605		343		189		86		236		976		98		2,533
Other consumer current period gross charge-offs	—		—		—		—		—		7		—		7
Total loans	$	484,997	$	370,584	$	881,531	$	1,565,977	$	825,017	$	1,593,050	$	93,383	$	5,814,539
Total current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	1,136	$	—	1,136

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Mortgage Loans in Foreclosure

The Company may obtain physical possession of one- to four-family real estate collateralizing a residential mortgage loan or nonresidential real estate collateralizing a nonresidential mortgage loan via foreclosure or through an in-substance repossession. As of September 30, 2025, the Company held no residential or nonresidential property in other real estate owned that was acquired through foreclosure on a mortgage loan. As of that same date, the Company held two residential mortgage loans with an aggregate carrying value of $372,900 and seven commercial mortgage loans with aggregate carrying values totaling $26.1 million which were in the process of foreclosure. As of June 30, 2025, the Company held no residential or nonresidential property in other real estate owned that was acquired through foreclosure on a mortgage loan. As of that same date, the Company held three residential mortgage loans with aggregate carrying values totaling $2.2 million and six commercial mortgage loans with aggregate carrying values totaling $23.7 million which were in the process of foreclosure.

6.    ALLOWANCE FOR CREDIT LOSSES

Allowance for Credit Losses on Loans Receivable

The following tables present the balance of the allowance for credit losses at September 30, 2025 and June 30, 2025. The balance of the allowance for credit losses is based on an expected loss methodology, referred to as the “CECL” methodology. The tables identify the valuation allowances attributable to specifically identified impairments on individually analyzed loans, including those acquired with deteriorated credit quality, as well as valuation allowances for impairments on loans collectively evaluated. The tables include the underlying balance of loans receivable applicable to each category as of those dates.

	Allowance for Credit Losses<br>September 30, 2025
	Loans<br>acquired with<br>deteriorated<br>credit quality<br>individually<br>analyzed		Loans<br>acquired with<br>deteriorated<br>credit quality<br>collectively<br>evaluated		Loans individually <br>analyzed		Loans collectively <br>evaluated		Total allowance for credit losses
	(In Thousands)
Multi-family mortgage	$	—	$	—	$	1,023	$	23,621	$	24,644
Nonresidential mortgage	—		18		—		7,672		7,690
Commercial business	—		14		84		1,620		1,718
Construction	—		—		—		1,339		1,339
One- to four-family residential mortgage	2		83		59		9,004		9,148
Home equity loans	—		—		3		416		419
Other consumer	—		—		—		102		102
Total loans	$	2	$	115	$	1,169	$	43,774	$	45,060			Balance of Loans Receivable<br>September 30, 2025
---	---	---	---	---	---	---	---	---	---	---
	Loans<br>acquired with<br>deteriorated<br>credit quality<br>individually<br>analyzed		Loans<br>acquired with<br>deteriorated<br>credit quality<br>collectively<br>evaluated		Loans individually<br>analyzed		Loans collectively<br>evaluated		Total loans
	(In Thousands)
Multi-family mortgage	$	—	$	—	$	31,615	$	2,609,122	$	2,640,737
Nonresidential mortgage	230		1,238		5,502		981,999		988,969
Commercial business	—		791		1,139		140,374		142,304
Construction	—		5,735		—		183,891		189,626
One- to four-family residential mortgage	571		3,506		4,730		1,740,555		1,749,362
Home equity loans	10		—		288		53,818		54,116
Other consumer	—		—		—		2,487		2,487
Total loans	$	811	$	11,270	$	43,274	$	5,712,246	$	5,767,601
Unaccreted yield adjustments									(182)
Loans receivable, net of yield adjustments									$	5,767,419

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	Allowance for Credit Losses<br>June 30, 2025
	Loans<br>acquired with<br>deteriorated<br>credit quality<br>individually<br>analyzed		Loans<br>acquired with<br>deteriorated<br>credit quality<br>collectively<br>evaluated		Loans individually<br>analyzed		Loans collectively<br>evaluated		Total allowance for credit losses
	(In Thousands)
Multi-family mortgage	$	—	$	—	$	1,377	$	23,529	$	24,906
Nonresidential mortgage	—		20		—		6,918		6,938
Commercial business	—		23		971		1,434		2,428
Construction	—		—		—		1,155		1,155
One- to four-family residential mortgage	34		87		60		9,999		10,180
Home equity loans	11		—		32		447		490
Other consumer	—		—		—		94		94
Total loans	$	45	$	130	$	2,440	$	43,576	$	46,191			Balance of Loans Receivable<br>June 30, 2025
---	---	---	---	---	---	---	---	---	---	---
	Loans<br>acquired with<br>deteriorated<br>credit quality<br>individually<br>analyzed		Loans<br>acquired with<br>deteriorated<br>credit quality<br>collectively<br>evaluated		Loans individually<br>analyzed		Loans collectively<br>evaluated		Total loans
	(In Thousands)
Multi-family mortgage	$	—	$	—	$	30,857	$	2,678,797	$	2,709,654
Nonresidential mortgage	240		1,405		5,523		979,388		986,556
Commercial business	—		1,093		2,223		135,439		138,755
Construction	—		5,735		—		171,978		177,713
One- to four-family residential mortgage	614		3,551		5,936		1,738,490		1,748,591
Home equity loans	21		—		183		50,533		50,737
Other consumer	—		—		—		2,533		2,533
Total loans	$	875	$	11,784	$	44,722	$	5,757,158	$	5,814,539
Unaccreted yield adjustments									(1,602)
Loans receivable, net of yield adjustments									$	5,812,937

The following tables present the activity in the allowance for credit losses on loans for the three months ended September 30, 2025 and 2024.

	Changes in the Allowance for Credit Losses<br>Three Months Ended September 30, 2025
	Balance at<br>June 30, 2025		Charge-offs		Recoveries		Provision for<br>(reversal of)<br>credit losses		Balance at<br>September 30, 2025
	(In Thousands)
Multi-family mortgage	$	24,906	$	(386)	$	—	$	124	$	24,644
Nonresidential mortgage	6,938		(5)		—		757		7,690
Commercial business	2,428		(636)		33		(107)		1,718
Construction	1,155		—		—		184		1,339
One- to four-family residential mortgage	10,180		(45)		—		(987)		9,148
Home equity loans	490		(10)		—		(61)		419
Other consumer	94		—		—		8		102
Total loans	$	46,191	$	(1,082)	$	33	$	(82)	$	45,060

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	Changes in the Allowance for Credit Losses<br>Three Months Ended September 30, 2024
	Balance at<br>June 30, 2024		Charge-offs		Recoveries		Provision for<br>(reversal of)<br>credit losses		Balance at<br>September 30, 2024
	(In Thousands)
Multi-family mortgage	$	24,125	$	—	$	—	$	243	$	24,368
Nonresidential mortgage	6,125		—		—		788		6,913
Commercial business	1,573		(127)		5		254		1,705
Construction	1,230		—		—		273		1,503
One- to four-family residential mortgage	11,461		(2)		—		(1,474)		9,985
Home equity loans	349		—		—		8		357
Other consumer	76		—		—		16		92
Total loans	$	44,939	$	(129)	$	5	$	108	$	44,923

The allowance for credit losses on loans decreased from $46.2 million at June 30, 2025 to $45.1 million as of September 30, 2025. The decrease was primarily due to a decrease in individually analyzed reserves on commercial and multi-family mortgage loans, resulting from net charge-offs. This decrease in allowance for credit losses also reflected largely offsetting impacts from qualitative risk factor adjustments across the different loan segments.

Allowance for Credit Losses on Off Balance Sheet Commitments

The following table presents the activity in the allowance for credit losses on off balance sheet commitments recorded in other non-interest expense for the three months ended September 30, 2025 and 2024:

	Three Months Ended<br>September 30,
		2025		2024
		(In Thousands)
Balance at beginning of the period		$	1,129	$	796
Provision for credit losses		121		273
Balance at end of the period		$	1,250	$	1,069

7.    DEPOSITS

Deposits at September 30, 2025 and June 30, 2025 are summarized as follows:

	September 30,<br>2025		June 30,<br>2025
	(In Thousands)
Non-interest-bearing demand	$	578,481	$	582,045
Interest-bearing demand	2,334,560		2,362,222
Savings	751,253		754,376
Certificates of deposits	1,967,588		1,976,574
Total deposits	$	5,631,882	$	5,675,217

Certificates of deposits with balances of $250,000 or more at September 30, 2025 and June 30, 2025, respectively, totaled approximately $1.0 billion. The Bank’s deposits are insurable to applicable limits by the FDIC.

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8.    BORROWINGS

Borrowings at September 30, 2025 and June 30, 2025 consisted of the following:

	September 30,<br>2025		June 30,<br>2025
	(In Thousands)
FHLB advances	$	1,006,497	$	1,106,491
Total fixed-rate advances	1,006,497		1,106,491
Overnight borrowings (1)	200,000		150,000
Total borrowings	$	1,206,497	$	1,256,491

___________________________

(1)At September 30, 2025 and June 30, 2025 there were FHLB overnight line of credit borrowings of $200.0 million and $150.0 million, respectively.

Fixed rate advances from the FHLB of New York mature as follows:

	September 30, 2025				June 30, 2025
	Balance		Weighted<br>Average<br>Interest Rate		Balance		Weighted<br>Average<br>Interest Rate
	(Dollars in Thousands)
By remaining period to maturity:
Less than one year	$	806,500	4.24	%	$	906,500	4.44	%
One to two years	—		—		—		—
Two to three years	200,000		3.98	%	200,000		3.98	%
Three to four years	—		—		—		—
Four to five years	—		—		—		—
Greater than five years	—		—		—		—
Total advances	1,006,500		4.19	%	1,106,500		4.36	%
Unamortized fair value adjustments	(3)				(9)
Total advances, net of fair value adjustments	$	1,006,497			$	1,106,491

At September 30, 2025, FHLB advances and overnight line of credit borrowings were collateralized by the FHLB capital stock owned by the Bank and mortgage loans with carrying values totaling approximately $3.22 billion. At June 30, 2025, FHLB advances and overnight line of credit borrowings were collateralized by the FHLB capital stock owned by the Bank and mortgage loans with carrying values totaling approximately $3.24 billion. At September 30, 2025, the Company maintained available secured borrowing capacity with the FHLB and the Federal Reserve Discount Window of $2.54 billion.

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9.    DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Risk Management Objective of Using Derivatives

The Company uses various financial instruments, including derivatives, to manage its exposure to interest rate risk. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to specific wholesale funding positions and assets.

Fair Values of Derivative Instruments on the Statement of Financial Condition

The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Statements of Financial Condition as of September 30, 2025 and June 30, 2025:

	September 30, 2025
	Asset Derivatives			Liability Derivatives
	Location	Fair Value		Location	Fair Value
	(In Thousands)
Derivatives designated as hedging instruments:
Interest rate contracts	Other assets	$	10,288	Other liabilities	$	5,182
Total		$	10,288		$	5,182
	June 30, 2025
---	---	---	---	---	---	---
	Asset Derivatives			Liability Derivatives
	Location	Fair Value		Location	Fair Value
	(In Thousands)
Derivatives designated as hedging instruments:
Interest rate contracts	Other assets	$	16,745	Other liabilities	$	5,149
Total		$	16,745		$	5,149

Cash Flow Hedges of Interest Rate Risk

The Company uses derivatives to add stability to interest expense and interest income and to manage its exposure to interest rate movements. The Company has entered into interest rate swaps, interest rate caps and an interest rate floor as part of its interest rate risk management strategy. These interest rate products are designated as cash flow hedges. As of September 30, 2025, the Company had a total of 15 interest rate swaps, caps and collars with a total notional amount of $1.80 billion hedging specific wholesale funding, and five interest rate floors with a notional amount of $550.0 million hedging floating-rate available for sale securities.

For derivatives designated as cash flow hedges, the gain or loss on the derivative is recorded in other comprehensive income, net of tax, and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings.

For cash flow hedges on the Company’s wholesale funding positions, amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s hedged variable rate wholesale funding positions. During the three months ended September 30, 2025, the Company reclassified a gain of $5.4 million as a reduction in interest expense. During the next twelve months, the Company estimates that $7.6 million will be reclassified as a reduction in interest expense.

For cash flow hedges on the Company’s assets, amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest income as interest payments are received on the Company’s hedged variable rate assets. During the three months ended September 30, 2025, the Company reclassified a gain of $70,000 to interest income. During the next twelve months, the Company estimates that $110,000 will be reclassified as an increase in interest income.

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The table below presents the pre-tax effects of the Company’s derivative instruments designated as cash flow hedges on the Consolidated Statements of Income for the three months ended September 30, 2025 and 2024:

	Three Months Ended<br>September 30,
		2025		2024
		(In Thousands)
Amount of gain (loss) recognized in other comprehensive income		$	103	$	(17,538)
Amount of gain reclassified from accumulated other comprehensive income to interest expense		$	5,377	$	8,972
Amount of gain (loss) reclassified from accumulated other comprehensive income to interest income		$	70	$	(279)

Fair Value Hedges of Interest Rate Risk

The Company is exposed to changes in the fair value of certain of its fixed-rate assets due to changes in benchmark interest rates. The Company uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate. Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for the Company receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. Such derivatives are used to hedge the changes in fair value of certain of its pools of fixed-rate assets. As of September 30, 2025, the Company had five interest rate swaps with a notional amount of $775.0 million hedging fixed-rate residential mortgage loans.

For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivatives as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income.

The table below presents the effects of the Company’s derivative instruments designated as fair value hedges on the Consolidated Statements of Income for the three months ended September 30, 2025 and September 30, 2024:

	Three Months Ended<br>September 30,
		2025		2024
		(In Thousands)
Gain on hedged items recorded in interest income on loans		$	573	$	13,655
Gain (loss) on hedges recorded in interest income on loans		$	648	$	(10,798)

As of September 30, 2025 and June 30, 2025, the following amounts were recorded on the Statement of Financial Condition related to cumulative basis adjustment for fair value hedges:

	September 30,<br>2025		June 30,<br>2025
	(In Thousands)
Loans receivable:
Carrying amount of the hedged assets(1)	$	778,310	$	777,737
Fair value hedging adjustment included in the carrying amount of the hedged assets	$	3,310	$	2,737

___________________________________

(1)This amount includes the amortized cost basis of the closed portfolios of loans receivable used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At September 30, 2025 and June 30, 2025, the amortized cost basis of the closed portfolios used in these hedging relationships was $1.21 billion and $1.24 billion, respectively.

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Offsetting Derivatives

The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives in the Consolidated Statements of Financial Condition as of September 30, 2025 and June 30, 2025, respectively. The net amounts presented for derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Consolidated Statements of Financial Condition.

	September 30, 2025
							Gross Amounts Not Offset
	Gross Amount Recognized		Gross Amounts Offset		Net Amounts Presented		Financial Instruments		Cash Collateral Received (Posted)		Net Amount
	(In Thousands)
Assets:
Interest rate contracts	$	12,943	$	(2,655)	$	10,288	$	—	$	—	$	10,288
Total	$	12,943	$	(2,655)	$	10,288	$	—	$	—	$	10,288
Liabilities:
Interest rate contracts	$	7,837	$	(2,655)	$	5,182	$	—	$	(4,360)	$	822
Total	$	7,837	$	(2,655)	$	5,182	$	—	$	(4,360)	$	822			June 30, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---
							Gross Amounts Not Offset
	Gross Amount Recognized		Gross Amounts Offset		Net Amounts Presented		Financial Instruments		Cash Collateral Received (Posted)		Net Amount
	(In Thousands)
Assets:
Interest rate contracts	$	19,412	$	(2,667)	$	16,745	$	—	$	—	$	16,745
Total	$	19,412	$	(2,667)	$	16,745	$	—	$	—	$	16,745
Liabilities:
Interest rate contracts	$	7,816	$	(2,667)	$	5,149	$	—	$	(4,740)	$	409
Total	$	7,816	$	(2,667)	$	5,149	$	—	$	(4,740)	$	409

Credit Risk-Related Contingent Features

The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, then the Company could also be declared in default on its derivative obligations and could be required to terminate its derivative positions with the counterparty. The Company also has agreements with its derivative counterparties that contain a provision where if the Company fails to maintain its status as a well-capitalized institution, then the Company could be required to terminate its derivative positions with the counterparty. As of September 30, 2025 and June 30, 2025, one of the Company’s derivatives was in a net liability position.

As required under the enforceable master netting arrangement with its derivatives counterparties, at September 30, 2025 and June 30, 2025, the Company was required to post financial collateral of $4.4 million and $4.7 million, respectively.

In addition to the derivative instruments noted above, the Company’s pipeline of loans held for sale at September 30, 2025 and June 30, 2025, included $21.4 million and $11.1 million, respectively, of in process loans whose terms included interest rate locks to borrowers, which are considered free-standing derivative instruments whose fair values are not material to the Company’s financial condition or results of operations.

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10.    BENEFIT PLANS

Components of Net Periodic Expense

The following table sets forth the aggregate net periodic benefit expense for the Bank’s Benefit Equalization Plan, Postretirement Welfare Plan, Directors’ Consultation and Retirement Plan, Atlas Bank Retirement Income Plan and Supplemental Executive Retirement Plan:

	Three Months Ended<br>September 30,			Affected Line Item in the Consolidated Statements of Income
		2025		2024
		(In Thousands)
Service cost		$	148	$	18	Salaries and employee benefits
Interest cost		104		83		Other expense
Accretion of unrecognized gain		(36)		(26)		Other expense
Expected return on assets		(22)		(23)		Other expense
Net periodic benefit cost		$	194	$	52

2021 Equity Incentive Plan

During the three months ended September 30, 2025, the Company granted 484,802 restricted stock units (“RSUs”) comprised of 350,868 service-based RSUs and 133,934 performance-based RSUs. The service-based RSUs will vest in three tranches over a period of three years and the performance-based RSUs will cliff vest upon the achievement of performance measures over the three-year period ending June 30, 2028. The number of performance-based RSUs that will vest, if any, will depend on whether, and to what extent, the performance measures are achieved. Common stock will be issued from authorized shares upon the vesting of the RSUs.

11.    FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:

Level 1:	Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.
Level 2:	Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability or inputs that are derived principally from, or corroborated by, market data by correlation or other means.
Level 3:	Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

Assets and Liabilities Measured on a Recurring Basis:

The following methods and significant assumptions were used to estimate the fair values as of September 30, 2025 and June 30, 2025:

Investment Securities Available for Sale

The Company’s available for sale investment securities are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the securities’ terms and conditions, among other things. From time to time, the Company validates prices supplied by the independent pricing service by comparison to prices obtained from third-party sources or derived using internal models.

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Derivatives

The Company has contracted with a third party vendor to provide periodic valuations for its interest rate derivatives to determine the fair value of its interest rate contracts. The vendor utilizes standard valuation methodologies applicable to interest rate derivatives such as discounted cash flow analysis and extensions of the Black-Scholes model. Such valuations are based upon readily observable market data and are therefore considered Level 2 valuations by the Company.

Those assets and liabilities measured at fair value on a recurring basis are summarized below:

	September 30, 2025
	Quoted<br>Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br>(Level 1)		Significant<br>Other<br>Observable<br>Inputs<br>(Level 2)		Significant<br>Unobservable<br>Inputs<br>(Level 3)		Total
	(In Thousands)
Assets:
Debt securities available for sale:
Asset-backed securities	$	—	$	58,488	$	—	$	58,488
Collateralized loan obligations	—		331,855		—		331,855
Corporate bonds	—		137,323		—		137,323
Total debt securities	—		527,666		—		527,666
Mortgage-backed securities available for sale:
Residential pass-through securities	—		356,339		—		356,339
Commercial pass-through securities	—		132,177		—		132,177
Total mortgage-backed securities	—		488,516		—		488,516
Total securities available for sale	$	—	$	1,016,182	$	—	$	1,016,182
Interest rate contracts	$	—	$	10,288	$	—	$	10,288
Total assets	$	—	$	1,026,470	$	—	$	1,026,470
Liabilities:
Interest rate contracts	$	—	$	5,182	$	—	$	5,182
Total liabilities	$	—	$	5,182	$	—	$	5,182

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	June 30, 2025
	Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br>(Level 1)		Significant<br>Other<br>Observable<br>Inputs<br>(Level 2)		Significant<br>Unobservable<br>Inputs<br>(Level 3)		Total
	(In Thousands)
Assets:
Debt securities available for sale:
Asset-backed securities	$	—	$	59,498	$	—	$	59,498
Collateralized loan obligations	—		323,245		—		323,245
Corporate bonds	—		140,117		—		140,117
Total debt securities	—		522,860		—		522,860
Mortgage-backed securities available for sale:
Residential pass-through securities	—		357,319		—		357,319
Commercial pass-through securities	—		132,790		—		132,790
Total mortgage-backed securities	—		490,109		—		490,109
Total securities available for sale	$	—	$	1,012,969	$	—	$	1,012,969
Interest rate contracts	$	—	$	16,745	$	—	$	16,745
Total assets	$	—	$	1,029,714	$	—	$	1,029,714

Assets Measured on a Non-Recurring Basis:

The following methods and assumptions were used to estimate the fair values of the Company’s assets measured at fair value on a non-recurring basis at September 30, 2025 and June 30, 2025:

Individually Analyzed Collateral Dependent Loans

The fair value of collateral dependent loans that are individually analyzed is determined based upon the appraised fair value of the underlying collateral, less costs to sell. Such collateral primarily consists of real estate and, to a lesser extent, other business assets. Management may also adjust appraised values to reflect estimated changes in market values or apply other adjustments to appraised values resulting from its knowledge of the collateral. Internal valuations may be utilized to determine the fair value of other business assets. For non-collateral-dependent loans, management estimates fair value using discounted cash flows based on inputs that are largely unobservable and instead reflect management’s own estimates of the assumptions as a market participant would in pricing such loans. Individually analyzed collateral dependent loans are considered a Level 3 valuation by the Company.

Those assets measured at fair value on a non-recurring basis are summarized below:

	September 30, 2025
	Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br>(Level 1)		Significant<br>Other<br>Observable<br>Inputs<br>(Level 2)		Significant<br>Unobservable<br>Inputs<br>(Level 3)		Total
	(In Thousands)
Collateral dependent loans:
Multi-family mortgage	$	—	$	—	$	16,328	$	16,328
Nonresidential mortgage	—		—		4,697		4,697
Total	$	—	$	—	$	21,025	$	21,025

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	June 30, 2025
	Quoted Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br>(Level 1)		Significant<br>Other<br>Observable<br>Inputs<br>(Level 2)		Significant<br>Unobservable<br>Inputs<br>(Level 3)		Total
	(In Thousands)
Collateral dependent loans:
Multi-family mortgage	$	—	$	—	$	16,385	$	16,385
Nonresidential mortgage	—		—		4,697		4,697
Total	$	—	$	—	$	21,082	$	21,082

The following tables present additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value:

	September 30, 2025
	Fair<br>Value		Valuation<br>Techniques		Unobservable<br>Input		Range	Weighted<br>Average
	(Dollars in Thousands)
Collateral dependent loans:
Multi-family mortgage	$	16,328	Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	6.00% - 23.00%	13.92	%
Nonresidential mortgage	4,697		Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	9.44%	9.44	%
Total	$	21,025										June 30, 2025
---	---	---	---	---	---	---	---	---	---
	Fair<br>Value		Valuation<br>Techniques		Unobservable<br>Input		Range	Weighted<br>Average
	(Dollars in Thousands)
Collateral dependent loans:
Multi-family mortgage	$	16,385	Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	6.00% - 24.00%	15.08	%
Nonresidential mortgage	4,697		Market valuation of underlying collateral	(1)	Adjustments to reflect current conditions/selling costs	(2)	9.44%	9.44	%
Total	$	21,082

___________________________________

(1)The fair value of collateral dependent loans is generally determined based on an independent appraisal of the fair value of a loan’s underlying collateral.

(2)The fair value basis of collateral dependent loans is adjusted to reflect management’s estimates of selling costs including, but not limited to, real estate brokerage commissions and title transfer fees.

At September 30, 2025, collateral dependent loans valued using Level 3 inputs comprised loans with principal balances totaling $22.0 million and a valuation allowance of $1.0 million reflecting an aggregate fair value of $21.0 million. By comparison, at June 30, 2025, collateral dependent loans valued using Level 3 inputs comprised loans with principal balances totaling $22.5 million and a valuation allowance of $1.4 million reflecting an aggregate fair value of $21.1 million.

Once a loan is foreclosed, the fair value of the other real estate owned continues to be evaluated based upon the fair value of the repossessed real estate originally securing the loan. At September 30, 2025 and June 30, 2025, the Company had no other real estate owned assets, respectively.

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The following tables present the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of September 30, 2025 and June 30, 2025:

	September 30, 2025
	Carrying<br>Amount		Fair<br>Value		Quoted<br>Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br>(Level 1)		Significant<br>Other<br>Observable<br>Inputs<br>(Level 2)		Significant<br>Unobservable<br>Inputs<br>(Level 3)
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	130,139	$	130,139	$	130,139	$	—	$	—
Investment securities available for sale	1,016,182		1,016,182		—		1,016,182		—
Investment securities held to maturity	116,681		104,817		—		104,817		—
Loans held-for-sale	6,650		6,780		—		6,780		—
Net loans receivable	5,722,359		5,308,718		—		—		5,308,718
FHLB Stock	62,011		—		—		—		—
Interest receivable	29,460		29,460		39		7,916		21,505
Interest rate contracts	10,288		10,288		—		10,288		—
Financial liabilities:
Deposits other than certificates of deposits	3,664,294		3,664,294		3,664,294		—		—
Certificates of deposits	1,967,588		1,963,698		—		—		1,963,698
Borrowings	1,206,497		1,207,835		—		—		1,207,835
Interest payable on deposits	3,422		3,422		1,383		—		2,039
Interest payable on borrowings	3,185		3,185		—		—		3,185
Interest rate contracts	5,182		5,182		—		5,182		—

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	June 30, 2025
	Carrying<br>Amount		Fair<br>Value		Quoted<br>Prices<br>in Active<br>Markets for<br>Identical<br>Assets<br>(Level 1)		Significant<br>Other<br>Observable<br>Inputs<br>(Level 2)		Significant<br>Unobservable<br>Inputs<br>(Level 3)
	(In Thousands)
Financial assets:
Cash and cash equivalents	$	167,269	$	167,269	$	167,269	$	—	$	—
Investment securities available for sale	1,012,969		1,012,969		—		1,012,969		—
Investment securities held to maturity	120,217		106,712		—		106,712		—
Loans held-for-sale	5,931		6,069		—		6,069		—
Net loans receivable	5,766,746		5,309,760		—		—		5,309,760
FHLB Stock	64,261		—		—		—		—
Interest receivable	28,098		28,098		40		6,930		21,128
Interest rate contracts	16,745		16,745		—		16,745		—
Financial liabilities:
Deposits other than certificates of deposits	3,698,643		3,698,643		3,698,643		—		—
Certificates of deposits	1,976,574		1,970,863		—		—		1,970,863
Borrowings	1,256,491		1,257,269		—		—		1,257,269
Interest payable on deposits	5,259		5,259		1,710		—		3,549
Interest payable on borrowings	3,455		3,455		—		—		3,455
Interest rate contracts	5,149		5,149		—		5,149		—

Commitments. The fair value of commitments to fund credit lines and originate or participate in loans held in portfolio or loans held for sale is estimated using fees currently charged to enter into similar agreements taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, including those relating to loans held for sale that are considered derivative instruments for financial statement reporting purposes, the fair value also considers the difference between current levels of interest and the committed rates. The carrying value, represented by the net deferred fee arising from the unrecognized commitment, and the fair value, determined by discounting the remaining contractual fee over the term of the commitment using fees currently charged to enter into similar agreements with similar credit risk, is not considered material for disclosure.

Limitations. Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instruments. These estimates do not reflect any premium or discount that could result from offering for sale at one time the entire holdings of a particular financial instrument. Because no fair value exists for a significant portion of the financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature, involve uncertainties and matters of judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

The fair value estimates are based on existing on-and-off balance sheet financial instruments without attempting to value anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets and liabilities that are not considered financial assets and liabilities include premises and equipment, and advances from borrowers for taxes and insurance. In addition, the ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates.

Finally, reasonable comparability between financial institutions may not be likely due to the wide range of permitted valuation techniques and numerous estimates which must be made given the absence of active secondary markets for many of the financial instruments. This lack of uniform valuation methodologies introduces a greater degree of subjectivity to these estimated fair values.

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12.    COMPREHENSIVE INCOME (LOSS)

The components of accumulated other comprehensive loss included in stockholders’ equity at September 30, 2025 and June 30, 2025 are as follows:

	September 30,<br>2025		June 30,<br>2025
	(In Thousands)
Net unrealized loss on securities available for sale	$	(100,771)	$	(112,142)
Tax effect	29,252		32,542
Net of tax amount	(71,519)		(79,600)
Fair value adjustments on derivatives	4,426		9,770
Tax effect	(1,289)		(2,844)
Net of tax amount	3,137		6,926
Benefit plan adjustments	910		946
Tax effect	(265)		(276)
Net of tax amount	645		670
Total accumulated other comprehensive loss	$	(67,737)	$	(72,004)

Other comprehensive income (loss) and related tax effects for the three months ended September 30, 2025 and 2024 are presented in the following table:

	Three Months Ended<br>September 30,
		2025		2024
		(In Thousands)
Net unrealized holding gain on securities available for sale		$	11,371	$	23,888
Fair value adjustments on derivatives		(5,344)		(26,230)
Benefit plans:
Accretion of net actuarial gain (1)		(36)		(26)
Net actuarial gain		—		141
Net change in benefit plan accrued expense		(36)		115
Other comprehensive income (loss) before taxes		5,991		(2,227)
Tax effect		(1,724)		666
Total other comprehensive income (loss)		$	4,267	$	(1,561)

___________________________________

(1)Represents amounts reclassified out of accumulated other comprehensive loss and included in the computation of net periodic pension expense. See Note 10 - Benefit Plans for additional information.

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13.    NET INCOME PER COMMON SHARE (“EPS”)

The following schedule shows the Company’s earnings per share calculations for the periods presented:

	Three Months Ended<br>September 30,
		2025		2024
		(In Thousands, Except Per Share Data)
Net income		$	9,506	$	6,092
Weighted average number of common shares outstanding - basic		62,741		62,389
Effect of dilutive securities		210		31
Weighted average number of common shares outstanding - diluted		62,951		62,420
Basic earnings per share		$	0.15	$	0.10
Diluted earnings per share		$	0.15	$	0.10

Stock options for 2,745,000 and 2,751,902 shares of common stock were not considered in computing diluted earnings per share for the three months ended September 30, 2025 and 2024, respectively, because they were considered anti-dilutive. In addition, 533,024 and 698,445 RSUs were not considered in computing diluted earnings per share for the three months ended September 30, 2025 and September 30, 2024, respectively, because they were considered anti-dilutive.

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ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

This Quarterly Report on Form 10-Q may include certain forward-looking statements based on current management expectations. Such forward-looking statements may be identified by reference to a future period or periods or by the use of forward-looking terminology, such as “may”, “will”, “believe”, “expect”, “estimate”, “anticipate”, “continue”, or similar terms or variations on those terms, or the negative of those terms. The actual results of the Company could differ materially from those management expectations. This includes statements regarding general economic and geopolitical conditions, including potential recessionary conditions and the imposition of tariffs or other domestic or international governmental policies, legislative and regulatory changes, monetary and fiscal policies of the federal government, the effects of the federal government shutdown, changes in tax policies, rates and regulations of federal, state and local tax authorities and failure to integrate or profitably operate acquired businesses. Additional potential factors include changes in interest rates, the rate of inflation, deposit flows, cost of funds, demand for loan products and financial services, competition and changes in the quality or composition of loan and investment portfolios of the Company. Other factors that could cause future results to vary from current management expectations include changes in accounting principles, policies or guidelines, and other economic, competitive, governmental and technological factors affecting the Company’s operations, markets, products, services and prices. Further description of the risks and uncertainties to the business are included in this Quarterly Report on Form 10-Q and in the Company’s Annual Report on Form 10-K for the year ended June 30, 2025, under “Item 1A. Risk Factors.”

Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

Critical Accounting Policies

Our accounting policies are integral to understanding the results reported. We consider accounting policies that require management to exercise significant judgment or discretion or to make significant assumptions that have, or could have, a material impact on the carrying value of certain assets or on income to be critical accounting policies. At September 30, 2025, there have been no material changes to our critical accounting policies as compared to the critical accounting policies disclosed in our most recent Annual Report on Form 10-K. Reference is made to Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the year ended June 30, 2025.

Comparison of Financial Condition at September 30, 2025 and June 30, 2025

Executive Summary. Total assets decreased $92.4 million to $7.65 billion at September 30, 2025 from $7.74 billion at June 30, 2025. The decrease primarily reflected decreases in net loans receivable and cash and cash equivalents, and declines in the market values of interest rate derivatives.

Investment Securities. Investment securities available for sale increased $3.2 million to $1.02 billion at September 30, 2025, from $1.01 billion at June 30, 2025. This increase was largely the result of purchases of $71.2 million and an $11.4 million increase in the fair value of the portfolio to a net unrealized loss of $100.8 million, partially offset by principal repayments of $79.4 million.

Investment securities held to maturity decreased $3.5 million to $116.7 million at September 30, 2025 from $120.2 million at June 30, 2025. This decrease was driven by principal repayments of $3.5 million.

Additional information regarding our investment securities at September 30, 2025 and June 30, 2025 is presented in Note 4 to the unaudited consolidated financial statements.

Loans Held-for-Sale. Loans held-for-sale totaled $6.7 million at September 30, 2025 as compared to $5.9 million at June 30, 2025 and are reported separately from the balance of net loans receivable. During the three months ended September 30, 2025, we sold $27.9 million of residential mortgage loans, resulting in a gain on sale of $199,000.

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Net Loans Receivable. Net loans receivable decreased $44.4 million, or 0.8%, to $5.72 billion at September 30, 2025 from $5.77 billion at June 30, 2025. Details regarding the change in the loan portfolio, by loan segment, are presented below:

	September 30,<br>2025		June 30,<br>2025		Increase/ <br>(Decrease)
	(In Thousands)
Commercial loans:
Multi-family mortgage	$	2,640,737	$	2,709,654	$	(68,917)
Nonresidential mortgage	988,969		986,556		2,413
Commercial business	142,304		138,755		3,549
Construction	189,626		177,713		11,913
Total commercial loans	3,961,636		4,012,678		(51,042)
One- to four-family residential mortgage	1,749,362		1,748,591		771
Consumer loans:
Home equity loans	54,116		50,737		3,379
Other consumer	2,487		2,533		(46)
Total consumer loans	56,603		53,270		3,333
Total loans	5,767,601		5,814,539		(46,938)
Unaccreted yield adjustments	(182)		(1,602)		1,420
Allowance for credit losses	(45,060)		(46,191)		1,131
Net loans receivable	$	5,722,359	$	5,766,746	$	(44,387)

Commercial loan origination volume for the three months ended September 30, 2025 totaled $61.4 million, comprised of $21.7 million of commercial mortgage loan originations, $24.5 million of commercial business loan originations and construction loan disbursements of $15.2 million. Purchases of commercial business loans totaled $5.1 million for the same period.

One- to four-family residential mortgage loan origination volume, excluding loans held-for-sale, totaled $42.2 million for the three months ended September 30, 2025. Home equity loan and line of credit origination volume for the same period totaled $8.7 million.

Loan-to-value (“LTV”) ratios are based on current period loan balances and original appraised values at the time of origination unless a current appraisal has been obtained as a result of the loan being deemed collateral dependent and individually analyzed. The following table sets forth the composition of our real estate secured loans indicating the LTV, by loan category, at September 30, 2025 and June 30, 2025:

	September 30, 2025				June 30, 2025
	Balance		LTV		Balance		LTV
	(Dollars in Thousands)
Commercial mortgage loans:
Multi-family mortgage	$	2,640,737	62	%	$	2,709,654	62	%
Nonresidential mortgage(1)	988,969		52		986,556		52
Construction	189,626		56		177,713		56
Total commercial mortgage loans	3,819,332		59		3,873,923		59
One- to four-family residential mortgage	1,749,362		62		1,748,591		62
Consumer loans:
Home equity loans	54,116		50		50,737		51
Total mortgage loans	$	5,622,810	60	%	$	5,673,251	60	%

___________________________________

(1)At September 30, 2025 and June 30, 2025, includes $896,707 and $891,995 of non-owner occupied commercial real estate (“CRE”) loans with an LTV of 52% and 53%, respectively, and includes $92,262 and $94,561 of owner occupied CRE loans with an LTV of 47% and 48%, respectively.

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Additional information about our loan portfolio at September 30, 2025 and June 30, 2025 is presented in Note 5 to the unaudited consolidated financial statements.

Nonperforming Assets. Nonperforming assets increased $19.0 million to $64.6 million, or 0.84% of total assets, at September 30, 2025, from $45.6 million, or 0.59% of total assets, at June 30, 2025, respectively. The increase was due to a single construction loan that became 90 days past due but remains on accrual status. The loan is secured by collateral under contract for sale, with all covenants satisfied and a loan-to-sale price ratio of 72%. No provision for credit losses related to this loan was recorded as of September 30, 2025, as full repayment is expected upon completion of the sale.

Additional information about our nonperforming loans and loan modifications at September 30, 2025 and June 30, 2025 is presented in Note 5 to the unaudited consolidated financial statements.

Allowance for Credit Losses (“ACL”). At September 30, 2025 the ACL totaled $45.1 million, or 0.78% of total loans, compared to $46.2 million, or 0.79% of total loans, at June 30, 2025. The ACL for the three months ended September 30, 2025 reflected net charge-offs of $1.0 million.

Additional information about our ACL at September 30, 2025 and June 30, 2025 is presented in Note 6 to the unaudited consolidated financial statements.

Other Assets. The aggregate balance of other assets, including premises and equipment, FHLB stock, interest receivable, goodwill, core deposit intangibles, bank owned life insurance (“BOLI”), deferred income taxes, and other assets, decreased $11.3 million to $656.0 million at September 30, 2025 from $667.3 million at June 30, 2025. The decrease in the balance of these other assets during the three months ended September 30, 2025 primarily reflected a decrease in the market value of interest rate derivatives, a decrease in FHLB stock and a decrease in properties held for sale, partially offset by an increase in BOLI. The remaining change generally reflected normal operating fluctuations within these line items.

Deposits. Total deposits decreased $43.3 million, or 0.8%, to $5.63 billion at September 30, 2025 from $5.68 billion at June 30, 2025. Included in total deposits are retail and brokered time deposits of $1.21 billion and $759.2 million, respectively, at September 30, 2025, and $1.22 billion and $757.7 million, respectively, at June 30, 2025. This decrease was primarily driven by declines in interest-bearing demand deposits and certificates of deposits. The following table sets forth the distribution of, and changes in, deposits, by type, for the periods indicated:

	September 30,<br>2025		June 30,<br>2025		Increase/<br>(Decrease)
	(In Thousands)
Non-interest-bearing deposits	$	578,481	$	582,045	$	(3,564)
Interest-bearing deposits:
Interest-bearing demand	2,334,560		2,362,222		(27,662)
Savings	751,253		754,376		(3,123)
Certificates of deposit (retail)	1,208,408		1,218,920		(10,512)
Certificates of deposit (brokered)	759,180		757,654		1,526
Interest-bearing deposits	5,053,401		5,093,172		(39,771)
Total deposits	$	5,631,882	$	5,675,217	$	(43,335)

Uninsured deposits totaled $2.04 billion as of September 30, 2025 compared to $1.99 billion as of June 30, 2025. Excluding collateralized deposits of state and local governments, and deposits of the Bank’s wholly-owned subsidiary and holding company, uninsured deposits totaled $804.2 million, or 14.3% of total deposits, at September 30, 2025 compared to $813.8 million, or 14.3% of total deposits, at June 30, 2025.

Additional information about our deposits at September 30, 2025 and June 30, 2025 is presented in Note 7 to the unaudited consolidated financial statements.

Borrowings. The balance of borrowings decreased by $50.0 million to $1.21 billion at September 30, 2025 from $1.26 billion at June 30, 2025, reflecting reductions in FHLB advances.

At September 30, 2025, we maintained available secured borrowing capacity with the FHLB and the Federal Reserve Discount Window of $2.54 billion, representing 33.2% of total assets.

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Additional information about our borrowings at September 30, 2025 and June 30, 2025 is presented in Note 8 to the unaudited consolidated financial statements.

Other Liabilities. The balance of other liabilities, including advance payments by borrowers for taxes and other miscellaneous liabilities, decreased $6.4 million to $56.4 million at September 30, 2025 from $62.8 million at June 30, 2025. The change in the balance of these other liabilities generally reflected normal operating fluctuations during the period.

Stockholders’ Equity. Stockholders’ equity increased $7.2 million to $753.2 million at September 30, 2025 from $746.0 million at June 30, 2025. The increase in stockholders’ equity during the three months ended September 30, 2025 largely reflected net income of $9.5 million and an other comprehensive gain of $4.3 million, partially offset by cash dividends of $7.0 million. The other comprehensive gain for the three months ended September 30, 2025 was driven by an increase in the fair value of our available for sale securities, partially offset by a decrease in the fair value of our derivatives portfolio.

Book value per share increased by $0.08 to $11.63 at September 30, 2025 while tangible book value per share increased by $0.09 to $9.86 at September 30, 2025. These increases were driven by the increases in stockholders’ equity, as described above.

Comparison of Operating Results for the Quarter Ended September 30, 2025 and September 30, 2024

Net Income. Net income for the quarter ended September 30, 2025 was $9.5 million, or $0.15 per diluted share, compared to $6.1 million, or $0.10 per diluted share, for the quarter ended September 30, 2024. The increase in net income reflected increases in net interest income and non-interest income, partially offset by increases in non-interest expense and income taxes.

Net Interest Income. Net interest income increased by $5.3 million to $37.7 million for the quarter ended September 30, 2025 compared to $32.4 million for the quarter ended September 30, 2024. The increase between the comparative periods resulted from a decrease of $6.0 million in interest expense, partially offset by a decrease of $744,000 in interest income. Included in net interest income for the quarters ended September 30, 2025 and 2024, respectively, was purchase accounting accretion of $601,000 and $649,000, and loan prepayment penalty income of $490,000 and $52,000.

Net interest margin increased 30 basis point to 2.10% for the quarter ended September 30, 2025, from 1.80% for the quarter ended September 30, 2024 reflecting a decrease in the average balance of interest-bearing borrowings, a decrease in the cost of interest-bearing liabilities and higher average balances and yields on loans receivable, partially offset by a decrease in the average balances and yields on other interest-earning assets.

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Details regarding the composition of, and changes to, net interest income are presented in the table below which reflects the components of the average balance sheet and of net interest income for the periods indicated. We derived the average yields and costs by dividing income or expense by the average balance of assets or liabilities, respectively, for the periods presented with daily balances used to derive average balances. No tax equivalent adjustments have been made to yield or costs. Non-accrual loans were included in the calculation of average balances, however interest receivable on these loans has been fully reserved for and therefore not included in interest income. The yields and costs set forth below include the effect of deferred fees, discounts and premiums that are amortized or accreted to interest income or expense.

	Three Months Ended September 30,
	2025						2024
	Average<br>Balance		Interest		Average<br>Yield/<br>Cost		Average<br>Balance		Interest		Average<br>Yield/<br>Cost
	(Dollars in Thousands)
Interest-earning assets:
Loans receivable (1)	$	5,806,767	$	68,349	4.71	%	$	5,761,593	$	66,331	4.61	%
Taxable investment securities (2)	1,236,705		12,600		4.08		1,314,945		14,384		4.38
Tax-exempt securities (2)	6,856		41		2.42		12,244		71		2.32
Other interest-earning assets (3)	115,776		1,518		5.24		131,981		2,466		7.47
Total interest-earning assets	7,166,104		82,508		4.61		7,220,763		83,252		4.61
Non-interest-earning assets	453,215						467,670
Total assets	$	7,619,319					$	7,688,433
Interest-bearing liabilities:
Interest-bearing demand	$	2,343,809	15,440		2.63		$	2,282,608	17,862		3.13
Savings	754,244		2,652		1.41		668,240		1,757		1.05
Certificates of deposit (retail)	1,211,026		10,791		3.56		1,203,770		12,396		4.12
Certificates of deposit (brokered)	755,813		5,048		2.67		551,819		3,003		2.18
Total interest-bearing deposits	5,064,892		33,931		2.68		4,706,437		35,018		2.98
Federal Home Loan Bank advances	1,077,146		9,925		3.69		1,325,583		12,662		3.82
Other borrowings	85,489		948		4.44		237,011		3,126		5.28
Borrowings	1,162,635		10,873		3.74		1,562,594		15,788		4.04
Total interest-bearing liabilities	6,227,527		44,804		2.88		6,269,031		50,806		3.24
Non-interest-bearing liabilities (4)	646,649						668,724
Total liabilities	6,874,176						6,937,755
Stockholders' equity	745,143						750,678
Total liabilities and stockholders' equity	$	7,619,319					$	7,688,433
Net interest income			$	37,704					$	32,446
Interest rate spread (5)					1.73	%					1.37	%
Net interest margin (6)					2.10	%					1.80	%
Ratio of interest-earning assets to interest-bearing liabilities	1.15						1.15

___________________________________

(1)Loans held-for-sale and non-accruing loans have been included in loans receivable and the effect of such inclusion was not material. Allowance for credit losses has been included in non-interest-earning assets.

(2)Fair value adjustments have been excluded in the balances of interest-earning assets.

(3)Includes interest-bearing deposits at other banks and FHLB of New York capital stock.

(4)Includes average balances of non-interest-bearing deposits of $581.6 million and $599.1 million for the quarter ended September 30, 2025 and 2024, respectively.

(5)Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.

(6)Net interest margin represents net interest income as a percentage of average interest-earning assets.

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Provision for Credit Losses. For the quarter ended September 30, 2025, we recorded a reversal of credit losses of $82,000, compared to a provision for credit losses of $108,000 for the quarter ended September 30, 2024. The reversal for the quarter ended September 30, 2025 was largely driven by decreases in the balance of loans receivable, partially offset by qualitative risk factor adjustments. By comparison, the provision for credit losses for the quarter ended September 30, 2024 was primarily driven by loan growth.

Additional information regarding the ACL and the associated provisions recognized during the quarters ended September 30, 2025 and 2024 is presented in Note 6 to the unaudited consolidated financial statements as well as the Comparison of Financial Condition at September 30, 2025 and June 30, 2025.

Non-Interest Income. Total non-interest income increased $1.2 million to $5.8 million for the quarter ended September 30, 2025, compared to $4.6 million for the quarter ended September 30, 2024.

Fees and service charges increased $257,000 to $892,000 for the quarter ended September 30, 2025, from $635,000 for the quarter ended September 30, 2024, primarily reflecting higher deposit and branch related fee income.

Other income increased $818,000 to $1.7 million for the quarter ended September 30, 2025, from $833,000 for the quarter ended September 30, 2024, primarily driven by a non-recurring pre-tax gain of $749,000 on the sale of property held for sale in the current period.

The remaining changes in the other components of non-interest income between comparative periods generally reflected normal operating fluctuations within those line items.

Non-Interest Expense. Total non-interest expense increased $1.9 million to $31.7 million for the quarter ending September 30, 2025, compared to $29.8 million the quarter ended September 30, 2024.

Salaries and employee benefits increased $1.2 million to $18.7 million for the quarter ended September 30, 2025, from $17.5 million for the quarter ended September 30, 2024. This increase was primarily driven by higher salary expense and payroll taxes due to annual merit increases and increases in incentive and stock-based compensation due to the absence of a non-recurring decrease in stock-based compensation recorded in the prior period.

Net occupancy expense of premises increased $509,000 to $3.3 million for the quarter ended September 30, 2025, from $2.8 million for the quarter ended September 30, 2024. This increase was primarily driven by a non-recurring pre-tax expense of $250,000 associated with the consolidation of three branches and non-recurring branch maintenance expenses of $102,000 in the current period.

Advertising and marketing expense increased $220,000 to $562,000 for the quarter ended September 30, 2025, from $342,000 for the quarter ended September 30, 2024. The increase primarily reflects normal fluctuations in the timing of campaigns across various advertising formats supporting our loan and deposit growth initiatives.

Equipment and systems expense increased $114,000 to $4.0 million for the quarter ended September 30, 2025, from $3.9 million for the quarter ended September 30, 2024, largely driven by increases in technology expense associated with the Company’s ongoing digital banking initiatives.

FDIC insurance premiums decreased $262,000 to $1.3 million for the quarter ended September 30, 2025, from $1.6 million for the quarter ended September 30, 2024, primarily driven by higher capital ratios.

The remaining changes in the other components of non-interest expense between comparative periods generally reflected normal operating fluctuations within those line items.

Provision for Income Taxes. Provision for income taxes increased $1.4 million to $2.5 million for the quarter ended September 30, 2025 from $1.1 million for the quarter ended September 30, 2024, reflecting a higher level of pre-tax income compared to the prior year period.

Effective tax rates for the quarter ended September 30, 2025 and 2024 were 20.6% and 15.1%, respectively. The increase in the effective tax rate was primarily due to higher full year projected taxable income.

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Liquidity and Capital Resources

Liquidity, represented by cash and cash equivalents, is a product of operating, investing and financing activities. Our primary sources of funds are deposits, borrowings, cash flows from investment securities and loans receivable and funds provided from operations. While scheduled payments from the amortization and maturity of loans and investment securities are relatively predictable sources of funds, general interest rates, economic conditions and competition greatly influence deposit flows and prepayments on loans and securities.

At September 30, 2025, liquidity included $130.1 million of short-term cash and cash equivalents and $1.02 billion of investment securities available for sale. As of September 30, 2025, we had the capacity to borrow additional cash funds totaling $1.98 billion, comprised of $1.23 billion and $745.8 million from the Federal Reserve discount window and the FHLBNY, respectively, without pledging additional collateral. We had the ability to pledge additional securities to borrow an additional $566.8 million at September 30, 2025. As of that same date, we also had access to unsecured overnight borrowings with other financial institutions totaling $845.0 million, of which none was outstanding.

At September 30, 2025, we had outstanding commitments to originate and purchase loans totaling $72.1 million while such commitments totaled $26.4 million at June 30, 2025. As of those same dates, our pipeline of loans held for sale included $21.4 million and $11.1 million, respectively, of loans in process whose terms included interest rate locks to borrowers that were paired with a best-efforts commitment to sell the loan to a buyer at a fixed price and within a predetermined timeframe after the sale commitment is established.

Construction loans in process and unused lines of credit were $137.4 million and $177.3 million, respectively, at September 30, 2025, compared to $115.7 million and $177.1 million, respectively, at June 30, 2025. We are also subject to the contingent liabilities resulting from letters of credit totaling $595,000 at September 30, 2025 and June 30, 2025, respectively.

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the customer. Our exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual notional amount of those instruments. We use the same credit policies in making commitments and conditional obligations as we do for on-balance-sheet instruments. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.

Consistent with its goals to operate a sound and profitable financial organization, the Bank actively seeks to maintain its status as a well-capitalized institution in accordance with regulatory standards.

The following table sets forth the Bank’s capital position at September 30, 2025 and June 30, 2025, as compared to the minimum regulatory capital requirements that were in effect as of those dates:

	At September 30, 2025
	Actual				For Capital<br>Adequacy Purposes				To Be Well Capitalized<br>Under Prompt<br>Corrective Action<br>Provisions
	Amount		Ratio		Amount		Ratio		Amount		Ratio
	(Dollars in Thousands)
Total capital (to risk-weighted assets)	$	710,276	14.66	%	$	387,686	8.00	%	$	484,608	10.00	%
Tier 1 capital (to risk-weighted assets)	664,083		13.70	%	290,765		6.00	%	387,686		8.00	%
Common equity tier 1 capital (to risk-weighted assets)	664,083		13.70	%	218,073		4.50	%	314,995		6.50	%
Tier 1 capital (to adjusted total assets)	664,083		8.73	%	304,153		4.00	%	380,191		5.00	%			At June 30, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---
	Actual				For Capital<br>Adequacy Purposes				To Be Well Capitalized<br>Under Prompt<br>Corrective Action<br>Provisions
	Amount		Ratio		Amount		Ratio		Amount		Ratio
	(Dollars in Thousands)
Total capital (to risk-weighted assets)	$	704,969	14.49	%	$	389,184	8.00	%	$	486,481	10.00	%
Tier 1 capital (to risk-weighted assets)	662,232		13.61	%	291,888		6.00	%	389,184		8.00	%
Common equity tier 1 capital (to risk-weighted assets)	662,232		13.61	%	218,916		4.50	%	316,212		6.50	%
Tier 1 capital (to adjusted total assets)	662,232		8.68	%	305,162		4.00	%	381,453		5.00	%

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The following table sets forth the Company’s capital position at September 30, 2025 and June 30, 2025, as compared to the minimum regulatory capital requirements that were in effect as of those dates:

	At September 30, 2025
	Actual				For Capital<br>Adequacy Purposes
	Amount		Ratio		Amount		Ratio
	(Dollars in Thousands)
Total capital (to risk-weighted assets)	$	751,953	15.50	%	$	387,986	8.00	%
Tier 1 capital (to risk-weighted assets)	705,760		14.55	%	290,989		6.00	%
Common equity tier 1 capital (to risk-weighted assets)	705,760		14.55	%	218,242		4.50	%
Tier 1 capital (to adjusted total assets)	705,760		9.27	%	304,663		4.00	%			At June 30, 2025
---	---	---	---	---	---	---	---	---
	Actual				For Capital<br>Adequacy Purposes
	Amount		Ratio		Amount		Ratio
	(Dollars in Thousands)
Total capital (to risk-weighted assets)	$	748,323	15.37	%	$	389,434	8.00	%
Tier 1 capital (to risk-weighted assets)	705,586		14.49	%	292,076		6.00	%
Common equity tier 1 capital (to risk-weighted assets)	705,586		14.49	%	219,057		4.50	%
Tier 1 capital (to adjusted total assets)	705,586		9.23	%	305,661		4.00	%

Off-Balance Sheet Arrangements

In the normal course of our business of investing in loans and securities we are a party to financial instruments with off-balance-sheet risk. These financial instruments include significant purchase commitments, such as commitments related to capital expenditure plans and commitments to extend credit to meet the financing needs of our customers. We had no significant off-balance sheet commitments for capital expenditures as of September 30, 2025.

Recent Accounting Pronouncements

For a discussion of the expected impact of recently issued accounting pronouncements that we have adopted, please refer to Note 3 to the unaudited consolidated financial statements.

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ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

The majority of our assets and liabilities are sensitive to changes in interest rates and as such, interest rate risk is a significant form of market risk that we must manage. Interest rate risk is generally defined in regulatory nomenclature as the risk to earnings or capital arising from the movement of interest rates and arises from several risk factors including re-pricing risk, basis risk, yield curve risk and option risk. We maintain an Asset/Liability Management (“ALM”) program in order manage our interest rate risk. The program is overseen by the Board of Directors through its Interest Rate Risk Management Committee which has assigned the responsibility for the operational aspects of the ALM program to our Asset/Liability Management Committee (“ALCO”), which is comprised of various members of the senior and executive management team.

The quantitative analysis that we conduct measures interest rate risk from both a capital and earnings perspective. With regard to earnings, movements in interest rates and the shape of the yield curve significantly influence the amount of net interest income (“NII”) that we recognize. Movements in market interest rates, and the effect of such movements on the risk factors noted above, significantly influence the spread between the interest earned on our interest-earning assets and the interest paid on our interest-bearing liabilities. Our internal interest rate risk analysis calculates the sensitivity of our projected NII over a one year period utilizing a static balance sheet assumption through which incoming and outgoing asset and liability cash flows are reinvested into similar instruments. Product pricing and earning asset prepayment speeds are appropriately adjusted for each rate scenario.

With regard to capital, our internal interest rate risk analysis calculates the sensitivity of our Economic Value of Equity (“EVE”) to movements in interest rates. EVE represents the present value of the expected cash flows from our assets less the present value of the expected cash flows arising from our liabilities adjusted for the value of off-balance sheet instruments. EVE attempts to quantify our economic value using a discounted cash flow methodology. The degree to which our EVE changes for any hypothetical interest rate scenario from its base case measurement is a reflection of our sensitivity to interest rate risk.

For both earnings and capital at risk, our interest rate risk analysis calculates a base case scenario that assumes no change in interest rates. The model then measures changes throughout a series of interest rate scenarios representing immediate and permanent, parallel shifts in the yield curve up and down 100, 200 and 300 basis points with additional scenarios modeled where appropriate. The model requires that interest rates remain positive for all points along the yield curve for each rate scenario which may preclude the modeling of certain falling rate scenarios during periods of lower market interest rates.

The following tables present the results of our internal EVE and NII analyses as of September 30, 2025 and June 30, 2025, respectively:

	September 30, 2025
					1 to 12 Months				13 to 24 Months
Change in Interest Rates	EVE		% Change<br>in EVE		NII		% Change<br>in NII		NII		% Change<br>in NII
	(Dollars in Thousands)
+300 bps	$	437,413	(34.77)	%	$	140,548	(9.61)	%	$	160,622	(7.32)	%
+200 bps	508,592		(24.16)	%	144,373		(7.15)	%	163,859		(5.45)	%
+100 bps	587,097		(12.45)	%	148,258		(4.65)	%	167,220		(3.51)	%
0 bps	670,589		—		155,491		—		173,301		—
-100 bps	753,160		12.31	%	161,460		3.84	%	177,378		2.35	%
-200 bps	805,568		20.13	%	167,854		7.95	%	178,808		3.18	%
-300 bps	866,224		29.17	%	172,546		10.97	%	177,646		2.51	%			June 30, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---
					1 to 12 Months				13 to 24 Months
Change in Interest Rates	EVE		% Change<br>in EVE		NII		% Change<br>in NII		NII		% Change<br>in NII
	(Dollars in Thousands)
+300 bps	$	404,295	(37.02)	%	$	147,989	(6.79)	%	$	161,747	(8.17)	%
+200 bps	475,744		(25.89)	%	150,539		(5.18)	%	165,520		(6.03)	%
+100 bps	555,065		(13.54)	%	153,195		(3.51)	%	169,510		(3.77)	%
0 bps	641,985		—		158,762		—		176,142		—
-100 bps	728,863		13.53	%	162,406		2.30	%	181,671		3.14	%
-200 bps	785,464		22.35	%	165,502		4.25	%	184,695		4.86	%
-300 bps	852,184		32.74	%	168,238		5.97	%	185,248		5.17	%

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There are numerous internal and external factors that may contribute to changes in our EVE and its sensitivity. Changes in the composition and allocation of our balance sheet, or utilization of off-balance sheet instruments such as derivatives, can significantly alter the exposure to interest rate risk as quantified by the changes in the EVE sensitivity measures. Changes to certain external factors, most notably changes in the level of market interest rates and overall shape of the yield curve, can also alter the projected cash flows of our interest-earning assets and interest-costing liabilities and the associated present values thereof.

Notwithstanding the rate change scenarios presented in the EVE and NII-based analyses above, future interest rates and their effect on net interest income are not predictable. Computations of prospective effects of hypothetical interest rate changes are based on numerous assumptions, including relative levels of market interest rates, prepayments and deposit run-offs and should not be relied upon as indicative of actual results. Certain shortcomings are inherent in this type of computation. Although certain assets and liabilities may have similar maturities or periods of re-pricing, they may react at different times and in different degrees to changes in market interest rates. The interest rate on certain types of assets and liabilities, such as demand deposits and savings accounts, may fluctuate in advance of changes in market interest rates, while rates on other types of assets and liabilities may lag behind changes in market interest rates. Certain assets, such as adjustable-rate mortgages, generally have features which restrict changes in interest rates on a short-term basis and over the life of the asset. In the event of a change in interest rates, prepayments and early withdrawal levels could deviate significantly from those assumed in the analyses set forth above. Additionally, an increase in credit risk may result as the ability of borrowers to service their debt may decrease in the event of an interest rate increase.

ITEM 4.

CONTROLS AND PROCEDURES

As of the end of the period covered by this Report, an evaluation was performed under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended). Based on that evaluation, the Company’s management, including the Chief Executive Officer and the Chief Financial Officer, concluded that the Company’s disclosure controls and procedures were effective.

During the quarter ended September 30, 2025, there were no changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II

ITEM 1.    Legal Proceedings

At September 30, 2025, neither the Company nor the Bank were involved in any pending legal proceedings other than routine legal proceedings occurring in the ordinary course of business, which involve amounts in the aggregate believed by management to be immaterial to the financial condition of the Company and the Bank.

ITEM 1A.    Risk Factors

There have been no material changes to the Risk Factors previously disclosed under Item 1A of the Company’s Annual Report on Form 10-K for the year ended June 30, 2025, previously filed with the Securities and Exchange Commission.

ITEM 2.    Unregistered Sales of Equity Securities and Use of Proceeds

The Company did not repurchase any shares of its common stock during the three month period ended September 30, 2025.

ITEM 3.    Defaults Upon Senior Securities

Not applicable.

ITEM 4.    Mine Safety Disclosures

Not applicable.

ITEM 5.    Other Information

Securities Trading Plans of Directors and Executive Officers

During the three months ended September 30, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of the Company's securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement.”

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ITEM 6.    Exhibits

The following Exhibits are filed as part of this report:

3.1	Articles of Incorporation of Kearny Financial Corp. (Incorporated by reference to the Registrant’s Registration Statement on Form S-1 (File No. 333-198602), originally filed on September 5, 2014)
3.2	Amended and Restated Bylaws of Kearny Financial Corp. (Incorporated by reference to the Registrant’s Current Report on Form 8-K, filed on August 16, 2023 )
4	Form of Common Stock Certificate of Kearny Financial Corp. (Incorporated by reference to the Registrant’s Registration Statement on Form S-1 (File No. 333-198602), originally filed on September 5, 2014)
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101	The following materials from the Company’s Form 10-Q for the quarter ended September 30, 2025, formatted in Inline XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Financial Condition, (ii) the Consolidated Statements of Income; (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Stockholder’s Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements.
101.INS	Inline XBRL Instance Document (The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document)
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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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: November 5, 2025	By:	/s/ Craig L. Montanaro
		Craig L. Montanaro
		President and Chief Executive Officer
		(Principal Executive Officer)
Date: November 5, 2025	By:	/s/ Sean Byrnes
		Sean Byrnes
		Executive Vice President and Chief Financial Officer
		(Principal Financial and Accounting Officer)

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Document

Exhibit 31.1

CERTIFICATION

I, Craig L. Montanaro, certify that:

1.I have reviewed this Form 10-Q of Kearny Financial Corp.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the period presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 5, 2025	/s/ Craig L. Montanaro
	Craig L. Montanaro
	President and Chief Executive Officer
	(Principal Executive Officer)

Document

Exhibit 31.2

CERTIFICATION

I, Sean Byrnes, certify that:

1.I have reviewed this Form 10-Q of Kearny Financial Corp.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the period presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors:

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 5, 2025	/s/ Sean Byrnes
	Sean Byrnes
	Executive Vice President and Chief Financial Officer
	(Principal Financial and Accounting Officer)

Document

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Kearny Financial Corp. (the “Company”) on Form 10-Q for the period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Craig L. Montanaro, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 5, 2025	/s/ Craig L. Montanaro
	Craig L. Montanaro
	President and Chief Executive Officer
	(Principal Executive Officer)

Document

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Kearny Financial Corp. (the “Company”) on Form 10-Q for the period ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Sean Byrnes, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 5, 2025	/s/ Sean Byrnes
	Sean Byrnes
	Executive Vice President and Chief Financial Officer
	(Principal Financial and Accounting Officer)