krny-20230126

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_____________________________

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 26, 2023

_____________________________

KEARNY FINANCIAL CORP.

(Exact name of Registrant as Specified in Its Charter)

_____________________________


Maryland	001-37399	30-0870244
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

120 Passaic Avenue Fairfield, New Jersey		07004
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: (973) 244-4500

(Former Name or Former Address, if Changed Since Last Report)

_____________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

KRNY

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operation and Financial Condition

On January 26, 2023, Kearny Financial Corp. (the “Company”), the holding company for Kearny Bank, issued a press release reporting its financial results for the period ended December 31, 2022.

A copy of the press release announcing the results is included as Exhibit 99.1 to this Current Report on Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.

Item 7.01 Regulation FD Disclosure

On January 26, 2023, the Company released a slide presentation that will be used in upcoming meetings with potential investors and current shareholders of the Company.

A copy of the slide presentation that will be used in the Company’s presentation is filed as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference. The information included in this Current Report pursuant to this Item 7.01 is being furnished to, and not filed with, the Securities and Exchange Commission.

Item 8.01 Other Events

On January 26, 2023, the Company’s Board of Directors announced a quarterly cash dividend of $0.11 per share, payable on February 22, 2023 to stockholders of record as of February 8, 2023.

Item 9.01 Financial Statements and Exhibits

(a)Financial Statements of Business Acquired. Not applicable.

(b)Pro Forma Financial Information. Not applicable.

(c)Shell Company Transaction. Not applicable.


Exhibit Number						Description
99.1						Press release dated January 26, 2023.
99.2						Kearny Financial Corp. investor presentation dated January 26, 2023.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	KEARNY FINANCIAL CORP.

Date: January 26, 2023	By:	/s/ Keith Suchodolski
		Keith Suchodolski
		Senior Executive Vice President and Chief Financial Officer

FOR IMMEDIATE RELEASE

For further information contact:

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

Keith Suchodolski, Senior Executive Vice President and Chief Financial Officer

Kearny Financial Corp.

KEARNY FINANCIAL CORP. ANNOUNCES SECOND QUARTER FISCAL 2023 RESULTS

AND DECLARATION OF CASH DIVIDEND

Fairfield, N.J., January 26, 2023 – Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), reported net income for the quarter ended December 31, 2022 of $2.0 million, or $0.03 per diluted share, compared to $16.5 million, or $0.25 per diluted share, for the quarter ended September 30, 2022. The decrease in net income and earnings per share for the quarter was largely attributable to a previously announced after-tax loss of $10.8 million on the sale of securities.

The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.11 per share, payable on February 22, 2023 to stockholders of record as of February 8, 2023.

Craig L. Montanaro, President and Chief Executive Officer, commented, “During the quarter ended December 31, 2022, in light of the challenges presented by the prevailing economic and interest rate environment, we completed the restructuring of a portion of our investment securities portfolio and adopted a company-wide operating efficiency initiative targeting a five to ten percent reduction in our annual operating expense. While these initiatives resulted in the recognition of various non-recurring charges, which adversely impacted this quarter’s net income, they are a part of our strategy to position ourselves for future earnings improvement, irrespective of the macro-economic environment.”

•Total assets increased $399.7 million, or 5.1%, to $8.29 billion at December 31, 2022, from $7.89 billion at September 30, 2022.

•Loans receivable increased $327.8 million, or 5.8%, to $5.98 billion at December 31, 2022, from $5.66 billion at September 30, 2022.

•Investment securities increased $61.0 million to $1.44 billion, or 17.4% of total assets, at December 31, 2022, from $1.38 billion, or 17.5% of total assets, at September 30, 2022.

•Deposits decreased $136.9 million, or 2.2%, to $5.97 billion at December 31, 2022, from $6.11 billion at September 30, 2022.

•Borrowings increased $532.1 million to $1.38 billion, or 16.7% of total assets, at December 31, 2022, from $851.5 million, or 10.8% of total assets, at September 30, 2022.

Performance Highlights

•Return on average assets was 0.10% for the quarter ended December 31, 2022 compared to 0.85% for the quarter ended September 30, 2022.

•Return on average equity was 0.90% and 7.38% for the quarters ended December 31, 2022 and September 30, 2022, respectively. Return on average tangible equity was 1.20% and 9.70% for those same comparative periods.

Net Interest Income and Net Interest Margin

•Net interest margin contracted 31 basis points to 2.38% for the quarter ended December 31, 2022, from 2.69% for the quarter ended September 30, 2022. The decrease was due largely to increases in the cost and average balance of interest-bearing liabilities, partially offset by increases in the yield and average balance of interest-earning assets.

•Net interest income decreased $3.7 million to $44.8 million for the quarter ended December 31, 2022, from $48.5 million for the quarter ended September 30, 2022. Included in net interest income for the quarters ended December 31, 2022 and September 30, 2022, respectively, was purchase accounting accretion of $1.9 million and $1.8 million, and loan prepayment penalty income of $166,000 and $441,000.

•Non-interest income decreased $14.4 million to a loss of $8.5 million for the quarter ended December 31, 2022, from income of $5.9 million for the quarter ended September 30, 2022. The decrease was primarily attributable to a loss of $15.2 million on the sale of securities for the quarter ended December 31, 2022.

•Income from bank owned life insurance decreased $1.9 million for the quarter ended December 31, 2022 as a result of $2.1 million in payouts on life insurance policies in the prior comparative period.

•Included in other income, during the quarter ended December 31, 2022, was a non-recurring gain of $2.9 million attributable to the sale of a former branch location.

Non-Interest Expense

•Non-interest expense increased $662,000 to $32.7 million for the quarter ended December 31, 2022, from $32.0 million for the quarter ended September 30, 2022. The increase was primarily attributable to $757,000 of non-recurring severance expense resulting from a workforce realignment.

•Other expense increased $684,000, largely due to a $353,000 increase in the provision for credit losses on unfunded commitments, a $230,000 increase in professional fees and a $147,000 increase in OREO expenses.

•Federal deposit insurance premium expense increased $320,000 to $1.2 million for the quarter ended December 31, 2022, largely driven by asset growth.

•Salaries and benefits expense decreased $427,000 to $19.9 million for the quarter ended December 31, 2022. This decrease was driven by lower salary, payroll tax and incentive compensation expense. Partially offsetting these decreases were non-recurring severance expense resulting from a workforce realignment and an increase in incentive payments tied to loan origination volume.

•The efficiency and non-interest expense ratios were 89.93% and 1.62%, respectively, for the quarter ended December 31, 2022, as compared to 58.75% and 1.65%, respectively, for the quarter ended September 30, 2022.

•Income tax expense totaled $33,000 for the quarter ended December 31, 2022 compared to $5.3 million for the quarter ended September 30, 2022, resulting in an effective tax rate of 1.7% and 24.1%, respectively. The decrease in the effective tax rate was primarily due to a year-to-date tax rate true-up which resulted from the loss on the sale of securities during the current quarter. The loss lowered the Company’s full year projected taxable income and income tax provision.

•The balance of non-performing assets decreased $14.8 million to $62.6 million, or 0.76% of total assets, at December 31, 2022, from $77.4 million, or 0.98% of total assets, at September 30, 2022. The decrease in non-performing assets was primarily attributable to loans previously on non-accrual returning to accrual status. During the current period, the Company acquired a $13.0 million nonresidential real estate property through foreclosure, which is included in the balance of non-performing assets.

•Net charge-offs totaled $407,000, or 0.03% of average loans, on an annualized basis, for the quarter ended December 31, 2022, compared to $115,000, or 0.01% of average loans, on an annualized basis, for the quarter ended September 30, 2022.

•For the quarter ended December 31, 2022, the Company recorded a provision for credit losses of $1.7 million, compared to $670,000 for the quarter ended September 30, 2022. The provision for the quarter ended December 31, 2022 was largely driven by loan growth, partially offset by a reduction in the qualitative component of the Company’s allowance for credit losses.

•The allowance for credit losses was $48.9 million, or 0.81% of total loans, at December 31, 2022, compared to $47.6 million, or 0.84% of total loans, at September 30, 2022.

•For the quarter ended December 31, 2022, book value per share increased $0.07, or 0.5%, to $12.95 and tangible book value per share increased $0.05, or 0.5%, to $9.78.

•During the quarter ended December 31, 2022, the Company repurchased 549,800 shares of common stock at a cost of $5.7 million, or $10.45 per share.

•At December 31, 2022, the Company’s tangible equity to tangible assets ratio equaled 8.16% and the regulatory capital ratios of both the Company and the Bank were in excess of the levels required by federal banking regulators to be classified as “well-capitalized” under regulatory guidelines.

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 has had, and may continue to have, an adverse impact on the Company, its clients and the communities it serves. Given its dynamic nature, it is difficult to predict the full impact of the COVID-19 pandemic on our business.


Linked-Quarter Comparative Financial Analysis

Kearny Financial Corp.

Consolidated Balance Sheets


(Dollars and Shares in Thousands, Except Per Share Data)	December 31, 2022			September 30, 2022			Variance or Change			Variance or Change Pct.

Assets
Cash and cash equivalents	$	75,660		$	96,076		$	(20,416)		-21.2	%
Securities available for sale	1,286,354			1,263,176			23,178			1.8	%
Securities held to maturity	153,786			115,943			37,843			32.6	%
Loans held-for-sale	12,940			12,936			4			—	%
Loans receivable	5,984,133			5,656,370			327,763			5.8	%
Less: allowance for credit losses on loans	(48,877)			(47,613)			1,264			2.7	%
Net loans receivable	5,935,256			5,608,757			326,499			5.8	%
Premises and equipment	50,953			52,642			(1,689)			-3.2	%
Federal Home Loan Bank stock	69,022			44,957			24,065			53.5	%
Accrued interest receivable	27,368			23,817			3,551			14.9	%
Goodwill	210,895			210,895			—			—	%
Core deposit intangible	2,732			2,876			(144)			-5.0	%
Bank owned life insurance	289,673			289,690			(17)			—	%
Deferred income taxes, net	51,107			54,278			(3,171)			-5.8	%
Other real estate owned	13,410			178			13,232			7433.7	%
Other assets	110,162			113,369			(3,207)			-2.8	%
Total assets	$	8,289,318		$	7,889,590		$	399,728		5.1	%

Liabilities
Deposits:
Non-interest-bearing	$	650,950		$	683,406		$	(32,456)		-4.7	%
Interest-bearing	5,320,421			5,424,872			(104,451)			-1.9	%
Total deposits	5,971,371			6,108,278			(136,907)			-2.2	%
Borrowings	1,383,573			851,454			532,119			62.5	%
Advance payments by borrowers for taxes	17,307			16,555			752			4.5	%
Other liabilities	44,427			38,329			6,098			15.9	%
Total liabilities	7,416,678			7,014,616			402,062			5.7	%

Stockholders' Equity
Common stock	674			680			(6)			-0.9	%
Paid-in capital	515,332			520,245			(4,913)			-0.9	%
Retained earnings	449,489			454,710			(5,221)			-1.1	%
Unearned ESOP shares	(23,834)			(24,321)			487			2.0	%
Accumulated other comprehensive loss	(69,021)			(76,340)			7,319			9.6	%
Total stockholders' equity	872,640			874,974			(2,334)			-0.3	%
Total liabilities and stockholders' equity	$	8,289,318		$	7,889,590		$	399,728		5.1	%

Consolidated capital ratios
Equity to assets	10.53		%	11.09		%	-0.56		%
Tangible equity to tangible assets (1)	8.16		%	8.61		%	-0.45		%

Share data
Outstanding shares	67,388			67,938			(550)			-0.8	%
Book value per share	$	12.95		$	12.88		$	0.07		0.5	%
Tangible book value per share (2)	$	9.78		$	9.73		$	0.05		0.5	%

_________________________

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

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

Kearny Financial Corp.

Consolidated Statements of Income


(Dollars and Shares in Thousands, Except Per Share Data)	Three Months Ended						Variance or Change			Variance or Change Pct.
	December 31, 2022			September 30, 2022
Interest income
Loans	$	57,996		$	52,935		$	5,061		9.6	%
Taxable investment securities	13,221			10,439			2,782			26.7	%
Tax-exempt investment securities	219			285			(66)			-23.2	%
Other interest-earning assets	1,005			761			244			32.1	%
Total interest income	72,441			64,420			8,021			12.5	%

Interest expense
Deposits	18,822			10,869			7,953			73.2	%
Borrowings	8,836			5,020			3,816			76.0	%
Total interest expense	27,658			15,889			11,769			74.1	%
Net interest income	44,783			48,531			(3,748)			-7.7	%
Provision for credit losses	1,671			670			1,001			149.4	%
Net interest income after provision for credit losses	43,112			47,861			(4,749)			-9.9	%

Non-interest income
Fees and service charges	734			763			(29)			-3.8	%
Loss on sale and call of securities	(15,227)			—			(15,227)			—	%
Gain on sale of loans	134			395			(261)			-66.1	%

Income from bank owned life insurance	1,761			3,698			(1,937)			-52.4	%
Electronic banking fees and charges	397			506			(109)			-21.5	%
Other income	3,723			555			3,168			570.8	%
Total non-interest income	(8,478)			5,917			(14,395)			-243.3	%

Non-interest expense
Salaries and employee benefits	19,921			20,348			(427)			-2.1	%
Net occupancy expense of premises	2,987			3,090			(103)			-3.3	%
Equipment and systems	3,867			3,662			205			5.6	%
Advertising and marketing	731			747			(16)			-2.1	%
Federal deposit insurance premium	1,226			906			320			35.3	%
Directors' compensation	339			340			(1)			-0.3	%
Other expense	3,579			2,895			684			23.6	%
Total non-interest expense	32,650			31,988			662			2.1	%
Income before income taxes	1,984			21,790			(19,806)			-90.9	%
Income taxes	33			5,255			(5,222)			-99.4	%
Net income	$	1,951		$	16,535		$	(14,584)		-88.2	%

Net income per common share (EPS)
Basic	$	0.03		$	0.25		$	(0.22)
Diluted	$	0.03		$	0.25		$	(0.22)

Dividends declared
Cash dividends declared per common share	$	0.11		$	0.11		$	—
Cash dividends declared	$	7,172		$	7,276		$	(104)
Dividend payout ratio	367.6		%	44.0		%	323.6		%

Weighted average number of common shares outstanding
Basic	65,030			65,737			(707)
Diluted	65,038			65,756			(718)

Kearny Financial Corp.

Average Balance Sheet Data


(Dollars in Thousands)	Three Months Ended						Variance or Change			Variance or Change Pct.
	December 31, 2022			September 30, 2022
Assets
Interest-earning assets:
Loans receivable, including loans held for sale	$	5,839,903		$	5,553,996		$	285,907		5.1	%
Taxable investment securities	1,527,578			1,516,974			10,604			0.7	%
Tax-exempt investment securities	37,917			48,973			(11,056)			-22.6	%
Other interest-earning assets	114,175			88,038			26,137			29.7	%
Total interest-earning assets	7,519,573			7,207,981			311,592			4.3	%
Non-interest-earning assets	550,519			570,225			(19,706)			-3.5	%
Total assets	$	8,070,092		$	7,778,206		$	291,886		3.8	%

Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	2,359,977		$	2,354,340		$	5,637		0.2	%
Savings	931,584			1,019,343			(87,759)			-8.6	%
Certificates of deposit	2,192,722			2,014,922			177,800			8.8	%
Total interest-bearing deposits	5,484,283			5,388,605			95,678			1.8	%
Borrowings:
Federal Home Loan Bank advances	997,148			642,399			354,749			55.2	%
Other borrowings	—			127,456			(127,456)			-100.0	%
Total borrowings	997,148			769,855			227,293			29.5	%
Total interest-bearing liabilities	6,481,431			6,158,460			322,971			5.2	%
Non-interest-bearing liabilities:
Non-interest-bearing deposits	666,846			667,624			(778)			-0.1	%
Other non-interest-bearing liabilities	56,721			56,431			290			0.5	%
Total non-interest-bearing liabilities	723,567			724,055			(488)			-0.1	%
Total liabilities	7,204,998			6,882,515			322,483			4.7	%
Stockholders' equity	865,094			895,691			(30,597)			-3.4	%
Total liabilities and stockholders' equity	$	8,070,092		$	7,778,206		$	291,886		3.8	%

Average interest-earning assets to average interest-bearing liabilities	116.02		%	117.04		%	-1.02		%	-0.9	%

Kearny Financial Corp.

Performance Ratio Highlights


	Three Months Ended				Variance or Change
	December 31, 2022		September 30, 2022
Average yield on interest-earning assets:
Loans receivable, including loans held for sale	3.97	%	3.81	%	0.16	%
Taxable investment securities	3.46	%	2.75	%	0.71	%
Tax-exempt investment securities (1)	2.32	%	2.33	%	-0.01	%
Other interest-earning assets	3.52	%	3.46	%	0.06	%
Total interest-earning assets	3.85	%	3.57	%	0.28	%

Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand	1.63	%	0.92	%	0.71	%
Savings	0.41	%	0.23	%	0.18	%
Certificates of deposit	1.50	%	0.97	%	0.53	%
Total interest-bearing deposits	1.37	%	0.81	%	0.56	%
Borrowings:
Federal Home Loan Bank advances	3.54	%	2.68	%	0.86	%
Other borrowings	—	%	2.26	%	-2.26	%
Total borrowings	3.54	%	2.61	%	0.93	%
Total interest-bearing liabilities	1.71	%	1.03	%	0.68	%

Interest rate spread (2)	2.14	%	2.54	%	-0.40	%
Net interest margin (3)	2.38	%	2.69	%	-0.31	%

Non-interest income to average assets (annualized)	-0.42	%	0.30	%	-0.72	%
Non-interest expense to average assets (annualized)	1.62	%	1.65	%	-0.03	%

Efficiency ratio (4)	89.93	%	58.75	%	31.18	%

Return on average assets (annualized)	0.10	%	0.85	%	-0.75	%
Return on average equity (annualized)	0.90	%	7.38	%	-6.48	%
Return on average tangible equity (annualized) (5)	1.20	%	9.70	%	-8.50	%

_________________________

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

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

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

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

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



Five-Quarter Financial Trend Analysis

Kearny Financial Corp.

Consolidated Balance Sheets


(Dollars and Shares in Thousands, Except Per Share Data)	December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
	(Unaudited)			(Unaudited)			(Audited)			(Unaudited)			(Unaudited)
Assets
Cash and cash equivalents	$	75,660		$	96,076		$	101,615		$	62,379		$	60,452
Securities available for sale	1,286,354			1,263,176			1,344,093			1,526,086			1,591,066
Securities held to maturity	153,786			115,943			118,291			121,853			53,142
Loans held-for-sale	12,940			12,936			28,874			2,822			12,549
Loans receivable	5,984,133			5,656,370			5,417,845			5,003,201			4,826,404
Less: allowance for credit losses on loans	(48,877)			(47,613)			(47,058)			(43,860)			(48,216)
Net loans receivable	5,935,256			5,608,757			5,370,787			4,959,341			4,778,188
Premises and equipment	50,953			52,642			53,281			53,727			54,067
Federal Home Loan Bank stock	69,022			44,957			47,144			30,997			36,622
Accrued interest receivable	27,368			23,817			20,466			19,517			18,495
Goodwill	210,895			210,895			210,895			210,895			210,895
Core deposit intangible	2,732			2,876			3,020			3,166			3,344
Bank owned life insurance	289,673			289,690			289,177			287,644			286,433
Deferred income taxes, net	51,107			54,278			49,350			34,349			25,709
Other real estate owned	13,410			178			178			401			658
Other assets	110,162			113,369			82,712			76,714			54,603
Total assets	$	8,289,318		$	7,889,590		$	7,719,883		$	7,389,891		$	7,186,223

Liabilities
Deposits:
Non-interest-bearing	$	650,950		$	683,406		$	653,899		$	621,954		$	604,805
Interest-bearing	5,320,421			5,424,872			5,208,357			4,906,708			4,849,220
Total deposits	5,971,371			6,108,278			5,862,256			5,528,662			5,454,025
Borrowings	1,383,573			851,454			901,337			851,220			686,105
Advance payments by borrowers for taxes	17,307			16,555			16,746			16,979			16,772
Other liabilities	44,427			38,329			45,544			37,861			33,851
Total liabilities	7,416,678			7,014,616			6,825,883			6,434,722			6,190,753

Stockholders' Equity
Common stock	674			680			687			714			735
Paid-in capital	515,332			520,245			528,396			561,176			587,392
Retained earnings	449,489			454,710			445,451			441,522			431,549
Unearned ESOP shares	(23,834)			(24,321)			(24,807)			(25,294)			(25,780)
Accumulated other comprehensive (loss) income	(69,021)			(76,340)			(55,727)			(22,949)			1,574
Total stockholders' equity	872,640			874,974			894,000			955,169			995,470
Total liabilities and stockholders' equity	$	8,289,318		$	7,889,590		$	7,719,883		$	7,389,891		$	7,186,223

Consolidated capital ratios
Equity to assets	10.53		%	11.09		%	11.58		%	12.93		%	13.85		%
Tangible equity to tangible assets (1)	8.16		%	8.61		%	9.06		%	10.33		%	11.21		%

Share data
Outstanding shares	67,388			67,938			68,666			71,424			73,453
Book value per share	$	12.95		$	12.88		$	13.02		$	13.37		$	13.55
Tangible book value per share (2)	$	9.78		$	9.73		$	9.90		$	10.38		$	10.64

_________________________

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

Kearny Financial Corp.

Supplemental Balance Sheet Highlights


(Dollars in Thousands)	December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
Loan portfolio composition:
Commercial loans:
Multi-family mortgage	$	2,851,721		$	2,570,297		$	2,409,090		$	2,076,003		$	2,007,431
Nonresidential mortgage	1,017,341			1,040,688			1,019,838			1,085,988			1,026,447
Commercial business	177,530			186,361			176,807			169,551			180,429
Construction	186,663			166,052			140,131			121,137			110,703
Total commercial loans	4,233,255			3,963,398			3,745,866			3,452,679			3,325,010
One- to four-family residential mortgage	1,719,514			1,666,730			1,645,816			1,527,980			1,477,267
Consumer loans:
Home equity loans	45,690			43,269			42,028			41,501			43,934
Other consumer	2,648			2,869			2,866			2,755			3,040
Total consumer loans	48,338			46,138			44,894			44,256			46,974
Total loans, excluding yield adjustments	6,001,107			5,676,266			5,436,576			5,024,915			4,849,251
Unaccreted yield adjustments	(16,974)			(19,896)			(18,731)			(21,714)			(22,847)
Loans receivable, net of yield adjustments	5,984,133			5,656,370			5,417,845			5,003,201			4,826,404
Less: allowance for credit losses on loans	(48,877)			(47,613)			(47,058)			(43,860)			(48,216)
Net loans receivable	$	5,935,256		$	5,608,757		$	5,370,787		$	4,959,341		$	4,778,188

Asset quality:
Nonperforming assets:
Accruing loans - 90 days and over past due	$	—		$	—		$	—		$	—		$	—
Nonaccrual loans	40,549			68,574			70,321			80,595			72,138
Total nonperforming loans	40,549			68,574			70,321			80,595			72,138
Nonaccrual loans held-for-sale	8,650			8,650			21,745			—			—
Other real estate owned	13,410			178			178			401			658
Total nonperforming assets	$	62,609		$	77,402		$	92,244		$	80,996		$	72,796

Nonperforming loans (% total loans)	0.68		%	1.21		%	1.30		%	1.61		%	1.49		%
Nonperforming assets (% total assets)	0.76		%	0.98		%	1.19		%	1.10		%	1.01		%

Classified loans	$	86,069		$	92,610		$	94,555		$	163,621		$	162,174

Allowance for credit losses on loans (ACL):
ACL to total loans	0.81		%	0.84		%	0.87		%	0.87		%	0.99		%
ACL to nonperforming loans	120.54		%	69.43		%	66.92		%	54.42		%	66.84		%
Net charge-offs	$	407		$	115		$	1,024		$	436		$	1,149
Average net charge-off rate (annualized)	0.03		%	0.01		%	0.08		%	0.04		%	0.10		%

Funding composition:
Deposits:
Non-interest-bearing deposits	$	650,950		$	683,406		$	653,899		$	621,954		$	604,805
Interest-bearing demand	2,316,485			2,382,411			2,265,597			2,154,488			2,106,693
Savings	901,514			982,916			1,053,198			1,088,974			1,087,740
Certificates of deposit (retail)	1,354,907			1,263,124			1,116,035			1,122,228			1,184,530
Certificates of deposit (brokered and listing service)	747,515			796,421			773,527			541,018			470,257
Interest-bearing deposits	5,320,421			5,424,872			5,208,357			4,906,708			4,849,220
Total deposits	5,971,371			6,108,278			5,862,256			5,528,662			5,454,025

Borrowings:
Federal Home Loan Bank advances	1,256,573			796,454			651,337			541,220			666,105
Overnight borrowings	127,000			55,000			250,000			310,000			20,000
Total borrowings	1,383,573			851,454			901,337			851,220			686,105

Total funding	$	7,354,944		$	6,959,732		$	6,763,593		$	6,379,882		$	6,140,130

Loans as a % of deposits	99.6		%	92.0		%	92.1		%	89.8		%	87.8		%
Deposits as a % of total funding	81.2		%	87.8		%	86.7		%	86.7		%	88.8		%
Borrowings as a % of total funding	18.8		%	12.2		%	13.3		%	13.3		%	11.2		%

Kearny Financial Corp.

Consolidated Statements of Income


	Three Months Ended
(Dollars and Shares in Thousands, Except Per Share Data)	December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
Interest income
Loans	$	57,996		$	52,935		$	48,869		$	45,846		$	47,575
Taxable investment securities	13,221			10,439			8,915			8,024			7,595
Tax-exempt investment securities	219			285			297			316			327
Other interest-earning assets	1,005			761			472			415			415
Total interest income	72,441			64,420			58,553			54,601			55,912

Interest expense
Deposits	18,822			10,869			3,915			3,565			3,663
Borrowings	8,836			5,020			4,039			3,309			3,562
Total interest expense	27,658			15,889			7,954			6,874			7,225
Net interest income	44,783			48,531			50,599			47,727			48,687
Provision for (reversal of) credit losses	1,671			670			4,222			(3,920)			(2,420)
Net interest income after provision for (reversal of) credit losses	43,112			47,861			46,377			51,647			51,107

Non-interest income
Fees and service charges	734			763			658			617			698
(Loss) gain on sale and call of securities	(15,227)			—			(563)			3			—
Gain on sale of loans	134			395			187			376			970
(Loss) gain on sale of other real estate owned	—			—			(9)			14			—
Income from bank owned life insurance	1,761			3,698			1,533			1,511			1,562
Electronic banking fees and charges	397			506			366			432			421
Other income	3,723			555			638			238			482
Total non-interest income	(8,478)			5,917			2,810			3,191			4,133

Non-interest expense
Salaries and employee benefits	19,921			20,348			20,367			19,184			18,096
Net occupancy expense of premises	2,987			3,090			3,188			3,223			3,156
Equipment and systems	3,867			3,662			4,516			3,822			3,723
Advertising and marketing	731			747			703			516			448
Federal deposit insurance premium	1,226			906			762			480			721
Directors' compensation	339			340			340			340			649
Other expense	3,579			2,895			3,736			3,058			2,877
Total non-interest expense	32,650			31,988			33,612			30,623			29,670
Income before income taxes	1,984			21,790			15,575			24,215			25,570
Income taxes	33			5,255			4,205			6,522			6,801
Net income	$	1,951		$	16,535		$	11,370		$	17,693		$	18,769

Net income per common share (EPS)
Basic	$	0.03		$	0.25		$	0.17		$	0.25		$	0.26
Diluted	$	0.03		$	0.25		$	0.17		$	0.25		$	0.26

Dividends declared
Cash dividends declared per common share	$	0.11		$	0.11		$	0.11		$	0.11		$	0.11
Cash dividends declared	$	7,172		$	7,276		$	7,441		$	7,720		$	7,921
Dividend payout ratio	367.6		%	44.0		%	65.4		%	43.6		%	42.2		%

Weighted average number of common shares outstanding
Basic	65,030			65,737			67,240			69,790			72,011
Diluted	65,038			65,756			67,276			69,817			72,037

Kearny Financial Corp.

Average Balance Sheet Data


	Three Months Ended
(Dollars in Thousands)	December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
Assets
Interest-earning assets:
Loans receivable, including loans held-for-sale	$	5,839,903		$	5,553,996		$	5,181,983		$	4,850,236		$	4,822,959
Taxable investment securities	1,527,578			1,516,974			1,608,372			1,620,996			1,610,395
Tax-exempt investment securities	37,917			48,973			51,672			55,390			57,686
Other interest-earning assets	114,175			88,038			87,990			79,644			77,811
Total interest-earning assets	7,519,573			7,207,981			6,930,017			6,606,266			6,568,851
Non-interest-earning assets	550,519			570,225			564,734			601,684			611,390
Total assets	$	8,070,092		$	7,778,206		$	7,494,751		$	7,207,950		$	7,180,241

Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	2,359,977		$	2,354,340		$	2,155,946		$	2,133,977		$	2,027,021
Savings	931,584			1,019,343			1,077,631			1,088,351			1,086,903
Certificates of deposit	2,192,722			2,014,922			1,701,725			1,650,048			1,693,423
Total interest-bearing deposits	5,484,283			5,388,605			4,935,302			4,872,376			4,807,347
Borrowings:
Federal Home Loan Bank advances	997,148			642,399			752,579			632,811			666,029
Other borrowings	—			127,456			185,901			51,667			26,033
Total borrowings	997,148			769,855			938,480			684,478			692,062
Total interest-bearing liabilities	6,481,431			6,158,460			5,873,782			5,556,854			5,499,409
Non-interest-bearing liabilities:
Non-interest-bearing deposits	666,846			667,624			640,200			624,152			624,200
Other non-interest-bearing liabilities	56,721			56,431			56,636			49,455			50,870
Total non-interest-bearing liabilities	723,567			724,055			696,836			673,607			675,070
Total liabilities	7,204,998			6,882,515			6,570,618			6,230,461			6,174,479
Stockholders' equity	865,094			895,691			924,133			977,489			1,005,762
Total liabilities and stockholders' equity	$	8,070,092		$	7,778,206		$	7,494,751		$	7,207,950		$	7,180,241

Average interest-earning assets to average interest-bearing liabilities	116.02		%	117.04		%	117.98		%	118.89		%	119.45		%

Kearny Financial Corp.

Performance Ratio Highlights


	Three Months Ended
	December 31, 2022		September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021
Average yield on interest-earning assets:
Loans receivable, including loans held-for-sale	3.97	%	3.81	%	3.77	%	3.78	%	3.95	%
Taxable investment securities	3.46	%	2.75	%	2.22	%	1.98	%	1.89	%
Tax-exempt investment securities (1)	2.32	%	2.33	%	2.30	%	2.28	%	2.26	%
Other interest-earning assets	3.52	%	3.46	%	2.15	%	2.08	%	2.13	%
Total interest-earning assets	3.85	%	3.57	%	3.38	%	3.31	%	3.40	%

Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand	1.63	%	0.92	%	0.31	%	0.22	%	0.22	%
Savings	0.41	%	0.23	%	0.11	%	0.10	%	0.11	%
Certificates of deposit	1.50	%	0.97	%	0.46	%	0.52	%	0.53	%
Total interest-bearing deposits	1.37	%	0.81	%	0.32	%	0.29	%	0.30	%
Borrowings:
Federal Home Loan Bank advances	3.54	%	2.68	%	1.96	%	2.08	%	2.14	%
Other borrowings	—	%	2.26	%	0.77	%	0.17	%	0.09	%
Total borrowings	3.54	%	2.61	%	1.72	%	1.93	%	2.06	%
Total interest-bearing liabilities	1.71	%	1.03	%	0.54	%	0.49	%	0.53	%

Interest rate spread (2)	2.14	%	2.54	%	2.84	%	2.82	%	2.87	%
Net interest margin (3)	2.38	%	2.69	%	2.92	%	2.89	%	2.96	%

Non-interest income to average assets (annualized)	-0.42	%	0.30	%	0.15	%	0.18	%	0.23	%
Non-interest expense to average assets (annualized)	1.62	%	1.65	%	1.79	%	1.70	%	1.65	%

Efficiency ratio (4)	89.93	%	58.75	%	62.93	%	60.14	%	56.17	%

Return on average assets (annualized)	0.10	%	0.85	%	0.61	%	0.98	%	1.05	%
Return on average equity (annualized)	0.90	%	7.38	%	4.92	%	7.24	%	7.46	%
Return on average tangible equity (annualized) (5)	1.20	%	9.70	%	6.40	%	9.27	%	9.49	%

_________________________

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

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

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

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

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

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

Kearny Financial Corp.

Reconciliation of GAAP to Non-GAAP


	Three Months Ended
(Dollars and Shares in Thousands, Except Per Share Data)	December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
Adjusted net income:
Net income (GAAP)	$	1,951		$	16,535		$	11,370		$	17,693		$	18,769
Non-recurring transactions - net of tax:
Net effect of sale and call of securities	10,811			—			400			(2)			—
Net effect of sale of other assets	(2,081)			—			—			—			(251)
Severance expense from workforce realignment	538			—			—			—			—

Branch consolidation expenses and impairment charges	—			—			—			—			132
Adjusted net income	$	11,219		$	16,535		$	12,338		$	17,691		$	18,650

Calculation of pre-tax, pre-provision net revenue:
Net income (GAAP)	$	1,951		$	16,535		$	11,370		$	17,693		$	18,769
Adjustments to net income (GAAP):
Provision for income taxes	33			5,255			4,205			6,522			6,801
Provision for (reversal of) credit losses	1,671			670			4,222			(3,920)			(2,420)
Pre-tax, pre-provision net revenue (non-GAAP)	$	3,655		$	22,460		$	19,797		$	20,295		$	23,150

Adjusted earnings per share:
Weighted average common shares - basic	65,030			65,737			67,240			69,790			72,011
Weighted average common shares - diluted	65,038			65,756			67,276			69,817			72,037

Earnings per share - basic (GAAP)	$	0.03		$	0.25		$	0.17		$	0.25		$	0.26
Earnings per share - diluted (GAAP)	$	0.03		$	0.25		$	0.17		$	0.25		$	0.26

Adjusted earnings per share - basic (non-GAAP)	$	0.17		$	0.25		$	0.18		$	0.25		$	0.26
Adjusted earnings per share - diluted (non-GAAP)	$	0.17		$	0.25		$	0.18		$	0.25		$	0.26

Pre-tax, pre-provision net revenue per share:
Pre-tax, pre-provision net revenue per share - basic (non-GAAP)	$	0.06		$	0.34		$	0.29		$	0.29		$	0.32
Pre-tax, pre-provision net revenue per share - diluted (non-GAAP)	$	0.06		$	0.34		$	0.29		$	0.29		$	0.32

Adjusted return on average assets:
Total average assets	$	8,070,092		$	7,778,206		$	7,494,751		$	7,207,950		$	7,180,241

Return on average assets (GAAP)	0.10		%	0.85		%	0.61		%	0.98		%	1.05		%
Adjusted return on average assets (non-GAAP)	0.56		%	0.85		%	0.66		%	0.98		%	1.04		%

Adjusted return on average equity:
Total average equity	$	865,094		$	895,691		$	924,133		$	977,489		$	1,005,762

Return on average equity (GAAP)	0.90		%	7.38		%	4.92		%	7.24		%	7.46		%
Adjusted return on average equity (non-GAAP)	5.19		%	7.38		%	5.34		%	7.24		%	7.42		%

Kearny Financial Corp.

Reconciliation of GAAP to Non-GAAP


	Three Months Ended
(Dollars and Shares in Thousands, Except Per Share Data)	December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
Adjusted return on average tangible equity:
Total average equity	$	865,094		$	895,691		$	924,133		$	977,489		$	1,005,762
Less: average goodwill	(210,895)			(210,895)			(210,895)			(210,895)			(210,895)
Less: average other intangible assets	(2,826)			(2,971)			(3,116)			(3,282)			(3,462)
Total average tangible equity	$	651,373		$	681,825		$	710,122		$	763,312		$	791,405

Return on average tangible equity (non-GAAP)	1.20		%	9.70		%	6.40		%	9.27		%	9.49		%
Adjusted return on average tangible equity (non-GAAP)	6.89		%	9.70		%	6.95		%	9.27		%	9.43		%

Adjusted non-interest expense ratio:
Non-interest expense (GAAP)	$	32,650		$	31,988		$	33,612		$	30,623		$	29,670
Non-recurring transactions:
Severance expense from workforce realignment	(757)			—			—			—			—
Early contract termination	—			—			(800)			—			—
Branch consolidation expenses and impairment charges	—			—			—			—			(187)
Non-interest expense (non-GAAP)	$	31,893		$	31,988		$	32,812		$	30,623		$	29,483

Non-interest expense ratio (GAAP)	1.62		%	1.65		%	1.79		%	1.70		%	1.65		%
Adjusted non-interest expense ratio (non-GAAP)	1.58		%	1.65		%	1.75		%	1.70		%	1.64		%

Adjusted efficiency ratio:
Non-interest expense (non-GAAP)	$	31,893		$	31,988		$	32,812		$	30,623		$	29,483

Net interest income (GAAP)	$	44,783		$	48,531		$	50,599		$	47,727		$	48,687
Total non-interest income (GAAP)	(8,478)			5,917			2,810			3,191			4,133
Non-recurring transactions:
Net effect of sale and call of securities	15,227			—			563			(3)			—
Net effect of sale of other assets	(2,931)			—			—			—			(356)
Total revenue (non-GAAP)	$	48,601		$	54,448		$	53,972		$	50,915		$	52,464

Efficiency ratio (GAAP)	89.93		%	58.75		%	62.93		%	60.14		%	56.17		%
Adjusted efficiency ratio (non-GAAP)	65.62		%	58.75		%	60.79		%	60.15		%	56.20		%

JANUARY 26, 2023 I N V E S T O R P R E S E N T A T I O N S E C O N D Q U A R T E R F I S C A L 2 0 2 3 Exhibit 99.2

Forward Looking Statements 2

Kearny Financial Corp. NASDAQ: KRNY Market Cap: $706.9 million1 Founded in 1884 Top 10 New Jersey-based financial institution by assets 45 full-service branches2 in 12 counties throughout New Jersey and New York City Active acquirer, having completed 7 whole-bank acquisitions since 1999 1 As of January 23, 2023 2 As of December 31, 2022 Source: S&P Global Market Intelligence & Company Filings 3

138 Years of Serving our Communities and Clients 44

Financial Highlights Source: Company Filings 55 Profitability and Performance Ratios ($ in millions, except per share data) 2Q23 1Q23 2Q22 Net Income $2.0 $16.5 $18.8 Earnings per share $0.03 $0.25 $0.26 Net Interest Income $44.8 $48.5 $48.7 Net Interest Margin 2.38% 2.69% 2.96% Return on Average Assets 0.10% 0.85% 1.05% Return on Average Equity 0.90% 7.38% 7.46% Return on Average Tangible Equity 1.20% 9.70% 9.49% GAAP Reported During the quarter ended December 31, 2022: Completed the restructuring of a portion of our investment securities portfolio Adopted a Company-wide operating efficiency initiative targeting a 5-10% reduction in annual operating expense These initiatives resulted in various non-recurring charges, which adversely impacted this quarter’s net income

Equity & Capitalization Equity Capitalization Level 11.21% 10.33% 9.06% 8.61% 8.16% 13.85% 12.93% 11.58% 11.09% 10.53% 2Q22 3Q22 4Q22 1Q23 2Q23 Tangible Common Equity / Tangible Assets Equity / Assets 1 Kearny Regulatory Capital Ratios as of December 31, 2022 are preliminary. 2 S&P U.S. Small Cap Banks Index comprised of 255 constituents, based on September 30, 2022 results. Source: Company Filings 66 9.18% 13.14% 13.14% 13.78% 9.49% 11.27% 11.50% 14.00% Tier 1 Leverage Common Equity Tier 1 Tier 1 Risk-Based Capital Total Risk-Based Capital KRNY S&P US Small Cap Banks Regulatory Capital Ratios1,2

Earnings Performance Earnings per Share Net Income ($ millions) Source: Company Filings Return on Average Assets (ROAA) Return on Average Tangible Equity (ROATE) 77 $0.26 $0.25 $0.03 2Q22 1Q23 2Q23 $18.8 $16.5 $2.0 2Q22 1Q23 2Q23 1.05% 0.85% 0.10% 2Q22 1Q23 2Q23 7.46% 7.38% 0.90% 2Q22 1Q23 2Q23

Deposits Deposit Composition1 Deposit Growth $1,185 $1,122 $1,116 $1,263 $1,355 $469 $541 $773 $797 $747 $1,088 $1,089 $1,053 $983 $902 $2,107 $2,155 $2,266 $2,382 $2,316 $605 $622 $654 $683 $651 $5,454 $5,529 $5,862 $6,108 $5,971 2Q22 3Q22 4Q22 1Q23 2Q23 ($ millions) As of December 31, 2022, the Bank operates 45 full-service branches Consolidated 16 branches over a four-year period QTD Cost of Deposits 1.37% 22.7% 12.5% 15.1% 38.8% 10.9% Retail CDs Wholesale CDs Savings Interest bearing DDA Noninterest bearing DDA 1 For the quarter ended December 31, 2022. Source: S&P Global Market Intelligence & Company Filings 88

Investment Securities Securities Composition1 1 For the quarter ended December 31, 2022. 2 Comprised entirely of securitized federal education loans with 97% U.S. government guarantees. Source: S&P Global Market Intelligence & Company Filings 99 $1,644 $1,648 $1,462 $1,379 $1,440 1.90% 1.99% 2.22% 2.74% 3.43% 2Q22 3Q22 4Q22 1Q23 2Q23 ($ millions) Securities Balance & Yield Trend 10.1% 26.7% 11.0% 50.9% 1.3% Corporate Bonds CLO ABS Student Loans Agency MBS Municipal Bonds 2

Portfolio Lending Loan Composition1 Geographic Distribution2Loan Growth $1,521 $1,569 $1,688 $1,710 $1,765 $2,007 $2,076 $2,409 $2,570 $2,852 $1,026 $1,086 $1,020 $1,041 $1,017$4,849 $5,025 $5,437 $5,676 $6,001 2Q22 3Q22 4Q22 1Q23 2Q23 1-4 Family Multifamily CRE C&D Other ($ millions) Grew net loans by 5.8% from the prior quarter ended September 30, 2022 The weighted average loan-to-value ratio1 for our real estate secured loans was 62% 1 For the quarter ended December 31, 2022. 2 As of December 31, 2022 Source: S&P Global Market Intelligence & Company Filings QTD Yield on Loans 3.97% 28.7% 0.8% 47.5% 16.9% 3.1% 3.0% 1-4 Family Home Equity Multifamily CRE Construction Consumer Commercial 1010 New York (Ex. Brooklyn) 17.2% Brooklyn 18.3% New Jersey 55.0% Pennsylvania 5.3% Other 4.2%

Asset Quality Net Charge-Offs / Average Loans Non-Performing Assets / Total Assets Non-Performing Loans1 Allowance for Credit Losses 1 As of December 31, 2022; amounts shown in millions. Source: S&P Global Market Intelligence & Company Filings 1.01% 1.10% 1.19% 0.98% 0.76% 0.60% 0.80% 1.00% 1.20% 1.40% 2Q22 3Q22 4Q22 1Q23 2Q23 $48.2 $43.9 $47.1 $47.6 $48.9 0.99% 0.87% 0.87% 0.84% 0.81% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% $0.0 $20.0 $40.0 $60.0 $80.0 2Q22 3Q22 4Q22 1Q23 2Q23 ACL Balance ACL to Total Loans Receivable ($ millions) 1111 NPL's $40.5MM $16.3 $17.9 $0.3 $6.0 Multi-family Non-Residential Commercial Construction Residential Home Equity Other Consumer 0.10% 0.04% 0.08% 0.01% 0.03% -0.05% 0.00% 0.05% 0.10% 0.15% 2Q22 3Q22 4Q22 1Q23 2Q23

M&A History and Strategy Experienced and disciplined acquirer and integrator Opportunistic acquisition strategy with an emphasis on: Low premium deals Similar or complementary business models Expansion in existing or contiguous markets Cultural compatibility Focus on limiting tangible book value dilution and earn-back periods while generating strong EPS accretion and operating leverage 1212

Select Technology Partners 1313

Cover	Jan. 26, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	Jan. 26, 2023
Entity Incorporation, State or Country Code	MD
Entity File Number	001-37399
Entity Tax Identification Number	30-0870244
Entity Address, Address Line One	120 Passaic Avenue
Entity Address, City or Town	Fairfield
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07004
City Area Code	(973)
Local Phone Number	244-4500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(g) Security	Common Stock, $0.01 par value
Trading Symbol	KRNY
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0001617242
Entity Registrant Name	KEARNY FINANCIAL CORP.