Form 8-K
8-K — Kearny Financial Corp.
Accession: 0001617242-26-000017
Filed: 2026-07-23
Period: 2026-07-23
CIK: 0001617242
SIC: 6035 (SAVINGS INSTITUTION, FEDERALLY CHARTERED)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Other Events
Item: Financial Statements and Exhibits
Documents
8-K — krny-20260723.htm (Primary)
EX-99.1 (krny-20260630xexx991.htm)
EX-99.2 (krny-20260723xexx992xfin.htm)
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8-K
8-K (Primary)
Filename: krny-20260723.htm · Sequence: 1
krny-20260723
FALSE000161724200016172422026-07-232026-07-23
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): July 23, 2026
_____________________________
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 July 23, 2026, Kearny Financial Corp. (the “Company”), the holding company for Kearny Bank, issued a press release reporting its financial results for the period ended June 30, 2026.
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 July 23, 2026, 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 included 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 July 23, 2026, the Company’s Board of Directors announced a quarterly cash dividend of $0.11 per share, payable on August 26, 2026, to stockholders of record as of August 12, 2026.
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 July 23, 2026.
99.2
Kearny Financial Corp. investor presentation dated July 23, 2026.
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: July 23, 2026
By: /s/ Sean Byrnes
Sean Byrnes
Executive Vice President and Chief Financial Officer
EX-99.1
EX-99.1
Filename: krny-20260630xexx991.htm · Sequence: 2
Document
Exhibit 99.1
FOR IMMEDIATE RELEASE
July 23, 2026
For further information contact:
Keith Suchodolski, Senior Executive Vice President and Chief Operating Officer, or
Sean Byrnes, Executive Vice President and Chief Financial Officer
Kearny Financial Corp.
(973) 244-4500
KEARNY FINANCIAL CORP. ANNOUNCES FOURTH QUARTER AND FISCAL YEAR END 2026 RESULTS
AND DECLARATION OF $0.11 PER SHARE CASH DIVIDEND
Fairfield, N.J., July 23, 2026 – Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), reported net income for the quarter ended June 30, 2026 of $7.2 million, or $0.11 per diluted share, compared to $10.1 million, or $0.16 per diluted share, for the quarter ended March 31, 2026. For the fiscal year ended June 30, 2026, the Company reported net income of $36.3 million, or $0.57 per diluted share, compared to $26.1 million, or $0.42 per diluted share, for the fiscal year ended June 30, 2025.
As explained in additional detail below, net income for the quarter ended June 30, 2026 was impacted by various non-recurring items, including a $1.6 million discrete tax charge, $745,000 of severance expense, and $262,000 of other real estate owned (“OREO”) acquisition expense.
The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.11 per share, payable on August 26, 2026, to stockholders of record as of August 12, 2026.
Craig L. Montanaro, President and Chief Executive Officer, commented, “I am pleased to report our fiscal 2026 performance, which reflected a 39% increase in net income compared to the prior fiscal year, continued expansion of our net interest margin, and growth in both loans and deposits. Fiscal 2026 was a year of meaningful progress and reflected the successful execution of our strategic plan, including the continued remixing of our balance sheet, enhanced operational efficiency, and our focus on building deeper commercial banking relationships.”
Mr. Montanaro continued, “During the fiscal year, we invested in growth initiatives across commercial banking, treasury management, and technology. We added experienced banking talent and expanded capabilities designed to deepen commercial client relationships and support loan and deposit growth. These investments are strengthening our ability to attract high-quality commercial relationships and further our evolution into a commercially focused banking franchise.”
Mr. Montanaro concluded, “As we enter fiscal 2027, we remain focused on executing our strategic plan through organic growth, operational excellence, and the continued enhancement of the client experience. We believe the investments we have made in talent, technology, and operating efficiency, coupled with tailwinds from low-coupon loan repricing, position us well to continue delivering sustainable earnings growth and long-term value for our shareholders.”
Strategic Achievements
•Expanded Corporate Banking capabilities through the recruitment of experienced relationship-focused bankers.
•Launched a Specialty Deposits team focused on 1031 exchange, escrow, trust, and estate account relationships, expanding the Bank's commercial deposit capabilities and strengthening its presence in key New York markets.
•Advanced a Company-wide operational excellence initiative focused on process improvement, adoption of automation and artificial intelligence, and enhancements of the client experience.
•Executed a strategic realignment of the retail banking organization to create a dedicated outside sales team focused on small business relationship development, while retaining a peer-leading level of service throughout the branch network.
Fiscal Year 2026 Highlights
•Net interest margin expanded 30 basis points to 2.18%, extending the momentum of margin improvement for the second consecutive year.
•Pre-tax, pre-provision earnings per share increased 47.0% to $0.78 per diluted share.
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•Continued the strategic remixing of the loan portfolio by growing commercial and industrial, construction, and home equity loans by 61.4%, 48.1% and 57.4%, respectively, while strategically reducing multifamily mortgage exposure.
•Improved efficiency ratio by 5.90%, while investing in new products, capabilities, and our people.
•Tangible book value per share increased $0.30, or 3.1%, to $10.07.
Balance Sheet
•Total assets were $7.68 billion at June 30, 2026, an increase of $74.5 million, or 1.0%, from March 31, 2026 and a decrease of $58.2 million, or 0.8%, from June 30, 2025.
•Investment securities totaled $1.07 billion at June 30, 2026, a decrease of $22.7 million, or 2.1%, from March 31, 2026 and a decrease of $62.0 million, or 5.5%, from June 30, 2025.
•Loans receivable totaled $5.88 billion at June 30, 2026, an increase of $96.1 million, or 1.7%, from March 31, 2026 and an increase of $62.4 million, or 1.1%, from June 30, 2025.
•Deposits were $5.71 billion at June 30, 2026, a decrease of $19.5 million, or 0.3%, from March 31, 2026 and an increase of $34.4 million, or 0.6%, from June 30, 2025. Deposit balances reflected the migration of $170.1 million from consumer interest-bearing products to non-interest bearing products.
•Borrowings were $1.15 billion at June 30, 2026, an increase of $90.0 million, or 8.5%, from March 31, 2026 and a decrease of $106.5 million, or 8.5%, from June 30, 2025.
•At June 30, 2026, the Company maintained available secured borrowing capacity with the Federal Home Loan Bank and the Federal Reserve Discount Window of $2.35 billion, representing 30.6% of total assets.
Earnings
Net Interest Income and Net Interest Margin
•Net interest margin increased by five basis points to 2.26% for the quarter ended June 30, 2026 and by 30 basis points to 2.18% for the year ended June 30, 2026. The quarterly improvement was driven by higher loan yields and balances and a reduction in interest-bearing deposits, partially offset by higher costs on interest-bearing liabilities. The year-over-year improvement reflected higher loan yields and balances and lower costs on interest-bearing liabilities, partially offset by lower yields and balances on investment securities and other interest-earning assets.
•For the quarter ended June 30, 2026, net interest income increased $1.1 million, or 2.9%, to $40.4 million from $39.2 million for the quarter ended March 31, 2026. Included in net interest income for the quarters ended June 30, 2026 and March 31, 2026, respectively, was purchase accounting accretion of $537,000 and $552,000, and loan prepayment penalty income of $622,000 and $422,000.
•For the year ended June 30, 2026, net interest income increased $20.3 million, or 15.1%, to $155.3 million from $134.9 million for the year ended June 30, 2025. Included in net interest income for the years ended June 30, 2026 and 2025, respectively, was purchase accounting accretion of $2.2 million and $2.4 million and loan prepayment penalty income of $2.1 million and $783,000.
Non-Interest Income
•For the quarter ended June 30, 2026, non-interest income decreased $781,000, or 12.8%, to $5.3 million from $6.1 million for the quarter ended March 31, 2026, primarily driven by the absence of a non-recurring pre-tax gain of $1.0 million recorded in the prior period. Excluding this non-recurring item, non-interest income increased $218,000, or 4.3%, from $5.1 million, primarily driven by an increase in loan related fees and charges and a higher gain on sale of loans.
•Fees and service charges increased $144,000 to $1.1 million for the quarter ended June 30, 2026 from $922,000 for the quarter ended March 31, 2026.
•Gain on sale of loans increased $123,000 to $316,000 for the quarter ended June 30, 2026 from $193,000 for the quarter ended March 31, 2026.
•For the year ended June 30, 2026, non-interest income increased $3.8 million to $22.8 million from $19.1 million for the year ended June 30, 2025, primarily driven by $1.8 million in non-recurring pre-tax gains on the sale of properties held for sale in the current period, and increases in loan- and branch-related fees and charges.
2
Non-Interest Expense
•For the quarter ended June 30, 2026, non-interest expense increased $1.6 million, or 4.8%, to $33.9 million from $32.3 million for the quarter ended March 31, 2026. Excluding a non-recurring charge of $745,000 related to severance, non-interest expense increased $806,000, primarily reflecting higher salary and benefit costs, OREO acquisition-related expenses of $262,000, and a provision for unfunded commitments of $264,000, partially offset by a lower net occupancy expense.
•Salary and benefits expense increased $1.0 million to $20.3 million for the quarter ended June 30, 2026 from $19.3 million for the quarter ended March 31, 2026, primarily due to a non-recurring charge of $745,000 related to severance associated with a strategic realignment of the Company’s retail banking organization.
•Net occupancy expense of premises decreased $401,000 to $2.9 million for the quarter ended June 30, 2026 from $3.3 million for the quarter ended March 31, 2026, primarily driven by the absence of snow removal expenses recorded in the prior period.
•Other expense increased $942,000 to $4.4 million for the quarter ended June 30, 2026, from $3.5 million for the quarter ended March 31, 2026, primarily due to a non-recurring OREO acquisition-related expense of $262,000, a reserve on unfunded commitments of $264,000 due to growth in construction loans, compared to an $86,000 reserve reversal in the prior period, and higher professional and other fees. Remaining changes reflected normal operating fluctuations.
•For the year ended June 30, 2026, non-interest expense increased $8.4 million, or 6.9%, to $129.0 million from $120.6 million for the year ended June 30, 2025, primarily driven by higher salary and benefits expense and other expense. Salary and benefits expense increased due to annual merit increases, higher incentive compensation, and a non-recurring severance charge, while other expense increased primarily as a result of higher professional fees, loan related expenses, and the non-recurring charges discussed above.
Income Taxes
•Income tax expense totaled $3.8 million for the quarter ended June 30, 2026 compared to $2.5 million for the quarter ended March 31, 2026, resulting in an effective tax rate of 34.9% and 19.8%, respectively. Income tax expense increased due to the establishment of a valuation allowance of $1.6 million against a deferred tax asset related to certain legacy stock-based compensation awards.
•Income tax expense totaled $11.1 million for the year ended June 30, 2026 compared to $4.9 million for the year ended June 30, 2025. The increase in income tax expense was primarily driven by higher pre-tax income in the current year period and the establishment of a valuation allowance of $1.6 million, as discussed above.
Asset Quality
•Non-performing assets increased to $53.4 million, or 0.70% of total assets, at June 30, 2026, from $52.4 million, or 0.69% of total assets, at March 31, 2026, and from $45.6 million, or 0.59% of total assets, at June 30, 2025. Included in non-performing assets at June 30, 2026 were two foreclosed properties with an aggregate carrying value of $5.5 million that were reclassified from non-performing loans to OREO during the quarter.
•Net charge-offs totaled $49,000, or less than 0.01% of average loans, on an annualized basis, for the quarter ended June 30, 2026, compared to $626,000, or 0.04% of average loans, on an annualized basis, for the quarter ended March 31, 2026. For the year ended June 30, 2026, net charge-offs totaled $2.4 million, or 0.04% of average loans, compared to $1.1 million, or 0.02% of average loans, for the year ended June 30, 2025.
•For the quarter ended June 30, 2026, the Company recorded a provision for credit losses of $822,000, compared to $391,000 for the quarter ended March 31, 2026. The provision for credit losses for the quarter ended June 30, 2026 was primarily driven by loan growth. For the years ended June 30, 2026 and June 30, 2025, the Company recorded a provision for credit losses of $1.7 million and $2.4 million, respectively.
•The allowance for credit losses (“ACL”) was $45.5 million, or 0.77% of total loans, at June 30, 2026, an increase of $773,000 from $44.7 million, or 0.77% of total loans, at March 31, 2026. The ACL was $46.2 million, or 0.79% of total loans, at June 30, 2025.
3
Capital
◦For the quarter ended June 30, 2026, book value per share and tangible book value per share increased $0.05, or 0.4%, to $11.84 and $10.07, respectively, compared to the prior period.
◦At June 30, 2026, total stockholders’ equity included after-tax net unrealized losses on securities available for sale of $68.5 million, partially offset by after-tax unrealized gains on derivatives of $4.8 million. After-tax net unrecognized losses on securities held to maturity of $8.4 million were not reflected in total stockholders’ equity.
◦At June 30, 2026, the Company’s tangible equity to tangible assets ratio equaled 8.62% 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.
4
Linked-Quarter Comparative Financial Analysis
Kearny Financial Corp.
Consolidated Balance Sheets
(Unaudited)
(Dollars and Shares in Thousands,
Except Per Share Data) June 30,
2026 March 31,
2026 Variance
or Change Variance
or Change Pct.
(Unaudited) (Unaudited)
Assets
Cash and cash equivalents $ 114,823 $ 123,836 $ (9,013) -7.3 %
Securities available for sale 964,369 983,325 (18,956) -1.9 %
Securities held to maturity 106,814 110,581 (3,767) -3.4 %
Loans held-for-sale 6,022 12,183 (6,161) -50.6 %
Loans receivable 5,875,325 5,779,181 96,144 1.7 %
Less: allowance for credit losses on loans (45,496) (44,723) 773 1.7 %
Net loans receivable 5,829,829 5,734,458 95,371 1.7 %
Premises and equipment 42,359 41,896 463 1.1 %
Federal Home Loan Bank stock 59,726 55,737 3,989 7.2 %
Accrued interest receivable 27,875 28,304 (429) -1.5 %
Goodwill 113,525 113,525 — — %
Core deposit intangible 968 1,080 (112) -10.4 %
Bank owned life insurance 314,756 312,050 2,706 0.9 %
Deferred income taxes, net 48,699 50,961 (2,262) -4.4 %
Other real estate owned 5,519 — 5,519 — %
Other assets 46,921 39,720 7,201 18.1 %
Total assets $ 7,682,205 $ 7,607,656 $ 74,549 1.0 %
Liabilities
Deposits:
Non-interest-bearing $ 788,015 $ 631,506 $ 156,509 24.8 %
Interest-bearing 4,921,610 5,097,576 (175,966) -3.5 %
Total deposits 5,709,625 5,729,082 (19,457) -0.3 %
Borrowings 1,150,000 1,060,000 90,000 8.5 %
Advance payments by borrowers for taxes 18,562 19,317 (755) -3.9 %
Other liabilities 37,348 36,225 1,123 3.1 %
Total liabilities 6,915,535 6,844,624 70,911 1.0 %
Stockholders' Equity
Common stock 648 648 — — %
Paid-in capital 495,953 495,442 511 0.1 %
Retained earnings 350,046 349,881 165 0.0 %
Unearned ESOP shares (17,025) (17,511) 486 2.8 %
Accumulated other comprehensive loss (62,952) (65,428) 2,476 3.8 %
Total stockholders' equity 766,670 763,032 3,638 0.5 %
Total liabilities and stockholders' equity $ 7,682,205 $ 7,607,656 $ 74,549 1.0 %
Consolidated capital ratios
Equity to assets 9.98 % 10.03 % -0.05 %
Tangible equity to tangible assets (1)
8.62 % 8.65 % -0.03 %
Share data
Outstanding shares 64,738 64,739 (1) 0.0 %
Book value per share $ 11.84 $ 11.79 $ 0.05 0.4 %
Tangible book value per share (2)
$ 10.07 $ 10.02 $ 0.05 0.5 %
_________________________
(1)Tangible equity equals total stockholders' equity reduced by goodwill and core deposit intangible assets. Tangible assets equals total assets reduced by goodwill and core deposit intangible assets.
(2)Tangible book value equals total stockholders' equity reduced by goodwill and core deposit intangible assets.
5
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.
June 30,
2026 March 31,
2026
Interest income
Loans $ 69,376 $ 66,310 $ 3,066 4.6 %
Taxable investment securities 11,328 11,425 (97) -0.8 %
Tax-exempt investment securities 29 34 (5) -14.7 %
Other interest-earning assets 1,251 1,400 (149) -10.6 %
Total interest income 81,984 79,169 2,815 3.6 %
Interest expense
Deposits 30,537 31,045 (508) -1.6 %
Borrowings 11,073 8,888 2,185 24.6 %
Total interest expense 41,610 39,933 1,677 4.2 %
Net interest income 40,374 39,236 1,138 2.9 %
Provision for credit losses 822 391 431 110.2 %
Net interest income after provision for credit losses 39,552 38,845 707 1.8 %
Non-interest income
Fees and service charges 1,066 922 144 15.6 %
Gain on sale of loans 316 193 123 63.7 %
Income from bank owned life insurance 2,706 2,646 60 2.3 %
Electronic banking fees and charges 460 389 71 18.3 %
Other income 765 1,944 (1,179) -60.6 %
Total non-interest income 5,313 6,094 (781) -12.8 %
Non-interest expense
Salaries and employee benefits 20,313 19,316 997 5.2 %
Net occupancy expense of premises 2,862 3,263 (401) -12.3 %
Equipment and systems 3,851 3,975 (124) -3.1 %
Advertising and marketing 746 665 81 12.2 %
Federal deposit insurance premium 1,360 1,302 58 4.5 %
Directors' compensation 307 307 — — %
Other expense 4,413 3,471 942 27.1 %
Total non-interest expense 33,852 32,299 1,553 4.8 %
Income before income taxes 11,013 12,640 (1,627) -12.9 %
Income taxes 3,841 2,503 1,338 53.5 %
Net income $ 7,172 $ 10,137 $ (2,965) -29.2 %
Net income per common share (EPS)
Basic $ 0.11 $ 0.16 $ (0.05)
Diluted $ 0.11 $ 0.16 $ (0.05)
Dividends declared
Cash dividends declared per common share $ 0.11 $ 0.11 $ —
Cash dividends declared $ 7,008 $ 7,005 $ 3
Dividend payout ratio 97.7 % 69.1 % 28.6 %
Weighted average number of common shares outstanding
Basic 62,958 62,908 50
Diluted 63,403 63,251 152
6
Kearny Financial Corp.
Average Balance Sheet Data
(Unaudited)
(Dollars in Thousands) Three Months Ended Variance
or Change Variance
or Change Pct.
June 30,
2026 March 31,
2026
Assets
Interest-earning assets:
Loans receivable, including loans held for sale $ 5,854,248 $ 5,785,095 $ 69,153 1.2 %
Taxable investment securities 1,185,569 1,194,487 (8,918) -0.7 %
Tax-exempt investment securities 4,759 5,669 (910) -16.1 %
Other interest-earning assets 109,098 106,967 2,131 2.0 %
Total interest-earning assets 7,153,674 7,092,218 61,456 0.9 %
Non-interest-earning assets 456,877 455,725 1,152 0.3 %
Total assets $ 7,610,551 $ 7,547,943 $ 62,608 0.8 %
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand $ 2,207,264 $ 2,402,177 $ (194,913) -8.1 %
Savings 760,770 761,090 (320) 0.0 %
Certificates of deposit (retail) 1,190,922 1,181,526 9,396 0.8 %
Certificates of deposit (brokered) 673,031 755,461 (82,430) -10.9 %
Total interest-bearing deposits 4,831,987 5,100,254 (268,267) -5.3 %
Borrowings:
Federal Home Loan Bank advances 1,022,637 861,445 161,192 18.7 %
Other borrowings 150,275 133,833 16,442 12.3 %
Total borrowings 1,172,912 995,278 177,634 17.8 %
Total interest-bearing liabilities 6,004,899 6,095,532 (90,633) -1.5 %
Non-interest-bearing liabilities:
Non-interest-bearing deposits 788,059 633,494 154,565 24.4 %
Other non-interest-bearing liabilities 54,614 59,644 (5,030) -8.4 %
Total non-interest-bearing liabilities 842,673 693,138 149,535 21.6 %
Total liabilities 6,847,572 6,788,670 58,902 0.9 %
Stockholders' equity 762,979 759,273 3,706 0.5 %
Total liabilities and stockholders' equity $ 7,610,551 $ 7,547,943 $ 62,608 0.8 %
Average interest-earning assets to average interest-bearing liabilities 119.13 % 116.35 % 2.78 % 2.4 %
7
Kearny Financial Corp.
Performance Ratio Highlights
(Unaudited)
Three Months Ended Variance
or Change
June 30,
2026 March 31,
2026
Average yield on interest-earning assets:
Loans receivable, including loans held for sale 4.74 % 4.58 % 0.16 %
Taxable investment securities 3.82 % 3.83 % -0.01 %
Tax-exempt investment securities (1)
2.40 % 2.37 % 0.03 %
Other interest-earning assets 4.59 % 5.24 % -0.65 %
Total interest-earning assets 4.58 % 4.47 % 0.11 %
Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand 2.49 % 2.34 % 0.15 %
Savings 1.34 % 1.26 % 0.08 %
Certificates of deposit (retail) 3.17 % 3.20 % -0.03 %
Certificates of deposit (brokered) 2.87 % 2.71 % 0.16 %
Total interest-bearing deposits 2.53 % 2.43 % 0.10 %
Borrowings:
Federal Home Loan Bank advances 3.79 % 3.56 % 0.23 %
Other borrowings 3.71 % 3.66 % 0.05 %
Total borrowings 3.78 % 3.57 % 0.21 %
Total interest-bearing liabilities 2.77 % 2.62 % 0.15 %
Interest rate spread (2)
1.81 % 1.85 % -0.04 %
Net interest margin (3)
2.26 % 2.21 % 0.05 %
Non-interest income to average assets (annualized) 0.28 % 0.32 % -0.04 %
Non-interest expense to average assets (annualized) 1.78 % 1.71 % 0.07 %
Efficiency ratio (4)
74.09 % 71.25 % 2.84 %
Return on average assets (annualized) 0.38 % 0.54 % -0.16 %
Return on average equity (annualized) 3.76 % 5.34 % -1.58 %
Return on average tangible equity (annualized) (5)
4.48 % 6.34 % -1.86 %
_________________________
(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.
8
Year-to-Year Comparative Financial Analysis
Kearny Financial Corp.
Consolidated Balance Sheets
(Dollars and Shares in Thousands,
Except Per Share Data) June 30,
2026 June 30,
2025 Variance
or Change Variance
or Change Pct.
(Unaudited) (Audited)
Assets
Cash and cash equivalents $ 114,823 $ 167,269 $ (52,446) -31.4 %
Securities available for sale 964,369 1,012,969 (48,600) -4.8 %
Securities held to maturity 106,814 120,217 (13,403) -11.1 %
Loans held-for-sale 6,022 5,931 91 1.5 %
Loans receivable 5,875,325 5,812,937 62,388 1.1 %
Less: allowance for credit losses on loans (45,496) (46,191) (695) -1.5 %
Net loans receivable 5,829,829 5,766,746 63,083 1.1 %
Premises and equipment 42,359 43,897 (1,538) -3.5 %
Federal Home Loan Bank of New York stock 59,726 64,261 (4,535) -7.1 %
Accrued interest receivable 27,875 28,098 (223) -0.8 %
Goodwill 113,525 113,525 — — %
Core deposit intangible 968 1,436 (468) -32.6 %
Bank owned life insurance 314,756 304,717 10,039 3.3 %
Deferred income tax assets, net 48,699 55,203 (6,504) -11.8 %
Other real estate owned 5,519 — 5,519 — %
Other assets 46,921 56,181 (9,260) -16.5 %
Total assets $ 7,682,205 $ 7,740,450 $ (58,245) -0.8 %
Liabilities
Deposits:
Non-interest-bearing $ 788,015 $ 582,045 $ 205,970 35.4 %
Interest-bearing 4,921,610 5,093,172 (171,562) -3.4 %
Total deposits 5,709,625 5,675,217 34,408 0.6 %
Borrowings 1,150,000 1,256,491 (106,491) -8.5 %
Advance payments by borrowers for taxes 18,562 19,317 (755) -3.9 %
Other liabilities 37,348 43,463 (6,115) -14.1 %
Total liabilities 6,915,535 6,994,488 (78,953) -1.1 %
Stockholders' Equity
Common stock $ 648 $ 646 $ 2 0.3 %
Paid-in capital 495,953 494,546 1,407 0.3 %
Retained earnings 350,046 341,744 8,302 2.4 %
Unearned ESOP shares (17,025) (18,970) 1,945 10.3 %
Accumulated other comprehensive loss (62,952) (72,004) 9,052 12.6 %
Total stockholders' equity 766,670 745,962 20,708 2.8 %
Total liabilities and stockholders' equity $ 7,682,205 $ 7,740,450 $ (58,245) -0.8 %
Consolidated capital ratios
Equity to assets 9.98 % 9.64 % 0.34 %
Tangible equity to tangible assets (1)
8.62 % 8.27 % 0.35 %
Share data
Outstanding shares 64,738 64,577 161 0.2 %
Book value per share $ 11.84 $ 11.55 $ 0.29 2.5 %
Tangible book value per share (2)
$ 10.07 $ 9.77 $ 0.30 3.1 %
_________________________
(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.
9
Kearny Financial Corp.
Consolidated Statements of Income
Year Ended
(Dollars and Shares in Thousands,
Except Per Share Data) June 30,
2026 June 30,
2025 Variance
or Change Variance
or Change Pct.
(Unaudited) (Audited)
Interest income
Loans $ 271,445 $ 262,992 $ 8,453 3.2 %
Taxable investment securities 46,976 53,247 (6,271) -11.8 %
Tax-exempt investment securities 139 234 (95) -40.6 %
Other interest-earning assets 5,753 8,003 (2,250) -28.1 %
Total Interest Income 324,313 324,476 (163) -0.1 %
Interest expense
Deposits 128,661 140,258 (11,597) -8.3 %
Borrowings 40,369 49,275 (8,906) -18.1 %
Total interest expense 169,030 189,533 (20,503) -10.8 %
Net interest income 155,283 134,943 20,340 15.1 %
Provision for credit losses 1,698 2,366 (668) -28.2 %
Net interest income after provision for credit losses 153,585 132,577 21,008 15.8 %
Non-interest income
Fees and service charges 4,175 2,490 1,685 67.7 %
Gain on sale of loans 932 806 126 15.6 %
Income from bank owned life insurance 10,751 10,672 79 0.7 %
Electronic banking fees and charges 1,738 1,717 21 1.2 %
Other income 5,229 3,367 1,862 55.3 %
Total non-interest income 22,825 19,052 3,773 19.8 %
Non-interest expense
Salaries and employee benefits 76,747 70,870 5,877 8.3 %
Net occupancy expense of premises 12,320 11,524 796 6.9 %
Equipment and systems 15,807 15,703 104 0.7 %
Advertising and marketing 2,385 1,877 508 27.1 %
Federal deposit insurance premium 5,320 5,911 (591) -10.0 %
Directors' compensation 1,227 1,355 (128) -9.4 %
Other expense 15,202 13,390 1,812 13.5 %
Total non-interest expense 129,008 120,630 8,378 6.9 %
Income before income taxes 47,402 30,999 16,403 52.9 %
Income taxes 11,138 4,924 6,214 126.2 %
Net income $ 36,264 $ 26,075 $ 10,189 39.1 %
Net income per common share (EPS)
Basic $ 0.58 $ 0.42 $ 0.16
Diluted $ 0.57 $ 0.42 $ 0.15
Dividends declared
Cash dividends declared per common share $ 0.44 $ 0.44 $ —
Cash dividends declared $ 27,963 $ 27,657 $ 306
Dividend payout ratio 77.1 % 106.1 % -29 %
Weighted average number of common shares outstanding
Basic 62,866 62,508 358
Diluted 63,220 62,716 504
10
Kearny Financial Corp.
Average Balance Sheet Data
(Unaudited)
Year Ended
(Dollars in Thousands) June 30,
2026 June 30,
2025 Variance
or Change Variance
or Change Pct.
Assets
Interest-earning assets:
Loans receivable, including loans held for sale $ 5,806,182 $ 5,789,583 $ 16,599 0.3 %
Taxable investment securities 1,200,665 1,270,262 (69,597) -5.5 %
Tax-exempt investment securities 5,800 9,791 (3,991) -40.8 %
Other interest-earning assets 113,880 119,224 (5,344) -4.5 %
Total interest-earning assets 7,126,527 7,188,860 (62,333) -0.9 %
Non-interest-earning assets 455,386 459,986 (4,600) -1.0 %
Total assets $ 7,581,913 $ 7,648,846 $ (66,933) -0.9 %
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand $ 2,334,641 $ 2,335,972 $ (1,331) -0.1 %
Savings 758,820 721,115 37,705 5.2 %
Certificates of deposit (retail) 1,196,452 1,213,015 (16,563) -1.4 %
Certificates of deposit (brokered) 735,180 689,011 46,169 6.7 %
Total interest-bearing deposits 5,025,093 4,959,113 65,980 1.3 %
Borrowings:
Federal Home Loan Bank Advances 990,612 1,131,662 (141,050) -12.5 %
Other borrowings 101,712 149,041 (47,329) -31.8 %
Total borrowings 1,092,324 1,280,703 (188,379) -14.7 %
Total interest-bearing liabilities 6,117,417 6,239,816 (122,399) -2.0 %
Non-interest-bearing liabilities:
Non-interest-bearing deposits 649,262 597,197 52,065 8.7 %
Other non-interest-bearing liabilities 59,696 64,831 (5,135) -7.9 %
Total non-interest-bearing liabilities 708,958 662,028 46,930 7.1 %
Total liabilities 6,826,375 6,901,844 (75,469) -1.1 %
Stockholders' equity 755,538 747,002 8,536 1.1 %
Total liabilities and stockholders' equity $ 7,581,913 $ 7,648,846 $ (66,933) -0.9 %
Average interest-earning assets to average interest-bearing liabilities 116.50 % 115.21 % 1.29 % 1.1 %
11
Kearny Financial Corp.
Performance Ratio Highlights
(Unaudited)
Year Ended
June 30,
2026 June 30,
2025 Variance
or Change
Average yield on interest-earning assets:
Loans receivable, including loans held for sale 4.68 % 4.54 % 0.14 %
Taxable investment securities 3.91 % 4.19 % -0.28 %
Tax-exempt investment securities (1)
2.39 % 2.39 % — %
Other interest-earning assets 5.05 % 6.71 % -1.66 %
Total interest-earning assets 4.55 % 4.51 % 0.04 %
Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand 2.49 % 2.86 % -0.37 %
Savings 1.35 % 1.25 % 0.10 %
Certificates of deposit (retail) 3.35 % 3.87 % -0.52 %
Certificates of deposit (brokered) 2.74 % 2.54 % 0.20 %
Total interest-bearing deposits 2.56 % 2.83 % -0.27 %
Borrowings:
Federal Home Loan Bank Advances 3.67 % 3.71 % -0.04 %
Other borrowings 3.90 % 4.87 % -0.97 %
Total borrowings 3.70 % 3.85 % -0.15 %
Total interest-bearing liabilities 2.76 % 3.04 % -0.28 %
Interest rate spread (2)
1.79 % 1.47 % 0.32 %
Net interest margin (3)
2.18 % 1.88 % 0.30 %
Non-interest income to average assets 0.30 % 0.25 % 0.05 %
Non-interest expense to average assets 1.70 % 1.58 % 0.12 %
Efficiency ratio (4)
72.43 % 78.33 % -5.90 %
Return on average assets 0.48 % 0.34 % 0.14 %
Return on average equity 4.80 % 3.49 % 1.31 %
Return on average tangible equity (5)
5.71 % 4.18 % 1.53 %
_________________________
(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.
12
Five-Quarter Financial Trend Analysis
Kearny Financial Corp.
Consolidated Balance Sheets
(Dollars and Shares in Thousands,
Except Per Share Data) June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
Assets
Cash and cash equivalents $ 114,823 $ 123,836 $ 147,340 $ 130,139 $ 167,269
Securities available for sale 964,369 983,325 1,000,397 1,016,182 1,012,969
Securities held to maturity 106,814 110,581 112,800 116,681 120,217
Loans held-for-sale 6,022 12,183 8,786 6,650 5,931
Loans receivable 5,875,325 5,779,181 5,753,393 5,767,419 5,812,937
Less: allowance for credit losses on loans (45,496) (44,723) (44,958) (45,060) (46,191)
Net loans receivable 5,829,829 5,734,458 5,708,435 5,722,359 5,766,746
Premises and equipment 42,359 41,896 42,559 43,222 43,897
Federal Home Loan Bank stock 59,726 55,737 57,212 62,011 64,261
Accrued interest receivable 27,875 28,304 27,420 29,460 28,098
Goodwill 113,525 113,525 113,525 113,525 113,525
Core deposit intangible 968 1,080 1,198 1,317 1,436
Bank owned life insurance 314,756 312,050 309,404 307,248 304,717
Deferred income taxes, net 48,699 50,961 51,617 51,587 55,203
Other real estate owned 5,519 — — — —
Other assets 46,921 39,720 40,185 47,629 56,181
Total assets $ 7,682,205 $ 7,607,656 $ 7,620,878 $ 7,648,010 $ 7,740,450
Liabilities
Deposits:
Non-interest-bearing $ 788,015 $ 631,506 $ 627,180 $ 578,481 $ 582,045
Interest-bearing 4,921,610 5,097,576 5,084,370 5,053,401 5,093,172
Total deposits 5,709,625 5,729,082 5,711,550 5,631,882 5,675,217
Borrowings 1,150,000 1,060,000 1,095,000 1,206,497 1,256,491
Advance payments by borrowers for taxes 18,562 19,317 18,474 19,261 19,317
Other liabilities 37,348 36,225 38,458 37,166 43,463
Total liabilities 6,915,535 6,844,624 6,863,482 6,894,806 6,994,488
Stockholders' Equity
Common stock 648 648 648 648 646
Paid-in capital 495,953 495,442 494,959 494,490 494,546
Retained earnings 350,046 349,881 346,749 344,287 341,744
Unearned ESOP shares (17,025) (17,511) (17,997) (18,484) (18,970)
Accumulated other comprehensive loss (62,952) (65,428) (66,963) (67,737) (72,004)
Total stockholders' equity 766,670 763,032 757,396 753,204 745,962
Total liabilities and stockholders' equity $ 7,682,205 $ 7,607,656 $ 7,620,878 $ 7,648,010 $ 7,740,450
Consolidated capital ratios
Equity to assets 9.98 % 10.03 % 9.94 % 9.85 % 9.64 %
Tangible equity to tangible assets (1)
8.62 % 8.65 % 8.56 % 8.47 % 8.27 %
Share data
Outstanding shares 64,738 64,739 64,739 64,739 64,577
Book value per share $ 11.84 $ 11.79 $ 11.70 $ 11.63 $ 11.55
Tangible book value per share (2)
$ 10.07 $ 10.02 $ 9.93 $ 9.86 $ 9.77
_________________________
(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.
13
Kearny Financial Corp.
Supplemental Balance Sheet Highlights
(Unaudited)
(Dollars in Thousands) June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Loan portfolio composition:
Commercial loans:
Multi-family mortgage $ 2,499,894 $ 2,555,001 $ 2,619,124 $ 2,640,737 $ 2,709,654
Nonresidential mortgage 1,019,445 1,012,422 990,178 988,969 986,556
Commercial and industrial 223,927 201,277 169,884 142,304 138,755
Construction 263,200 207,765 181,766 189,626 177,713
Total commercial loans 4,006,466 3,976,465 3,960,952 3,961,636 4,012,678
One- to four-family residential mortgage 1,789,865 1,741,023 1,730,543 1,749,362 1,748,591
Consumer loans:
Home equity loans 79,844 61,379 59,046 54,116 50,737
Other consumer 2,387 2,377 2,523 2,487 2,533
Total consumer loans 82,231 63,756 61,569 56,603 53,270
Total loans, excluding yield adjustments 5,878,562 5,781,244 5,753,064 5,767,601 5,814,539
Unaccreted yield adjustments (3,237) (2,063) 329 (182) (1,602)
Loans receivable, net of yield adjustments 5,875,325 5,779,181 5,753,393 5,767,419 5,812,937
Less: allowance for credit losses on loans (45,496) (44,723) (44,958) (45,060) (46,191)
Net loans receivable $ 5,829,829 $ 5,734,458 $ 5,708,435 $ 5,722,359 $ 5,766,746
Asset quality:
Nonperforming assets:
Accruing loans - 90 days and over past due $ — $ — $ — $ 20,494 $ —
Nonaccrual loans 47,896 52,379 51,306 44,085 45,597
Total nonperforming loans 47,896 52,379 51,306 64,579 45,597
Other real estate owned 5,519 — — — —
Total nonperforming assets $ 53,415 $ 52,379 $ 51,306 $ 64,579 $ 45,597
Nonperforming loans (% total loans) 0.82 % 0.91 % 0.89 % 1.12 % 0.78 %
Nonperforming assets (% total assets) 0.70 % 0.69 % 0.67 % 0.84 % 0.59 %
Classified loans $ 88,202 $ 97,384 $ 97,542 $ 117,780 $ 118,418
Allowance for credit losses on loans (ACL):
ACL to total loans 0.77 % 0.77 % 0.78 % 0.78 % 0.79 %
ACL to nonperforming loans 94.99 % 85.38 % 87.63 % 69.78 % 101.30 %
Net charge-offs $ 49 $ 626 $ 669 $ 1,049 $ 49
Average net charge-off rate (annualized) 0.00 % 0.04 % 0.05 % 0.07 % 0.00 %
14
Kearny Financial Corp.
Supplemental Balance Sheet Highlights
(Unaudited)
(Dollars in Thousands) June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Funding composition:
Deposits:
Non-interest-bearing deposits $ 788,015 $ 631,506 $ 627,180 $ 578,481 $ 582,045
Interest-bearing demand 2,214,432 2,375,565 2,376,825 2,334,560 2,362,222
Savings 766,502 763,016 769,742 751,253 754,376
Certificates of deposit (retail) 1,183,427 1,201,752 1,180,370 1,208,408 1,218,920
Certificates of deposit (brokered) 757,249 757,243 757,433 759,180 757,654
Interest-bearing deposits 4,921,610 5,097,576 5,084,370 5,053,401 5,093,172
Total deposits 5,709,625 5,729,082 5,711,550 5,631,882 5,675,217
Borrowings:
Federal Home Loan Bank advances 950,000 900,000 800,000 1,006,497 1,106,491
Overnight borrowings 200,000 160,000 295,000 200,000 150,000
Total borrowings 1,150,000 1,060,000 1,095,000 1,206,497 1,256,491
Total funding $ 6,859,625 $ 6,789,082 $ 6,806,550 $ 6,838,379 $ 6,931,708
Loans as a % of deposits 102.2 % 100.3 % 100.1 % 101.7 % 101.7 %
Deposits as a % of total funding 83.2 % 84.4 % 83.9 % 82.4 % 81.9 %
Borrowings as a % of total funding 16.8 % 15.6 % 16.1 % 17.6 % 18.1 %
Uninsured deposits:
Uninsured deposits (reported) (1)
$ 2,245,646 $ 2,199,708 $ 2,158,440 $ 2,040,021 $ 1,989,095
Uninsured deposits (adjusted) (2)
$ 850,952 $ 839,094 $ 800,998 $ 804,209 $ 813,780
_________________________
(1)Uninsured deposits of Kearny Bank.
(2)Uninsured deposits of Kearny Bank adjusted to exclude deposits of its wholly-owned subsidiary and its holding company and collateralized deposits of state and local governments.
15
Kearny Financial Corp.
Consolidated Statements of Income (Loss)
(Unaudited)
Three Months Ended
(Dollars and Shares in Thousands,
Except Per Share Data) June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Interest income
Loans $ 69,376 $ 66,310 $ 67,410 $ 68,349 $ 66,485
Taxable investment securities 11,328 11,425 11,623 12,600 12,322
Tax-exempt investment securities 29 34 35 41 49
Other interest-earning assets 1,251 1,400 1,584 1,518 1,549
Total interest income 81,984 79,169 80,652 82,508 80,405
Interest expense
Deposits 30,537 31,045 33,148 33,931 33,607
Borrowings 11,073 8,888 9,535 10,873 10,955
Total interest expense 41,610 39,933 42,683 44,804 44,562
Net interest income 40,374 39,236 37,969 37,704 35,843
Provision for (reversal of) credit losses 822 391 567 (82) 1,785
Net interest income after provision for (reversal of) credit losses 39,552 38,845 37,402 37,786 34,058
Non-interest income
Fees and service charges 1,066 922 1,295 892 655
Gain on sale of loans 316 193 224 199 190
Income from bank owned life insurance 2,706 2,646 2,710 2,689 2,869
Electronic banking fees and charges 460 389 473 416 442
Other income 765 1,944 869 1,651 835
Total non-interest income 5,313 6,094 5,571 5,847 4,991
Non-interest expense
Salaries and employee benefits 20,313 19,316 18,373 18,745 18,093
Net occupancy expense of premises 2,862 3,263 2,888 3,307 2,820
Equipment and systems 3,851 3,975 4,007 3,974 4,030
Advertising and marketing 746 665 412 562 615
Federal deposit insurance premium 1,360 1,302 1,357 1,301 1,395
Directors' compensation 307 307 306 307 307
Other expense 4,413 3,471 3,848 3,470 3,633
Total non-interest expense 33,852 32,299 31,191 31,666 30,893
Income before income taxes 11,013 12,640 11,782 11,967 8,156
Income taxes 3,841 2,503 2,333 2,461 1,387
Net income $ 7,172 $ 10,137 $ 9,449 $ 9,506 $ 6,769
Net income per common share (EPS)
Basic $ 0.11 $ 0.16 $ 0.15 $ 0.15 $ 0.11
Diluted $ 0.11 $ 0.16 $ 0.15 $ 0.15 $ 0.11
Dividends declared
Cash dividends declared per common share $ 0.11 $ 0.11 $ 0.11 $ 0.11 $ 0.11
Cash dividends declared $ 7,008 $ 7,005 $ 6,987 $ 6,963 $ 6,946
Dividend payout ratio 97.7 % 69.1 % 73.9 % 73.2 % 102.6 %
Weighted average number of common shares outstanding
Basic 62,958 62,908 62,858 62,741 62,597
Diluted 63,403 63,251 63,061 62,951 62,755
16
Kearny Financial Corp.
Average Balance Sheet Data
(Unaudited)
Three Months Ended
(Dollars in Thousands) June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Assets
Interest-earning assets:
Loans receivable, including loans held-for-sale $ 5,854,248 $ 5,785,095 $ 5,778,680 $ 5,806,767 $ 5,830,421
Taxable investment securities 1,185,569 1,194,487 1,185,602 1,236,705 1,227,825
Tax-exempt investment securities 4,759 5,669 5,902 6,856 8,039
Other interest-earning assets 109,098 106,967 123,475 115,776 117,622
Total interest-earning assets 7,153,674 7,092,218 7,093,659 7,166,104 7,183,907
Non-interest-earning assets 456,877 455,725 455,752 453,215 454,975
Total assets $ 7,610,551 $ 7,547,943 $ 7,549,411 $ 7,619,319 $ 7,638,882
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand $ 2,207,264 $ 2,402,177 $ 2,385,397 $ 2,343,809 $ 2,342,523
Savings 760,770 761,090 759,247 754,244 754,192
Certificates of deposit (retail) 1,190,922 1,181,526 1,201,950 1,211,026 1,215,661
Certificates of deposit (brokered) 673,031 755,461 756,179 755,813 744,345
Total interest-bearing deposits 4,831,987 5,100,254 5,102,773 5,064,892 5,056,721
Borrowings:
Federal Home Loan Bank advances 1,022,637 861,445 998,760 1,077,146 1,083,902
Other borrowings 150,275 133,833 38,478 85,489 107,582
Total borrowings 1,172,912 995,278 1,037,238 1,162,635 1,191,484
Total interest-bearing liabilities 6,004,899 6,095,532 6,140,011 6,227,527 6,248,205
Non-interest-bearing liabilities:
Non-interest-bearing deposits 788,059 633,494 595,035 581,625 582,085
Other non-interest-bearing liabilities 54,614 59,644 59,447 65,024 64,405
Total non-interest-bearing liabilities 842,673 693,138 654,482 646,649 646,490
Total liabilities 6,847,572 6,788,670 6,794,493 6,874,176 6,894,695
Stockholders' equity 762,979 759,273 754,918 745,143 744,187
Total liabilities and stockholders' equity $ 7,610,551 $ 7,547,943 $ 7,549,411 $ 7,619,319 $ 7,638,882
Average interest-earning assets to average
interest-bearing liabilities
119.13 % 116.35 % 115.53 % 115.07 % 114.98 %
17
Kearny Financial Corp.
Performance Ratio Highlights
Three Months Ended
June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Average yield on interest-earning assets:
Loans receivable, including loans held-for-sale 4.74 % 4.58 % 4.67 % 4.71 % 4.56 %
Taxable investment securities 3.82 % 3.83 % 3.92 % 4.08 % 4.01 %
Tax-exempt investment securities (1)
2.40 % 2.37 % 2.36 % 2.42 % 2.43 %
Other interest-earning assets 4.59 % 5.24 % 5.13 % 5.24 % 5.27 %
Total interest-earning assets 4.58 % 4.47 % 4.55 % 4.61 % 4.48 %
Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand 2.49 % 2.34 % 2.51 % 2.63 % 2.63 %
Savings 1.34 % 1.26 % 1.40 % 1.41 % 1.33 %
Certificates of deposit (retail) 3.17 % 3.20 % 3.45 % 3.56 % 3.56 %
Certificates of deposit (brokered) 2.87 % 2.71 % 2.72 % 2.67 % 2.62 %
Total interest-bearing deposits 2.53 % 2.43 % 2.60 % 2.68 % 2.66 %
Borrowings:
Federal Home Loan Bank advances 3.79 % 3.56 % 3.66 % 3.69 % 3.60 %
Other borrowings 3.71 % 3.66 % 4.13 % 4.44 % 4.45 %
Total borrowings 3.78 % 3.57 % 3.68 % 3.74 % 3.68 %
Total interest-bearing liabilities 2.77 % 2.62 % 2.78 % 2.88 % 2.85 %
Interest rate spread (2)
1.81 % 1.85 % 1.77 % 1.73 % 1.62 %
Net interest margin (3)
2.26 % 2.21 % 2.14 % 2.10 % 2.00 %
Non-interest income to average assets (annualized) 0.28 % 0.32 % 0.30 % 0.31 % 0.26 %
Non-interest expense to average assets (annualized) 1.78 % 1.71 % 1.65 % 1.66 % 1.62 %
Efficiency ratio (4)
74.09 % 71.25 % 71.64 % 72.71 % 75.66 %
Return on average assets (annualized) 0.38 % 0.54 % 0.50 % 0.50 % 0.35 %
Return on average equity (annualized) 3.76 % 5.34 % 5.01 % 5.10 % 3.64 %
Return on average tangible equity (annualized) (5)
4.48 % 6.34 % 5.96 % 6.09 % 4.36 %
_________________________
(1)The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.
(2)Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.
(3)Net interest income divided by average interest-earning assets.
(4)Non-interest expense divided by the sum of net interest income and non-interest income.
(5)Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.
The following tables provide a reconciliation of certain financial measures calculated in accordance with Generally Accepted Accounting Principles (“GAAP”) (as reported) and non-GAAP measures. These non-GAAP measures provide additional information, which allow readers to evaluate the ongoing performance of the Company. They are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information. In all cases, it should be understood that non-GAAP per share measures do not depict amounts that accrue directly to the benefit of shareholders.
18
Kearny Financial Corp.
Reconciliation of GAAP to Non-GAAP
(Unaudited)
Three Months Ended
(Dollars and Shares in Thousands,
Except Per Share Data) June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Adjusted net income:
Net income (GAAP) $ 7,172 $ 10,137 $ 9,449 $ 9,506 $ 6,769
Non-recurring transactions - net of tax:
Branch consolidation expenses — — — 178 —
Severance expense from workforce realignment 529 — — — —
Deferred tax asset valuation allowance 1,562 — — — —
Gain on sale of property held for sale — (724) — (532) $ —
Adjusted net income $ 9,263 $ 9,413 $ 9,449 $ 9,152 $ 6,769
Calculation of pre-tax, pre-provision net revenue:
Net income (GAAP) $ 7,172 $ 10,137 $ 9,449 $ 9,506 $ 6,769
Adjustments to net income (GAAP):
Provision for income taxes 3,841 2,503 2,333 2,461 1,387
Provision for (reversal of) credit losses 822 391 567 (82) 1,785
Pre-tax, pre-provision net revenue (non-GAAP) 11,835 13,031 12,349 11,885 9,941
Adjustments to pre-tax, pre-provision net revenue (non-GAAP):
Branch consolidation expenses — — — 250 —
Severance expense from workforce realignment 745 — — — —
Gain on sale of property held for sale — (1,020) — (749) —
Pre-tax, pre-provision net revenue (non-GAAP) - adjusted $ 12,580 $ 12,011 $ 12,349 $ 11,386 $ 9,941
Adjusted earnings per share:
Weighted average common shares - basic 62,958 62,908 62,858 62,741 62,597
Weighted average common shares - diluted 63,403 63,251 63,061 62,951 62,755
Earnings per share - basic (GAAP) $ 0.11 $ 0.16 $ 0.15 $ 0.15 $ 0.11
Earnings per share - diluted (GAAP) $ 0.11 $ 0.16 $ 0.15 $ 0.15 $ 0.11
Adjusted earnings per share - basic (non-GAAP) $ 0.15 $ 0.15 $ 0.15 $ 0.15 $ 0.11
Adjusted earnings per share - diluted (non-GAAP) $ 0.15 $ 0.15 $ 0.15 $ 0.15 $ 0.11
Pre-tax, pre-provision net revenue per share:
Pre-tax, pre-provision net revenue per share - basic
(non-GAAP)
$ 0.19 $ 0.21 $ 0.20 $ 0.19 $ 0.16
Pre-tax, pre-provision net revenue per share - diluted
(non-GAAP)
$ 0.19 $ 0.21 $ 0.20 $ 0.19 $ 0.16
Pre-tax, pre-provision net revenue per share - basic
(non-GAAP) - adjusted
$ 0.20 $ 0.19 $ 0.20 $ 0.18 $ 0.16
Pre-tax, pre-provision net revenue per share - diluted
(non-GAAP) - adjusted
$ 0.20 $ 0.19 $ 0.20 $ 0.18 $ 0.16
Adjusted return on average assets:
Total average assets $ 7,610,551 $ 7,547,943 $ 7,549,411 $ 7,619,319 $ 7,638,882
Return on average assets (GAAP) 0.38 % 0.54 % 0.50 % 0.50 % 0.35 %
Adjusted return on average assets (non-GAAP) 0.49 % 0.50 % 0.50 % 0.48 % 0.35 %
Adjusted return on average equity:
Total average equity $ 762,979 $ 759,273 $ 754,918 $ 745,143 $ 744,187
Return on average equity (GAAP) 3.76 % 5.34 % 5.01 % 5.10 % 3.64 %
Adjusted return on average equity (non-GAAP) 4.86 % 4.96 % 5.01 % 4.91 % 3.64 %
19
Kearny Financial Corp.
Reconciliation of GAAP to Non-GAAP
(Unaudited)
Three Months Ended
(Dollars and Shares in Thousands,
Except Per Share Data) June 30,
2026 March 31,
2026 December 31,
2025 September 30,
2025 June 30,
2025
Adjusted return on average tangible equity:
Total average equity $ 762,979 $ 759,273 $ 754,918 $ 745,143 $ 744,187
Less: average goodwill (113,525) (113,525) (113,525) (113,525) (113,525)
Less: average other intangible assets (1,042) (1,157) (1,276) (1,395) (1,513)
Total average tangible equity $ 648,412 $ 644,591 $ 640,117 $ 630,223 $ 629,149
Return on average tangible equity (non-GAAP) 4.48 % 6.34 % 5.96 % 6.09 % 4.36 %
Adjusted return on average tangible equity (non-GAAP) 5.77 % 5.90 % 5.96 % 5.87 % 4.36 %
Adjusted non-interest expense ratio:
Non-interest expense (GAAP) $ 33,852 $ 32,299 $ 31,191 $ 31,666 $ 30,893
Non-recurring transactions:
Branch consolidation expenses — — — (250) —
Severance expense from workforce realignment (745) — — — —
Non-interest expense (non-GAAP) $ 33,107 $ 32,299 $ 31,191 $ 31,416 $ 30,893
Non-interest expense ratio (GAAP) 1.78 % 1.71 % 1.65 % 1.66 % 1.62 %
Adjusted non-interest expense ratio (non-GAAP) 1.74 % 1.71 % 1.65 % 1.65 % 1.62 %
Adjusted efficiency ratio:
Non-interest expense (non-GAAP) $ 33,107 $ 32,299 $ 31,191 $ 31,416 $ 30,893
Net interest income (GAAP) $ 40,374 $ 39,236 $ 37,969 $ 37,704 $ 35,843
Total non-interest income (GAAP) 5,313 6,094 5,571 5,847 4,991
Non-recurring transactions:
Gain on sale of property held for sale — (1,020) — (749) —
Total revenue (non-GAAP) $ 45,687 $ 44,310 $ 43,540 $ 42,802 $ 40,834
Efficiency ratio (GAAP) 74.09 % 71.25 % 71.64 % 72.71 % 75.66 %
Adjusted efficiency ratio (non-GAAP) 72.46 % 72.89 % 71.64 % 73.40 % 75.66 %
20
Kearny Financial Corp.
Reconciliation of GAAP to Non-GAAP
(Unaudited)
Year Ended
(Dollars and Shares in Thousands,
Except Per Share Data) June 30,
2026 June 30,
2025
Adjusted net income:
Net income (GAAP) $ 36,264 $ 26,075
Non-recurring transactions - net of tax:
Branch consolidation expenses 178 —
Severance expense from workforce realignment 529 —
Gain on sale of property held for sale (1,256) —
Deferred tax asset valuation allowance 1,562 —
Adjusted net income $ 37,277 $ 26,075
Calculation of pre-tax, pre-provision net revenue:
Net income (GAAP) $ 36,264 $ 26,075
Adjustments to net income (GAAP):
Provision for income taxes 11,138 4,924
Provision for credit losses 1,698 2,366
Pre-tax, pre-provision net revenue (non-GAAP) 49,100 33,365
Adjustments to pre-tax, pre-provision net revenue (non-GAAP):
Branch consolidation expenses 250 —
Severance expense from workforce realignment 745 —
Gain on sale of property held for sale (1,769) —
Pre-tax, pre-provision net revenue (non-GAAP) - adjusted $ 48,326 $ 33,365
Adjusted earnings per share:
Weighted average common shares - basic 62,866 62,508
Weighted average common shares - diluted 63,220 62,716
Earnings per share - basic (GAAP) $ 0.58 $ 0.42
Earnings per share - diluted (GAAP) $ 0.57 $ 0.42
Adjusted earnings per share - basic (non-GAAP) $ 0.59 $ 0.42
Adjusted earnings per share - diluted (non-GAAP) $ 0.59 $ 0.42
Pre-tax, pre-provision net revenue per share:
Pre-tax, pre-provision net revenue per share - basic (non-GAAP) $ 0.78 $ 0.53
Pre-tax, pre-provision net revenue per share - diluted (non-GAAP) $ 0.78 $ 0.53
Pre-tax, pre-provision net revenue per share - basic (non-GAAP) - adjusted $ 0.77 $ 0.53
Pre-tax, pre-provision net revenue per share - diluted (non-GAAP) - adjusted $ 0.76 $ 0.53
Adjusted return on average assets:
Total average assets $ 7,581,913 $ 7,648,846
Return on average assets (GAAP) 0.48 % 0.34 %
Adjusted return on average assets (non-GAAP) 0.49 % 0.34 %
Adjusted return on average equity:
Total average equity $ 755,538 $ 747,002
Return on average equity (GAAP) 4.80 % 3.49 %
Adjusted return on average equity (non-GAAP) 4.93 % 3.49 %
Adjusted return on average tangible equity:
Total average equity $ 755,538 $ 747,002
Less: average goodwill (113,525) (113,525)
Less: average other intangible assets (1,218) (1,700)
Total average tangible equity $ 640,795 $ 631,777
Return on average tangible equity (non-GAAP) 5.71 % 4.18 %
Adjusted return on average tangible equity (non-GAAP) 5.87 % 4.18 %
21
Kearny Financial Corp.
Reconciliation of GAAP to Non-GAAP
(Unaudited)
Year Ended
(Dollars in Thousands) June 30,
2026 June 30,
2025
Adjusted non-interest expense ratio:
Non-interest expense (GAAP) $ 129,008 $ 120,630
Non-routine transactions:
Branch consolidation expenses and impairment charges (250) —
Severance expense from workforce realignment (745) —
Non-interest expense (non-GAAP) $ 128,013 $ 120,630
Non-interest expense ratio (GAAP) 1.70 % 1.58 %
Adjusted non-interest expense ratio (non-GAAP) 1.69 % 1.58 %
Adjusted efficiency ratio:
Non-interest expense (non-GAAP) $ 128,013 $ 120,630
Net interest income (GAAP) $ 155,283 $ 134,943
Total non-interest income (GAAP) 22,825 19,052
Non-routine transactions:
Gain on sale of property held for sale (1,769) —
Total revenue (non-GAAP) $ 176,339 $ 153,995
Efficiency ratio (GAAP) 72.43 % 78.33 %
Adjusted efficiency ratio (non-GAAP) 72.59 % 78.33 %
22
EX-99.2
EX-99.2
Filename: krny-20260723xexx992xfin.htm · Sequence: 3
krny-20260723xexx992xfin
July 23, 2026 I N V E S T O R P R E S E N T A T I O N F O U R T H Q U A R T E R F I S C A L 2 0 2 6 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 effecting financial institutions (including taxation, banking, securities, insurance and tariffs), • the current or anticipated impact of military conflict, terrorism or other geopolitical events, • 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.
KRNY Investment Thesis 3 Key Takeaways • Sustainable earnings growth profile • Scalable path to peer-level return on tangible capital • Growing franchise value • Attractive dividend and strong capital levels which support valuation and growth Earnings Momentum Asset repricing, portfolio mix improvements, retail banking realignment, and operating efficiency initiatives are driving a more scalable earnings model and supporting sustainable growth in net income. Strengthening Deposit Franchise Recent additions of experienced deposit bankers will accelerate growth in lower-cost relationship-based deposits, strengthening franchise value. Additional deposit teams to be added, aligning hiring with market opportunities, balance-sheet priorities, and demonstrated performance. Relationship-Driven Loan Growth Expanding team of C&I lenders are growing primary banking relationships, supporting core deposit growth and treasury management cross-sell opportunities. Capital and Liquidity Anchor Flexibility Strong tangible capital levels and significant contingent liquidity provide balance sheet resilience and flexibility to support growth and/or return of capital to shareholders. Attractive Dividend An attractive dividend, a consistent payout history and strong capital levels supports valuation while providing investors with meaningful current income. A Repositioned Franchise with Expanding Earnings Power
Executing on Our Strategy 4 Efficiency Initiative Operating leverage | Capacity for growth Developing production-ready RPAs, eliminating manual rework and expanding scalable operating capacity. Optimize Retail Distribution Lower cost structure | Higher productivity Realigned retail banking to emphasize outside sales and small business relationships, while closing 3 underperforming branches to lower fixed costs and redeploy capital. Grow Low-Cost Core Deposits Improve funding mix | Lower cost of funds Added 7 experienced, deposit-focused bankers focused on growth in relationship-based middle- market commercial and specialty deposits. Enhance Loan Yields Disciplined growth | Improved asset mix Advanced loan portfolio diversification by growing commercial business, construction, and home equity loans, while strategically reducing multifamily mortgage exposure. Driving sustainable earnings growth through disciplined capital deployment, funding optimization, and operational efficiency Execution underway with tangible actions already completed and financial benefits beginning to emerge
Advancing AI-Driven Initiatives 5 AI Knowledge Assistants Generative AI enables real-time, natural language access to approved policies and procedures, eliminating manual search. Improves consistency, accuracy, and speed in client service interactions. Fraud Detection & Risk Monitoring AI tools identify and flag suspicious activity with greater precision. Enhances review speed, consistency, and risk mitigation. Voice AI – Client Engagement Conversational AI voice agents handle routine inquiries allowing clients to self-serve. Expands service coverage and captures client sentiment insights to support follow-up engagement. AI-Enabled Client Insights AI-enabled business intelligence tools explain trends and variances across client data. Natural language querying improves accessibility and decision-making across business lines. AI in Lending Workflow Automation and workflow orchestration reduce manual processing steps. Accelerates loan onboarding and improves client experience. Embedding AI across servicing, risk, and lending workflows to enhance efficiency, improve decision-making, and elevate client experience
Enterprise-Wide Efficiency & Standardization Initiative Driving Sustainable Value for Shareholders 6 Anticipated Shareholder Impact Reduce operating expenses; increase capacity for revenue-generating activities Increase staff productivity; faster execution and elevated client experience Strengthen competitive positioning with a scalable platform for growth Improve employee engagement; enhance control framework and reduce errors “Operational agility and client-centricity are critical to our long-term success…” — Craig Montanaro, President & CEO Phase 1: Discovery & Design Phase 2: Pilot Automation & KPI Dashboards Phase 3: Scale Initiatives Automation & Integration • Automate workflows with RPA and AI. • Unify processes via top automation platforms. • Securely integrate with core banking and CRM. Data & Insights • Deploy real-time KPI dashboards for advanced performance tracking. • Enable data-driven decision-making across pricing, staffing, and balance-sheet optimization. Client & Change Management • Redesign client processes for enhanced speed, accuracy, and satisfaction. • Share best practices to drive adoption and continuous improvement.
Kearny Financial Corp. 1 Financial information as of June 30, 2026. Source: S&P Global Market Intelligence & Company Filings. 7 Branch/Office Footprint NASDAQ: KRNY Founded: 1884 Assets $7.7 billion Loans $5.9 billion Deposits $5.7 billion Capital $0.8 billion TBV Per Share: $10.07 Market Cap: $612.4 million Kearny Snapshot1 40 branches across 12 counties - in NJ and the NY metro area. Top 10 NJ Financial Institution - by Assets & Deposits A New Jersey-Based Community Bank with a Commercially Focused Growth Agenda
Fourth Quarter 2026 Performance Source: Company Filings. 8 Quarter Highlights Underlying Earnings Trends Remained Strong: Reported earnings included approximately $2.6 million of non-recurring items: • Discrete tax charge - $1.6M • Severance expense - $745K • OREO acquisition expense - $262K Margin Expansion Continued: Net interest margin increased 5 bps to 2.26%, supported by loan repricing and balance sheet remixing. Loan Remix Advanced: Growth remained concentrated in C&I, construction, and home equity, while multifamily exposure continued to decline. Strategic Investment Continued: Commercial banking, specialty deposits, technology, and retail realignment remain central to the FY2027 earnings improvement path. Reported Net Income: $7.2 million Diluted EPS: $0.11 Net Interest Income: $40.4 million Net Interest Margin: 2.26% Dividend Yield: 4.65% CET- 1 Ratio: 14.33% Financial Metrics Core Earnings Momentum Continued Despite Non-Run-Rate Items
Building Earnings Power Through Margin Expansion Net Interest Income & Net Interest Margin 9 Earnings Metrics1 1 See Non-GAAP Financial Information on page 23. Source: Company Filings. ($ thousands) ($ thousands, except per share data) 35,843 37,704 37,969 39,236 40,374 2.00% 2.10% 2.14% 2.21% 2.26% 4Q25 1Q26 2Q26 3Q26 4Q26 Net Interest Income Net Interest Margin $6,769 $9,152 $9,449 $9,413 $9,263 $9,941 $11,386 $12,349 $12,011 $12,580 $0.11 $0.15 $0.15 $0.15 $0.15 $0.16 $0.18 $0.20 $0.19 $0.20 4Q25 1Q26 2Q26 3Q26 4Q26 Adjusted net income Adj Pre-tax pre provision net revenue Adjusted earnings per share, diluted Adj. Pre-tax, pre-provision earnings per share
10 HighlightsKRNY vs. KRXTR Bank Index Return Comparison1,2 High Low Average Change KRNY-Total Return (%) 55.8 -8.2 18.8 55.8 KRXTR Bank Index Return (%) 29.3 0.2 11.7 29.3 1 From June 30, 2025 through June 30, 2026. 2 Kearny total return includes $0.11 dividend added per quarter. Source: S&P Global Market Intelligence & Company Filings. 55.8 29.3 -10 0 10 20 30 40 50 60 70 KRNY vs KRXTR 12 Month Return (%) KRNY-Total Return (%) KRXTR Bank Index Return (%) The Market Is Beginning to Recognize the Value Proposition Outperformance Emerging: KRNY's share price and total return exceeded the regional bank index over the past twelve months. Momentum Accelerated: Shareholder returns strengthened during FY2026 as strategic execution translated into improved financial performance. Dividend Supports Value: A consistent dividend enhances total return and remains an important component of the investment thesis.
Granular Deposit Franchise 1 Increases in non-interest-bearing demand deposits during 2Q26 and 4Q26 primarily reflected the migration of a consumer interest-bearing product to a non-interest-bearing product. 2 As of June 30, 2026. Source: Company Filings. 11 Non-Maturity Deposit Mix2 ($ millions) 20.7% 13.3% 13.4% 38.8% 13.8% Deposit Composition Deposit Trend & Composition1 $1,219 $1,208 $1,180 $1,202 $1,183 $758 $759 $757 $757 $757 $754 $751 $770 $763 $767 $2,362 $2,335 $2,377 $2,376 $2,214 $582 $578 $627 $632 $788 $5,675 $5,632 $5,712 $5,729 $5,710 4Q25 1Q26 2Q26 3Q26 4Q26 Retail CDs Wholesale CDs Savings Interest Bearing DDA Non-interest Bearing DDA Consumer 62.2% Commercial 21.7% Government 16.1% Total deposits remained stable at approximately $5.7 billion. Non-interest-bearing balances increased, largely reflecting product migration. New specialty and commercial deposit teams create a pathway to improve funding mix over time. Commercial and Government deposits are providing a more diversified funding base. Stable Deposit Base with Relationship Funding Upside **
Retail Deposit Detail 1 Quarters are based on a calendar year view. 2As of June 30, 2026. 3 Excludes brokered and state & local government deposits. Source: Company Filings. 12 Retail CD Maturities1 Retail Deposit Segmentation2,3 ($ millions) $379 $364 $255 $125 $61 3.23% 3.16% 3.32% 3.11% 2.63% 3Q26 4Q26 1Q27 2Q27 3Q27 & Beyond CD Maturities - Retail & Listing Services (over the next 12 months)
New York 31.6% New Jersey 55.0% Pennsylvania 6.2% Other 7.2% 1-4 Family 30.5% Home Equity 1.4% Multi- family 42.5% CRE 17.3% Construction 4.5% C&I 3.8% QTD Yield on Loans 4.74% Diversified Loan Portfolio Loan Trend 1 As of June 30, 2026. Source: S&P Global Market Intelligence & Company Filings. 13 Geographic Distribution1 LTV 59.4% Loan Composition1 ($ millions) C&I business, construction, and home equity growth are expanding higher-yielding asset categories. Multifamily balances continue to decline as the Company strategically reduces its multifamily exposure. Loan yields increased as repricing and remix benefits continued to emerge. Geographic and product diversification support a more balanced long-term growth profile. $1,749 $1,749 $1,731 $1,741 $1,790 $51 $54 $59 $61 $80 $2,710 $2,641 $2,619 $2,555 $2,500 $987 $989 $990 $1,012 $1,019 $178 $190 $182 $208 $263 $139 $142 $170 $201 $224 $5,815 $5,768 $5,753 $5,781 $5,879 4Q25 1Q26 2Q26 3Q26 4Q26 1-4 Family Home Equity Multi-family CRE Construction C&I Portfolio Remix Is Lifting Loan Yields and Improving Growth Profile
Opportunity to Drive Margin Expansion 14 Multifamily / CRE Loan Repricing Opportunity1 Maturing and repricing multifamily / CRE loans provide a visible runway for yield improvement. Repricing opportunity is concentrated through 2027, providing near-term support to loan yield expansion. Redeployment into higher-yielding assets creates additional upside if replaced with disciplined relationship-based production. Actual benefit will depend on market rates, borrower behavior, credit discipline, and loan replacement opportunities. 1 Excludes coupon greater than 6%. Based on a calendar year view. 2 Repricing Rate: Maturing loans assume treasury plus a spread and Repricing loans assume contractual terms. Source: Company Filings ($ thousands) $143,544 $442,585 $84,856 $227,996 $57,915 $277,584 $67,996 $54,402 3.76% 3.78% 3.95% 3.88% 6.82% 6.99% 6.62% 6.88% Remainder 2026 2027 2028 2029 Maturing Repricing Current Rate Repricing Rate (if repriced 7/1/26) Implied Spread 2 Embedded Repricing Runway Supports Further Margin Expansion
Multifamily Loan Portfolio Multifamily Loan Portfolio Composition1 1 As of June 30, 2026. Source: Company Filings 15 NYC Multifamily Loan Portfolio by Location Total MF $2.5B New York City (“NYC”) Multifamily1 Majority NYC Free Market 39.8% Outside NYC 54.9% Fully NYC Rent Regulated 1.8% Majority NYC Rent Regulated 3.5% ($ in millions) Multifamily Exposure Remains Diversified and Manageable Total multifamily exposure declined to $2.5 billion as the Company continues to remix the loan portfolio. Less than half of multifamily exposure is located in NYC, with limited majority rent-regulated concentration. Near-term maturities and repricing provide both risk monitoring visibility and yield opportunity. Conservative LTV metrics and strong historical credit performance support portfolio resilience. NYC Multifamily Portfolio: $1.1 billion Average Loan Balance: $3.59 million Weighted Average LTV: 61.2% Nonperforming Loans / Total MF Loans: 1.56% Next 12 Months of Maturity & Repricing: $246.4 million
Mixed Use 29.1% Office 13.8% Industrial 11.7%Specialty & Other 16.3% Medical 3.7% Retail 25.4% New Jersey 57.2% Brooklyn 7.5% New York (Ex. Brooklyn) 25.4% Pennsylvania 4.5% Other 5.4% CRE Loan Detail 1 As of June 30, 2026. Source: Company Filings. 16 Total CRE $1.02B LTV 52.4% CRE Portfolio by Collateral Type1 CRE Loan Geographic Distribution1 CRE Exposure Is Diversified by Collateral and Geography
Manhattan 15.5% New York (Excl. Manhattan) 16.5% New Jersey 65.0% Other 3.0% Office Portfolio 1 As of June 30, 2026. Based on a calendar year view. Source: Company Filings. 17 Office Portfolio by Contractual Maturity1 Office loans represent 13.8% of CRE, or $141 million, with an average loan size of $2.05 million. Portfolio metrics reflect conservative leverage and debt service coverage. Maturity profile provides manageable near-term exposure and ongoing monitoring visibility. ($ millions) Office Loan Geographic Distribution1 LTV 51.0% DSCR 1.8x Total Office $141M $2 $33 $17 $8 $27 $54 2026 2027 2028 2029 2030 2031+
0.00 0.50 1.00 1.50 2.00 2.50 3.00 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Commercial Banks (not among top 100) KRNY Global Financial Crisis Hurricane Sandy COVID-19 Pandemic Track Record of Strong Credit Performance 1 Data provided by Federal Reserve Bank of St. Louis. Source: Company Filings. 18 Net Charge-offs to Average Total Loans1 KRNY has maintained comparatively low net charge-offs through multiple credit cycles. Historical loss experience remains well below the broader commercial bank peer benchmark shown. Current-period net charge-offs remain minimal, reinforcing the consistency of the credit profile. Cumulative charge-offs for KRNY between 2006 and 2026 were minimal, totaling $42.1 million.
19 Conservative Underwriting Culture Comprehensive CRE / Multifamily Underwriting Highly disciplined LTV and DSCR standards and policies Interest rates stressed 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
Multi-family $36.8 CRE $0.4 C&I $0.5 1-4 Family $7.3 Home Equity $0.1 Construction $2.8 0.59% 0.84% 0.67% 0.69% 0.70% 4Q25 1Q26 2Q26 3Q26 4Q26 Asset Quality Metrics Non-Performing Assets / Total Assets 1 As of June 30, 2026; dollar amounts shown in millions. Source: Company Filings. 20 Net Charge-Offs / Average Loans Non-Performing Loans1 Allowance for Credit Losses ACL by Loan Segment1 NPL’s $47.9M ($ millions) Increase driven by one loan in the collection process, which has since been fully repaid. $4,006 $1,872 0.88% 0.55% Commercial Consumer ACL by Loan Segment Loan Balance ACL/Loans 0.00% 0.07% 0.05% 0.04% 0.00% 4Q25 1Q26 2Q26 3Q26 4Q26 $46.2 $45.1 $45.0 $44.7 $45.5 0.79% 0.78% 0.78% 0.77% 0.77% 4Q25 1Q26 2Q26 3Q26 4Q26 ACL Balance ACL to Total Loans Receivable
Investment Securities 1 As of June 30, 2026. 2 Comprised entirely of securitized federal education loans with 97% U.S. government guarantees. Source: Company Filings. 21 Securities Composition1 AFS/HTM1 Floating rate securities ≈ 25% Corporate Bonds 14.2% CLO 21.8% ABS Student Loans 3.6% Agency MBS 60.0% Municipal Bonds 0.4% AFS , 90.0% HTM , 10.0% $1,236 $1,244 $1,192 $1,200 $1,190 4.00% 4.07% 3.91% 3.82% 3.82% 4Q25 1Q26 2Q26 3Q26 4Q26 Securities Portfolio Yield on Investments ($ millions) Securities portfolio remains primarily AFS, preserving balance sheet flexibility. Effective duration of approximately 3.9 years and floating-rate exposure support rate sensitivity management. After-tax HTM unrecognized loss remains modest relative to tangible equity. Portfolio composition remains anchored by agency MBS and high-quality securities exposure. Securities Average Balance & Yield Trend 2 Securities Portfolio Remains Manageable with Limited HTM Mark Exposure
Capital and Liquidity 1 Kearny Financial Corp. (NASDAQ: KRNY) Regulatory Capital Ratios as of June 30, 2026 are preliminary. 2 Well capitalized regulatory minimums are determined at Bank level. 3 As of June 30, 2026 Source: Company Filings. 22 Regulatory Capital Ratios1,2,3 Equity Capitalization Level Liquidity Sources3 8.27% 8.47% 8.56% 8.65% 8.62% 9.64% 9.85% 9.94% 10.03% 9.98% 4Q25 1Q26 2Q26 3Q26 4Q26 Tangible Common Equity / Tangible Assets Equity / Assets 5.00% 6.50% 8.00% 10.00%9.41% 14.33% 14.33% 15.27% Tier 1 Leverage Common Equity Tier 1 Tier 1 Risk-Based Capital Total Risk-Based Capital Well Capitalized Regulatory Minimum KRNY ($ millions) Regulatory ratios for both Company and Bank remain well above “well-capitalized” thresholds. Tangible equity / tangible assets of 8.62% reinforces balance sheet resilience. Available liquidity provides meaningful coverage of estimated uninsured deposits and supports balance sheet flexibility. $2.35 billion of secured borrowing capacity provides a substantial liquidity backstop. Capital and Liquidity Provide Flexibility to Execute the Plan Total Capacity Available Capacity Internal Sources: Free Securities and other 702$ 702$ External Sources: FRB 1,296 1,298 FHLB 1,881 352 Total Liquidity 3,879$ 2,352$
Non-GAAP Reconciliation 23
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