Exhibit 99.1

FOR IMMEDIATE RELEASE

April 29, 2020

For further information contact:

Craig L. Montanaro, President and Chief Executive Officer, or

Keith Suchodolski, Executive Vice President and Chief Financial Officer

Kearny Financial Corp.

(973) 244-4500

KEARNY FINANCIAL CORP.

REPORTS THIRD QUARTER 2020 OPERATING RESULTS

Fairfield, New Jersey, April 29, 2020 – Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), today reported net income for the quarter ended March 31, 2020 of $9.3 million, or $0.11 per basic and diluted share.  The results represent a decrease of $1.4 million compared to net income of $10.7 million, or $0.13 per basic and diluted share, for the quarter ended December 31, 2019.

Craig L. Montanaro, President and Chief Executive Officer, commented, “During this extraordinarily difficult time our primary focus has been on the ways in which we can support our employees, our clients and the communities that we serve.  In spite of the challenges presented by COVID-19 our team is working tirelessly to ensure the availability of essential banking services to our clients.  At this time, 42 of our 48 retail branches are operating in a modified capacity and are complemented by our robust suite of digital banking products and services.  Our lending team is working closely with our impacted borrowers to assess their needs and to provide payment relief or supplemental sources of credit, as appropriate.

While significant challenges lie ahead, Kearny Bank’s exceptionally strong capital and liquidity positions and long history of conservative underwriting will enable us to persevere throughout this unprecedented event.”

Balance Sheet

• Deposits increased by $64.4 million to $4.25 billion at March 31, 2020 from $4.19 billion at December 31, 2019.  The increase in deposits was primarily attributable to an increase of $60.1 million in retail deposits, reflecting the Company’s continued success in growing the balance of core deposits.

• Loans receivable increased by $69.8 million to $4.56 billion at March 31, 2020 from $4.49 billion at December 31, 2019.  The increase in loans receivable was attributable to an increase in loan origination volume coupled with a slowing of loan pre-payment activity, as compared to the prior quarter.

• During the first half of the quarter ended March 31, 2020 the Company executed a wholesale restructuring transaction designed to enhance net interest income and reduce credit risk within the investment portfolio.  During the first phase of the transaction, $158.4 million of investment securities with a weighted average yield of 2.63% were sold and a portion of the proceeds utilized to extinguish $121.5 million of Federal Home Loan Bank (“FHLB”) advances with a weighted average cost of 2.84%.  Gains on sale of investment securities and debt extinguishment losses each totaled $2.2 million, resulting in a negligible impact on pre-tax net income.  During the second phase of the transaction, $248.7 million of US agency-backed mortgage-backed securities were purchased at a weighted average yield of 2.77% and were funded with a combination of FHLB advances, brokered time deposits and overnight borrowings at a weighted average cost of 1.65%.

Earnings

Net Interest Income, Spread and Margin

• For the quarter ended March 31, 2020, net interest income increased by $3.0 million to $37.6 million from $34.6 million for the quarter ended December 31, 2019.  The increase in net interest income resulted from of an increase of $1.6 million in interest income coupled with a decrease of $1.4 million in interest expense.

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• For the quarter ended March 31, 2020, net interest spreadincreased by 19 basis points to 2.23% while net interest margin increased by 17 basis points to 2.46%. These increasesprimarily reflected anincrease in the yield on interest-earning assets coupled with a decrease in the cost of interest-bearing liabilities.

• For the quarter ended March 31, 2020, the yield on interest-earning assets increased by five basis points, largely attributable to a 13 basis point increase in the yield on loans to 4.14% which was partially offset by a 13 basis point decrease in the yield on taxable investment securities to 2.99%.  For that same period, the cost of interest-bearing liabilities decreased by 14 basis points, attributable to a 13 basis point decrease in the cost of interest-bearing deposits to 1.49% coupled with a 19 basis point decrease in the cost of borrowings to 1.98%.

Non-Interest Income

• Fees and service charges decreased by $807,000 to $1.3 million for the quarter ended March 31, 2020 from $2.1 million for the quarter ended December 31, 2019.  This decrease was largely attributable to a decrease of $733,000 in loan pre-payment penalty income to $832,000 for the quarter ended March 31, 2020 from $1.6 million for the quarter ended December 31, 2019.

• Gains on sales of securities totaled $2.2 million for the quarter ended March 31, 2020 compared to $11,000 for the quarter ended December 31, 2019.  This increase was attributable to the sale of securities in conjunction with the wholesale restructuring transaction noted earlier.

• Loan sale gains totaled $565,000 for the quarter ended March 31, 2020 as compared to $668,000 for the quarter ended December 31, 2019.  The decrease in loan sale gains largely reflected a decrease in the volume of residential mortgage loans sold during the period.

• Miscellaneous non-interest income increased by $334,000 to $223,000 for the quarter ended December 31, 2019 from a net loss of $111,000 for the quarter ended December 31, 2019.  This increase was largely attributable to non-recurring losses on asset disposals associated with branch consolidations that were recognized in the prior comparative period.

Non-Interest Expense

• Non-interest expense increased by $1.6 million to $28.1 million for the quarter ended March 31, 2020 compared to $26.4 million for the quarter ended December 31, 2019.  This increase was largely attributable to $2.2 million of non-recurring debt extinguishment expenses incurred upon the execution of the wholesale restructuring transaction, as noted earlier.  The remaining change in non-interest expense included decreases in net occupancy expense of premises, equipment and systems expense and advertising and marketing expense.  Partially offsetting these decreases were increases in salaries and employee benefits, non-recurring merger-related expense and miscellaneous expense.

• The Company’s non-interest expense ratio totaled 1.67% for the quarter ended March 31, 2020 compared to 1.60% for the prior quarter ended December 31, 2019.

• The Company’s efficiency ratio was 64.1% for the quarter ended March 31, 2020 compared to 67.5% for the prior quarter ended December 31, 2019.

Income Taxes

• Income tax expense totaled $225,000 for the quarter ended March 31, 2020 compared to $3.5 million for the quarter ended December 31, 2019 resulting in effective tax rates of 2.4% and 25.0%, respectively.  

• The decrease in income tax expense and effective tax rate reflected a $1.6 million reduction in income tax expense attributable to the carryback of net operating losses into prior periods at a higher statutory federal tax rate than is currently in effect for the Company.  This carryback was permitted by tax law changes enacted by the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, which was signed into law on March 27, 2020.  In addition, the Company reversed valuation allowances totaling $591,000 which were associated with capital loss carryforwards and were determined to be realizable due to the sale of investment securities at the Bank’s New Jersey investment company subsidiary.  Finally, a comparatively lower level of pre-tax net income, as compared to the prior period, resulted in a comparatively lower provision for income tax expense.

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Performance Ratios

• Return on average assets for the quarter ended March 31, 2020 decreased to 0.55% from 0.64% for the quarter ended December 31, 2019.

• Return on average equity decreased to 3.39% for the quarter ended March 31, 2020 from 3.86% for the quarter ended December 31, 2019 while return on average tangible equity decreased to 4.23% for the quarter ended March 31, 2020 from 4.80% for the quarter ended December 31, 2019.

Asset Quality

• The outstanding balance of non-performing loans totaled $35.4 million, or 0.78% of total loans, at March 31, 2020 as compared to $22.0 million, or 0.49% of total loans, at December 31, 2019.  The increase in non-performing loans was primarily attributable to a single, $14.3 million, owner-occupied commercial real estate loan which was placed on non-accrual status during the quarter.  This loan is secured by a grocery-anchored retail shopping center located in northern New Jersey and has an original loan-to-value of approximately 55%.

• The allowance for loan losses (“ALLL”) increased to $37.2 million, or 0.81% of total loans, at March 31, 2020 from $30.9 million, or 0.68% of total loans, at December 31, 2019.  Excluding the balance of acquired loans, which generally do not carry an ALLL, the ALLL as a percentage of non-acquired loans at March 31, 2020 totaled 1.02%.  As of that same date, the balance of acquired loans totaled $972.4 million, had remaining purchase accounting discounts of $46.2 million or 4.75% of the applicable outstanding balance, with no associated ALLL.  As the Company operates with a June 30 fiscal year end it has not yet adopted Accounting Standards Update 2016-13, also known as the Current Expected Credit Loss (“CECL”) standard.

• Net charge offs totaled $15,000 or 0.00% of average loans, annualized, for the quarter ended March 31, 2020 compared to $30,000, or 0.00% of average loans, annualized, for the quarter ended December 31, 2019.

• The Company recorded a loan loss provision of $6.3 million for the quarter ended March 31, 2020 compared to a loan loss provision reversal of $1.5 million for the quarter ended December 31, 2019.  The increase in provision was largely attributable to increases in the qualitative factors associated with the impact of COVID-19 on national and regional economic conditions and, to a lesser extent, the growth in the balance of loans receivable during the current period, as compared to a decline in the balance of loans receivable during the prior comparative period.

• Under Section 4013 of the CARES Act, and based upon regulatory guidance promulgated by federal banking regulators, qualifying short-term loan modifications resulting in payment deferrals of up to six months, that are attributable to the adverse impact of COVID-19, are not considered to be troubled debt restructurings.  As such, the applicable loans are reported as current with regard to payment status and continue to accrue interest during the payment deferral period.  As of April 24, 2020 the Company had modified 403 loans with aggregate outstanding principal balances of $499.0 million, in accordance with this guidance.

Liquidity & Capital

• The Company maintains significant sources of both on-and-off balance sheet liquidity.  At March 31, 2020, the Company’s liquid assets included $59.5 million of short-term cash and equivalents supplemented by $1.48 billion of investment securities classified as available for sale which can be readily sold or pledged as collateral, if necessary.  In addition, the Company had the capacity to borrow additional funds totaling $415.0 million via unsecured lines of credit and $1.62 billion and $323.5 million, without pledging additional collateral, from the Federal Home Loan Bank of New York and Federal Reserve Bank, respectively.  During the quarter ended March 31, 2020 the Company actively utilized its secured and unsecured borrowing facilities to ensure their accessibility.

• During the quarter ended March 31, 2020, the Company repurchased 1,475,000 shares of common stock at a cost of $17.5 million and an average cost of $11.88 per share.  Through March 31, 2020, the Company repurchased 8,457,294 shares, or 91.7% of the shares authorized for repurchase under the current repurchase program, at a cost of $111.1 million and at an average cost of $13.14 per share.  On March 25, 2020 the Company temporarily suspended its stock repurchase program.

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• As announced on February 19, 2020, the Company increased its regular quarterly cash dividend by $0.01 to $0.08 per share.

• Book value per share decreased by $0.07 to $12.79 at March 31, 2020 while tangible book value per share decreased by $0.11 to $10.21 at March 31, 2020.  These decreases were largely attributable to a $13.2 million decline in the fair value of the Company’s derivatives portfolio which is reflected within the balance of accumulated other comprehensive income.

• At March 31, 2020 the Tier 1 leverage ratios of the Company and the Bank were 13.25% and 11.92%, respectively.  The remainder of the Company’s and Bank’s regulatory capital ratios at March 31, 2020 were in excess of the levels required by federal banking regulators to be classified as “well-capitalized” under regulatory guidelines.

Merger Update

• On December 18, 2019, the Company announced that it had entered into a definitive agreement to acquire MSB Financial Corp. (NASDAQ: MSBF) (“MSBF”), the holding company for Millington Bank.  The merger is currently expected to close late in the quarter ended June 30, 2020 or early in the quarter ended September 30, 2020 subject to MSBF receiving the requisite approval of its shareholders, receipt of all regulatory approvals and fulfilment of other customary closing conditions.  A special meeting of MSBF stockholders has been scheduled for May 28, 2020.

Statements contained in this news release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time.  The Company does not undertake and specifically disclaims any obligation to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.

In addition, the COVID-19 pandemic is having an adverse impact on the Company, its customers and the communities it serves. Given its ongoing and dynamic nature, it is difficult to predict the full impact of the COVID-19 outbreak on our business. The extent of such impact will depend on future developments, which are highly uncertain, including when the coronavirus can be controlled and abated and when and how the economy may be reopened. As the result of the COVID-19 pandemic and the related adverse local and national economic consequences, we could be subject to any of the following risks, any of which could have a material, adverse effect on our business, financial condition, liquidity, and results of operations: the demand for our products and services may decline, making it difficult to grow assets and income; if the economy is unable to substantially reopen, and high levels of unemployment continue for an extended period of time, loan delinquencies, problem assets, and foreclosures may increase, resulting in increased charges and reduced income; collateral for loans, especially real estate, may decline in value, which could cause loan losses to increase; our allowance for loan losses may increase if borrowers experience financial difficulties, which will adversely affect our net income; the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us; as the result of the decline in the Federal Reserve Board’s target federal funds rate to near 0%, the yield on our assets may decline to a greater extent than the decline in our cost of interest-bearing liabilities, reducing our net interest margin and spread and reducing net income;due to a decline in our stock price or other factors, goodwill may become impaired and be required to be written down; and our cyber security risks are increased as the result of an increase in the number of employees working remotely.

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Linked-Quarter Comparative Financial Analysis
Summary Balance Sheet	At									Variance
(Dollars and Shares in Thousands,	March 31,			December 31,			Variance			or Change
Except Per Share Data, Unaudited)	2020			2019			or Change			Pct.
Assets
Cash and cash equivalents	$	59,452		$	41,796		$	17,656			42.2	%
Securities available for sale		1,476,344			1,402,206			74,138			5.3	%
Securities held to maturity		34,618			36,073			(1,455	)		-4.0	%
Loans held-for-sale		11,245			5,952			5,293			88.9	%
Loans receivable, including yield adjustments		4,562,512			4,492,697			69,815			1.6	%
Less allowance for loan losses		(37,191	)		(30,937	)		(6,254	)		20.2	%
Net loans receivable		4,525,321			4,461,760			63,561			1.4	%
Premises and equipment		58,985			56,542			2,443			4.3	%
Federal Home Loan Bank stock		59,324			62,838			(3,514	)		-5.6	%
Accrued interest receivable		19,036			18,261			775			4.2	%
Goodwill		210,895			210,895			-			0.0	%
Core deposit intangible		4,242			4,545			(303	)		-6.7	%
Bank owned life insurance		260,844			259,312			1,532			0.6	%
Deferred income taxes, net		27,150			20,438			6,712			32.8	%
Other real estate owned		178			178			-			0.0	%
Other assets		26,199			29,605			(3,406	)		-11.5	%
Total assets	$	6,773,833		$	6,610,401		$	163,432			2.5	%
Liabilities
Deposits	$	4,253,254		$	4,188,822		$	64,432			1.5	%
Borrowings		1,384,025			1,275,049			108,976			8.5	%
Advance payments by borrowers for taxes		16,492			16,585			(93	)		-0.6	%
Other liabilities		50,390			35,375			15,015			42.4	%
Total liabilities		5,704,161			5,515,831			188,330			3.4	%
Stockholders' Equity
Common stock		837			851			(14	)		-1.6	%
Paid-in capital		721,474			737,539			(16,065	)		-2.2	%
Retained earnings		380,671			377,896			2,775			0.7	%
Unearned ESOP shares		(29,185	)		(29,671	)		486			-1.6	%
Accumulated other comprehensive (loss) income, net		(4,125	)		7,955			(12,080	)		-151.9	%
Total stockholders' equity		1,069,672			1,094,570			(24,898	)		-2.3	%
Total liabilities and stockholders' equity	$	6,773,833		$	6,610,401		$	163,432			2.5	%
Consolidated capital ratios
Equity to assets		15.79	%		16.56	%		-0.77	%
Tangible equity to tangible assets		13.03	%		13.75	%		-0.72	%
Share data
Outstanding shares		83,664			85,150			(1,486	)		-1.7	%
Book value per share	$	12.79		$	12.85		$	(0.07	)		-0.5	%
Tangible book value per share (1)	$	10.21		$	10.32		$	(0.11	)		-1.1	%

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

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Summary Income Statement	For the three months ended									Variance
(Dollars and Shares in Thousands,	March 31,			December 31,			Variance			or Change
Except Per Share Data, Unaudited)	2020			2019			or Change			Pct.
Interest income
Loans	$	46,603		$	45,608		$	995			2.2	%
Taxable investment securities		10,526			9,698			828			8.5	%
Tax-exempt investment securities		547			666			(119	)		-17.9	%
Other interest-earning assets		1,100			1,210			(110	)		-9.1	%
Total Interest Income		58,776			57,182			1,594			2.8	%
Interest expense
Deposits		14,768			15,590			(822	)		-5.3	%
Borrowings		6,398			6,985			(587	)		-8.4	%
Total interest expense		21,166			22,575			(1,409	)		-6.2	%
Net interest income		37,610			34,607			3,003			8.7	%
Provision for (reversal of) loan losses		6,270			(1,465	)		7,735			528.0	%
Net interest income after provision for (reversal of) loan losses		31,340			36,072			(4,732	)		-13.1	%
Non-interest income
Fees and service charges		1,338			2,145			(807	)		-37.6	%
Gain on sale and call of securities		2,234			11			2,223			20209.1	%
Gain on sale of loans		565			668			(103	)		-15.4	%
Loss on sale and write down of other real estate owned		-			(28	)		28			100.0	%
Income from bank owned life insurance		1,532			1,576			(44	)		-2.8	%
Electronic banking fees and charges		309			293			16			5.5	%
Miscellaneous		223			(111	)		334			300.9	%
Total non-interest income		6,201			4,554			1,647			36.2	%
Non-interest expense
Salaries and employee benefits		15,537			15,174			363			2.4	%
Net occupancy expense of premises		2,685			3,082			(397	)		-12.9	%
Equipment and systems		2,672			3,046			(374	)		-12.3	%
Advertising and marketing		612			890			(278	)		-31.2	%
Directors' compensation		771			769			2			0.3	%
Merger-related expenses		285			219			66			30.1	%
Debt extinguishment expenses		2,156			-			2,156			100.0	%
Miscellaneous		3,344			3,247			97			3.0	%
Total non-interest expense		28,062			26,427			1,635			6.2	%
Income before income taxes		9,479			14,199			(4,720	)		-33.2	%
Income taxes		225			3,547			(3,322	)		-93.7	%
Net income	$	9,254		$	10,652		$	(1,398	)		-13.1	%
Net income per common share (EPS)
Basic	$	0.11		$	0.13		$	(0.02	)
Diluted	$	0.11		$	0.13		$	(0.02	)
Dividends declared
Cash dividends declared per common share	$	0.08		$	0.07		$	0.01
Cash dividends declared	$	6,479		$	5,760		$	719
Dividend payout ratio		70.0	%		54.1	%		15.9	%
Weighted average number of  common shares outstanding
Basic		81,339			82,831			(1,492	)
Diluted		81,358			82,876			(1,518	)

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	For the three months ended									Variance
Average Balance Sheet Data	March 31,			December 31,			Variance			or Change
(Dollars in Thousands, Unaudited)	2020			2019			or Change			Pct.
Assets
Interest-earning assets:
Loans receivable, including loans held for sale	$	4,503,996		$	4,547,126		$	(43,130	)		-0.9	%
Taxable investment securities		1,406,973			1,244,475			162,498			13.1	%
Tax-exempt investment securities		101,771			125,187			(23,416	)		-18.7	%
Other interest-earning assets		104,241			117,811			(13,570	)		-11.5	%
Total interest-earning assets		6,116,981			6,034,599			82,382			1.4	%
Non-interest-earning assets		598,335			590,746			7,589			1.3	%
Total assets	$	6,715,316		$	6,625,345		$	89,971			1.4	%
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	1,112,080		$	982,163		$	129,917			13.2	%
Savings		838,501			813,626			24,875			3.1	%
Certificates of deposit		2,004,785			2,063,066			(58,281	)		-2.8	%
Total interest-bearing deposits		3,955,366			3,858,855			96,511			2.5	%
Borrowings:
Federal Home Loan Bank advances		1,208,627			1,255,597			(46,970	)		-3.7	%
Other borrowings		87,072			34,733			52,339			150.7	%
Total borrowings		1,295,699			1,290,330			5,369			0.4	%
Total interest-bearing liabilities		5,251,065			5,149,185			101,880			2.0	%
Non-interest-bearing liabilities:
Non-interest-bearing deposits		317,530			320,161			(2,631	)		-0.8	%
Other non-interest-bearing liabilities		55,456			53,479			1,977			3.7	%
Total non-interest-bearing liabilities		372,986			373,640			(654	)		-0.2	%
Total liabilities		5,624,051			5,522,825			101,226			1.8	%
Stockholders' equity		1,091,265			1,102,520			(11,255	)		-1.0	%
Total liabilities and stockholders' equity	$	6,715,316		$	6,625,345		$	89,971			1.4	%
Average interest-earning assets to average interest-bearing liabilities		116.49	%		117.20	%		-0.70	%		-0.6	%

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	For the three months ended
	March 31,			December 31,			Variance
Performance Ratio Highlights	2020			2019			or Change
Average yield on interest-earning assets:
Loans receivable, including loans held for sale		4.14	%		4.01	%		0.13	%
Taxable investment securities		2.99	%		3.12	%		-0.13	%
Tax-exempt investment securities (1)		2.15	%		2.13	%		0.02	%
Other interest-earning assets		4.22	%		4.11	%		0.11	%
Total interest-earning assets		3.84	%		3.79	%		0.05	%
Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand		1.17	%		1.29	%		-0.12	%
Savings		0.85	%		0.81	%		0.04	%
Certificates of deposit		1.94	%		2.09	%		-0.15	%
Total interest-bearing deposits		1.49	%		1.62	%		-0.13	%
Borrowings:
Federal Home Loan Bank advances		2.03	%		2.19	%		-0.16	%
Other borrowings		1.17	%		1.36	%		-0.19	%
Total borrowings		1.98	%		2.17	%		-0.19	%
Total interest-bearing liabilities		1.61	%		1.75	%		-0.14	%
Interest rate spread (2)		2.23	%		2.04	%		0.19	%
Net interest margin (3)		2.46	%		2.29	%		0.17	%
Non-interest income to average assets (annualized)		0.37	%		0.27	%		0.10	%
Non-interest expense to average assets (annualized)		1.67	%		1.60	%		0.07	%
Efficiency ratio (4)		64.05	%		67.48	%		-3.43	%
Return on average assets (annualized)		0.55	%		0.64	%		-0.09	%
Return on average equity (annualized)		3.39	%		3.86	%		-0.47	%
Return on average tangible equity (annualized) (5)		4.23	%		4.80	%		-0.57	%

(1) The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.

(2) Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.

(3) Net interest income divided by average interest-earning assets.

(4) Non-interest expense divided by the sum of net interest income and non-interest income.

(5) Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.

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Five-Quarter Financial Trend Analysis
Summary Balance Sheet	At
(Dollars and Shares in Thousands,	March 31,			December 31,			September 30,			June 30,			March 31,
Except Per Share Data, Unaudited)	2020			2019			2019			2019			2019
Assets
Cash and cash equivalents	$	59,452		$	41,796		$	129,305		$	38,935		$	54,160
Securities available for sale		1,476,344			1,402,206			1,231,691			714,263			726,920
Securities held to maturity		34,618			36,073			37,888			576,652			592,199
Loans held-for-sale		11,245			5,952			10,495			12,267			997
Loans receivable, including yield adjustments		4,562,512			4,492,697			4,604,738			4,678,928			4,659,804
Less allowance for loan losses		(37,191	)		(30,937	)		(32,432	)		(33,274	)		(33,105	)
Net loans receivable		4,525,321			4,461,760			4,572,306			4,645,654			4,626,699
Premises and equipment		58,985			56,542			56,599			56,854			58,274
Federal Home Loan Bank stock		59,324			62,838			63,739			64,190			64,288
Accrued interest receivable		19,036			18,261			19,393			19,360			20,326
Goodwill		210,895			210,895			210,895			210,895			210,895
Core deposit intangible		4,242			4,545			4,852			5,160			5,470
Bank owned life insurance		260,844			259,312			257,735			256,155			254,569
Deferred income taxes, net		27,150			20,438			21,742			25,367			24,182
Other real estate owned		178			178			-			-			209
Other assets		26,199			29,605			24,366			9,077			19,563
Total assets	$	6,773,833		$	6,610,401		$	6,641,006		$	6,634,829		$	6,658,751
Liabilities
Deposits	$	4,253,254		$	4,188,822		$	4,197,250		$	4,147,610		$	4,137,573
Borrowings		1,384,025			1,275,049			1,281,118			1,321,982			1,326,216
Advance payments by borrowers for taxes		16,492			16,585			16,102			16,887			17,208
Other liabilities		50,390			35,375			35,747			21,191			19,643
Total liabilities		5,704,161			5,515,831			5,530,217			5,507,670			5,500,640
Stockholders' Equity
Common stock		837			851			868			891			915
Paid-in capital		721,474			737,539			758,385			787,394			817,675
Retained earnings		380,671			377,896			373,004			366,679			363,072
Unearned ESOP shares		(29,185	)		(29,671	)		(30,158	)		(30,644	)		(31,130	)
Accumulated other comprehensive (loss) income, net		(4,125	)		7,955			8,690			2,839			7,579
Total stockholders' equity		1,069,672			1,094,570			1,110,789			1,127,159			1,158,111
Total liabilities and stockholders' equity	$	6,773,833		$	6,610,401		$	6,641,006		$	6,634,829		$	6,658,751
Consolidated capital ratios
Equity to assets		15.79	%		16.56	%		16.73	%		16.99	%		17.39	%
Tangible equity to tangible assets		13.03	%		13.75	%		13.93	%		14.19	%		14.62	%
Share data
Outstanding shares		83,664			85,150			86,786			89,126			91,495
Book value per share	$	12.79		$	12.85		$	12.80		$	12.65		$	12.66
Tangible book value per share (1)	$	10.21		$	10.32		$	10.31		$	10.22		$	10.29

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

9

	At
Supplemental Balance Sheet Highlights	March 31,		December 31,		September 30,		June 30,		March 31,
(Dollars in Thousands, Unaudited)	2020		2019		2019		2019		2019
Cash and cash equivalents
Cash and due from depository institutions	$	20,200	$	17,843	$	16,106	$	19,032	$	15,943
Interest-bearing deposits in other banks		39,252		23,953		113,199		19,903		38,217
Total cash and cash equivalents	$	59,452	$	41,796	$	129,305	$	38,935	$	54,160
Securities available for sale
Debt securities:
U.S. agency securities	$	-	$	606	$	694	$	3,678	$	3,737
Municipal and state obligations		58,151		88,057		91,050		26,951		26,731
Asset-backed securities		169,102		177,676		181,068		179,313		180,145
Collateralized loan obligations		189,565		198,324		198,549		208,611		207,906
Corporate bonds		163,715		192,074		191,241		122,024		121,597
Trust preferred securities		2,852		3,795		3,775		3,756		3,775
Debt securities		583,385		660,532		666,377		544,333		543,891
Mortgage-backed securities:
Collateralized mortgage obligations		34,671		57,839		63,594		21,390		21,660
Residential pass-through securities		607,113		360,900		202,858		44,303		70,513
Commercial pass-through securities		251,175		322,935		298,862		104,237		90,856
Mortgage-backed securities		892,959		741,674		565,314		169,930		183,029
Total securities available for sale	$	1,476,344	$	1,402,206	$	1,231,691	$	714,263	$	726,920
Securities held to maturity
Debt securities:
Municipal and state obligations	$	34,618	$	36,073	$	37,888	$	104,086	$	107,375
Corporate bonds		-		-		-		63,086		63,107
Debt securities		34,618		36,073		37,888		167,172		170,482
Mortgage-backed securities:
Collateralized mortgage obligations		-		-		-		46,381		49,368
Residential pass-through securities		-		-		-		166,283		174,338
Commercial pass-through securities		-		-		-		196,816		198,011
Mortgage-backed securities		-		-		-		409,480		421,717
Total securities held to maturity	$	34,618	$	36,073	$	37,888	$	576,652	$	592,199
Total securities	$	1,510,962	$	1,438,279	$	1,269,579	$	1,290,915	$	1,319,119

10

	At
Supplemental Balance Sheet Highlights	March 31,			December 31,			September 30,			June 30,			March 31,
(Dollars in Thousands, Unaudited)	2020			2019			2019			2019			2019
Loan portfolio composition:
Residential first mortgage loans	$	1,338,099		$	1,331,301		$	1,319,750		$	1,344,044		$	1,325,105
Home equity loans and lines of credit		87,909			89,916			93,304			96,165			97,788
Residential mortgage loans		1,426,008			1,421,217			1,413,054			1,440,209			1,422,893
Multifamily mortgage loans		1,879,907			1,856,591			1,922,968			1,946,391			1,956,571
Nonresidential and mixed use mortgage loans		1,202,652			1,172,213			1,230,963			1,258,869			1,249,215
Commercial mortgage loans		3,082,559			3,028,804			3,153,931			3,205,260			3,205,786
Commercial business loans		73,922			67,887			66,889			65,763			66,476
Construction loans		17,880			16,221			14,637			13,907			14,377
Account loans		3,694			3,581			3,530			3,732			3,360
Other consumer loans		910			1,327			1,679			2,082			2,624
Consumer loans		4,604			4,908			5,209			5,814			5,984
Total loans, excluding yield adjustments		4,604,973			4,539,037			4,653,720			4,730,953			4,715,516
Unamortized yield adjustments		(42,461	)		(46,340	)		(48,982	)		(52,025	)		(55,712	)
Loans receivable, including yield adjustments		4,562,512			4,492,697			4,604,738			4,678,928			4,659,804
Less allowance for loan losses		(37,191	)		(30,937	)		(32,432	)		(33,274	)		(33,105	)
Net loans receivable	$	4,525,321		$	4,461,760		$	4,572,306		$	4,645,654		$	4,626,699
Loan portfolio allocation:
Residential first mortgage loans		29.1	%		29.3	%		28.4	%		28.4	%		28.1	%
Home equity loans and lines of credit		1.9	%		2.0	%		2.0	%		2.0	%		2.1	%
Residential mortgage loans		31.0	%		31.3	%		30.4	%		30.4	%		30.2	%
Multifamily mortgage loans		40.8	%		40.9	%		41.3	%		41.2	%		41.5	%
Nonresidential and mixed use mortgage loans		26.1	%		25.8	%		26.5	%		26.6	%		26.5	%
Commercial mortgage loans		66.9	%		66.7	%		67.8	%		67.8	%		68.0	%
Commercial business loans		1.6	%		1.5	%		1.4	%		1.4	%		1.3	%
Construction loans		0.4	%		0.4	%		0.3	%		0.3	%		0.3	%
Account loans		0.1	%		0.1	%		0.1	%		0.1	%		0.1	%
Other consumer loans		0.0	%		0.0	%		0.0	%		0.0	%		0.1	%
Consumer loans		0.1	%		0.1	%		0.1	%		0.1	%		0.2	%
Total loans, excluding yield adjustments		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Asset quality:
Nonperforming assets:
Accruing loans - 90 days and over past due	$	12		$	19		$	15		$	22		$	24
Nonaccrual loans		35,384			21,935			21,766			20,248			21,297
Total nonperforming loans		35,396			21,954			21,781			20,270			21,321
Other real estate owned		178			178			-			-			209
Total nonperforming assets	$	35,574		$	22,132		$	21,781		$	20,270		$	21,530
Nonperforming loans (% total loans)		0.78	%		0.49	%		0.47	%		0.43	%		0.46	%
Nonperforming assets (% total assets)		0.53	%		0.33	%		0.33	%		0.31	%		0.32	%
Allowance for loan losses (ALLL):
ALLL to total loans		0.81	%		0.68	%		0.70	%		0.70	%		0.70	%
ALLL to nonperforming loans		105.07	%		140.92	%		148.90	%		164.15	%		155.27	%
Net charge offs	$	15		$	30		$	60		$	495		$	242
Average net charge off rate (annualized)		0.00	%		0.00	%		0.01	%		0.04	%		0.02	%

11

	At
Supplemental Balance Sheet Highlights	March 31,			December 31,			September 30,			June 30,			March 31,
(Dollars in Thousands, Unaudited)	2020			2019			2019			2019			2019
Funding by type:
Deposits:
Non-interest-bearing deposits	$	321,824		$	312,098		$	322,846		$	309,063		$	303,713
Interest-bearing demand		1,134,420			1,060,434			931,188			843,432			800,023
Savings		848,950			829,321			800,514			790,658			777,678
Certificates of deposit		1,948,060			1,986,969			2,142,702			2,204,457			2,256,159
Interest-bearing deposits		3,931,430			3,876,724			3,874,404			3,838,547			3,833,860
Total deposits		4,253,254			4,188,822			4,197,250			4,147,610			4,137,573
Borrowings:
Federal Home Loan Bank advances		1,177,319			1,253,958			1,273,618			1,283,211			1,289,285
Overnight borrowings		200,000			15,000			-			30,000			-
Depositor sweep accounts		6,706			6,091			7,500			8,771			36,931
Total borrowings		1,384,025			1,275,049			1,281,118			1,321,982			1,326,216
Total funding	$	5,637,279		$	5,463,871		$	5,478,368		$	5,469,592		$	5,463,789
Loans as a % of deposits		106.7	%		106.7	%		109.2	%		112.3	%		111.8	%
Deposits as a % of total funding		75.4	%		76.7	%		76.6	%		75.8	%		75.7	%
Borrowings as a % of total funding		24.6	%		23.3	%		23.4	%		24.2	%		24.3	%
Funding by source:
Retail funding:
Non-interest-bearing deposits	$	321,824		$	312,098		$	322,846		$	309,063		$	303,713
Interest-bearing demand		1,134,420			1,060,434			931,188			843,432			800,023
Savings		848,950			829,321			800,514			790,658			777,678
Certificates of deposit		1,833,081			1,876,280			1,916,132			1,902,542			1,925,630
Total retail deposits		4,138,275			4,078,133			3,970,680			3,845,695			3,807,044
Depositor sweep accounts		6,706			6,091			7,500			8,771			36,931
Total retail funding		4,144,981			4,084,224			3,978,180			3,854,466			3,843,975
Wholesale funding:
Certificates of deposit (listing service)	$	33,608		$	42,119		$	57,534		$	66,110		$	78,704
Certificates of deposit (brokered)		81,371			68,570			169,036			235,805			251,825
Total wholesale deposits		114,979			110,689			226,570			301,915			330,529
FHLB advances		1,177,319			1,253,958			1,273,618			1,283,211			1,289,285
Overnight borrowings		200,000			15,000			-			30,000			-
Total wholesale funding		1,492,298			1,379,647			1,500,188			1,615,126			1,619,814
Total funding	$	5,637,279		$	5,463,871		$	5,478,368		$	5,469,592		$	5,463,789
Retail funding as a % of total funding		73.5	%		74.7	%		72.6	%		70.5	%		70.4	%
Wholesale funding as a % of total funding		26.5	%		25.3	%		27.4	%		29.5	%		29.6	%

12

Summary Income Statement	For the three months ended
(Dollars and Shares in Thousands,	March 31,			December 31,			September 30,			June 30,			March 31,
Except Per Share Data, Unaudited)	2020			2019			2019			2019			2019
Interest income
Loans	$	46,603		$	45,608		$	48,600		$	47,818		$	48,116
Taxable investment securities		10,526			9,698			9,328			9,772			9,511
Tax-exempt investment securities		547			666			693			700			710
Other interest-earning assets		1,100			1,210			1,278			1,158			1,320
Total interest income		58,776			57,182			59,899			59,448			59,657
Interest expense
Deposits		14,768			15,590			16,055			15,131			14,114
Borrowings		6,398			6,985			7,157			7,171			6,905
Total interest expense		21,166			22,575			23,212			22,302			21,019
Net interest income		37,610			34,607			36,687			37,146			38,638
Provision for (reversal of) loan losses		6,270			(1,465	)		(782	)		664			(179	)
Net interest income after provision for (reversal of) loan losses		31,340			36,072			37,469			36,482			38,817
Non-interest income
Fees and service charges		1,338			2,145			1,468			1,340			1,674
Gain (loss) on sale and call of securities		2,234			11			(14	)		(141	)		(182	)
Gain on sale of loans		565			668			605			196			151
(Loss) gain on sale and write down of other real estate owned		-			(28	)		-			9			(6	)
Income from bank owned life insurance		1,532			1,576			1,580			1,586			1,560
Electronic banking fees and charges		309			293			318			270			253
Miscellaneous		223			(111	)		5			128			226
Total non-interest income		6,201			4,554			3,962			3,388			3,676
Non-interest expense
Salaries and employee benefits		15,537			15,174			15,777			16,338			15,350
Net occupancy expense of premises		2,685			3,082			2,969			2,744			2,979
Equipment and systems		2,672			3,046			3,089			2,917			3,053
Advertising and marketing		612			890			535			948			739
Federal deposit insurance premium		-			-			-			438			455
Directors' compensation		771			769			770			770			770
Merger-related expenses		285			219			-			-			-
Debt extinguishment expenses		2,156			-			-			-			-
Miscellaneous		3,344			3,247			3,104			4,590			3,425
Total non-interest expense		28,062			26,427			26,244			28,745			26,771
Income before income taxes		9,479			14,199			15,187			11,125			15,722
Income taxes		225			3,547			3,817			2,314			4,305
Net income	$	9,254		$	10,652		$	11,370		$	8,811		$	11,417
Net income per common share (EPS)
Basic	$	0.11		$	0.13		$	0.13		$	0.10		$	0.13
Diluted	$	0.11		$	0.13		$	0.13		$	0.10		$	0.13
Dividends declared (1)
Cash dividends declared per common share	$	0.08		$	0.07		$	0.06		$	0.06		$	0.06
Cash dividends declared	$	6,479		$	5,760		$	5,045		$	5,204		$	5,338
Dividend payout ratio		70.0	%		54.1	%		44.4	%		59.1	%		46.8	%
Weighted average number of  common shares outstanding
Basic		81,339			82,831			84,756			87,090			89,488
Diluted		81,358			82,876			84,793			87,132			89,532

13

	For the three months ended
Average Balance Sheet Data	March 31,			December 31,			September 30,			June 30,			March 31,
(Dollars in Thousands, Unaudited)	2020			2019			2019			2019			2019
Assets
Interest-earning assets:
Loans receivable, including loans held for sale	$	4,503,996		$	4,547,126		$	4,656,192		$	4,648,362		$	4,709,052
Taxable investment securities		1,406,973			1,244,475			1,147,698			1,184,401			1,161,492
Tax-exempt investment securities		101,771			125,187			129,339			132,110			134,309
Other interest-earning assets		104,241			117,811			125,114			98,374			107,554
Total interest-earning assets		6,116,981			6,034,599			6,058,343			6,063,247			6,112,407
Non-interest-earning assets		598,335			590,746			585,826			572,218			574,921
Total assets	$	6,715,316		$	6,625,345		$	6,644,169		$	6,635,465		$	6,687,328
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	1,112,080		$	982,163		$	883,843		$	815,624		$	790,567
Savings		838,501			813,626			799,181			780,558			773,308
Certificates of deposit		2,004,785			2,063,066			2,179,333			2,229,723			2,288,836
Total interest-bearing deposits		3,955,366			3,858,855			3,862,357			3,825,905			3,852,711
Borrowings:
Federal Home Loan Bank advances		1,208,627			1,255,597			1,277,145			1,284,427			1,292,168
Other borrowings		87,072			34,733			10,012			29,439			26,037
Total borrowings		1,295,699			1,290,330			1,287,157			1,313,866			1,318,205
Total interest-bearing liabilities		5,251,065			5,149,185			5,149,514			5,139,771			5,170,916
Non-interest-bearing liabilities:
Non-interest-bearing deposits		317,530			320,161			320,641			311,648			307,645
Other non-interest-bearing liabilities		55,456			53,479			60,078			39,294			35,930
Total non-interest-bearing liabilities		372,986			373,640			380,719			350,942			343,575
Total liabilities		5,624,051			5,522,825			5,530,233			5,490,713			5,514,491
Stockholders' equity		1,091,265			1,102,520			1,113,936			1,144,752			1,172,837
Total liabilities and stockholders' equity	$	6,715,316		$	6,625,345		$	6,644,169		$	6,635,465		$	6,687,328
Average interest-earning assets to average interest-bearing liabilities		116.49	%		117.20	%		117.65	%		117.97	%		118.21	%

14

	For the three months ended
	March 31,			December 31,			September 30,			June 30,			March 31,
Performance Ratio Highlights	2020			2019			2019			2019			2019
Average yield on interest-earning assets:
Loans receivable, including loans held for sale		4.14	%		4.01	%		4.18	%		4.11	%		4.09	%
Taxable investment securities		2.99	%		3.12	%		3.25	%		3.30	%		3.28	%
Tax-exempt investment securities (1)		2.15	%		2.13	%		2.14	%		2.12	%		2.12	%
Other interest-earning assets		4.22	%		4.11	%		4.09	%		4.71	%		4.91	%
Total interest-earning assets		3.84	%		3.79	%		3.95	%		3.92	%		3.91	%
Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand		1.17	%		1.29	%		1.30	%		1.19	%		1.06	%
Savings		0.85	%		0.81	%		0.77	%		0.68	%		0.60	%
Certificates of deposit		1.94	%		2.09	%		2.14	%		2.04	%		1.90	%
Total interest-bearing deposits		1.49	%		1.62	%		1.66	%		1.58	%		1.47	%
Borrowings:
Federal Home Loan Bank advances		2.03	%		2.19	%		2.24	%		2.21	%		2.13	%
Other borrowings		1.17	%		1.36	%		0.66	%		0.99	%		0.35	%
Total borrowings		1.98	%		2.17	%		2.22	%		2.18	%		2.10	%
Total interest-bearing liabilities		1.61	%		1.75	%		1.80	%		1.74	%		1.63	%
Interest rate spread (2)		2.23	%		2.04	%		2.15	%		2.18	%		2.28	%
Net interest margin (3)		2.46	%		2.29	%		2.42	%		2.45	%		2.53	%
Non-interest income to average assets (annualized)		0.37	%		0.27	%		0.24	%		0.20	%		0.22	%
Non-interest expense to average assets (annualized)		1.67	%		1.60	%		1.58	%		1.73	%		1.60	%
Efficiency ratio (4)		64.05	%		67.48	%		64.56	%		70.91	%		63.27	%
Return on average assets (annualized)		0.55	%		0.64	%		0.68	%		0.53	%		0.68	%
Return on average equity (annualized)		3.39	%		3.86	%		4.08	%		3.08	%		3.89	%
Return on average tangible equity (annualized) (5)		4.23	%		4.80	%		5.06	%		3.80	%		4.78	%

(1) The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.

(2) Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.

(3) Net interest income divided by average interest-earning assets.

(4) Non-interest expense divided by the sum of net interest income and non-interest income.

(5) Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.

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This document contains certain non-GAAP financial measures in addition to results presented in accordance with Generally Accepted Accounting Principles (“GAAP”). These non-GAAP measures provide additional information which allow readers to evaluate the ongoing performance of the Company. They are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information. A reconciliation of non-GAAP financial measures to GAAP measures is included below. In all cases, it should be understood that non-GAAP per share measures do not depict amounts that accrue directly to the benefit of shareholders.

Reconciliation of GAAP to Non-GAAP	For the three months ended
(Dollars in Thousands,	March 31,			December 31,			September 30,			June 30,			March 31,
Except Per Share Data, Unaudited)	2020			2019			2019			2019			2019
Adjusted net income
Net income (GAAP)	$	9,254		$	10,652		$	11,370		$	8,811		$	11,417
Add: Merger-related expenses - net of tax		201			154			-			-			-
Add: Branch consolidation expenses - net of tax		-			274			475			1,216			-
Less: Net effect of wholesale restructuring           transaction - net of tax		(55	)		-			-			-			-
Less: Reversal of income tax valuation allowance		(591	)		-			-			-			-
Less: Tax benefit arising from adoption of CARES Act           provisions		(1,624	)		-			-			-			-
Adjusted net income (non-GAAP)	$	7,185		$	11,080		$	11,845		$	10,027		$	11,417
Adjusted net income per common share (EPS)
Net income per common share Basic and Diluted (GAAP)	$	0.11		$	0.13		$	0.13		$	0.10		$	0.13
Add: Merger-related expenses - net of tax		0.01			-			-			-			-
Add: Branch consolidation expenses - net of tax		-			-			0.01			0.01			-
Less: Net effect of wholesale restructuring           transaction - net of tax		-			-			-			-			-
Less: Reversal of income tax valuation allowance		(0.01	)		-			-			-			-
Less: Tax benefit arising from adoption of CARES Act           provisions		(0.02	)		-			-			-			-
Adjusted net income per common share basic and diluted (non-GAAP)	$	0.09		$	0.13		$	0.14		$	0.11		$	0.13
Adjusted non-interest expense ratio
Non-interest expense to average assets (GAAP)		1.67	%		1.60	%		1.58	%		1.73	%		1.60	%
Less: Merger-related expenses		-0.02	%		-0.01	%		0.00	%		0.00	%		0.00	%
Less: Branch consolidation expenses		0.00	%		-0.02	%		-0.03	%		-0.10	%		0.00	%
Less: Debt extinguishment expenses		-0.13	%		0.00	%		0.00	%		0.00	%		0.00	%
Adjusted non-interest expense ratio (non-GAAP)		1.53	%		1.57	%		1.55	%		1.63	%		1.60	%
Adjusted efficiency ratio
Non-interest expense / (Net interest income + non-interest income) (GAAP)		64.1	%		67.5	%		64.6	%		70.9	%		63.3	%
Calculation of adjusted efficiency ratio (non-GAAP)
Non-interest expense (GAAP)	$	28,062		$	26,427		$	26,244		$	28,745		$	26,771
Less: Merger-related expenses		(285	)		(219	)		-			-			-
Less: Branch consolidation expenses		-			(153	)		(567	)		(1,725	)		-
Less: Debt extinguishment expenses		(2,156	)		-			-			-			-
Non-interest expense (non-GAAP)	$	25,621		$	26,055		$	25,677		$	27,020		$	26,771
Net interest income (GAAP)		37,610			34,607			36,687			37,146			38,638
Total non-interest income (GAAP)		6,201			4,554			3,962			3,388			3,676
Add: Branch consolidation expenses		-			236			106			-			-
Less: Gain on sale and call of securities		(2,234	)		-			-			-			-
Total revenue (non-GAAP)	$	41,577		$	39,397		$	40,755		$	40,534		$	42,314
Adjusted efficiency ratio (non-GAAP)		61.6	%		66.1	%		63.0	%		66.6	%		63.3	%

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	For the three months ended
Reconciliation of GAAP to Non-GAAP	March 31,			December 31,			September 30,			June 30,			March 31,
(Dollars in Thousands, Unaudited)	2020			2019			2019			2019			2019
Adjusted return on average assets
Return on average assets (GAAP)		0.55	%		0.64	%		0.68	%		0.53	%		0.68	%
Add: Merger-related expenses - net of tax		0.01	%		0.01	%		0.00	%		0.00	%		0.00	%
Add: Branch consolidation expenses - net of tax		0.00	%		0.02	%		0.03	%		0.07	%		0.00	%
Less: Net effect of wholesale restructuring           transaction - net of tax		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Less: Reversal of income tax valuation allowance		-0.04	%		0.00	%		0.00	%		0.00	%		0.00	%
Less: Tax benefit arising from adoption of CARES Act           provisions		-0.09	%		0.00	%		0.00	%		0.00	%		0.00	%
Adjusted return on average assets (non-GAAP)		0.43	%		0.67	%		0.71	%		0.60	%		0.68	%
Adjusted return on average equity
Return on average equity (GAAP)		3.39	%		3.86	%		4.08	%		3.08	%		3.89	%
Add: Merger-related expenses - net of tax		0.07	%		0.06	%		0.00	%		0.00	%		0.00	%
Add: Branch consolidation expenses - net of tax		0.00	%		0.10	%		0.17	%		0.42	%		0.00	%
Less: Net effect of wholesale restructuring           transaction - net of tax		-0.02	%		0.00	%		0.00	%		0.00	%		0.00	%
Less: Reversal of income tax valuation allowance		-0.22	%		0.00	%		0.00	%		0.00	%		0.00	%
Less: Tax benefit arising from adoption of CARES Act           provisions		-0.59	%		0.00	%		0.00	%		0.00	%		0.00	%
Adjusted return on average equity (non-GAAP)		2.63	%		4.02	%		4.25	%		3.50	%		3.89	%
Calculation of return on average tangible equity
Net income annualized (GAAP)	$	37,016		$	42,608		$	45,480		$	35,244		$	45,668
Total average equity (GAAP)	$	1,091,265		$	1,102,520		$	1,113,936		$	1,144,752		$	1,172,837
Less: average goodwill		(210,895	)		(210,895	)		(210,895	)		(210,895	)		(210,895	)
Less: average other intangible assets		(4,408	)		(4,711	)		(5,006	)		(5,313	)		(5,606	)
Average tangible equity (non-GAAP)	$	875,962		$	886,914		$	898,035		$	928,544		$	956,336
Return on average tangible equity (non-GAAP)		4.23	%		4.80	%		5.06	%		3.80	%		4.78	%
Calculation of adjusted return on average tangible equity
Adjusted net income annualized (non-GAAP)	$	28,740		$	44,320		$	47,380		$	40,108		$	45,668
Total average equity (GAAP)	$	1,091,265		$	1,102,520		$	1,113,936		$	1,144,752		$	1,172,837
Less: average goodwill		(210,895	)		(210,895	)		(210,895	)		(210,895	)		(210,895	)
Less: average other intangible assets		(4,408	)		(4,711	)		(5,006	)		(5,313	)		(5,606	)
Average tangible equity (non-GAAP)	$	875,962		$	886,914		$	898,035		$	928,544		$	956,336
Adjusted return on average tangible equity (non-GAAP)		3.28	%		5.00	%		5.28	%		4.32	%		4.78	%

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