8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_____________________________

FORM 8-K

_____________________________

CURRENT REPORT

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

Date of Report (Date of earliest event reported): October 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 October 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 September 30, 2023.

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 October 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. 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 and shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933.

In addition, on October 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 99.3 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 October 26, 2023, the Company’s Board of Directors announced a quarterly cash dividend of $0.11 per share, payable on November 22, 2023 to stockholders of record as of November 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.

(d)Exhibits.

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

SIGNATURES

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

	KEARNY FINANCIAL CORP.
Date: October 26, 2023	By:	/s/ Keith Suchodolski
		Keith Suchodolski
		Senior Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

October 26, 2023

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.

(973) 244-4500

KEARNY FINANCIAL CORP. ANNOUNCES FIRST QUARTER FISCAL 2024 RESULTS

AND DECLARATION OF CASH DIVIDEND

Fairfield, N.J., October 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 September 30, 2023 of $9.8 million, or $0.16 per diluted share, compared to $12.0 million, or $0.19 per diluted share, for the quarter ended June 30, 2023.

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

Craig L. Montanaro, President and Chief Executive Officer, commented,“In the face of ongoing industry-wide macro-economic headwinds we continue to execute strategies to mitigate risk, manage our operating expenses and support the long-term franchise value of the Company. To that end, this quarter we de-levered our balance sheet by an additional $90 million, meaningfully slowed net interest margin compression and continued to focus on building high-value loan and deposit relationships. To further support these efforts we have formed a new Corporate Banking division under the executive leadership of our Chief Banking Officer, Anthony Bilotta. This division has been staffed with seasoned banking professionals whose sole focus is the origination of stable, long-term, non-interest-bearing deposits of corporate clients.”

Mr. Montanaro continued, “I am further pleased to announce that, subsequent to quarter end, we launched our enhanced digital banking platform, which expands our client-facing online and mobile capabilities while providing a state-of-the-art user experience. Our continued focus on digital engagement complements our high-touch, personalized service model and allows us to expand our brand into new markets in an efficient and cost-effective manner.”

Balance Sheet

•Total assets were $7.97 billion at September 30, 2023, a decrease of $89.9 million, or 1.1%, from June 30, 2023.

•Investment securities totaled $1.36 billion at September 30, 2023, a decrease of $14.8 million, or 1.1%, from June 30, 2023.

•Loans receivable totaled $5.74 billion at September 30, 2023, a decrease of $93.4 million, or 1.6%, from June 30, 2023. The decrease for the quarter was largely driven by decreases in multi-family and nonresidential mortgage loans.

•Deposits were $5.43 billion at September 30, 2023, a decrease of $195.0 million, or 3.5%, from June 30, 2023. The decrease in deposits was largely concentrated in retail and brokered certificates of deposits and consumer savings.

•The aggregate amount of uninsured deposits was $1.73 billion at September 30, 2023. Excluding collateralized deposits of state and local governments and deposits of the Bank’s wholly-owned subsidiary and holding company, the aggregate amount of uninsured deposits was $683.3 million, or 12.6% of total deposits.

•Borrowings were $1.63 billion at September 30, 2023, an increase of $120.1 million, or 8.0%, from June 30, 2023. The increase in borrowings was driven by an increase in advances from the Federal Home Loan Bank of New York and resulted from the deposit decline previously disclosed.

•At September 30, 2023, the Company maintained available secured borrowing capacity of $2.09 billion, of which $1.65 billion was immediately accessible via in-place collateral and $444.3 million represented the market value of unpledged securities.

1

Earnings

Performance Highlights

•Return on average assets was 0.49% and 0.59% for the quarters ended September 30, 2023 and June 30, 2023, respectively.

•Return on average equity was 4.57% and 5.58% for the quarters ended September 30, 2023 and June 30, 2023, respectively.

•Return on average tangible equity was 6.07% and 7.41% for the quarters ended September 30, 2023 and June 30, 2023, respectively.

Net Interest Income and Net Interest Margin

•Net interest margin contracted one basis point to 2.10% for the quarter ended September 30, 2023. The decrease for the quarter was driven by an increase in the cost of interest-bearing liabilities and a decrease in the average balance of interest-earning assets, largely offset by a higher average yield on interest-earning assets.

•For the quarter ended September 30, 2023, net interest income decreased $1.0 million to $39.2 million from $40.2 million for the quarter ended June 30, 2023. Included in net interest income for the quarters ended September 30, 2023 and June 30, 2023, respectively, was purchase accounting accretion of $650,000 and $887,000, and loan prepayment penalty income of $267,000 and $185,000.

Non-Interest Income

•For the quarter ended September 30, 2023, non-interest income increased $344,000 from the quarter ended June 30, 2023 to $4.0 million. The increase was primarily attributable to higher income from the investment services division and the impact of a loss on the sale of real estate during the prior comparative period.

Non-Interest Expense

•For the quarter ended September 30, 2023, non-interest expense increased $1.0 million, or 3.5%, to $29.8 million from $28.8 million for the quarter ended June 30, 2023. The increase was primarily attributable to a $446,000 increase in compensation expense and a $205,000 increase in real estate owned expenses, partially offset by a $104,000 decrease in occupancy expense attributable to our previously announced branch closures.

•Equipment and systems expense increased $290,000 from the quarter ended June 30, 2023 due to a non-recurring vendor expense credit that was recorded in the prior comparative period.

•The efficiency and non-interest expense ratios were 68.97% and 1.49%, respectively, for the quarter ended September 30, 2023, as compared to 65.60% and 1.41%, respectively, for the quarter ended June 30, 2023.

Income Taxes

•Income tax expense totaled $3.3 million for the quarter ended September 30, 2023 compared to $3.4 million for the quarter ended June 30, 2023, resulting in an effective tax rate of 25.2% and 21.9%, respectively. The effective tax rate for the current quarter was elevated due to the discrete tax cost associated with the vesting of certain stock-based compensation awards.

2

Asset Quality

•The balance of non-performing assets decreased $4.7 million to $50.9 million, or 0.64% of total assets, at September 30, 2023, from $55.6 million, or 0.69% of total assets, at June 30, 2023.

•Net charge-offs totaled $2.1 million, or 0.15% of average loans, on an annualized basis, for the quarter ended September 30, 2023, compared to $82,000, or 0.01% of average loans, on an annualized basis, for the quarter ended June 30, 2023. All of the charge-offs recorded during the quarter ended September 30, 2023 had previously been individually reserved for within the allowance for credit losses.

•For the quarter ended September 30, 2023, the Company recorded a provision for credit losses of $245,000, compared to a reversal of credit losses of $306,000 for the quarter ended June 30, 2023. The provision for credit loss expense for the quarter ended September 30, 2023 was largely driven by an increase in reserves on individually analyzed loans and a slower prepayment rate assumption, partially offset by a decrease in the balance of loans receivable.

•The allowance for credit losses was $46.9 million, or 0.81% of total loans, at September 30, 2023, compared to $48.7 million, or 0.83% of total loans, at June 30, 2023.

Capital

•During the quarter ended September 30, 2023, the Company repurchased 817,607 shares of common stock at a cost of $6.4 million, or $7.84 per share.

•For the quarter ended September 30, 2023, book value per share decreased $0.16, or 1.2%, to $13.04 while tangible book value per share decreased $0.19, or 1.9%, to $9.77. These decreases were largely driven by an increase in accumulated other comprehensive loss.

•At September 30, 2023, total stockholders’ equity included after-tax net unrealized losses on securities available for sale of $131.4 million, partially offset by after-tax unrealized gains on derivatives of $44.8 million. After-tax net unrecognized losses on securities held to maturity of $14.7 million were not reflected in total stockholders’ equity.

•At September 30, 2023, the Company’s tangible equity to tangible assets ratio equaled 8.20% and the regulatory capital ratios of both the Company and the Bank were in excess of the levels required by federal banking regulators to be classified as “well-capitalized” under regulatory guidelines.

This earnings release should be read in conjunction with Kearny Financial Corp.’s Q1 2024 Investor Presentation, a copy of which is available through the Investor Relations link located at the bottom of the page of our website at www.kearnybank.com and via a Current Report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov.

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

Category: Earnings

3

Linked-Quarter Comparative Financial Analysis

Kearny Financial Corp.

Consolidated Balance Sheets

(Dollars and Shares in Thousands, Except Per Share Data)	September 30, 2023			June 30, 2023			Variance or Change			Variance or Change Pct.
	(Unaudited)			(Audited)
Assets
Cash and cash equivalents	$	57,219		$	70,515		$	(13,296)		-18.9	%
Securities available for sale	1,215,633			1,227,729			(12,096)			-1.0	%
Securities held to maturity	143,730			146,465			(2,735)			-1.9	%
Loans held-for-sale	3,934			9,591			(5,657)			-59.0	%
Loans receivable	5,736,049			5,829,421			(93,372)			-1.6	%
Less: allowance for credit losses on loans	(46,872)			(48,734)			(1,862)			-3.8	%
Net loans receivable	5,689,177			5,780,687			(91,510)			-1.6	%
Premises and equipment	46,868			48,309			(1,441)			-3.0	%
Federal Home Loan Bank stock	81,509			71,734			9,775			13.6	%
Accrued interest receivable	29,766			28,133			1,633			5.8	%
Goodwill	210,895			210,895			—			—	%
Core deposit intangible	2,323			2,457			(134)			-5.5	%
Bank owned life insurance	294,491			292,825			1,666			0.6	%
Deferred income taxes, net	56,500			51,973			4,527			8.7	%
Other real estate owned	12,956			12,956			—			—	%
Other assets	129,865			110,546			19,319			17.5	%
Total assets	$	7,974,866		$	8,064,815		$	(89,949)		-1.1	%
Liabilities
Deposits:
Non-interest-bearing	$	595,141		$	609,999		$	(14,858)		-2.4	%
Interest-bearing	4,839,027			5,019,184			(180,157)			-3.6	%
Total deposits	5,434,168			5,629,183			(195,015)			-3.5	%
Borrowings	1,626,933			1,506,812			120,121			8.0	%
Advance payments by borrowers for taxes	16,907			18,338			(1,431)			-7.8	%
Other liabilities	47,324			41,198			6,126			14.9	%
Total liabilities	7,125,332			7,195,531			(70,199)			-1.0	%
Stockholders' Equity
Common stock	652			659			(7)			-1.1	%
Paid-in capital	497,269			503,332			(6,063)			-1.2	%
Retained earnings	460,464			457,611			2,853			0.6	%
Unearned ESOP shares	(22,375)			(22,862)			487			2.1	%
Accumulated other comprehensive loss	(86,476)			(69,456)			(17,020)			-24.5	%
Total stockholders' equity	849,534			869,284			(19,750)			-2.3	%
Total liabilities and stockholders' equity	$	7,974,866		$	8,064,815		$	(89,949)		-1.1	%
Consolidated capital ratios
Equity to assets	10.65		%	10.78		%	-0.13		%
Tangible equity to tangible assets (1)	8.20		%	8.35		%	-0.15		%
Share data
Outstanding shares	65,132			65,864			(732)			-1.1	%
Book value per share	$	13.04		$	13.20		$	(0.16)		-1.2	%
Tangible book value per share (2)	$	9.77		$	9.96		$	(0.19)		-1.9	%

_________________________

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

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

4

Kearny Financial Corp.

Consolidated Statements of Income

(Unaudited)

(Dollars and Shares in Thousands, Except Per Share Data)	Three Months Ended						Variance or Change			Variance or Change Pct.
	September 30, 2023			June 30, 2023
Interest income
Loans	$	62,769		$	62,044		$	725		1.2	%
Taxable investment securities	16,265			15,736			529			3.4	%
Tax-exempt investment securities	87			91			(4)			-4.4	%
Other interest-earning assets	2,047			1,821			226			12.4	%
Total interest income	81,168			79,692			1,476			1.9	%
Interest expense
Deposits	27,567			26,226			1,341			5.1	%
Borrowings	14,441			13,286			1,155			8.7	%
Total interest expense	42,008			39,512			2,496			6.3	%
Net interest income	39,160			40,180			(1,020)			-2.5	%
Provision for (reversal of) credit losses	245			(306)			551			-180.1	%
Net interest income after provision for (reversal of) credit losses	38,915			40,486			(1,571)			-3.9	%
Non-interest income
Fees and service charges	748			699			49			7.0	%
Gain on sale of loans	215			199			16			8.0	%
Loss on sale of other real estate owned	—			(139)			139			100.0	%
Income from bank owned life insurance	1,666			1,605			61			3.8	%
Electronic banking fees and charges	367			399			(32)			-8.0	%
Other income	1,014			903			111			12.3	%
Total non-interest income	4,010			3,666			344			9.4	%
Non-interest expense
Salaries and employee benefits	17,761			17,315			446			2.6	%
Net occupancy expense of premises	2,758			2,862			(104)			-3.6	%
Equipment and systems	3,801			3,511			290			8.3	%
Advertising and marketing	228			231			(3)			-1.3	%
Federal deposit insurance premium	1,524			1,455			69			4.7	%
Directors' compensation	393			345			48			13.9	%
Other expense	3,309			3,042			267			8.8	%
Total non-interest expense	29,774			28,761			1,013			3.5	%
Income before income taxes	13,151			15,391			(2,240)			-14.6	%
Income taxes	3,309			3,378			(69)			-2.0	%
Net income	$	9,842		$	12,013		$	(2,171)		-18.1	%
Net income per common share (EPS)
Basic	$	0.16		$	0.19		$	(0.03)
Diluted	$	0.16		$	0.19		$	(0.03)
Dividends declared
Cash dividends declared per common share	$	0.11		$	0.11		$	—
Cash dividends declared	$	6,989		$	7,007		$	(18)
Dividend payout ratio	71.0		%	58.3		%	12.7		%
Weighted average number of common shares outstanding
Basic	63,014			63,667			(653)
Diluted	63,061			63,667			(606)

5

Kearny Financial Corp.

Average Balance Sheet Data

(Unaudited)

(Dollars in Thousands)	Three Months Ended						Variance or Change			Variance or Change Pct.
	September 30, 2023			June 30, 2023
Assets
Interest-earning assets:
Loans receivable, including loans held for sale	$	5,788,074		$	5,932,541		$	(144,467)		-2.4	%
Taxable investment securities	1,516,393			1,529,582			(13,189)			-0.9	%
Tax-exempt investment securities	15,483			16,346			(863)			-5.3	%
Other interest-earning assets	130,829			128,158			2,671			2.1	%
Total interest-earning assets	7,450,779			7,606,627			(155,848)			-2.0	%
Non-interest-earning assets	568,723			556,962			11,761			2.1	%
Total assets	$	8,019,502		$	8,163,589		$	(144,087)		-1.8	%
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	2,245,831		$	2,321,120		$	(75,289)		-3.2	%
Savings	719,508			774,854			(55,346)			-7.1	%
Certificates of deposit	1,968,512			2,057,818			(89,306)			-4.3	%
Total interest-bearing deposits	4,933,851			5,153,792			(219,941)			-4.3	%
Borrowings:
Federal Home Loan Bank advances	1,386,473			1,374,316			12,157			0.9	%
Other borrowings	158,098			100,055			58,043			58.0	%
Total borrowings	1,544,571			1,474,371			70,200			4.8	%
Total interest-bearing liabilities	6,478,422			6,628,163			(149,741)			-2.3	%
Non-interest-bearing liabilities:
Non-interest-bearing deposits	612,251			608,765			3,486			0.6	%
Other non-interest-bearing liabilities	66,701			64,970			1,731			2.7	%
Total non-interest-bearing liabilities	678,952			673,735			5,217			0.8	%
Total liabilities	7,157,374			7,301,898			(144,524)			-2.0	%
Stockholders' equity	862,128			861,691			437			0.1	%
Total liabilities and stockholders' equity	$	8,019,502		$	8,163,589		$	(144,087)		-1.8	%
Average interest-earning assets to average interest-bearing liabilities	115.01		%	114.76		%	0.25		%	0.2	%

6

Kearny Financial Corp.

Performance Ratio Highlights

(Unaudited)

	Three Months Ended				Variance or Change
	September 30, 2023		June 30, 2023
Average yield on interest-earning assets:
Loans receivable, including loans held for sale	4.34	%	4.18	%	0.16	%
Taxable investment securities	4.29	%	4.12	%	0.17	%
Tax-exempt investment securities (1)	2.25	%	2.23	%	0.02	%
Other interest-earning assets	6.26	%	5.68	%	0.58	%
Total interest-earning assets	4.36	%	4.19	%	0.17	%
Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand	2.58	%	2.38	%	0.20	%
Savings	0.47	%	0.48	%	-0.01	%
Certificates of deposit	2.49	%	2.24	%	0.25	%
Total interest-bearing deposits	2.23	%	2.04	%	0.19	%
Borrowings:
Federal Home Loan Bank advances	3.54	%	3.51	%	0.03	%
Other borrowings	5.46	%	4.89	%	0.57	%
Total borrowings	3.74	%	3.60	%	0.14	%
Total interest-bearing liabilities	2.59	%	2.38	%	0.21	%
Interest rate spread (2)	1.77	%	1.81	%	-0.04	%
Net interest margin (3)	2.10	%	2.11	%	-0.01	%
Non-interest income to average assets (annualized)	0.20	%	0.18	%	0.02	%
Non-interest expense to average assets (annualized)	1.49	%	1.41	%	0.08	%
Efficiency ratio (4)	68.97	%	65.60	%	3.37	%
Return on average assets (annualized)	0.49	%	0.59	%	-0.10	%
Return on average equity (annualized)	4.57	%	5.58	%	-1.01	%
Return on average tangible equity (annualized) (5)	6.07	%	7.41	%	-1.34	%

_________________________

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

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

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

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

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

7

Five-Quarter Financial Trend Analysis

Kearny Financial Corp.

Consolidated Balance Sheets

(Dollars and Shares in Thousands, Except Per Share Data)	September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022
	(Unaudited)			(Audited)			(Unaudited)			(Unaudited)			(Unaudited)
Assets
Cash and cash equivalents	$	57,219		$	70,515		$	194,568		$	75,660		$	96,076
Securities available for sale	1,215,633			1,227,729			1,267,066			1,286,354			1,263,176
Securities held to maturity	143,730			146,465			149,764			153,786			115,943
Loans held-for-sale	3,934			9,591			5,401			12,940			12,936
Loans receivable	5,736,049			5,829,421			5,966,325			5,984,133			5,656,370
Less: allowance for credit losses on loans	(46,872)			(48,734)			(49,122)			(48,877)			(47,613)
Net loans receivable	5,689,177			5,780,687			5,917,203			5,935,256			5,608,757
Premises and equipment	46,868			48,309			49,589			50,953			52,642
Federal Home Loan Bank stock	81,509			71,734			76,319			69,022			44,957
Accrued interest receivable	29,766			28,133			28,794			27,368			23,817
Goodwill	210,895			210,895			210,895			210,895			210,895
Core deposit intangible	2,323			2,457			2,590			2,732			2,876
Bank owned life insurance	294,491			292,825			291,220			289,673			289,690
Deferred income taxes, net	56,500			51,973			53,151			51,107			54,278
Other real estate owned	12,956			12,956			13,410			13,410			178
Other assets	129,865			110,546			89,366			110,162			113,369
Total assets	$	7,974,866		$	8,064,815		$	8,349,336		$	8,289,318		$	7,889,590
Liabilities
Deposits:
Non-interest-bearing	$	595,141		$	609,999		$	617,778		$	650,950		$	683,406
Interest-bearing	4,839,027			5,019,184			5,185,626			5,320,421			5,424,872
Total deposits	5,434,168			5,629,183			5,803,404			5,971,371			6,108,278
Borrowings	1,626,933			1,506,812			1,611,692			1,383,573			851,454
Advance payments by borrowers for taxes	16,907			18,338			18,706			17,307			16,555
Other liabilities	47,324			41,198			49,304			44,427			38,329
Total liabilities	7,125,332			7,195,531			7,483,106			7,416,678			7,014,616
Stockholders' Equity
Common stock	652			659			667			674			680
Paid-in capital	497,269			503,332			509,359			515,332			520,245
Retained earnings	460,464			457,611			452,605			449,489			454,710
Unearned ESOP shares	(22,375)			(22,862)			(23,348)			(23,834)			(24,321)
Accumulated other comprehensive loss	(86,476)			(69,456)			(73,053)			(69,021)			(76,340)
Total stockholders' equity	849,534			869,284			866,230			872,640			874,974
Total liabilities and stockholders' equity	$	7,974,866		$	8,064,815		$	8,349,336		$	8,289,318		$	7,889,590
Consolidated capital ratios
Equity to assets	10.65		%	10.78		%	10.37		%	10.53		%	11.09		%
Tangible equity to tangible assets (1)	8.20		%	8.35		%	8.02		%	8.16		%	8.61		%
Share data
Outstanding shares	65,132			65,864			66,680			67,388			67,938
Book value per share	$	13.04		$	13.20		$	12.99		$	12.95		$	12.88
Tangible book value per share (2)	$	9.77		$	9.96		$	9.79		$	9.78		$	9.73

_________________________

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

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

8

Kearny Financial Corp.

Supplemental Balance Sheet Highlights

(Unaudited)

(Dollars in Thousands)	September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022
Loan portfolio composition:
Commercial loans:
Multi-family mortgage	$	2,699,151		$	2,761,775		$	2,835,852		$	2,851,721		$	2,570,297
Nonresidential mortgage	946,801			968,574			1,002,643			1,017,341			1,040,688
Commercial business	149,229			146,861			162,038			177,530			186,361
Construction	230,703			226,609			215,524			186,663			166,052
Total commercial loans	4,025,884			4,103,819			4,216,057			4,233,255			3,963,398
One- to four-family residential mortgage	1,689,051			1,700,559			1,713,343			1,719,514			1,666,730
Consumer loans:
Home equity loans	42,896			43,549			44,376			45,690			43,269
Other consumer	2,644			2,549			2,592			2,648			2,869
Total consumer loans	45,540			46,098			46,968			48,338			46,138
Total loans, excluding yield adjustments	5,760,475			5,850,476			5,976,368			6,001,107			5,676,266
Unaccreted yield adjustments	(24,426)			(21,055)			(10,043)			(16,974)			(19,896)
Loans receivable, net of yield adjustments	5,736,049			5,829,421			5,966,325			5,984,133			5,656,370
Less: allowance for credit losses on loans	(46,872)			(48,734)			(49,122)			(48,877)			(47,613)
Net loans receivable	$	5,689,177		$	5,780,687		$	5,917,203		$	5,935,256		$	5,608,757
Asset quality:
Nonperforming assets:
Accruing loans - 90 days and over past due	$	—		$	—		$	—		$	—		$	—
Nonaccrual loans	37,912			42,627			44,026			40,549			68,574
Total nonperforming loans	37,912			42,627			44,026			40,549			68,574
Nonaccrual loans held-for-sale	—			—			—			8,650			8,650
Other real estate owned	12,956			12,956			13,410			13,410			178
Total nonperforming assets	$	50,868		$	55,583		$	57,436		$	62,609		$	77,402
Nonperforming loans (% total loans)	0.66		%	0.73		%	0.74		%	0.68		%	1.21		%
Nonperforming assets (% total assets)	0.64		%	0.69		%	0.69		%	0.76		%	0.98		%
Classified loans	$	98,616		$	93,526		$	103,461		$	86,069		$	92,610
Allowance for credit losses on loans (ACL):
ACL to total loans	0.81		%	0.83		%	0.82		%	0.81		%	0.84		%
ACL to nonperforming loans	123.63		%	114.33		%	111.57		%	120.54		%	69.43		%
Net charge-offs	$	2,107		$	82		$	206		$	407		$	115
Average net charge-off rate (annualized)	0.15		%	0.01		%	0.01		%	0.03		%	0.01		%

9

Kearny Financial Corp.

Supplemental Balance Sheet Highlights

(Unaudited)

(Dollars in Thousands)	September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022
Funding composition:
Deposits:
Non-interest-bearing deposits	$	595,141		$	609,999		$	617,778		$	650,950		$	683,406
Interest-bearing demand	2,236,573			2,252,912			2,285,799			2,316,485			2,382,411
Savings	689,163			748,721			811,483			901,514			982,916
Certificates of deposit (retail)	1,300,382			1,377,028			1,327,343			1,354,907			1,263,124
Certificates of deposit (brokered and listing service)	612,909			640,523			761,001			747,515			796,421
Interest-bearing deposits	4,839,027			5,019,184			5,185,626			5,320,421			5,424,872
Total deposits	5,434,168			5,629,183			5,803,404			5,971,371			6,108,278
Borrowings:
Federal Home Loan Bank advances	1,456,933			1,281,812			1,156,692			1,256,573			796,454
Overnight borrowings	170,000			225,000			455,000			127,000			55,000
Total borrowings	1,626,933			1,506,812			1,611,692			1,383,573			851,454
Total funding	$	7,061,101		$	7,135,995		$	7,415,096		$	7,354,944		$	6,959,732
Loans as a % of deposits	104.8		%	102.9		%	102.1		%	99.6		%	92.0		%
Deposits as a % of total funding	77.0		%	78.9		%	78.3		%	81.2		%	87.8		%
Borrowings as a % of total funding	23.0		%	21.1		%	21.7		%	18.8		%	12.2		%
Uninsured deposits:
Uninsured deposits (reported) (1)	$	1,734,288		$	1,771,416		$	1,678,051		$	1,815,854		$	1,771,851
Uninsured deposits (adjusted) (2)	$	683,265		$	710,377		$	705,727		$	794,407		$	883,351

_________________________

(1)Uninsured deposits of Kearny Bank.

(2)Uninsured deposits of Kearny Bank adjusted to exclude deposits of its wholly-owned subsidiary and holding company and collateralized deposits of state and local governments.

10

Kearny Financial Corp.

Consolidated Statements of Income

(Unaudited)

	Three Months Ended
(Dollars and Shares in Thousands, Except Per Share Data)	September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022
Interest income
Loans	$	62,769		$	62,044		$	60,172		$	57,996		$	52,935
Taxable investment securities	16,265			15,736			15,459			13,221			10,439
Tax-exempt investment securities	87			91			99			219			285
Other interest-earning assets	2,047			1,821			1,441			1,005			761
Total interest income	81,168			79,692			77,171			72,441			64,420
Interest expense
Deposits	27,567			26,226			22,246			18,822			10,869
Borrowings	14,441			13,286			12,554			8,836			5,020
Total interest expense	42,008			39,512			34,800			27,658			15,889
Net interest income	39,160			40,180			42,371			44,783			48,531
Provision for (reversal of) credit losses	245			(306)			451			1,671			670
Net interest income after provision for (reversal of) credit losses	38,915			40,486			41,920			43,112			47,861
Non-interest income
Fees and service charges	748			699			910			734			763
Loss on sale and call of securities	—			—			—			(15,227)			—
Gain (loss) on sale of loans	215			199			(2,373)			134			395
Loss on sale of other real estate owned	—			(139)			—			—			—
Income from bank owned life insurance	1,666			1,605			1,581			1,761			3,698
Electronic banking fees and charges	367			399			457			397			506
Other income	1,014			903			1,071			3,723			555
Total non-interest income	4,010			3,666			1,646			(8,478)			5,917
Non-interest expense
Salaries and employee benefits	17,761			17,315			18,005			19,921			20,348
Net occupancy expense of premises	2,758			2,862			3,097			2,987			3,090
Equipment and systems	3,801			3,511			3,537			3,867			3,662
Advertising and marketing	228			231			413			731			747
Federal deposit insurance premium	1,524			1,455			1,546			1,226			906
Directors' compensation	393			345			340			339			340
Other expense	3,309			3,042			3,414			3,579			2,895
Total non-interest expense	29,774			28,761			30,352			32,650			31,988
Income before income taxes	13,151			15,391			13,214			1,984			21,790
Income taxes	3,309			3,378			2,902			33			5,255
Net income	$	9,842		$	12,013		$	10,312		$	1,951		$	16,535
Net income per common share (EPS)
Basic	$	0.16		$	0.19		$	0.16		$	0.03		$	0.25
Diluted	$	0.16		$	0.19		$	0.16		$	0.03		$	0.25
Dividends declared
Cash dividends declared per common share	$	0.11		$	0.11		$	0.11		$	0.11		$	0.11
Cash dividends declared	$	6,989		$	7,007		$	7,196		$	7,172		$	7,276
Dividend payout ratio	71.0		%	58.3		%	69.8		%	367.6		%	44.0		%
Weighted average number of common shares outstanding
Basic	63,014			63,667			64,769			65,030			65,737
Diluted	63,061			63,667			64,783			65,038			65,756

11

Kearny Financial Corp.

Average Balance Sheet Data

(Unaudited)

	Three Months Ended
(Dollars in Thousands)	September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022
Assets
Interest-earning assets:
Loans receivable, including loans held-for-sale	$	5,788,074		$	5,932,541		$	5,986,669		$	5,839,903		$	5,553,996
Taxable investment securities	1,516,393			1,529,582			1,558,222			1,527,578			1,516,974
Tax-exempt investment securities	15,483			16,346			17,663			37,917			48,973
Other interest-earning assets	130,829			128,158			131,682			114,175			88,038
Total interest-earning assets	7,450,779			7,606,627			7,694,236			7,519,573			7,207,981
Non-interest-earning assets	568,723			556,962			575,009			550,519			570,225
Total assets	$	8,019,502		$	8,163,589		$	8,269,245		$	8,070,092		$	7,778,206
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	2,245,831		$	2,321,120		$	2,363,762		$	2,359,977		$	2,354,340
Savings	719,508			774,854			858,673			931,584			1,019,343
Certificates of deposit	1,968,512			2,057,818			2,069,396			2,192,722			2,014,922
Total interest-bearing deposits	4,933,851			5,153,792			5,291,831			5,484,283			5,388,605
Borrowings:
Federal Home Loan Bank advances	1,386,473			1,374,316			1,402,269			997,148			642,399
Other borrowings	158,098			100,055			1,611			—			127,456
Total borrowings	1,544,571			1,474,371			1,403,880			997,148			769,855
Total interest-bearing liabilities	6,478,422			6,628,163			6,695,711			6,481,431			6,158,460
Non-interest-bearing liabilities:
Non-interest-bearing deposits	612,251			608,765			634,324			666,846			667,624
Other non-interest-bearing liabilities	66,701			64,970			60,327			56,721			56,431
Total non-interest-bearing liabilities	678,952			673,735			694,651			723,567			724,055
Total liabilities	7,157,374			7,301,898			7,390,362			7,204,998			6,882,515
Stockholders' equity	862,128			861,691			878,883			865,094			895,691
Total liabilities and stockholders' equity	$	8,019,502		$	8,163,589		$	8,269,245		$	8,070,092		$	7,778,206
Average interest-earning assets to average  interest-bearing liabilities	115.01		%	114.76		%	114.91		%	116.02		%	117.04		%

12

Kearny Financial Corp.

Performance Ratio Highlights

	Three Months Ended
	September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022
Average yield on interest-earning assets:
Loans receivable, including loans held-for-sale	4.34	%	4.18	%	4.02	%	3.97	%	3.81	%
Taxable investment securities	4.29	%	4.12	%	3.97	%	3.46	%	2.75	%
Tax-exempt investment securities (1)	2.25	%	2.23	%	2.23	%	2.32	%	2.33	%
Other interest-earning assets	6.26	%	5.68	%	4.38	%	3.52	%	3.46	%
Total interest-earning assets	4.36	%	4.19	%	4.01	%	3.85	%	3.57	%
Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand	2.58	%	2.38	%	2.01	%	1.63	%	0.92	%
Savings	0.47	%	0.48	%	0.41	%	0.41	%	0.23	%
Certificates of deposit	2.49	%	2.24	%	1.84	%	1.50	%	0.97	%
Total interest-bearing deposits	2.23	%	2.04	%	1.68	%	1.37	%	0.81	%
Borrowings:
Federal Home Loan Bank advances	3.54	%	3.51	%	3.58	%	3.54	%	2.68	%
Other borrowings	5.46	%	4.89	%	5.15	%	—	%	2.26	%
Total borrowings	3.74	%	3.60	%	3.58	%	3.54	%	2.61	%
Total interest-bearing liabilities	2.59	%	2.38	%	2.08	%	1.71	%	1.03	%
Interest rate spread (2)	1.77	%	1.81	%	1.93	%	2.14	%	2.54	%
Net interest margin (3)	2.10	%	2.11	%	2.20	%	2.38	%	2.69	%
Non-interest income to average assets (annualized)	0.20	%	0.18	%	0.08	%	-0.42	%	0.30	%
Non-interest expense to average assets (annualized)	1.49	%	1.41	%	1.47	%	1.62	%	1.65	%
Efficiency ratio (4)	68.97	%	65.60	%	68.96	%	89.93	%	58.75	%
Return on average assets (annualized)	0.49	%	0.59	%	0.50	%	0.10	%	0.85	%
Return on average equity (annualized)	4.57	%	5.58	%	4.69	%	0.90	%	7.38	%
Return on average tangible equity (annualized) (5)	6.07	%	7.41	%	6.20	%	1.20	%	9.70	%

_________________________

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

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

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

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

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

13

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

Kearny Financial Corp.

Reconciliation of GAAP to Non-GAAP

(Unaudited)

	Three Months Ended
(Dollars and Shares in Thousands, Except Per Share Data)	September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022
Adjusted net income:
Net income (GAAP)	$	9,842		$	12,013		$	10,312		$	1,951		$	16,535
Non-recurring transactions - net of tax:
Branch consolidation expenses	—			—			568			—			—
Net effect of sale and call of securities	—			—			—			10,811			—
Net effect of sale of other assets	—			—			—			(2,081)			—
Severance expense from workforce realignment	—			—			—			538			—
Adjusted net income	$	9,842		$	12,013		$	10,880		$	11,219		$	16,535
Calculation of pre-tax, pre-provision net revenue:
Net income (GAAP)	$	9,842		$	12,013		$	10,312		$	1,951		$	16,535
Adjustments to net income (GAAP):
Provision for income taxes	3,309			3,378			2,902			33			5,255
Provision for (reversal of) credit losses	245			(306)			451			1,671			670
Pre-tax, pre-provision net revenue (non-GAAP)	$	13,396		$	15,085		$	13,665		$	3,655		$	22,460
Adjusted earnings per share:
Weighted average common shares - basic	63,014			63,667			64,769			65,030			65,737
Weighted average common shares - diluted	63,061			63,667			64,783			65,038			65,756
Earnings per share - basic (GAAP)	$	0.16		$	0.19		$	0.16		$	0.03		$	0.25
Earnings per share - diluted (GAAP)	$	0.16		$	0.19		$	0.16		$	0.03		$	0.25
Adjusted earnings per share - basic (non-GAAP)	$	0.16		$	0.19		$	0.17		$	0.17		$	0.25
Adjusted earnings per share - diluted (non-GAAP)	$	0.16		$	0.19		$	0.17		$	0.17		$	0.25
Pre-tax, pre-provision net revenue per share:
Pre-tax, pre-provision net revenue per share - basic   (non-GAAP)	$	0.21		$	0.24		$	0.21		$	0.06		$	0.34
Pre-tax, pre-provision net revenue per share - diluted   (non-GAAP)	$	0.21		$	0.24		$	0.21		$	0.06		$	0.34
Adjusted return on average assets:
Total average assets	$	8,019,502		$	8,163,589		$	8,269,245		$	8,070,092		$	7,778,206
Return on average assets (GAAP)	0.49		%	0.59		%	0.50		%	0.10		%	0.85		%
Adjusted return on average assets (non-GAAP)	0.49		%	0.59		%	0.53		%	0.56		%	0.85		%
Adjusted return on average equity:
Total average equity	$	862,128		$	861,691		$	878,883		$	865,094		$	895,691
Return on average equity (GAAP)	4.57		%	5.58		%	4.69		%	0.90		%	7.38		%
Adjusted return on average equity (non-GAAP)	4.57		%	5.58		%	4.95		%	5.19		%	7.38		%

14

Kearny Financial Corp.

Reconciliation of GAAP to Non-GAAP

(Unaudited)

	Three Months Ended
(Dollars and Shares in Thousands, Except Per Share Data)	September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022
Adjusted return on average tangible equity:
Total average equity	$	862,128		$	861,691		$	878,883		$	865,094		$	895,691
Less: average goodwill	(210,895)			(210,895)			(210,895)			(210,895)			(210,895)
Less: average other intangible assets	(2,411)			(2,544)			(2,683)			(2,826)			(2,971)
Total average tangible equity	$	648,822		$	648,252		$	665,305		$	651,373		$	681,825
Return on average tangible equity (non-GAAP)	6.07		%	7.41		%	6.20		%	1.20		%	9.70		%
Adjusted return on average tangible equity (non-GAAP)	6.07		%	7.41		%	6.54		%	6.89		%	9.70		%
Adjusted non-interest expense ratio:
Non-interest expense (GAAP)	$	29,774		$	28,761		$	30,352		$	32,650		$	31,988
Non-recurring transactions:
Branch consolidation expenses	—			—			(800)			—			—
Severance expense from workforce realignment	—			—			—			(757)			—
Early contract termination	—			—			—			—			—
Non-interest expense (non-GAAP)	$	29,774		$	28,761		$	29,552		$	31,893		$	31,988
Non-interest expense ratio (GAAP)	1.49		%	1.41		%	1.47		%	1.62		%	1.65		%
Adjusted non-interest expense ratio (non-GAAP)	1.49		%	1.41		%	1.43		%	1.58		%	1.65		%
Adjusted efficiency ratio:
Non-interest expense (non-GAAP)	$	29,774		$	28,761		$	29,552		$	31,893		$	31,988
Net interest income (GAAP)	$	39,160		$	40,180		$	42,371		$	44,783		$	48,531
Total non-interest income (GAAP)	4,010			3,666			1,646			(8,478)			5,917
Non-recurring transactions:
Net effect of sale and call of securities	—			—			—			15,227			—
Net effect of sale of other assets	—			—			—			(2,931)			—
Total revenue (non-GAAP)	$	43,170		$	43,846		$	44,017		$	48,601		$	54,448
Efficiency ratio (GAAP)	68.97		%	65.60		%	68.96		%	89.93		%	58.75		%
Adjusted efficiency ratio (non-GAAP)	68.97		%	65.60		%	67.14		%	65.62		%	58.75		%

15

EX-99.2

A N N U A L M E E T I N G O F STOCKHOLDERS OCTOBER 26, 2023 10:00 AM EXHIBIT 99.2

Welcome and Introductory Remarks Craig L. Montanaro Director, President and Chief Executive Officer 2

Members of the Board of Directors John J. Mazur, Jr., Chairman Theodore J. Aanensen John F. McGovern Raymond E. Chandonnet Craig L. Montanaro Curtland E. Fields Leopold W. Montanaro John N. Hopkins Christopher Petermann Catherine A. Lawton Charles J. Pivirotto Joseph P. Mazza John F. Regan Melvina Wong-Zaza 3

Executive Management Team Keith Suchodolski Senior Executive Vice President Chief Financial Officer Patrick M. Joyce Executive Vice President Chief Lending Officer Anthony V. Bilotta, Jr. Executive Vice President Chief Banking Officer Thomas D. DeMedici Executive Vice President Chief Credit Officer John V. Dunne Executive Vice President Chief Risk Officer Erika K. Parisi Executive Vice President Chief Administrative Officer Timothy A. Swansson Executive Vice President Chief Technology & Innovation Officer 4 Sean M. Byrnes Executive Vice President Deputy Chief Financial Officer

Other Participants Corporate Secretary Kearny Financial Corp. Gail Corrigan Senior Vice President Legal Counsel Luse Gorman, PC Marc Levy, Esq. Independent Registered Public Accounting Firm Crowe LLP Andrey Dragun, CPA Partner Inspector of Election Computershare Amilja Regan Assistant Vice President 5

Business of the Meeting  Proposals to be voted upon:  Election of six directors for the terms indicated;  Ratification of the appointment of Crowe LLP as the Company’s independent auditor for the fiscal year ending June 30, 2024;  Advisory, non-binding resolution to approve our executive compensation as described in the Proxy Statement;  Review of Financial Results  Stockholder Questions  Report of the Inspector of Election 6

A N N U A L M E E T I N G O F STOCKHOLDERS Review of F inancia l Results Fiscal Year Ended June 30, 2023

Forward Looking Statements & Non-GAAP Financial Measures 8 This presentation may include certain “forward-looking statements,” which are made in good faith by Kearny Financial Corp. (the “Company”) pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties, such as statements of the Company’s plans, objectives, expectations, estimates and intentions that are subject to change based on various important factors (some of which are beyond the Company’s control). In addition to the factors described under Item 1A. Risk Factors in the Company’s Annual Report on Form 10-K, and subsequent filings with the Securities and Exchange Commission, the following factors, among others, could cause the Company’s financial performance to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements: • the strength of the United States economy in general and the strength of the local economy in which the Company conducts operations, • the effects of and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System, inflation, interest rates, market and monetary fluctuations, • the impact of changes in laws, regulations and government policies regarding financial institutions (including laws concerning taxation, banking, securities and insurance), • changes in accounting policies and practices, as may be adopted by regulatory agencies, the Financial Accounting Standards Board (“FASB”) or the Public Company Accounting Oversight Board, • technological changes, • competition among financial services providers, and • the success of the Company at managing the risks involved in the foregoing and managing its business. The Company cautions that the foregoing list of important factors is not exhaustive. Readers should not place any undue reliance on any forward looking statements, which speak only as of the date made. The Company does not undertake any obligation to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company. This presentation contains financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Management uses these “non-GAAP” measures in its analysis of the Company’s performance. Management believes these non-GAAP financial measures allow for better comparability of period to period operating performance. Additionally, the Company believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. A reconciliation of the non-GAAP measures used in this presentation to the most directly comparable GAAP measures is provided at the end of this presentation.

Kearny Financial Corp. NASDAQ: KRNY Market Cap: $448.1 million1 Founded in 1884 Top 10 New Jersey-based financial institution by assets 43 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 October 17, 2023 2 As of June 30, 2023 Source: S&P Global Market Intelligence & Company Filings 9

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

Fiscal 2023 – Financial Highlights 1 Excludes Yield Adjustments 2 Refer to Non-GAAP Reconciliation at the end of this presentation – Adjusted non-interest expenses were reduced by $3.1 million from $31.9 million to $28.8 million for 2Q ’23 and 4Q ’23, respectively. Source: Company Filings 11 Operating Efficiency Initiative  Added $675 million of fair value asset swaps  Hedged an additional $700 million of borrowings  Sold $121 million of securities and reinvested in securities yielding, on average, 440 basis points higher than the securities that were sold  Purchased $100 million of securities, funded by wholesale borrowings, which produced an average spread of 216 basis points  Reduced adjusted non-interest expenses by 9.7% through optimization and reduction of vendor spend2  Continued investment in technology to automate routine activities  Realignment of the Company’s workforce  Consolidation of 2 branch locations Wholesale Restructuring Reduction in Interest Rate Sensitivity Net Income (GAAP) (Adjusted)2 $0.63 $0.78 Total Assets $8.1 billion $5.6 billion $40.8 million $5.9 billion $50.6 million Adjusted Net Income2 Total Loans1 Diluted EPS Total Deposits

9.07% 14.07% 14.07% 14.75% 9.59% 11.20% 11.46% 13.95% Tier 1 Leverage Common Equity Tier 1 Tier 1 Risk-Based Capital Total Risk-Based Capital KRNY S&P US Small Cap Banks Equity & Capitalization 1 Kearny Regulatory Capital Ratios based on June 30, 2023 results. 2 S&P U.S. Small Cap Banks Index comprised of 236 constituents, based on June 30, 2023 results. Source: Company Filings Equity Capitalization Level Regulatory Capital Ratios1,2 12 14.19% 13.29% 11.72% 9.06% 8.35% 16.99% 16.04% 14.32% 11.58% 10.78% 0.00% 5.00% 10.00% 15.00% 20.00% 2019FY 2020FY 2021FY 2022FY 2023FY Tangible Common Equity / Tangible Assets Equity / Assets

$433 $502 $621 $751 $779 $69 $94 $122 $152 $181 $502 $596 $743 $903 $960 2019FY 2020FY 2021FY 2022FY 2023FY Repurchase of Common Stock Dividends Paid Capital Management Source: Company Filings 1 Since conclusion of second step conversion in May 2015. Repurchased 2.8 million shares during Fiscal 2023 at an average price of $9.73 per share Cumulative Capital Returned to Stockholders1 13 ($ millions)

Earnings Performance 1 Although management believes adjusted EPS, which is a non-GAAP measure, is useful to investors by providing a greater level of understanding of its business, it should not be considered a substitute for a financial measure determined in accordance with GAAP, nor is it necessarily comparable to a non-GAAP financial measure that may be presented by other companies. Adjusted EPS excludes non-recurring income and expenses, including branch consolidation expenses and impairment charges. Refer to reconciliation of GAAP to non-GAAP at the end of this presentation. Source: S&P Global Market Intelligence & Company Filings Fiscal 2023 earnings per share were challenged due to the rapid increase in short-term interest rates which resulted in an inverted yield curve. 14 $0.47 $0.54 $0.81 $0.98 $0.78 $0.46 $0.55 $0.77 $0.95 $0.63 $0.00 $0.25 $0.50 $0.75 $1.00 $1.25 2019FY 2020FY 2021FY 2022FY 2023FY Adjusted EPS GAAP EPS Earnings per Share1 1

$1,902 $1,773 $1,399 $1,116 $1,377 $302 $67 $479 $773 $640 $791 $907 $1,111 $1,053 $749 $843 $1,264 $1,902 $2,266 $2,253$309 $419 $594 $654 $610 $4,147 $4,430 $5,485 $5,862 $5,629 2019FY 2020FY 2021FY 2022FY 2023FY Deposits 1 For the quarter ended June 30, 2023. Source: S&P Global Market Intelligence & Company Filings Deposit Composition1 Deposit Growth Consolidated 17 branches since the end of Fiscal 2019 ($ millions) 15 YTD Cost of Deposits 1.47% 10.8% 40.0% 13.3% 24.5% 11.4% Noninterest bearing deposits Interest bearing DDA Savings Retail CDs Wholesale CDs

$1,344 $1,273 $1,448 $1,646 $1,701 $1,946 $2,060 $2,039 $2,409 $2,762 $1,259 $961 $1,079 $1,020 $969$4,731 $4,540 $4,880 $5,437 $5,850 2019FY 2020FY 2021FY 2022FY 2023FY 1-4 Family Home Equity Multi-family CRE Construction C&I 29.1% 0.7% 47.2% 16.6% 3.9% 2.5% 1-4 Family Home Equity Multi-family CRE Construction C&I Portfolio Lending 1 For the quarter ended June 30, 2023. 2 As of June 30, 2023 Source: S&P Global Market Intelligence & Company Filings Loan Composition1 Geographic Distribution2Loan Growth Grew net loans by 8% during Fiscal 2023 16 YTD Yield on Loans 4.00% New York 35.3% New Jersey 54.5% Pennsylvania 5.8% Other 4.4% LTV 61.0% ($ millions)

Asset Quality 1 As of June 30, 2023; amounts shown in millions. 2 The Company adopted CECL methodology effective FY 2021 Q1 Source: S&P Global Market Intelligence & Company Filings Net Charge-Offs / Average Loans Non-Performing Assets / Total Assets Non-Performing Loans1 Allowance for Credit Losses on Loans (ACL)2 17 0.02% 0.00% 0.03% 0.07% 0.01% -0.05% 0.00% 0.05% 0.10% 0.15% 2019FY 2020FY 2021FY 2022FY 2023FY 0.31% 0.55% 1.10% 1.19% 0.69% 0.00% 0.25% 0.50% 0.75% 1.00% 1.25% 1.50% 2019FY 2020FY 2021FY 2022FY 2023FY $33.3 $37.3 $58.2 $47.1 $48.7 0.70% 0.82% 1.19% 0.87% 0.83% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 2019FY 2020FY 2021FY 2022FY 2023FY ACL Balance ACL to Total Loans Receivable NPL's $42.6MM $6.7 $19.1 $16.5 $0.3 1-4 Family Home Equity Multi-family CRE Construction C&I

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 18

Selected Technology Partners 19

Environmental, Social & Governance (ESG) 20 The Company recently released an ESG Highlights Report disclosing updates to our ESG program during fiscal 2023 including: Welcoming two new directors to the Boards of Kearny Financial Corp. and Kearny Bank Appointing a Director of Diversity, Equity and Inclusion Implementing an energy management system in our corporate headquarters

Non-GAAP Reconciliation 21 Appendix A: Reconciliation of GAAP to Non-GAAP For the year ended For the year ended For the quarter ended For the quarter ended For the quarter ended For the quarter ended (Dollars and Shares in Thousands, Except Per Share Data) June 30, 2023 June 30, 2022 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 Adjusted net income: Net Income (GAAP) $40,811 $67,547 $12,013 $10,312 $1,951 $16,535 Non-recurring transactions - net of tax: Branch consolidation expenses and impairment charges 568 1,341 - 568 - - Net effect of sales and calls of securities 10,811 397 - - 10,811 - Net effect of sales of other assets (2,081) (251) - - (2,081) - Severance expense from workforce alignment 538 - - - 538 - Early contract termination - 568 - - - Adjusted net income $50,647 $69,602 $12,013 $10,880 $11,219 $16,535 Adjusted earnings per share: Weighted average common shares - basic 64,804 70,911 63,667 64,769 65,030 65,737 Weighted average common shares - diluted 64,804 70,933 63,667 64,783 65,038 65,736 Earnings per share - basic (GAAP) $0.63 $0.95 $0.19 $0.16 $0.03 $0.25 Earnings per share - diluted (GAAP) $0.63 $0.95 $0.19 $0.16 $0.03 $0.25 Adjusted earnings per share - basic (non-GAAP) $0.78 $0.98 $0.19 $0.17 $0.17 $0.25 Adjusted earnings per share - diluted (non-GAAP) $0.78 $0.98 $0.19 $0.17 $0.17 $0.25 Adjusted return on average assets: Total average assets $8,068,937 $7,282,370 $8,163,589 $8,269,245 $8,070,992 $7,778,206 Return on average assets (GAAP) 0.51% 0.93% 0.59% 0.50% 0.10% 0.85% Adjusted return on average assets (non-GAAP) 0.63% 0.96% 0.59% 0.53% 0.56% 0.85%

Non-GAAP Reconciliation 22 Appendix A: Reconciliation of GAAP to Non-GAAP For the year ended For the year ended For the quarter ended For the quarter ended For the quarter ended For the quarter ended (Dollars and Shares in Thousands, Except Per Share Data) June 30, 2023 June 30, 2022 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 Adjusted non-interest expense ratio: Non-interest expense (GAAP) $123,751 $125,708 $28,761 $30,352 $32,650 $31,988 Non-recurring transactions: Branch consolidation expenses (800) (1,898) - (800) - - Severance expense from workforce alignment (757) - - - (757) - Early contract termination - (800) - - - - Non-interest expense (non-GAAP) $122,194 $123,010 $28,761 $29,552 $31,893 $31,988 Non-interest expense ratio (GAAP) 1.53% 1.73% 1.41% 1.47% 1.62% 1.65% Adjusted non-interest expense ratio (non-GAAP) 1.51% 1.69% 1.41% 1.43% 1.58% 1.65%

Stockholder Questions Questions? 23

Results of Voting Report of the Inspector of Election 24

A N N U A L M E E T I N G O F STOCKHOLDERS OCTOBER 26, 2023 10:00 AM

EX-99.3

OCTOBER 26, 2023 I N V E S T O R P R E S E N T A T I O N F I R S T Q U A R T E R F I S C A L 2 0 2 4 EXHIBIT 99.3

Forward Looking Statements & Financial Measures 2 This presentation may include certain “forward-looking statements,” which are made in good faith by Kearny Financial Corp. (the “Company”) pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties, such as statements of the Company’s plans, objectives, expectations, estimates and intentions that are subject to change based on various important factors (some of which are beyond the Company’s control). In addition to the factors described under Item 1A. Risk Factors in the Company’s Annual Report on Form 10-K, and subsequent filings with the Securities and Exchange Commission, the following factors, among others, could cause the Company’s financial performance to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements: • the strength of the United States economy in general and the strength of the local economy in which the Company conducts operations, • the effects of and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System, inflation, interest rates, market and monetary fluctuations, • the impact of changes in laws, regulations and government policies regarding financial institutions (including laws concerning taxation, banking, securities and insurance), • changes in accounting policies and practices, as may be adopted by regulatory agencies, the Financial Accounting Standards Board (“FASB”) or the Public Company Accounting Oversight Board, • technological changes, • competition among financial services providers, and • the success of the Company at managing the risks involved in the foregoing and managing its business. The Company cautions that the foregoing list of important factors is not exhaustive. Readers should not place any undue reliance on any forward looking statements, which speak only as of the date made. The Company does not undertake any obligation to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.

Kearny Financial Corp. NASDAQ: KRNY Market Cap: $429.2 million1 Founded in 1884 Top 10 New Jersey-based financial institution by assets 43 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 October 23, 2023 2 As of September 30, 2023 Source: S&P Global Market Intelligence & Company Filings 3

139 Years of Serving our Communities and Clients 4

1Q24 Financial Highlights 1 Excludes Yield Adjustments Source: Company Filings 5 1Q24 Highlights: Corporate Banking Division Formed – Staffed with seasoned banking professionals whose sole focus is the origination of stable, long-term non-interest bearing deposits of corporate clients. Digital Banking Platform – Launched in October 2023. Expands our client-facing online and mobile capabilities while providing a state-of-the-art user experience. Net Interest Margin - Compression slowed, declining one basis point from the prior quarter. Net Income Total Assets $8.0 billion Net Interest Income Diluted EPS $9.8 million $39.2 million $0.16 Total Loans1 Total Deposits $5.7 billion $5.4 billion

Equity & Capitalization Equity Capitalization Level 1 Kearny Financial Corp. (NASDAQ: KRNY) Regulatory Capital Ratios as of September 30, 2023 are preliminary. 2 S&P U.S. Small Cap Banks Index comprised of 236 constituents, based on June 30, 2023 results. Source: Company Filings 6 Regulatory Capital Ratios1,2 9.14% 14.57% 14.57% 15.34% 9.62% 11.20% 11.47% 13.97% Tier 1 Leverage Common Equity Tier 1 Tier 1 Risk-Based Capital Total Risk-Based Capital KRNY S&P US Small Cap Banks 8.61% 8.16% 8.02% 8.35% 8.20% 11.09% 10.53% 10.37% 10.78% 10.65% 1Q23 2Q23 3Q23 4Q23 1Q24 Tangible Common Equity / Tangible Assets Equity / Assets

Deposits 1 For the quarter ended September 30, 2023 2 For the quarter ended September 30, 2023; excludes Wholesale CDs Source: S&P Global Market Intelligence & Company Filings 7 Deposit Composition1 Deposit Trend Deposit Segmentation2 Consumer 60.7% Commercial 21.0% Government 18.3% Product # of Accounts Balance ($ millions) Average Balance per Account Checking 53,728 $ 2,832 $ 53,728 Savings 33,640 689 33,640 CD 28,665 1,300 28,665 Total Retail Deposits 116,033 $ 4,821 $ 41,550 Non-Maturity Account Deposit Mix $1,263 $1,355 $1,327 $1,377 $1,300 $797 $747 $761 $640 $613 $983 $902 $811 $749 $689 $2,382 $2,316 $2,286 $2,253 $2,237 $683 $651 $618 $610 $595 $6,108 $5,971 $5,803 $5,629 $5,434 1Q23 2Q23 3Q23 4Q23 1Q24 Wholesale CDs Savings Interest Bearing DDA Non-interest Bearing DDA ($ millions) QTD Cost of Deposits 2.23% Retail CDs 23.9% Wholesale CDs 11.3% Savings 12.7% Interest Bearing DDA 41.1% Non-interest Bearing DDA 11.0%

Liquidity Available for Uninsured Deposits Estimated Uninsured Deposits Analysis2 1 Estimated amount of uninsured deposits reported in September 30, 2023 Call Report. 2 As of September 30, 2023 8 Estimated Uninsured Deposit Analysis ($ millions) Estimated Uninsured Deposits 1,734$ Less: Collateralized State & Local Government Deposits (630) Less: Bank's wholly-owned subsidiary & Holding Company Deposits (421) Estimated uninsured deposits excluding items above: 683$ Total Deposits 5,434$ Estimated uninsured deposits, excluding items above, as a % of Total Deposits 12.6% Available liquidity is 3.1x greater than estimated uninsured deposits (excluding items above) Liquidity Capacity2 Sources of Liquidity ($ millions) Liquidity Capacity Funding Utilized Available Capacity Internal Sources: Free Securities and other 444$ -$ 444$ External Sources: FRB 435 - 435 FHLB 2,840 1,628 1,212 Total Liquidity 3,719$ 1,628$ 2,091$ 1

Investment Securities 1 For the quarter ended September 30, 2023 2 Comprised entirely of securitized federal education loans with 97% U.S. government guarantees 3 Assumes 29% marginal tax rate Source: S&P Global Market Intelligence & Company Filings 9 2 Securities Composition1 Securities Average Balance & Yield TrendAFS/HTM & Effective Duration At September 30, 2023, the after-tax net unrecognized loss on securities held-to maturity was $14.7 million, or 2.3% of tangible equity3 $1,566 $1,565 $1,576 $1,546 $1,532 2.74% 3.43% 3.95% 4.10% 4.27% 1Q23 2Q23 3Q23 4Q23 1Q24 ($ millions) 10.0% 30.2% 9.7% 49.0% 1.1% Corporate Bonds CLO ABS Student Loans Agency MBS Municipal Bonds AFS , 89.4% HTM , 10.6% Total Effective Duration ≈ 3.4 years Floating rate securities ≈ 37.1%

Portfolio Lending Loan Composition1 Geographic Distribution2Loan Trend 1 For the quarter ended September 30, 2023. 2 As of September 30, 2023. Source: S&P Global Market Intelligence & Company Filings 10 ($ millions) New York (Ex. Brooklyn) 16.7% Brooklyn 18.1% New Jersey 55.0% Pennsylvania 5.8% Other 4.4% $1,667 $1,720 $1,713 $1,701 $1,689 $2,570 $2,852 $2,836 $2,762 $2,699 $1,041 $1,017 $1,003 $969 $947 $5,676 $6,001 $5,976 $5,850 $5,760 1Q23 2Q23 3Q23 4Q23 1Q24 1-4 Family Home Equity Multi-family CRE Construction C&I 29.3% 0.8% 46.9% 16.4% 4.0% 2.6% 1-4 Family Home Equity Multi-family CRE Construction C&I QTD Yield on Loans 4.34% LTV 61.3%

CRE Lending 1 As of September 30, 2023 Source: Company Filings 11 CRE Portfolio by Collateral Type1 CRE Loan Geographic Distribution1 Total CRE $0.9 B New Jersey 55.6% Brooklyn 10.0% New York (Ex. Brooklyn) 27.9% Pennsylvania 3.9% Other 2.6% WA LTV 53% $358.9 Retail 38.0% $259.4 Mixed Use 27.4% $135.7 Office 14.3% $142.4 Industrial 15.0% $15.2 Specialty & Other 1.6% $35.2 Medical 3.7% ($ millions)

Office Portfolio 1 As of September 30, 2023 Source: Company Filings 12 Office Portfolio by Contractual Maturity1 Office Loan Geographic Distribution1 Office Portfolio Profile 15.0% of total CRE portfolio or $136 million Average loan size of $1.5 million Classified office loans comprised of 2.7% of total office loans ($ millions) ($ millions) $2 $6 $5 $17 $50 $20 $36 2023 2024 2025 2026 2027 2028 2029+ $3.1 Other 2.3% $33.2 Manhattan 24.4% $8.5 New York (Ex. Manhattan) 6.3% $90.9 New Jersey 67.0% Total Office $135.7 M LTV 50.2% DSCR 1.8x

Asset Quality Net Charge-Offs / Average Loans1 Non-Performing Assets / Total Assets Non-Performing Loans2 Allowance for Credit Losses 1 All of the charge-offs recorded during 1Q24 had previously been individually reserved for within the allowance for credit losses. 2 As of September 30, 2023; amounts shown in millions. Source: S&P Global Market Intelligence & Company Filings 13 0.01% 0.03% 0.01% 0.01% 0.15% -0.05% 0.00% 0.05% 0.10% 0.15% 0.20% 1Q23 2Q23 3Q23 4Q23 1Q24 0.98% 0.76% 0.69% 0.69% 0.64% 0.50% 0.75% 1.00% 1.25% 1Q23 2Q23 3Q23 4Q23 1Q24 $47.6 $48.9 $49.1 $48.7 $46.9 0.84% 0.81% 0.82% 0.83% 0.81% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% $0.0 $20.0 $40.0 $60.0 $80.0 1Q23 2Q23 3Q23 4Q23 1Q24 ACL Balance ACL to Total Loans Receivable ($ millions) $16.4 $14.9 $0.4 $6.2 Multi-family CRE C&I 1-4 Family Home Equity NPL's $37.9 MM

Select Technology Partners 14

XML

Cover	Oct. 26, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	Oct. 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.