Exhibit 99.1

FOR IMMEDIATE RELEASE

January 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 SECOND QUARTER FISCAL 2024 RESULTS

AND DECLARATION OF CASH DIVIDEND

Fairfield, N.J., January 25, 2024 – Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), reported a net loss for the quarter ended December 31, 2023 of $9.0 million, or $0.14 per diluted share, compared to net income of $9.8 million, or $0.16 per diluted share, for the quarter ended September 30, 2023. Earnings for the current quarter were adversely impacted by a number of non-recurring items, as discussed in further detail below.

The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.11 per share, payable on February 21, 2024, to stockholders of record as of February 7, 2024.

Craig L. Montanaro, President and Chief Executive Officer, commented, “This quarter we executed strategies, as described in further detail below, to enhance our balance sheet, liquidity position, risk profile and asset quality metrics. In addition, we have begun to see deposit pressures ease, while run-rate non-interest expense remains very well controlled. As we look ahead, we remain laser-focused on sustainable growth in core loan and deposit relationships, while continuing to further leverage our recently implemented, best-in-class, digital banking platform.”

Strategic Actions Taken During the Quarter Ended December 31, 2023

Investment Securities Repositioning

As previously announced, the Company executed the sale of $122.2 million of its available-for-sale (“AFS”) debt securities. The sale resulted in a pre-tax net loss of $18.1 million and had a nominal impact on tangible book value, as the loss was previously reflected in capital via accumulated other comprehensive loss. Proceeds from the sale were utilized to retire higher-cost wholesale funding and to reinvest in loans yielding approximately 7.0%.

Bank-Owned Life Insurance (“BOLI”) Restructuring

The Company initiated a restructuring of its BOLI portfolio in which $103.4 million of policies yielding 2.1% were exchanged or surrendered and replaced with policies yielding 4.1%. As a result of this restructure, the Company recognized tax expense of $5.7 million and exchange charges of $573 thousand, partially offset by a non-recurring increase in cash surrender value of $4.8 million.

Resolution of Non-performing Assets (“NPAs”)

At December 31, 2023, the Company was under contract to sell a $12.0 million Other Real Estate Owned (“OREO”) asset that was subsequently sold in January 2024. Proceeds from the sale were immediately redeployed into interest earning assets and will improve forward-looking earnings thru the reduction of net OREO expenses, which totaled approximately $469 thousand for the quarter ended December 31, 2023.

In addition, the Company reclassified three non-performing commercial real estate loans to loans held-for-sale as a result of its intent to sell these assets in the near term. These loans are attributable to one borrower relationship and had a fair value of $9.7 million at December 31, 2023.

Hedging Activities

As part of the ongoing strategy to manage interest rate risk and support earnings, the Company added $500.0 million of derivative notional, comprised of $200.0 million of cash flow swaps and $300.0 million of interest rate floor spreads, all of which mature in two years or less. Collectively, these derivatives hedge a portion of the Company’s wholesale funding position and mitigate the interest rate risk associated with a modest decrease in short-term interest rates.

1

Balance Sheet

•Total assets were $7.90 billion at December 31, 2023, a decrease of $72.2 million, or 0.9%, from September 30, 2023.

•Investment securities totaled $1.29 billion at December 31, 2023, a decrease of $73.2 million, or 5.4%, from September 30, 2023. The decrease for the quarter was largely driven by the sale of available-for-sale debt securities, as discussed above.

•Loans receivable totaled $5.75 billion at December 31, 2023, an increase of $9.6 million, or 0.2%, from September 30, 2023.

•BOLI totaled $260.9 million at December 31, 2023, a decrease of $33.6 million, or 11.4%, from September 30, 2023. The decrease for the quarter was largely attributable to the surrender of $43.2 million of BOLI policies, as discussed above, that did not settle until January 2024.

•Deposits were $5.32 billion at December 31, 2023, a decrease of $114.5 million, or 2.1%, from September 30, 2023. Excluding a decrease of $154.5 million in brokered certificates of deposits, deposits increased $40.0 million, or 0.8%, from September 30, 2023.

•The aggregate amount of uninsured deposits at the Bank was $1.81 billion at December 31, 2023. Excluding collateralized deposits of state and local governments and deposits of the Bank’s wholly-owned subsidiary and holding company, the aggregate amount of uninsured deposits was $694.5 million, or 13.1% of total deposits.

•Borrowings were $1.67 billion at December 31, 2023, an increase of $40.1 million, or 2.5%, from September 30, 2023.

•At December 31, 2023, the Company maintained available secured borrowing capacity of $1.78 billion, of which $1.38 billion was immediately accessible via in-place collateral and $400.8 million represented the market value of unpledged securities.

Earnings

Net Interest Income and Net Interest Margin

•Net interest margin contracted 16 basis point to 1.94% for the quarter ended December 31, 2023. The decrease for the quarter was driven by an increase in the cost of interest-bearing liabilities and a decrease in the average balance of interest-earning assets, partially offset by a higher yield on interest-earning assets.

•For the quarter ended December 31, 2023, net interest income decreased $3.3 million to $35.8 million from $39.2 million for the quarter ended September 30, 2023. Included in net interest income for the quarters ended December 31, 2023 and September 30, 2023, respectively, was purchase accounting accretion of $640,000 and $650,000, and loan prepayment penalty income of $185,000 and $267,000.

Non-Interest Income

•For the quarter ended December 31, 2023, non-interest income decreased $15.2 million from the quarter ended September 30, 2023 to a loss of $11.2 million. The decrease was primarily attributable to a pre-tax loss of $18.1 million related to the investment securities portfolio repositioning, as discussed above.

•Income from BOLI increased $4.3 million to $6.0 million for the quarter ended December 31, 2023 from $1.7 million for the quarter ended September 30, 2023. The increase was largely attributable to non-recurring income related to the BOLI restructure, as discussed above.

•Included in other income for the quarter ended December 31, 2023 were non-recurring losses of $974,000 attributable to the write-down of one OREO property, as discussed above. No such losses were recorded during the quarter ended September 30, 2023. OREO income for the quarter ended December 31, 2023 was $182,000.

Non-Interest Expense

•For the quarter ended December 31, 2023, non-interest expense remained flat at $29.8 million compared to the quarter ended September 30, 2023.

•Included in other expenses for the quarter ended December 31, 2023 were OREO expenses totaling $651,000.

2

Income Taxes

•Income tax expense totaled $1.8 million for the quarter ended December 31, 2023 compared to $3.3 million for the quarter ended September 30, 2023. The decrease in income tax expense was due to lower pre-tax income, primarily attributable to realized losses on the sale of securities, as discussed above, partially offset by $5.7 million of tax expense related to the surrender of BOLI policies, as discussed above.

Asset Quality

•The balance of non-performing assets decreased $1.1 million to $49.8 million, or 0.63% of total assets, at December 31, 2023, from $50.9 million, or 0.64% of total assets, at September 30, 2023. Adjusting for the sale of the OREO asset completed in January 2024, the non-performing assets decrease to $37.8 million, or 0.48% of total assets.

•Net charge-offs totaled $4.1 million, or 0.29% of average loans, on an annualized basis, for the quarter ended December 31, 2023, compared to $2.1 million, or 0.15% of average loans, on an annualized basis, for the quarter ended September 30, 2023. The charge-offs recorded during the quarter ended December 31, 2023 were primarily driven by the reclassification of three non-performing loans to held-for-sale status, reflecting the Company’s intent to sell these assets, as discussed above. Of the $4.1 million of net charge-offs recorded during the quarter ended December 31, 2023, $1.7 million had previously been individually reserved for within the allowance for credit losses.

•For the quarter ended December 31, 2023, the Company recorded a provision for credit losses of $2.1 million, compared to $245,000 for the quarter ended September 30, 2023. The provision for credit loss expense for the quarter ended December 31, 2023 was primarily attributable to charge-offs on the three commercial real estate loans, as discussed above.

•The allowance for credit losses (“ACL”) was $44.9 million, or 0.78% of total loans, at December 31, 2023, compared to $46.9 million, or 0.81% of total loans, at September 30, 2023. The decrease in the ACL was largely attributable to a reduction in reserves for individually evaluated loans, resulting from the charge-offs noted above.

Capital

•During the quarter ended December 31, 2023, the Company repurchased 687,140 shares of common stock at a cost of $4.7 million, or $6.88 per share.

•On November 7, 2023, the Company announced the completion of its ninth stock repurchase plan which authorized the repurchase of 4,000,000 shares. Such shares were repurchased at a cost of $34.9 million, or $8.74 per share.

•For the quarter ended December 31, 2023, book value per share increased $0.19, or 1.5%, to $13.23 while tangible book value per share increased $0.16, or 1.6%, to $9.93. These increases were largely driven by a decrease in accumulated other comprehensive loss.

•At December 31, 2023, total stockholders’ equity included after-tax net unrealized losses on securities available for sale of $88.6 million, partially offset by after-tax unrealized gains on derivatives of $24.6 million. After-tax net unrecognized losses on securities held to maturity of $10.0 million were not reflected in total stockholders’ equity.

•At December 31, 2023, the Company’s tangible equity to tangible assets ratio equaled 8.32% 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 Q2 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)			December 31, 2023			September 30, 2023			Variance or Change			Variance or Change Pct.
Assets
Cash and cash equivalents			$	73,860		$	57,219		$	16,641		29.1		%
Securities available for sale			1,144,175			1,215,633			(71,458)			-5.9		%
Securities held to maturity			141,959			143,730			(1,771)			-1.2		%
Loans held-for-sale			14,030			3,934			10,096			256.6		%
Loans receivable			5,745,629			5,736,049			9,580			0.2		%
Less: allowance for credit losses on loans			(44,867)			(46,872)			(2,005)			-4.3		%
Net loans receivable			5,700,762			5,689,177			11,585			0.2		%
Premises and equipment			45,928			46,868			(940)			-2.0		%
Federal Home Loan Bank stock			83,372			81,509			1,863			2.3		%
Accrued interest receivable			30,258			29,766			492			1.7		%
Goodwill			210,895			210,895			—			—		%
Core deposit intangible			2,189			2,323			(134)			-5.8		%
Bank owned life insurance			260,869			294,491			(33,622)			-11.4		%
Deferred income taxes, net			46,116			56,500			(10,384)			-18.4		%
Other real estate owned			11,982			12,956			(974)			-7.5		%
Other assets			136,242			129,865			6,377			4.9		%
Total assets			$	7,902,637		$	7,974,866		$	(72,229)		-0.9		%
Liabilities
Deposits:
Non-interest-bearing			$	584,130		$	595,141		$	(11,011)		-1.9		%
Interest-bearing			4,735,500			4,839,027			(103,527)			-2.1		%
Total deposits			5,319,630			5,434,168			(114,538)			-2.1		%
Borrowings			1,667,055			1,626,933			40,122			2.5		%
Advance payments by borrowers for taxes			16,742			16,907			(165)			-1.0		%
Other liabilities			46,427			47,324			(897)			-1.9		%
Total liabilities			7,049,854			7,125,332			(75,478)			-1.1		%
Stockholders' Equity
Common stock			645			652			(7)			-1.1		%
Paid-in capital			493,296			497,269			(3,973)			-0.8		%
Retained earnings			444,561			460,464			(15,903)			-3.5		%
Unearned ESOP shares			(21,889)			(22,375)			486			2.2		%
Accumulated other comprehensive loss			(63,830)			(86,476)			22,646			26.2		%
Total stockholders' equity			852,783			849,534			3,249			0.4		%
Total liabilities and stockholders' equity			$	7,902,637		$	7,974,866		$	(72,229)		-0.9		%
Consolidated capital ratios
Equity to assets			10.79		%	10.65		%	0.14		%
Tangible equity to tangible assets (1)			8.32		%	8.20		%	0.12		%
Share data
Outstanding shares			64,445			65,132			(687)			-1.1		%
Book value per share			$	13.23		$	13.04		$	0.19		1.5		%
Tangible book value per share (2)			$	9.93		$	9.77		$	0.16		1.6		%

_________________________

(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.
			December 31, 2023			September 30, 2023
Interest income
Loans			$	63,384		$	62,769		$	615		1.0		%
Taxable investment securities			16,756			16,265			491			3.0		%
Tax-exempt investment securities			84			87			(3)			-3.4		%
Other interest-earning assets			2,401			2,047			354			17.3		%
Total interest income			82,625			81,168			1,457			1.8		%
Interest expense
Deposits			30,340			27,567			2,773			10.1		%
Borrowings			16,446			14,441			2,005			13.9		%
Total interest expense			46,786			42,008			4,778			11.4		%
Net interest income			35,839			39,160			(3,321)			-8.5		%
Provision for credit losses			2,105			245			1,860			759.2		%
Net interest income after provision for credit losses			33,734			38,915			(5,181)			-13.3		%
Non-interest income
Fees and service charges			624			748			(124)			-16.6		%
Loss on sale and call of securities			(18,135)			—			(18,135)			—		%
Gain on sale of loans			104			215			(111)			-51.6		%
Loss on sale of other real estate owned			(974)			—			(974)			—		%
Income from bank owned life insurance			5,967			1,666			4,301			258.2		%
Electronic banking fees and charges			396			367			29			7.9		%
Other income			812			1,014			(202)			-19.9		%
Total non-interest income			(11,206)			4,010			(15,216)			-379.5		%
Non-interest expense
Salaries and employee benefits			17,282			17,761			(479)			-2.7		%
Net occupancy expense of premises			2,674			2,758			(84)			-3.0		%
Equipment and systems			3,814			3,801			13			0.3		%
Advertising and marketing			301			228			73			32.0		%
Federal deposit insurance premium			1,495			1,524			(29)			-1.9		%
Directors' compensation			393			393			—			—		%
Other expense			3,808			3,309			499			15.1		%
Total non-interest expense			29,767			29,774			(7)			—		%
(Loss) income before income taxes			(7,239)			13,151			(20,390)			-155.0		%
Income taxes			1,782			3,309			(1,527)			-46.1		%
Net (loss) income			$	(9,021)		$	9,842		$	(18,863)		-191.7		%
Net (loss) income per common share (EPS)
Basic			$	(0.14)		$	0.16		$	(0.30)
Diluted			$	(0.14)		$	0.16		$	(0.30)
Dividends declared
Cash dividends declared per common share			$	0.11		$	0.11		$	—
Cash dividends declared			$	6,882		$	6,989		$	(107)
Dividend payout ratio			-76.3		%	71.0		%	-147.3		%
Weighted average number of common shares outstanding
Basic			62,299			63,014			(715)
Diluted			62,367			63,061			(694)

5

Kearny Financial Corp.

Average Balance Sheet Data

(Unaudited)

(Dollars in Thousands)			Three Months Ended						Variance or Change			Variance or Change Pct.
			December 31, 2023			September 30, 2023
Assets
Interest-earning assets:
Loans receivable, including loans held for sale			$	5,726,321		$	5,788,074		$	(61,753)		-1.1		%
Taxable investment securities			1,509,165			1,516,393			(7,228)			-0.5		%
Tax-exempt investment securities			15,025			15,483			(458)			-3.0		%
Other interest-earning assets			139,740			130,829			8,911			6.8		%
Total interest-earning assets			7,390,251			7,450,779			(60,528)			-0.8		%
Non-interest-earning assets			554,492			568,723			(14,231)			-2.5		%
Total assets			$	7,944,743		$	8,019,502		$	(74,759)		-0.9		%
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand			$	2,301,169		$	2,245,831		$	55,338		2.5		%
Savings			664,926			719,508			(54,582)			-7.6		%
Certificates of deposit			1,824,316			1,968,512			(144,196)			-7.3		%
Total interest-bearing deposits			4,790,411			4,933,851			(143,440)			-2.9		%
Borrowings:
Federal Home Loan Bank advances			1,513,497			1,386,473			127,024			9.2		%
Other borrowings			142,283			158,098			(15,815)			-10.0		%
Total borrowings			1,655,780			1,544,571			111,209			7.2		%
Total interest-bearing liabilities			6,446,191			6,478,422			(32,231)			-0.5		%
Non-interest-bearing liabilities:
Non-interest-bearing deposits			597,294			612,251			(14,957)			-2.4		%
Other non-interest-bearing liabilities			62,387			66,701			(4,314)			-6.5		%
Total non-interest-bearing liabilities			659,681			678,952			(19,271)			-2.8		%
Total liabilities			7,105,872			7,157,374			(51,502)			-0.7		%
Stockholders' equity			838,871			862,128			(23,257)			-2.7		%
Total liabilities and stockholders' equity			$	7,944,743		$	8,019,502		$	(74,759)		-0.9		%
Average interest-earning assets to average interest-bearing liabilities			114.65		%	115.01		%	-0.36		%	-0.3		%

6

Kearny Financial Corp.

Performance Ratio Highlights

(Unaudited)

			Three Months Ended						Variance or Change
			December 31, 2023			September 30, 2023
Average yield on interest-earning assets:
Loans receivable, including loans held for sale			4.43		%	4.34		%	0.09		%
Taxable investment securities			4.44		%	4.29		%	0.15		%
Tax-exempt investment securities (1)			2.25		%	2.25		%	—		%
Other interest-earning assets			6.87		%	6.26		%	0.61		%
Total interest-earning assets			4.47		%	4.36		%	0.11		%
Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand			2.91		%	2.58		%	0.33		%
Savings			0.44		%	0.47		%	-0.03		%
Certificates of deposit			2.82		%	2.49		%	0.33		%
Total interest-bearing deposits			2.53		%	2.23		%	0.30		%
Borrowings:
Federal Home Loan Bank advances			3.82		%	3.54		%	0.28		%
Other borrowings			5.65		%	5.46		%	0.19		%
Total borrowings			3.97		%	3.74		%	0.23		%
Total interest-bearing liabilities			2.90		%	2.59		%	0.31		%
Interest rate spread (2)			1.57		%	1.77		%	-0.20		%
Net interest margin (3)			1.94		%	2.10		%	-0.16		%
Non-interest income to average assets (annualized)			-0.56		%	0.20		%	-0.76		%
Non-interest expense to average assets (annualized)			1.50		%	1.49		%	0.01		%
Efficiency ratio (4)			120.84		%	68.97		%	51.87		%
Return on average assets (annualized)			-0.45		%	0.49		%	-0.94		%
Return on average equity (annualized)			-4.30		%	4.57		%	-8.87		%
Return on average tangible equity (annualized) (5)			-5.77		%	6.07		%	-11.84		%

_________________________

(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)			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022
			(Unaudited)			(Unaudited)			(Audited)			(Unaudited)			(Unaudited)
Assets
Cash and cash equivalents			$	73,860		$	57,219		$	70,515		$	194,568		$	75,660
Securities available for sale			1,144,175			1,215,633			1,227,729			1,267,066			1,286,354
Securities held to maturity			141,959			143,730			146,465			149,764			153,786
Loans held-for-sale			14,030			3,934			9,591			5,401			12,940
Loans receivable			5,745,629			5,736,049			5,829,421			5,966,325			5,984,133
Less: allowance for credit losses on loans			(44,867)			(46,872)			(48,734)			(49,122)			(48,877)
Net loans receivable			5,700,762			5,689,177			5,780,687			5,917,203			5,935,256
Premises and equipment			45,928			46,868			48,309			49,589			50,953
Federal Home Loan Bank stock			83,372			81,509			71,734			76,319			69,022
Accrued interest receivable			30,258			29,766			28,133			28,794			27,368
Goodwill			210,895			210,895			210,895			210,895			210,895
Core deposit intangible			2,189			2,323			2,457			2,590			2,732
Bank owned life insurance			260,869			294,491			292,825			291,220			289,673
Deferred income taxes, net			46,116			56,500			51,973			53,151			51,107
Other real estate owned			11,982			12,956			12,956			13,410			13,410
Other assets			136,242			129,865			110,546			89,366			110,162
Total assets			$	7,902,637		$	7,974,866		$	8,064,815		$	8,349,336		$	8,289,318
Liabilities
Deposits:
Non-interest-bearing			$	584,130		$	595,141		$	609,999		$	617,778		$	650,950
Interest-bearing			4,735,500			4,839,027			5,019,184			5,185,626			5,320,421
Total deposits			5,319,630			5,434,168			5,629,183			5,803,404			5,971,371
Borrowings			1,667,055			1,626,933			1,506,812			1,611,692			1,383,573
Advance payments by borrowers for taxes			16,742			16,907			18,338			18,706			17,307
Other liabilities			46,427			47,324			41,198			49,304			44,427
Total liabilities			7,049,854			7,125,332			7,195,531			7,483,106			7,416,678
Stockholders' Equity
Common stock			645			652			659			667			674
Paid-in capital			493,296			497,269			503,332			509,359			515,332
Retained earnings			444,561			460,464			457,611			452,605			449,489
Unearned ESOP shares			(21,889)			(22,375)			(22,862)			(23,348)			(23,834)
Accumulated other comprehensive loss			(63,830)			(86,476)			(69,456)			(73,053)			(69,021)
Total stockholders' equity			852,783			849,534			869,284			866,230			872,640
Total liabilities and stockholders' equity			$	7,902,637		$	7,974,866		$	8,064,815		$	8,349,336		$	8,289,318
Consolidated capital ratios
Equity to assets			10.79		%	10.65		%	10.78		%	10.37		%	10.53		%
Tangible equity to tangible assets (1)			8.32		%	8.20		%	8.35		%	8.02		%	8.16		%
Share data
Outstanding shares			64,445			65,132			65,864			66,680			67,388
Book value per share			$	13.23		$	13.04		$	13.20		$	12.99		$	12.95
Tangible book value per share (2)			$	9.93		$	9.77		$	9.96		$	9.79		$	9.78

_________________________

(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)			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022
Loan portfolio composition:
Commercial loans:
Multi-family mortgage			$	2,651,274		$	2,699,151		$	2,761,775		$	2,835,852		$	2,851,721
Nonresidential mortgage			947,287			946,801			968,574			1,002,643			1,017,341
Commercial business			144,134			149,229			146,861			162,038			177,530
Construction			221,933			230,703			226,609			215,524			186,663
Total commercial loans			3,964,628			4,025,884			4,103,819			4,216,057			4,233,255
One- to four-family residential mortgage			1,746,065			1,689,051			1,700,559			1,713,343			1,719,514
Consumer loans:
Home equity loans			43,517			42,896			43,549			44,376			45,690
Other consumer			2,728			2,644			2,549			2,592			2,648
Total consumer loans			46,245			45,540			46,098			46,968			48,338
Total loans, excluding yield adjustments			5,756,938			5,760,475			5,850,476			5,976,368			6,001,107
Unaccreted yield adjustments			(11,309)			(24,426)			(21,055)			(10,043)			(16,974)
Loans receivable, net of yield adjustments			5,745,629			5,736,049			5,829,421			5,966,325			5,984,133
Less: allowance for credit losses on loans			(44,867)			(46,872)			(48,734)			(49,122)			(48,877)
Net loans receivable			$	5,700,762		$	5,689,177		$	5,780,687		$	5,917,203		$	5,935,256
Asset quality:
Nonperforming assets:
Accruing loans - 90 days and over past due			$	—		$	—		$	—		$	—		$	—
Nonaccrual loans			28,089			37,912			42,627			44,026			40,549
Total nonperforming loans			28,089			37,912			42,627			44,026			40,549
Nonaccrual loans held-for-sale			9,700			—			—			—			8,650
Other real estate owned			11,982			12,956			12,956			13,410			13,410
Total nonperforming assets			$	49,771		$	50,868		$	55,583		$	57,436		$	62,609
Nonperforming loans (% total loans)			0.49		%	0.66		%	0.73		%	0.74		%	0.68		%
Nonperforming assets (% total assets)			0.63		%	0.64		%	0.69		%	0.69		%	0.76		%
Classified loans			$	94,676		$	98,616		$	93,526		$	103,461		$	86,069
Allowance for credit losses on loans (ACL):
ACL to total loans			0.78		%	0.81		%	0.83		%	0.82		%	0.81		%
ACL to nonperforming loans			159.73		%	123.63		%	114.33		%	111.57		%	120.54		%
Net charge-offs			$	4,110		$	2,107		$	82		$	206		$	407
Average net charge-off rate (annualized)			0.29		%	0.15		%	0.01		%	0.01		%	0.03		%

9

Kearny Financial Corp.

Supplemental Balance Sheet Highlights

(Unaudited)

(Dollars in Thousands)			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022
Funding composition:
Deposits:
Non-interest-bearing deposits			$	584,130		$	595,141		$	609,999		$	617,778		$	650,950
Interest-bearing demand			2,347,262			2,236,573			2,252,912			2,285,799			2,316,485
Savings			646,182			689,163			748,721			811,483			901,514
Certificates of deposit (retail)			1,283,676			1,300,382			1,377,028			1,327,343			1,354,907
Certificates of deposit (brokered and listing service)			458,380			612,909			640,523			761,001			747,515
Interest-bearing deposits			4,735,500			4,839,027			5,019,184			5,185,626			5,320,421
Total deposits			5,319,630			5,434,168			5,629,183			5,803,404			5,971,371
Borrowings:
Federal Home Loan Bank advances			1,432,055			1,456,933			1,281,812			1,156,692			1,256,573
Overnight borrowings			235,000			170,000			225,000			455,000			127,000
Total borrowings			1,667,055			1,626,933			1,506,812			1,611,692			1,383,573
Total funding			$	6,986,685		$	7,061,101		$	7,135,995		$	7,415,096		$	7,354,944
Loans as a % of deposits			107.4		%	104.8		%	102.9		%	102.1		%	99.6		%
Deposits as a % of total funding			76.1		%	77.0		%	78.9		%	78.3		%	81.2		%
Borrowings as a % of total funding			23.9		%	23.0		%	21.1		%	21.7		%	18.8		%
Uninsured deposits:
Uninsured deposits (reported) (1)			$	1,813,122		$	1,734,288		$	1,771,416		$	1,678,051		$	1,815,854
Uninsured deposits (adjusted) (2)			$	694,510		$	683,265		$	710,377		$	705,727		$	794,407

_________________________

(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)			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022
Interest income
Loans			$	63,384		$	62,769		$	62,044		$	60,172		$	57,996
Taxable investment securities			16,756			16,265			15,736			15,459			13,221
Tax-exempt investment securities			84			87			91			99			219
Other interest-earning assets			2,401			2,047			1,821			1,441			1,005
Total interest income			82,625			81,168			79,692			77,171			72,441
Interest expense
Deposits			30,340			27,567			26,226			22,246			18,822
Borrowings			16,446			14,441			13,286			12,554			8,836
Total interest expense			46,786			42,008			39,512			34,800			27,658
Net interest income			35,839			39,160			40,180			42,371			44,783
Provision for (reversal of) credit losses			2,105			245			(306)			451			1,671
Net interest income after provision for (reversal of) credit losses			33,734			38,915			40,486			41,920			43,112
Non-interest income
Fees and service charges			624			748			699			910			734
Loss on sale and call of securities			(18,135)			—			—			—			(15,227)
Gain (loss) on sale of loans			104			215			199			(2,373)			134
Loss on sale of other real estate owned			(974)			—			(139)			—			—
Income from bank owned life insurance			5,967			1,666			1,605			1,581			1,761
Electronic banking fees and charges			396			367			399			457			397
Other income			812			1,014			903			1,071			3,723
Total non-interest income			(11,206)			4,010			3,666			1,646			(8,478)
Non-interest expense
Salaries and employee benefits			17,282			17,761			17,315			18,005			19,921
Net occupancy expense of premises			2,674			2,758			2,862			3,097			2,987
Equipment and systems			3,814			3,801			3,511			3,537			3,867
Advertising and marketing			301			228			231			413			731
Federal deposit insurance premium			1,495			1,524			1,455			1,546			1,226
Directors' compensation			393			393			345			340			339
Other expense			3,808			3,309			3,042			3,414			3,579
Total non-interest expense			29,767			29,774			28,761			30,352			32,650
(Loss) income before income taxes			(7,239)			13,151			15,391			13,214			1,984
Income taxes			1,782			3,309			3,378			2,902			33
Net (loss) income			$	(9,021)		$	9,842		$	12,013		$	10,312		$	1,951
Net (loss) income per common share (EPS)
Basic			$	(0.14)		$	0.16		$	0.19		$	0.16		$	0.03
Diluted			$	(0.14)		$	0.16		$	0.19		$	0.16		$	0.03
Dividends declared
Cash dividends declared per common share			$	0.11		$	0.11		$	0.11		$	0.11		$	0.11
Cash dividends declared			$	6,882		$	6,989		$	7,007		$	7,196		$	7,172
Dividend payout ratio			-76.3		%	71.0		%	58.3		%	69.8		%	367.6		%
Weighted average number of common shares outstanding
Basic			62,299			63,014			63,667			64,769			65,030
Diluted			62,367			63,061			63,667			64,783			65,038

11

Kearny Financial Corp.

Average Balance Sheet Data

(Unaudited)

			Three Months Ended
(Dollars in Thousands)			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022
Assets
Interest-earning assets:
Loans receivable, including loans held-for-sale			$	5,726,321		$	5,788,074		$	5,932,541		$	5,986,669		$	5,839,903
Taxable investment securities			1,509,165			1,516,393			1,529,582			1,558,222			1,527,578
Tax-exempt investment securities			15,025			15,483			16,346			17,663			37,917
Other interest-earning assets			139,740			130,829			128,158			131,682			114,175
Total interest-earning assets			7,390,251			7,450,779			7,606,627			7,694,236			7,519,573
Non-interest-earning assets			554,492			568,723			556,962			575,009			550,519
Total assets			$	7,944,743		$	8,019,502		$	8,163,589		$	8,269,245		$	8,070,092
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand			$	2,301,169		$	2,245,831		$	2,321,120		$	2,363,762		$	2,359,977
Savings			664,926			719,508			774,854			858,673			931,584
Certificates of deposit			1,824,316			1,968,512			2,057,818			2,069,396			2,192,722
Total interest-bearing deposits			4,790,411			4,933,851			5,153,792			5,291,831			5,484,283
Borrowings:
Federal Home Loan Bank advances			1,513,497			1,386,473			1,374,316			1,402,269			997,148
Other borrowings			142,283			158,098			100,055			1,611			—
Total borrowings			1,655,780			1,544,571			1,474,371			1,403,880			997,148
Total interest-bearing liabilities			6,446,191			6,478,422			6,628,163			6,695,711			6,481,431
Non-interest-bearing liabilities:
Non-interest-bearing deposits			597,294			612,251			608,765			634,324			666,846
Other non-interest-bearing liabilities			62,387			66,701			64,970			60,327			56,721
Total non-interest-bearing liabilities			659,681			678,952			673,735			694,651			723,567
Total liabilities			7,105,872			7,157,374			7,301,898			7,390,362			7,204,998
Stockholders' equity			838,871			862,128			861,691			878,883			865,094
Total liabilities and stockholders' equity			$	7,944,743		$	8,019,502		$	8,163,589		$	8,269,245		$	8,070,092
Average interest-earning assets to average  interest-bearing liabilities			114.65		%	115.01		%	114.76		%	114.91		%	116.02		%

12

Kearny Financial Corp.

Performance Ratio Highlights

			Three Months Ended
			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022
Average yield on interest-earning assets:
Loans receivable, including loans held-for-sale			4.43		%	4.34		%	4.18		%	4.02		%	3.97		%
Taxable investment securities			4.44		%	4.29		%	4.12		%	3.97		%	3.46		%
Tax-exempt investment securities (1)			2.25		%	2.25		%	2.23		%	2.23		%	2.32		%
Other interest-earning assets			6.87		%	6.26		%	5.68		%	4.38		%	3.52		%
Total interest-earning assets			4.47		%	4.36		%	4.19		%	4.01		%	3.85		%
Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand			2.91		%	2.58		%	2.38		%	2.01		%	1.63		%
Savings			0.44		%	0.47		%	0.48		%	0.41		%	0.41		%
Certificates of deposit			2.82		%	2.49		%	2.24		%	1.84		%	1.50		%
Total interest-bearing deposits			2.53		%	2.23		%	2.04		%	1.68		%	1.37		%
Borrowings:
Federal Home Loan Bank advances			3.82		%	3.54		%	3.51		%	3.58		%	3.54		%
Other borrowings			5.65		%	5.46		%	4.89		%	5.15		%	—		%
Total borrowings			3.97		%	3.74		%	3.60		%	3.58		%	3.54		%
Total interest-bearing liabilities			2.90		%	2.59		%	2.38		%	2.08		%	1.71		%
Interest rate spread (2)			1.57		%	1.77		%	1.81		%	1.93		%	2.14		%
Net interest margin (3)			1.94		%	2.10		%	2.11		%	2.20		%	2.38		%
Non-interest income to average assets (annualized)			-0.56		%	0.20		%	0.18		%	0.08		%	-0.42		%
Non-interest expense to average assets (annualized)			1.50		%	1.49		%	1.41		%	1.47		%	1.62		%
Efficiency ratio (4)			120.84		%	68.97		%	65.60		%	68.96		%	89.93		%
Return on average assets (annualized)			-0.45		%	0.49		%	0.59		%	0.50		%	0.10		%
Return on average equity (annualized)			-4.30		%	4.57		%	5.58		%	4.69		%	0.90		%
Return on average tangible equity (annualized) (5)			-5.77		%	6.07		%	7.41		%	6.20		%	1.20		%

_________________________

(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)			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022
Adjusted net income:
Net (loss) income (GAAP)			$	(9,021)		$	9,842		$	12,013		$	10,312		$	1,951
Non-recurring transactions - net of tax:
Branch consolidation expenses			—			—			—			568			—
Net effect of sale and call of securities			12,876			—			—			—			10,811
Net effect of sale of other assets			—			—			—			—			(2,081)
Severance expense from workforce realignment			—			—			—			—			538
Net effect of bank-owned life insurance restructure			2,708			—			—			—			—
Adjusted net income			$	6,563		$	9,842		$	12,013		$	10,880		$	11,219
Calculation of pre-tax, pre-provision net revenue:
Net (loss) income (GAAP)			$	(9,021)		$	9,842		$	12,013		$	10,312		$	1,951
Adjustments to net income (GAAP):
Provision for income taxes			1,782			3,309			3,378			2,902			33
Provision for (reversal of) credit losses			2,105			245			(306)			451			1,671
Pre-tax, pre-provision net revenue (non-GAAP)			$	(5,134)		$	13,396		$	15,085		$	13,665		$	3,655
Adjusted earnings per share:
Weighted average common shares - basic			62,299			63,014			63,667			64,769			65,030
Weighted average common shares - diluted			62,367			63,061			63,667			64,783			65,038
Earnings per share - basic (GAAP)			$	(0.14)		$	0.16		$	0.19		$	0.16		$	0.03
Earnings per share - diluted (GAAP)			$	(0.14)		$	0.16		$	0.19		$	0.16		$	0.03
Adjusted earnings per share - basic (non-GAAP)			$	0.11		$	0.16		$	0.19		$	0.17		$	0.17
Adjusted earnings per share - diluted (non-GAAP)			$	0.11		$	0.16		$	0.19		$	0.17		$	0.17
Pre-tax, pre-provision net revenue per share:
Pre-tax, pre-provision net revenue per share - basic   (non-GAAP)			$	(0.08)		$	0.21		$	0.24		$	0.21		$	0.06
Pre-tax, pre-provision net revenue per share - diluted   (non-GAAP)			$	(0.08)		$	0.21		$	0.24		$	0.21		$	0.06
Adjusted return on average assets:
Total average assets			$	7,944,743		$	8,019,502		$	8,163,589		$	8,269,245		$	8,070,092
Return on average assets (GAAP)			-0.45		%	0.49		%	0.59		%	0.50		%	0.10		%
Adjusted return on average assets (non-GAAP)			0.33		%	0.49		%	0.59		%	0.53		%	0.56		%
Adjusted return on average equity:
Total average equity			$	838,871		$	862,128		$	861,691		$	878,883		$	865,094
Return on average equity (GAAP)			-4.30		%	4.57		%	5.58		%	4.69		%	0.90		%
Adjusted return on average equity (non-GAAP)			3.13		%	4.57		%	5.58		%	4.95		%	5.19		%

14

Kearny Financial Corp.

Reconciliation of GAAP to Non-GAAP

(Unaudited)

			Three Months Ended
(Dollars and Shares in Thousands, Except Per Share Data)			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023			December 31, 2022
Adjusted return on average tangible equity:
Total average equity			$	838,871		$	862,128		$	861,691		$	878,883		$	865,094
Less: average goodwill			(210,895)			(210,895)			(210,895)			(210,895)			(210,895)
Less: average other intangible assets			(2,277)			(2,411)			(2,544)			(2,683)			(2,826)
Total average tangible equity			$	625,699		$	648,822		$	648,252		$	665,305		$	651,373
Return on average tangible equity (non-GAAP)			-5.77		%	6.07		%	7.41		%	6.20		%	1.20		%
Adjusted return on average tangible equity (non-GAAP)			4.20		%	6.07		%	7.41		%	6.54		%	6.89		%
Adjusted non-interest expense ratio:
Non-interest expense (GAAP)			$	29,767		$	29,774		$	28,761		$	30,352		$	32,650
Non-recurring transactions:
Branch consolidation expenses			—			—			—			(800)			—
Severance expense from workforce realignment			—			—			—			—			(757)
Non-interest expense (non-GAAP)			$	29,767		$	29,774		$	28,761		$	29,552		$	31,893
Non-interest expense ratio (GAAP)			1.50		%	1.49		%	1.41		%	1.47		%	1.62		%
Adjusted non-interest expense ratio (non-GAAP)			1.50		%	1.49		%	1.41		%	1.43		%	1.58		%
Adjusted efficiency ratio:
Non-interest expense (non-GAAP)			$	29,767		$	29,774		$	28,761		$	29,552		$	31,893
Net interest income (GAAP)			$	35,839		$	39,160		$	40,180		$	42,371		$	44,783
Total non-interest income (GAAP)			(11,206)			4,010			3,666			1,646			(8,478)
Non-recurring transactions:
Net effect of sale and call of securities			18,135			—			—			—			15,227
Net effect of sale of other assets			—			—			—			—			(2,931)
Net effect of bank-owned life insurance restructure			(4,232)			—			—			—			—
Total revenue (non-GAAP)			$	38,536		$	43,170		$	43,846		$	44,017		$	48,601
Efficiency ratio (GAAP)			120.84		%	68.97		%	65.60		%	68.96		%	89.93		%
Adjusted efficiency ratio (non-GAAP)			77.24		%	68.97		%	65.60		%	67.14		%	65.62		%

15