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): April 25, 2024

_____________________________

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 April 25, 2024, Kearny Financial Corp. (the “Company”), the holding company for Kearny Bank, issued a press release reporting its financial results for the period ended March 31, 2024.

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 April 25, 2024, 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 April 25, 2024, the Company’s Board of Directors announced a quarterly cash dividend of $0.11 per share, payable on May 22, 2024 to stockholders of record as of May 8, 2024.

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 April 25, 2024.
99.2	Kearny Financial Corp. investor presentation dated April 25, 2024.
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: April 25, 2024	By:	/s/ Keith Suchodolski
		Keith Suchodolski
		Senior Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

April 25, 2024

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 THIRD QUARTER FISCAL 2024 RESULTS

AND DECLARATION OF CASH DIVIDEND

Fairfield, N.J., April 25, 2024 – Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), reported net income for the quarter ended March 31, 2024 of $7.4 million, or $0.12 per diluted share, compared to a net loss of $13.8 million, or $0.22 per diluted share, for the quarter ended December 31, 2023. The net loss for the quarter ended December 31, 2023 was impacted by various non-recurring items, as previously disclosed.

The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.11 per share, payable on May 22, 2024, to stockholders of record as of May 8, 2024.

Craig L. Montanaro, President and Chief Executive Officer, commented, “Once again uncertainty remains on the forefront of conversations taking place on Main Street and on Wall Street. As a company we manage through such challenging periods by staying true to our guiding principles, which have endured since our founding 140 years ago this month: prudent risk management, conservative posturing and an unwavering commitment to our depositors, borrowers, employees and communities.”

Mr. Montanaro continued, “Despite the media speculation surrounding commercial real estate lending in general, and multifamily lending specifically, we maintain a low loan-to-value, low-vacancy, well-diversified commercial loan portfolio with a long history of outstanding credit performance. We subject each loan to intense scrutiny at underwriting, and on an ongoing basis, and maintain peer-leading levels of commercial loan allowance coverage and regulatory capital, as represented by our 14.7% Common Equity Tier 1 capital ratio.”

Balance Sheet

•Total assets were $7.84 billion at March 31, 2024, a decrease of $55.9 million, or 0.7%, from December 31, 2023.

•Investment securities totaled $1.24 billion at March 31, 2024, a decrease of $47.8 million, or 3.7%, from December 31, 2023.

•Loans receivable totaled $5.76 billion at March 31, 2024, an increase of $12.7 million, or 0.2%, from December 31, 2023.

•Bank-owned life insurance (“BOLI”) totaled $296.5 million at March 31, 2024, an increase of $40.4 million, or 15.8%, from December 31, 2023. The increase for the quarter was largely attributable to the completion of the BOLI restructure initiated in the prior comparative period.

•Deposits were $5.21 billion at March 31, 2024, a decrease of $110.6 million, or 2.1%, from December 31, 2023. Excluding a decrease of $50.2 million in brokered certificates of deposits, deposits decreased $60.4 million, or 1.2%, from December 31, 2023. This decrease in non-brokered deposits was driven by a $48.4 million decline in retail certificates of deposits and a $15.7 million decline in consumer savings deposits, partially offset by growth in other deposit categories.

•Borrowings were $1.72 billion at March 31, 2024, an increase of $55.1 million, or 3.3%, from December 31, 2023.

•At March 31, 2024, the Company maintained available secured borrowing capacity of $1.81 billion, of which $1.47 billion was immediately accessible via in-place collateral and $336.7 million represented the market value of unpledged securities.

1

Earnings

Net Interest Income and Net Interest Margin

•Net interest margin contracted 5 basis point to 1.89% for the quarter ended March 31, 2024. The decrease for the quarter was driven by an increase in the cost of interest-bearing deposits and a decrease in the average balance of interest-earning assets, partially offset by a higher yield on interest-earning assets and a decrease in the cost of interest-bearing borrowings.

•For the quarter ended March 31, 2024, net interest income decreased $1.5 million to $34.3 million from $35.8 million for the quarter ended December 31, 2023. Included in net interest income for the quarters ended March 31, 2024 and December 31, 2023, respectively, was purchase accounting accretion of $734,000 and $640,000, and loan prepayment penalty income of $61,000 and $185,000.

Non-Interest Income

•Non-interest income increased $20.2 million to income of $4.2 million for the quarter ended March 31, 2024, from a loss of $16.0 million for the quarter ended December 31, 2023. The increase was primarily attributable to a pre-tax loss of $18.1 million related to the investment securities portfolio repositioning executed during the prior comparative period.

•Income from BOLI increased $1.8 million to $3.0 million for the quarter ended March 31, 2024 from $1.2 million for the quarter ended December 31, 2023. BOLI income included a $631,000 non-recurring payment on one life insurance policy in the current period, while BOLI income was reduced by non-recurring exchange charges of $573,000 in the prior comparative period. Excluding these non-recurring items, BOLI income improved by $673,000 resulting from the previously mentioned BOLI restructure.

•Loss on sale of loans was $712,000 for the quarter ended March 31, 2024 compared to a gain on sale of loans of $104,000 for the quarter ended December 31, 2023. The loss in the current period was the result of the sale of three related nonperforming commercial real estate loans held-for-sale.

Non-Interest Expense

•For the quarter ended March 31, 2024, non-interest expense decreased $708,000, or 2.4%, to $29.1 million from $29.8 million for the quarter ended December 31, 2023, primarily driven by a decrease in salary and benefits expense and other expense.

•Salary and benefits expense decreased $371,000 primarily attributable to a non-recurring decrease of $679,000 in stock-based compensation, partially offset by an increase of $374,000 in payroll taxes associated with the start of the new calendar year.

•Other expense decreased $522,000 primarily driven by a $637,000 decrease in OREO expense following the sale of the Company’s sole OREO asset, partially offset by an increase of $288,000 in the provision for credit losses on off balance sheet commitments.

Income Taxes

•Income tax expense totaled $1.7 million for the quarter ended March 31, 2024 compared to $1.8 million for the quarter ended December 31, 2023. The decrease in income tax expense was largely due to the discrete tax expense associated with the BOLI restructure recognized in the prior comparative period, partially offset by higher pre-tax income, due primarily to realized losses on the sale of securities in the prior comparative period.

2

Asset Quality

•The balance of non-performing assets decreased $10.2 million to $39.5 million, or 0.50% of total assets, at March 31, 2024, from $49.8 million, or 0.63% of total assets, at December 31, 2023. This decrease was driven by the January 2024 sale of three related non-performing commercial real estate loans held-for-sale and the Company’s sole OREO asset.

•Net charge-offs totaled $286,000, or 0.02% of average loans, on an annualized basis, for the quarter ended March 31, 2024, compared to $4.1 million, or 0.29% of average loans, on an annualized basis, for the quarter ended December 31, 2023.

•For the quarter ended March 31, 2024, the Company recorded a provision for credit losses of $349,000, compared to $2.1 million for the quarter ended December 31, 2023. The provision for credit loss expense for the quarter ended March 31, 2024 was primarily driven by loan growth.

•The allowance for credit losses (“ACL”) was $44.9 million, or 0.78% of total loans, at March 31, 2024 and unchanged from December 31, 2023.

Capital

•For the quarter ended March 31, 2024, book value per share increased $0.02, or 0.2%, to $13.18 while tangible book value per share increased $0.02, or 0.2%, to $9.87.

•At March 31, 2024, total stockholders’ equity included after-tax net unrealized losses on securities available for sale of $95.0 million, partially offset by after-tax unrealized gains on derivatives of $31.3 million. After-tax net unrecognized losses on securities held to maturity of $11.4 million were not reflected in total stockholders’ equity.

•At March 31, 2024, the Company’s tangible equity to tangible assets ratio equaled 8.34% 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 Q3 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

(Unaudited)

(Dollars and Shares in Thousands, Except Per Share Data)	March 31, 2024			December 31, 2023			Variance or Change			Variance or Change Pct.
Assets
Cash and cash equivalents	$	71,027		$	73,860		$	(2,833)		-3.8	%
Securities available for sale	1,098,655			1,144,175			(45,520)			-4.0	%
Securities held to maturity	139,643			141,959			(2,316)			-1.6	%
Loans held-for-sale	4,117			14,030			(9,913)			-70.7	%
Loans receivable	5,758,336			5,745,629			12,707			0.2	%
Less: allowance for credit losses on loans	(44,930)			(44,867)			63			0.1	%
Net loans receivable	5,713,406			5,700,762			12,644			0.2	%
Premises and equipment	45,053			45,928			(875)			-1.9	%
Federal Home Loan Bank stock	81,347			83,372			(2,025)			-2.4	%
Accrued interest receivable	31,065			30,258			807			2.7	%
Goodwill	210,895			210,895			—			—	%
Core deposit intangible	2,057			2,189			(132)			-6.0	%
Bank owned life insurance	296,493			256,064			40,429			15.8	%
Deferred income taxes, net	47,225			46,116			1,109			2.4	%
Other real estate owned	—			11,982			(11,982)			-100.0	%
Other assets	100,989			136,242			(35,253)			-25.9	%
Total assets	$	7,841,972		$	7,897,832		$	(55,860)		-0.7	%
Liabilities
Deposits:
Non-interest-bearing	$	586,089		$	584,130		$	1,959		0.3	%
Interest-bearing	4,622,961			4,735,500			(112,539)			-2.4	%
Total deposits	5,209,050			5,319,630			(110,580)			-2.1	%
Borrowings	1,722,178			1,667,055			55,123			3.3	%
Advance payments by borrowers for taxes	17,387			16,742			645			3.9	%
Other liabilities	44,279			46,427			(2,148)			-4.6	%
Total liabilities	6,992,894			7,049,854			(56,960)			-0.8	%
Stockholders' Equity
Common stock	644			645			(1)			-0.2	%
Paid-in capital	493,187			493,297			(110)			—	%
Retained earnings	440,308			439,755			553			0.1	%
Unearned ESOP shares	(21,402)			(21,889)			487			2.2	%
Accumulated other comprehensive loss	(63,659)			(63,830)			171			0.3	%
Total stockholders' equity	849,078			847,978			1,100			0.1	%
Total liabilities and stockholders' equity	$	7,841,972		$	7,897,832		$	(55,860)		-0.7	%
Consolidated capital ratios
Equity to assets	10.83		%	10.74		%	0.09		%
Tangible equity to tangible assets (1)	8.34		%	8.26		%	0.08		%
Share data
Outstanding shares	64,437			64,445			(8)			—	%
Book value per share	$	13.18		$	13.16		$	0.02		0.2	%
Tangible book value per share (2)	$	9.87		$	9.85		$	0.02		0.2	%

_________________________

(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 (Loss)

(Unaudited)

(Dollars and Shares in Thousands, Except Per Share Data)	Three Months Ended						Variance or Change			Variance or Change Pct.
	March 31, 2024			December 31, 2023
Interest income
Loans	$	64,035		$	63,384		$	651		1.0	%
Taxable investment securities	15,490			16,756			(1,266)			-7.6	%
Tax-exempt investment securities	85			84			1			1.2	%
Other interest-earning assets	2,475			2,401			74			3.1	%
Total interest income	82,085			82,625			(540)			-0.7	%
Interest expense
Deposits	32,320			30,340			1,980			6.5	%
Borrowings	15,446			16,446			(1,000)			-6.1	%
Total interest expense	47,766			46,786			980			2.1	%
Net interest income	34,319			35,839			(1,520)			-4.2	%
Provision for credit losses	349			2,105			(1,756)			-83.4	%
Net interest income after provision for credit losses	33,970			33,734			236			0.7	%
Non-interest income
Fees and service charges	657			624			33			5.3	%
Loss on sale and call of securities	—			(18,135)			18,135			100.0	%
(Loss) gain on sale of loans	(712)			104			(816)			-784.6	%
Loss on other real estate owned	—			(974)			974			100.0	%
Income from bank owned life insurance	3,039			1,162			1,877			161.5	%
Electronic banking fees and charges	464			396			68			17.2	%
Other income	755			811			(56)			-6.9	%
Total non-interest income	4,203			(16,012)			20,215			126.2	%
Non-interest expense
Salaries and employee benefits	16,911			17,282			(371)			-2.1	%
Net occupancy expense of premises	2,863			2,674			189			7.1	%
Equipment and systems	3,823			3,814			9			0.2	%
Advertising and marketing	387			301			86			28.6	%
Federal deposit insurance premium	1,429			1,495			(66)			-4.4	%
Directors' compensation	360			393			(33)			-8.4	%
Other expense	3,286			3,808			(522)			-13.7	%
Total non-interest expense	29,059			29,767			(708)			-2.4	%
Income (loss) before income taxes	9,114			(12,045)			21,159			175.7	%
Income taxes	1,717			1,782			(65)			-3.6	%
Net income (loss)	$	7,397		$	(13,827)		$	21,224		153.5	%
Net income (loss) per common share (EPS)
Basic	$	0.12		$	(0.22)		$	0.34
Diluted	$	0.12		$	(0.22)		$	0.34
Dividends declared
Cash dividends declared per common share	$	0.11		$	0.11		$	—
Cash dividends declared	$	6,844		$	6,882		$	(38)
Dividend payout ratio	92.5		%	-49.8		%	142.3		%
Weighted average number of common shares outstanding
Basic	62,205			62,299			(94)
Diluted	62,211			62,367			(156)

5

Kearny Financial Corp.

Average Balance Sheet Data

(Unaudited)

(Dollars in Thousands)	Three Months Ended						Variance or Change			Variance or Change Pct.
	March 31, 2024			December 31, 2023
Assets
Interest-earning assets:
Loans receivable, including loans held for sale	$	5,752,477		$	5,726,321		$	26,156		0.5	%
Taxable investment securities	1,382,064			1,509,165			(127,101)			-8.4	%
Tax-exempt investment securities	14,614			15,025			(411)			-2.7	%
Other interest-earning assets	125,155			139,740			(14,585)			-10.4	%
Total interest-earning assets	7,274,310			7,390,251			(115,941)			-1.6	%
Non-interest-earning assets	577,411			554,335			23,076			4.2	%
Total assets	$	7,851,721		$	7,944,586		$	(92,865)		-1.2	%
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	2,378,831		$	2,301,169		$	77,662		3.4	%
Savings	635,226			664,926			(29,700)			-4.5	%
Certificates of deposit	1,705,513			1,824,316			(118,803)			-6.5	%
Total interest-bearing deposits	4,719,570			4,790,411			(70,841)			-1.5	%
Borrowings:
Federal Home Loan Bank advances	1,428,801			1,513,497			(84,696)			-5.6	%
Other borrowings	210,989			142,283			68,706			48.3	%
Total borrowings	1,639,790			1,655,780			(15,990)			-1.0	%
Total interest-bearing liabilities	6,359,360			6,446,191			(86,831)			-1.3	%
Non-interest-bearing liabilities:
Non-interest-bearing deposits	581,870			597,294			(15,424)			-2.6	%
Other non-interest-bearing liabilities	65,709			62,387			3,322			5.3	%
Total non-interest-bearing liabilities	647,579			659,681			(12,102)			-1.8	%
Total liabilities	7,006,939			7,105,872			(98,933)			-1.4	%
Stockholders' equity	844,782			838,714			6,068			0.7	%
Total liabilities and stockholders' equity	$	7,851,721		$	7,944,586		$	(92,865)		-1.2	%
Average interest-earning assets to average interest-bearing liabilities	114.39		%	114.65		%	-0.26		%	-0.2	%

6

Kearny Financial Corp.

Performance Ratio Highlights

(Unaudited)

	Three Months Ended				Variance or Change
	March 31, 2024		December 31, 2023
Average yield on interest-earning assets:
Loans receivable, including loans held for sale	4.45	%	4.43	%	0.02	%
Taxable investment securities	4.48	%	4.44	%	0.04	%
Tax-exempt investment securities (1)	2.32	%	2.25	%	0.07	%
Other interest-earning assets	7.91	%	6.87	%	1.04	%
Total interest-earning assets	4.51	%	4.47	%	0.04	%
Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand	3.08	%	2.91	%	0.17	%
Savings	0.46	%	0.44	%	0.02	%
Certificates of deposit	3.11	%	2.82	%	0.29	%
Total interest-bearing deposits	2.74	%	2.53	%	0.21	%
Borrowings:
Federal Home Loan Bank advances	3.55	%	3.82	%	-0.27	%
Other borrowings	5.22	%	5.65	%	-0.43	%
Total borrowings	3.77	%	3.97	%	-0.20	%
Total interest-bearing liabilities	3.00	%	2.90	%	0.10	%
Interest rate spread (2)	1.51	%	1.57	%	-0.06	%
Net interest margin (3)	1.89	%	1.94	%	-0.05	%
Non-interest income to average assets (annualized)	0.21	%	-0.81	%	1.02	%
Non-interest expense to average assets (annualized)	1.48	%	1.50	%	-0.02	%
Efficiency ratio (4)	75.43	%	150.13	%	-74.70	%
Return on average assets (annualized)	0.38	%	-0.70	%	1.08	%
Return on average equity (annualized)	3.50	%	-6.59	%	10.09	%
Return on average tangible equity (annualized) (5)	4.68	%	-8.84	%	13.52	%

_________________________

(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)	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
	(Unaudited)			(Unaudited)			(Unaudited)			(Audited)			(Unaudited)
Assets
Cash and cash equivalents	$	71,027		$	73,860		$	57,219		$	70,515		$	194,568
Securities available for sale	1,098,655			1,144,175			1,215,633			1,227,729			1,267,066
Securities held to maturity	139,643			141,959			143,730			146,465			149,764
Loans held-for-sale	4,117			14,030			3,934			9,591			5,401
Loans receivable	5,758,336			5,745,629			5,736,049			5,829,421			5,966,325
Less: allowance for credit losses on loans	(44,930)			(44,867)			(46,872)			(48,734)			(49,122)
Net loans receivable	5,713,406			5,700,762			5,689,177			5,780,687			5,917,203
Premises and equipment	45,053			45,928			46,868			48,309			49,589
Federal Home Loan Bank stock	81,347			83,372			81,509			71,734			76,319
Accrued interest receivable	31,065			30,258			29,766			28,133			28,794
Goodwill	210,895			210,895			210,895			210,895			210,895
Core deposit intangible	2,057			2,189			2,323			2,457			2,590
Bank owned life insurance	296,493			256,064			294,491			292,825			291,220
Deferred income taxes, net	47,225			46,116			56,500			51,973			53,151
Other real estate owned	—			11,982			12,956			12,956			13,410
Other assets	100,989			136,242			129,865			110,546			89,366
Total assets	$	7,841,972		$	7,897,832		$	7,974,866		$	8,064,815		$	8,349,336
Liabilities
Deposits:
Non-interest-bearing	$	586,089		$	584,130		$	595,141		$	609,999		$	617,778
Interest-bearing	4,622,961			4,735,500			4,839,027			5,019,184			5,185,626
Total deposits	5,209,050			5,319,630			5,434,168			5,629,183			5,803,404
Borrowings	1,722,178			1,667,055			1,626,933			1,506,812			1,611,692
Advance payments by borrowers for taxes	17,387			16,742			16,907			18,338			18,706
Other liabilities	44,279			46,427			47,324			41,198			49,304
Total liabilities	6,992,894			7,049,854			7,125,332			7,195,531			7,483,106
Stockholders' Equity
Common stock	644			645			652			659			667
Paid-in capital	493,187			493,297			497,269			503,332			509,359
Retained earnings	440,308			439,755			460,464			457,611			452,605
Unearned ESOP shares	(21,402)			(21,889)			(22,375)			(22,862)			(23,348)
Accumulated other comprehensive loss	(63,659)			(63,830)			(86,476)			(69,456)			(73,053)
Total stockholders' equity	849,078			847,978			849,534			869,284			866,230
Total liabilities and stockholders' equity	$	7,841,972		$	7,897,832		$	7,974,866		$	8,064,815		$	8,349,336
Consolidated capital ratios
Equity to assets	10.83		%	10.74		%	10.65		%	10.78		%	10.37		%
Tangible equity to tangible assets (1)	8.34		%	8.26		%	8.20		%	8.35		%	8.02		%
Share data
Outstanding shares	64,437			64,445			65,132			65,864			66,680
Book value per share	$	13.18		$	13.16		$	13.04		$	13.20		$	12.99
Tangible book value per share (2)	$	9.87		$	9.85		$	9.77		$	9.96		$	9.79

_________________________

(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)	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Loan portfolio composition:
Commercial loans:
Multi-family mortgage	$	2,645,195		$	2,651,274		$	2,699,151		$	2,761,775		$	2,835,852
Nonresidential mortgage	965,539			947,287			946,801			968,574			1,002,643
Commercial business	147,326			144,134			149,229			146,861			162,038
Construction	229,457			221,933			230,703			226,609			215,524
Total commercial loans	3,987,517			3,964,628			4,025,884			4,103,819			4,216,057
One- to four-family residential mortgage	1,741,644			1,746,065			1,689,051			1,700,559			1,713,343
Consumer loans:
Home equity loans	42,731			43,517			42,896			43,549			44,376
Other consumer	3,198			2,728			2,644			2,549			2,592
Total consumer loans	45,929			46,245			45,540			46,098			46,968
Total loans, excluding yield adjustments	5,775,090			5,756,938			5,760,475			5,850,476			5,976,368
Unaccreted yield adjustments	(16,754)			(11,309)			(24,426)			(21,055)			(10,043)
Loans receivable, net of yield adjustments	5,758,336			5,745,629			5,736,049			5,829,421			5,966,325
Less: allowance for credit losses on loans	(44,930)			(44,867)			(46,872)			(48,734)			(49,122)
Net loans receivable	$	5,713,406		$	5,700,762		$	5,689,177		$	5,780,687		$	5,917,203
Asset quality:
Nonperforming assets:
Accruing loans - 90 days and over past due	$	—		$	—		$	—		$	—		$	—
Nonaccrual loans	39,546			28,089			37,912			42,627			44,026
Total nonperforming loans	39,546			28,089			37,912			42,627			44,026
Nonaccrual loans held-for-sale	—			9,700			—			—			—
Other real estate owned	—			11,982			12,956			12,956			13,410
Total nonperforming assets	$	39,546		$	49,771		$	50,868		$	55,583		$	57,436
Nonperforming loans (% total loans)	0.69		%	0.49		%	0.66		%	0.73		%	0.74		%
Nonperforming assets (% total assets)	0.50		%	0.63		%	0.64		%	0.69		%	0.69		%
Classified loans	$	115,772		$	94,676		$	98,616		$	93,526		$	103,461
Allowance for credit losses on loans (ACL):
ACL to total loans	0.78		%	0.78		%	0.81		%	0.83		%	0.82		%
ACL to nonperforming loans	113.61		%	159.73		%	123.63		%	114.33		%	111.57		%
Net charge-offs	$	286		$	4,110		$	2,107		$	82		$	206
Average net charge-off rate (annualized)	0.02		%	0.29		%	0.15		%	0.01		%	0.01		%

9

Kearny Financial Corp.

Supplemental Balance Sheet Highlights

(Unaudited)

(Dollars in Thousands)	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Funding composition:
Deposits:
Non-interest-bearing deposits	$	586,089		$	584,130		$	595,141		$	609,999		$	617,778
Interest-bearing demand	2,349,032			2,347,262			2,236,573			2,252,912			2,285,799
Savings	630,456			646,182			689,163			748,721			811,483
Certificates of deposit (retail)	1,235,261			1,283,676			1,300,382			1,377,028			1,327,343
Certificates of deposit (brokered and listing service)	408,212			458,380			612,909			640,523			761,001
Interest-bearing deposits	4,622,961			4,735,500			4,839,027			5,019,184			5,185,626
Total deposits	5,209,050			5,319,630			5,434,168			5,629,183			5,803,404
Borrowings:
Federal Home Loan Bank advances	1,357,178			1,432,055			1,456,933			1,281,812			1,156,692
Other borrowings	365,000			235,000			170,000			225,000			455,000
Total borrowings	1,722,178			1,667,055			1,626,933			1,506,812			1,611,692
Total funding	$	6,931,228		$	6,986,685		$	7,061,101		$	7,135,995		$	7,415,096
Loans as a % of deposits	109.8		%	107.4		%	104.8		%	102.9		%	102.1		%
Deposits as a % of total funding	75.2		%	76.1		%	77.0		%	78.9		%	78.3		%
Borrowings as a % of total funding	24.8		%	23.9		%	23.0		%	21.1		%	21.7		%
Uninsured deposits:
Uninsured deposits (reported) (1)	$	1,760,740		$	1,813,122		$	1,734,288		$	1,771,416		$	1,678,051
Uninsured deposits (adjusted) (2)	$	718,026		$	694,510		$	683,265		$	710,377		$	705,727

_________________________

(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 (Loss)

(Unaudited)

	Three Months Ended
(Dollars and Shares in Thousands, Except Per Share Data)	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Interest income
Loans	$	64,035		$	63,384		$	62,769		$	62,044		$	60,172
Taxable investment securities	15,490			16,756			16,265			15,736			15,459
Tax-exempt investment securities	85			84			87			91			99
Other interest-earning assets	2,475			2,401			2,047			1,821			1,441
Total interest income	82,085			82,625			81,168			79,692			77,171
Interest expense
Deposits	32,320			30,340			27,567			26,226			22,246
Borrowings	15,446			16,446			14,441			13,286			12,554
Total interest expense	47,766			46,786			42,008			39,512			34,800
Net interest income	34,319			35,839			39,160			40,180			42,371
Provision for (reversal of) credit losses	349			2,105			245			(306)			451
Net interest income after provision for (reversal of) credit losses	33,970			33,734			38,915			40,486			41,920
Non-interest income
Fees and service charges	657			624			748			699			910
Loss on sale and call of securities	—			(18,135)			—			—			—
Gain (loss) on sale of loans	(712)			104			215			199			(2,373)
Loss on sale of other real estate owned	—			(974)			—			(139)			—
Income from bank owned life insurance	3,039			1,162			1,666			1,605			1,581
Electronic banking fees and charges	464			396			367			399			457
Other income	755			811			1,014			903			1,071
Total non-interest income	4,203			(16,012)			4,010			3,666			1,646
Non-interest expense
Salaries and employee benefits	16,911			17,282			17,761			17,315			18,005
Net occupancy expense of premises	2,863			2,674			2,758			2,862			3,097
Equipment and systems	3,823			3,814			3,801			3,511			3,537
Advertising and marketing	387			301			228			231			413
Federal deposit insurance premium	1,429			1,495			1,524			1,455			1,546
Directors' compensation	360			393			393			345			340
Other expense	3,286			3,808			3,309			3,042			3,414
Total non-interest expense	29,059			29,767			29,774			28,761			30,352
Income (loss) before income taxes	9,114			(12,045)			13,151			15,391			13,214
Income taxes	1,717			1,782			3,309			3,378			2,902
Net income (loss)	$	7,397		$	(13,827)		$	9,842		$	12,013		$	10,312
Net income (loss) per common share (EPS)
Basic	$	0.12		$	(0.22)		$	0.16		$	0.19		$	0.16
Diluted	$	0.12		$	(0.22)		$	0.16		$	0.19		$	0.16
Dividends declared
Cash dividends declared per common share	$	0.11		$	0.11		$	0.11		$	0.11		$	0.11
Cash dividends declared	$	6,844		$	6,882		$	6,989		$	7,007		$	7,196
Dividend payout ratio	92.5		%	-49.8		%	71.0		%	58.3		%	69.8		%
Weighted average number of common shares outstanding
Basic	62,205			62,299			63,014			63,667			64,769
Diluted	62,211			62,367			63,061			63,667			64,783

11

Kearny Financial Corp.

Average Balance Sheet Data

(Unaudited)

	Three Months Ended
(Dollars in Thousands)	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Assets
Interest-earning assets:
Loans receivable, including loans held-for-sale	$	5,752,477		$	5,726,321		$	5,788,074		$	5,932,541		$	5,986,669
Taxable investment securities	1,382,064			1,509,165			1,516,393			1,529,582			1,558,222
Tax-exempt investment securities	14,614			15,025			15,483			16,346			17,663
Other interest-earning assets	125,155			139,740			130,829			128,158			131,682
Total interest-earning assets	7,274,310			7,390,251			7,450,779			7,606,627			7,694,236
Non-interest-earning assets	577,411			554,335			568,723			556,962			575,009
Total assets	$	7,851,721		$	7,944,586		$	8,019,502		$	8,163,589		$	8,269,245
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand	$	2,378,831		$	2,301,169		$	2,245,831		$	2,321,120		$	2,363,762
Savings	635,226			664,926			719,508			774,854			858,673
Certificates of deposit	1,705,513			1,824,316			1,968,512			2,057,818			2,069,396
Total interest-bearing deposits	4,719,570			4,790,411			4,933,851			5,153,792			5,291,831
Borrowings:
Federal Home Loan Bank advances	1,428,801			1,513,497			1,386,473			1,374,316			1,402,269
Other borrowings	210,989			142,283			158,098			100,055			1,611
Total borrowings	1,639,790			1,655,780			1,544,571			1,474,371			1,403,880
Total interest-bearing liabilities	6,359,360			6,446,191			6,478,422			6,628,163			6,695,711
Non-interest-bearing liabilities:
Non-interest-bearing deposits	581,870			597,294			612,251			608,765			634,324
Other non-interest-bearing liabilities	65,709			62,387			66,701			64,970			60,327
Total non-interest-bearing liabilities	647,579			659,681			678,952			673,735			694,651
Total liabilities	7,006,939			7,105,872			7,157,374			7,301,898			7,390,362
Stockholders' equity	844,782			838,714			862,128			861,691			878,883
Total liabilities and stockholders' equity	$	7,851,721		$	7,944,586		$	8,019,502		$	8,163,589		$	8,269,245
Average interest-earning assets to average  interest-bearing liabilities	114.39		%	114.65		%	115.01		%	114.76		%	114.91		%

12

Kearny Financial Corp.

Performance Ratio Highlights

	Three Months Ended
	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023
Average yield on interest-earning assets:
Loans receivable, including loans held-for-sale	4.45	%	4.43	%	4.34	%	4.18	%	4.02	%
Taxable investment securities	4.48	%	4.44	%	4.29	%	4.12	%	3.97	%
Tax-exempt investment securities (1)	2.32	%	2.25	%	2.25	%	2.23	%	2.23	%
Other interest-earning assets	7.91	%	6.87	%	6.26	%	5.68	%	4.38	%
Total interest-earning assets	4.51	%	4.47	%	4.36	%	4.19	%	4.01	%
Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand	3.08	%	2.91	%	2.58	%	2.38	%	2.01	%
Savings	0.46	%	0.44	%	0.47	%	0.48	%	0.41	%
Certificates of deposit	3.11	%	2.82	%	2.49	%	2.24	%	1.84	%
Total interest-bearing deposits	2.74	%	2.53	%	2.23	%	2.04	%	1.68	%
Borrowings:
Federal Home Loan Bank advances	3.55	%	3.82	%	3.54	%	3.51	%	3.58	%
Other borrowings	5.22	%	5.65	%	5.46	%	4.89	%	5.15	%
Total borrowings	3.77	%	3.97	%	3.74	%	3.60	%	3.58	%
Total interest-bearing liabilities	3.00	%	2.90	%	2.59	%	2.38	%	2.08	%
Interest rate spread (2)	1.51	%	1.57	%	1.77	%	1.81	%	1.93	%
Net interest margin (3)	1.89	%	1.94	%	2.10	%	2.11	%	2.20	%
Non-interest income to average assets (annualized)	0.21	%	-0.81	%	0.20	%	0.18	%	0.08	%
Non-interest expense to average assets (annualized)	1.48	%	1.50	%	1.49	%	1.41	%	1.47	%
Efficiency ratio (4)	75.43	%	150.13	%	68.97	%	65.60	%	68.96	%
Return on average assets (annualized)	0.38	%	-0.70	%	0.49	%	0.59	%	0.50	%
Return on average equity (annualized)	3.50	%	-6.59	%	4.57	%	5.58	%	4.69	%
Return on average tangible equity (annualized) (5)	4.68	%	-8.84	%	6.07	%	7.41	%	6.20	%

_________________________

(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)	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Adjusted net income:
Net income (loss) (GAAP)	$	7,397		$	(13,827)		$	9,842		$	12,013		$	10,312
Non-recurring transactions - net of tax:
Branch consolidation expenses	—			—			—			—			568
Net effect of sale and call of securities	—			12,876			—			—			—
Net effect of bank-owned life insurance restructure	—			6,286			—			—			—
Adjusted net income	$	7,397		$	5,335		$	9,842		$	12,013		$	10,880
Calculation of pre-tax, pre-provision net revenue:
Net income (loss) (GAAP)	$	7,397		$	(13,827)		$	9,842		$	12,013		$	10,312
Adjustments to net income (GAAP):
Provision for income taxes	1,717			1,782			3,309			3,378			2,902
Provision for (reversal of) credit losses	349			2,105			245			(306)			451
Pre-tax, pre-provision net revenue (non-GAAP)	$	9,463		$	(9,940)		$	13,396		$	15,085		$	13,665
Adjusted earnings per share:
Weighted average common shares - basic	62,205			62,299			63,014			63,667			64,769
Weighted average common shares - diluted	62,211			62,367			63,061			63,667			64,783
Earnings per share - basic (GAAP)	$	0.12		$	(0.22)		$	0.16		$	0.19		$	0.16
Earnings per share - diluted (GAAP)	$	0.12		$	(0.22)		$	0.16		$	0.19		$	0.16
Adjusted earnings per share - basic (non-GAAP)	$	0.12		$	0.09		$	0.16		$	0.19		$	0.17
Adjusted earnings per share - diluted (non-GAAP)	$	0.12		$	0.09		$	0.16		$	0.19		$	0.17
Pre-tax, pre-provision net revenue per share:
Pre-tax, pre-provision net revenue per share - basic   (non-GAAP)	$	0.15		$	(0.16)		$	0.21		$	0.24		$	0.21
Pre-tax, pre-provision net revenue per share - diluted   (non-GAAP)	$	0.15		$	(0.16)		$	0.21		$	0.24		$	0.21
Adjusted return on average assets:
Total average assets	$	7,851,721		$	7,944,586		$	8,019,502		$	8,163,589		$	8,269,245
Return on average assets (GAAP)	0.38		%	-0.70		%	0.49		%	0.59		%	0.50		%
Adjusted return on average assets (non-GAAP)	0.38		%	0.27		%	0.49		%	0.59		%	0.53		%
Adjusted return on average equity:
Total average equity	$	844,782		$	838,714		$	862,128		$	861,691		$	878,883
Return on average equity (GAAP)	3.50		%	-6.59		%	4.57		%	5.58		%	4.69		%
Adjusted return on average equity (non-GAAP)	3.50		%	2.54		%	4.57		%	5.58		%	4.95		%

14

Kearny Financial Corp.

Reconciliation of GAAP to Non-GAAP

(Unaudited)

	Three Months Ended
(Dollars and Shares in Thousands, Except Per Share Data)	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Adjusted return on average tangible equity:
Total average equity	$	844,782		$	838,714		$	862,128		$	861,691		$	878,883
Less: average goodwill	(210,895)			(210,895)			(210,895)			(210,895)			(210,895)
Less: average other intangible assets	(2,138)			(2,277)			(2,411)			(2,544)			(2,683)
Total average tangible equity	$	631,749		$	625,542		$	648,822		$	648,252		$	665,305
Return on average tangible equity (non-GAAP)	4.68		%	-8.84		%	6.07		%	7.41		%	6.20		%
Adjusted return on average tangible equity (non-GAAP)	4.68		%	3.41		%	6.07		%	7.41		%	6.54		%
Adjusted non-interest expense ratio:
Non-interest expense (GAAP)	$	29,059		$	29,767		$	29,774		$	28,761		$	30,352
Non-recurring transactions:
Branch consolidation expenses	—			—			—			—			(800)
Non-interest expense (non-GAAP)	$	29,059		$	29,767		$	29,774		$	28,761		$	29,552
Non-interest expense ratio (GAAP)	1.48		%	1.50		%	1.49		%	1.41		%	1.47		%
Adjusted non-interest expense ratio (non-GAAP)	1.48		%	1.50		%	1.49		%	1.41		%	1.43		%
Adjusted efficiency ratio:
Non-interest expense (non-GAAP)	$	29,059		$	29,767		$	29,774		$	28,761		$	29,552
Net interest income (GAAP)	$	34,319		$	35,839		$	39,160		$	40,180		$	42,371
Total non-interest income (GAAP)	4,203			(16,012)			4,010			3,666			1,646
Non-recurring transactions:
Net effect of sale and call of securities	—			18,135			—			—			—
Net effect of bank-owned life insurance restructure	—			573			—			—			—
Total revenue (non-GAAP)	$	38,522		$	38,535		$	43,170		$	43,846		$	44,017
Efficiency ratio (GAAP)	75.43		%	150.13		%	68.97		%	65.60		%	68.96		%
Adjusted efficiency ratio (non-GAAP)	75.43		%	77.25		%	68.97		%	65.60		%	67.14		%

15

EX-99.2

APRIL 25, 2024 I N V E S T O R P R E S E N T A T I O N T H I R D Q U A R T E R F I S C A L 2 0 2 4 EXHIBIT 99.2

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

Kearny Financial Corp. NASDAQ: KRNY Headquartered in Fairfield, NJ 43 full-service branches1 in New Jersey and New York City Active acquirer, having completed 7 whole-bank acquisitions since 1999 1 As of March 31, 2024. Source: S&P Global Market Intelligence & Company Filings. 3

140 Years of Serving our Communities and Clients 4

3Q24 Financial Highlights 1 Excludes Yield Adjustments. Source: Company Filings. 5 3Q24 Highlights: Net Interest Margin - Compression slowed, declining five basis points from the prior quarter BOLI Restructure – Excluding non-recurring items, run-rate BOLI earnings improved by $673,000 compared to the prior quarter Non-performing assets improved to 0.50% in 3Q24 compared to 0.63% in 2Q24 Net Income Total Assets $7.8 billion Net Interest Income Diluted EPS $7.4 million $34.3 million $0.12 Total Loans1 Total Deposits $5.8 billion $5.2 billion

Capital Strength Equity Capitalization Level 1 Kearny Financial Corp. (NASDAQ: KRNY) Regulatory Capital Ratios as of March 31, 2024 are preliminary. 2 S&P U.S. Small Cap Banks Index comprised of 243 constituents, based on December 31, 2023 results. Source: Company Filings. 6 Regulatory Capital Ratios1,2 8.02% 8.35% 8.20% 8.26% 8.34% 10.37% 10.78% 10.65% 10.74% 10.83% 3Q23 4Q23 1Q24 2Q24 3Q24 Tangible Common Equity / Tangible Assets Equity / Assets 9.07% 14.68% 14.68% 15.45% 9.65% 11.53% 11.73% 14.16% Tier 1 Leverage Common Equity Tier 1 Tier 1 Risk-Based Capital Total Risk-Based Capital KRNY S&P US Small Cap Banks

7 Conservative Underwriting Culture Comprehensive CRE / Multifamily Underwriting Highly disciplined LTV and DSCR standards Interest rates stressed a minimum of +300bps at origination DSCR based on in-place rents, not projections, with conservative allowances for vacancy NOI underwritten to include forecasted expense increases and full taxes (where a tax abatement exists) Approval Authority & Underwriting Consistency Lending authority aggregated by borrower/group of related borrowers Technology ensures consistent and efficient underwriting and risk rating process Multi-faceted Loan Review & Stress Testing Semi-annual third-party loan-level stress testing and annual capital-based stress testing Quarterly third-party portfolio loan review with 65% of total portfolio reviewed on an annual basis Annual internal loan reviews on all commercial loans with balances of $2.5 million or greater Proactive Workout Process Dedicated team of portfolio managers and loan workout specialists Weekly meetings comprised of loan officers, credit personnel and special assets group to pre-emptively address delinquencies or problem credits Philosophy of aggressively addressing impaired assets in a timely fashion Senior Credit Officer Approval Management Loan Committee Approval Board Loan Committee Approval

Track Record of Strong Credit Performance 1 Data provided by Federal Reserve Bank of St. Louis. Source: Company Filings. 8 From 2006 to 2023, inclusive of the Global Financial Crisis and the COVID -19 Pandemic, KRNY’s NCO to average total loans totaled 9 bps per year compared to 50 bps for all Commercial Banks (US Banks not among the top 100)1. Net Charge-offs to Average Total Loans 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 3Q24 Commercial Banks (not among top 100) KRNY Global Financial Crisis COVID-19 Pandemic Cumulative charge-offs for KRNY between 2006 and 3Q24 were minimal, totaling $35.1 million.

Diversified Loan Portfolio Loan Composition1 Geographic Distribution2Loan Trend 1 For the quarter ended March 31, 2024. 2 As of March 31, 2024. Source: S&P Global Market Intelligence & Company Filings. 9 ($ millions) 1-4 Family 30.2% Home Equity 0.7% Multi-family 45.8% CRE 16.7% Construction 4.0% C&I 2.6% QTD Yield on Loans 4.45% $1,713 $1,701 $1,689 $1,746 $1,742 $2,836 $2,762 $2,699 $2,651 $2,645 $1,003 $969 $947 $947 $966 $5,976 $5,850 $5,760 $5,757 $5,775 3Q23 4Q23 1Q24 2Q24 3Q24 1-4 Family Home Equity Multi-family CRE Construction C&I New York 34.4% New Jersey 54.9% Pennsylvania 5.9% Other 4.8% LTV 61.3%

Multifamily Loan Portfolio Multifamily Loan Portfolio Composition1 New York City (“NYC”) Multifamily1 Source: Company Filings 1 As of March 31, 2024. 10 Less than half of our Multifamily portfolio is collateralized by properties in NYC Only 8% of our Multifamily portfolio is collateralized by majority or fully rent-regulated NYC properties There are limited levels of maturing or repricing NYC Multifamily loans in calendar 2024 and 2025 Outstanding asset quality over multiple credit cycles NYC Multifamily Portfolio: $1.2 billion Average Loan Balance: $3.45 million Weighted Average LTV: 62.7% Nonperforming Loans / Total MF Loans: 0.4% Apr to Dec 2024 Maturity & Repricing: $27.9 million Calendar Year 2025 Maturity & Repricing: $120.7 million Majority NYC Free Market 39.3% Outside NYC 52.9% 100% NYC Rent Regulated 3.7% Majority NYC Rent Regulated 4.1% Total MF $2.6B

NYC Multifamily Loan Portfolio 1 As of March 31, 2024. 2 Source: “New York City Multifamily In Review Report 2023” by Ariel Property Advisors; https://arielpa.nyc/investor-relations/research-reports 3 “New York City Multifamily In Review Report 2023” by Ariel Property Advisors; https://arielpa.nyc/insights/240206-how-low-can-it-go-finding-value-in-new-york-city-apartment-building-sales [arielpa.nyc] 11 Independent Market Research Report Data Industry Market Reports indicate that real estate prices in Brooklyn outperformed the other boroughs of NYC 66.5% of the Company’s NYC Multifamily portfolio is located in Brooklyn, NY Brooklyn 66.5% Queens 12.8% Manhattan 10.8% Bronx 9.5% Staten Island 0.4% Total NYC MF $1.2 B LTV 62.7% Rent Stabilized Location Building Value Change Bronx (29%) Brooklyn (7%) Manhattan (below 96th St) (37%) Northern Manhattan (above 96th St) (51%) Queens (22%) NYC Average (18%) Free Market Location Building Value Change Bronx 1% Brooklyn 1% Manhattan (below 96th St) (31%) Northern Manhattan (above 96th St) (25%) Queens 6% NYC Average (11%) Pricing Drop from Peak Pricing2 Free Market - Pricing Drop from Peak Pricing3

CRE Loan Detail Source: Company Filings. 1 As of March 31, 2024. 12 CRE Portfolio by Collateral Type1 CRE Loan Geographic Distribution1 Retail 36.3% Mixed Use 26.1% Office 15.1% Industrial 16.7% Specialty & Other 2.0% Medical 3.8% New Jersey 56.2% Brooklyn 9.9% New York (Ex. Brooklyn) 26.5% Pennsylvania 4.8% Other 2.6% Total CRE $1.0 B LTV 52%

Office Portfolio 1 As of March 31, 2024. Source: Company Filings. 13 Office Portfolio by Contractual Maturity1 Office Loan Geographic Distribution1 Office Portfolio Profile 15.7% of total CRE portfolio or $146 million Average loan size of $1.7 million Classified office loans comprised of 0.7% of total office loans ($ millions) ($ millions) $6 $5 $17 $49 $22 $10 $37 $- $10 $20 $30 $40 $50 $60 2024 2025 2026 2027 2028 2029 2030+ Other 3.1% Manhattan 22.4% New York (Ex. Manhattan) 4.5% New Jersey 70.0% Total Office $146 M LTV 48.4% DSCR 1.8x

Asset Quality Metrics Non-Performing Assets / Total Assets Non-Performing Loans1 Allowance for Credit Losses 1 As of March 31, 2024; amounts shown in millions. Source: S&P Global Market Intelligence & Company Filings. 14 NPL's $39.5 MM 0.69% 0.69% 0.64% 0.63% 0.50% 0.25% 0.50% 0.75% 1.00% 3Q23 4Q23 1Q24 2Q24 3Q24 Multi-family $25.2 CRE $4.5 C&I $4.2 1-4 Family $5.6 NPL's $39.5 MM $46.6 $45.3 $45.0 $44.7 $44.7 $2.5 $3.4 $1.9 $0.2 $0.2 0.82% 0.83% 0.81% 0.78% 0.78% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 3Q23 4Q23 1Q24 2Q24 3Q24 ACL Balance - Individually Analyzed ACL Balance - Collectively Evaluated ACL to Total Loans Receivable Net Charge-Offs / Average Loans 0.01% 0.01% 0.15% 0.29% 0.02% -0.10% 0.00% 0.10% 0.20% 0.30% 0.40% 3Q23 4Q23 1Q24 2Q24 3Q24 Increase driven by a single commercial real estate relationship

Granular Deposit Franchise 1 For the quarter ended March 31, 2024. 2 As of March 31,2024; excludes Wholesale and state & local government deposits. Source: S&P Global Market Intelligence & Company Filings. 15 Deposit Composition1 Deposit Trend Deposit Segmentation2Non-Maturity Deposit Mix Retail CDs 23.7% Wholesale CDs 7.8% Savings 12.1% Interest Bearing DDA 45.1% Non-interest Bearing DDA 11.3% ($ millions) $1,327 $1,377 $1,300 $1,284 $1,235 $761 $640 $613 $458 $408 $811 $749 $689 $646 $630 $2,286 $2,253 $2,237 $2,348 $2,349 $618 $610 $595 $584 $586 $5,803 $5,629 $5,434 $5,320 $5,209 3Q23 4Q23 1Q24 2Q24 3Q24 Retail CDs Wholesale CDs Savings Interest Bearing DDA Non-interest Bearing DDA Consumer 62.8% Commercial 21.4% Government 15.8% Product # of Accounts Balance ($ millions) Average Balance per Account Checking 53,349 $ 2,379 $ 44,594 Savings 32,098 623 19,419 CD 26,242 1,640 62,502 Total Retail Deposits 111,689 $ 4,642 $ 41,557 QTD Cost of Deposits 2.74%

Liquidity Available for Uninsured Deposits Estimated Uninsured Deposits Analysis2 1 Estimated amount of uninsured deposits reported in March 31, 2024 Call Report. 2 As of March 31, 2024. 16 Available liquidity is 2.5x greater than estimated uninsured deposits (excluding items above) Liquidity Capacity2 Estimated Uninsured Deposit Analysis ($ millions) Estimated Uninsured Deposits 1,761$ Less: Collateralized State & Local Government Deposits (552) Less: Bank's wholly-owned subsidiary & Holding Company Deposits (491) Estimated uninsured deposits excluding items above: 718$ Total Deposits 5,209$ Estimated uninsured deposits, excluding items above, as a % of Total Deposits 13.8% 1 Sources of Liquidity ($ millions) Liquidity Capacity Funding Utilized Available Capacity Internal Sources: Free Securities and other 337$ -$ 337$ External Sources: FRB 503 100 403 FHLB 2,690 1,623 1,067 Total Liquidity 3,530$ 1,723$ 1,807$

Investment Securities 1 As of March 31, 2024. 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. 17 Securities Composition1 Securities Average Balance & Yield TrendAFS/HTM & Effective Duration Total Effective Duration ≈ 3.2 years Floating rate securities ≈ 38.3% ($ millions) $1,576 $1,546 $1,532 $1,524 $1,397 3.95% 4.10% 4.27% 4.42% 4.46% 3Q23 4Q23 1Q24 2Q24 3Q24 Corporate Bonds 10.1% CLO 32.8% ABS Student Loans 7.0% Agency MBS 49.0% Municipal Bonds 1.1% 2 QTD Yield on Securities 4.46% AFS , 88.7% HTM , 11.3% At March 31, 2024, the after-tax net unrecognized loss on securities held-to-maturity was $11.4 million, or 1.79% of tangible equity3

Best-in-Class Operating Efficiency Source: S&P Global Market Intelligence & Company Filings. 18 Non-interest Expense to Average Assets $68 $74 $75 $96 $114 $130 $131 $121 1 21 41 61 81 101 121 2017 2018 2019 2020 2021 2022 2023 3Q24 ($ millions) Deposits per Branch 1.8x 2017 3Q24 1.76% 1.48% Core Non-interest Expense to Total Average Assets -28 bps 1.76% 1.86% 1.64% 1.61% 1.72% 1.73% 1.53% 1.48% 1.40% 1.50% 1.60% 1.70% 1.80% 1.90% 2.00% 2017 2018 2019 2020 2021 2022 2023 3Q24

Best-in-Class Technology Embedded Throughout the Organization 19

XML

Cover	Apr. 25, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Apr. 25, 2024
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.