Exhibit 99.1
FOR IMMEDIATE RELEASE
October 24, 2024
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 FIRST QUARTER FISCAL 2025 RESULTS
AND DECLARATION OF CASH DIVIDEND

Fairfield, N.J., October 24, 2024 – Kearny Financial Corp. (NASDAQ GS: KRNY) (the “Company”), the holding company of Kearny Bank (the “Bank”), reported net income for the quarter ended September 30, 2024 of $6.1 million, or $0.10 per diluted share, compared to a GAAP net loss of $90.1 million, or $1.45 per diluted share, for the quarter ended June 30, 2024. The net loss for the quarter ended June 30, 2024 included a goodwill impairment of $95.3 million, as previously disclosed. Excluding this item, net income for the quarter ended September 30, 2024 increased $496,000 from adjusted net income of $5.6 million for the quarter ended June 30, 2024.

The Company also announced that its Board of Directors has declared a quarterly cash dividend of $0.11 per share, payable on November 20, 2024, to stockholders of record as of November 6, 2024.

Craig L. Montanaro, President and Chief Executive Officer, commented, “I’m pleased to report that this quarter saw our net interest margin reach its inflection point and begin to ascend. Despite four basis points of quarterly compression, each successive month of the quarter reflected an increase in our net interest margin. The recent fed funds rate reduction of 50 basis points has already begun translating into a cost of funds benefit in October. Additional fed funds rate cuts, which the market is anticipating, will be a positive catalyst for our liability-sensitive balance sheet.”

Mr. Montanaro continued, “Regarding asset quality, our loan portfolio remains strong. Minimal exposure to New York City rent-regulated multifamily and office real estate, coupled with our robust commercial real estate ACL coverage ratios and peer-leading charge-off ratios, leaves us well-positioned in the current environment.”

Balance Sheet
•Total assets were $7.77 billion at September 30, 2024, an increase of $88.9 million, or 1.2%, from June 30, 2024.
•Investment securities totaled $1.20 billion at September 30, 2024, a decrease of $5.5 million, or 0.5%, from June 30, 2024.
•Loans receivable totaled $5.78 billion at September 30, 2024, an increase of $51.5 million, or 0.9%, from June 30, 2024, primarily reflecting growth in one- to four-family residential mortgage loans and construction loans.
•Deposits were $5.47 billion at September 30, 2024, an increase of $312.4 million, or 6.1%, from June 30, 2024. This increase was largely the result of a reallocation from Federal Home Loan Bank (“FHLB”) advances into brokered certificates of deposits, due to the relatively more favorable economics of brokered deposits compared to advances.
•Borrowings were $1.48 billion at September 30, 2024, a decrease of $229.9 million, or 13.4%, from June 30, 2024, primarily reflecting a decrease in FHLB borrowings offset by an increase in brokered certificates of deposits, as noted above.
•At September 30, 2024, the Company maintained available secured borrowing capacity with the FHLB and the Federal Reserve Discount Window of $2.06 billion, an increase of $240.0 million from June 30, 2024, and represents 26.5% of total assets.
1

Earnings
Net Interest Income and Net Interest Margin
•Net interest margin contracted four basis points to 1.80% for the quarter ended September 30, 2024. The decrease for the quarter was driven by increases in the cost and average balances of interest-bearing deposits and a decrease in the average balance of interest-earning assets, partially offset by decreases in the average balances of interest-bearing borrowings and higher yields on interest-earning assets.
•For the quarter ended September 30, 2024, net interest income decreased $830,000 to $32.4 million from $33.3 million for the quarter ended June 30, 2024. Included in net interest income for the quarters ended September 30, 2024 and June 30, 2024, respectively, was purchase accounting accretion of $649,000 and $612,000, and loan prepayment penalty income of $52,000 and $366,000.
Non-Interest Income
•Non-interest income decreased $1.2 million to income of $4.6 million for the quarter ended September 30, 2024, from $5.8 million for the quarter ended June 30, 2024. Included in non-interest income for the quarter ended June 30, 2024 was a non-recurring contract renewal bonus of $750,000 and $1.1 million in non-recurring payments on two life insurance policies, partially offset by a $392,000 non-recurring exchange charge related to the December 2023 Bank Owned Life Insurance (“BOLI”) restructure. No such non-recurring items were recorded during the quarter ended September 30, 2024.
•Income from BOLI decreased $642,000 to $2.6 million for the quarter ended September 30, 2024 from $3.2 million for the quarter ended June 30, 2024, primarily driven by the non-recurring items recorded for the quarter ended June 30, 2024, as disclosed above.
Non-Interest Expense
•For the quarter ended September 30, 2024, non-interest expense decreased $96.8 million, or 76.5%, to $29.8 million from $126.6 million for the quarter ended June 30, 2024, driven by a non-cash goodwill impairment recognized in the prior comparative period. Excluding the goodwill impairment, adjusted non-interest expense increased $605,000 from $29.2 million, primarily driven by increases in salary and benefits expense and other expense.
•Salary and benefits expense increased $232,000 primarily driven by annual merit increases and higher payroll taxes, partially offset by a non-recurring decrease in stock-based compensation.
•Other expense increased $344,000 primarily driven by an increase of $243,000 in the provision for credit losses on off balance sheet commitments.
Income Taxes
•Income tax expense totaled $1.1 million for the quarter ended September 30, 2024, compared to an income tax benefit of $917,000 for the quarter ended June 30, 2024. The increase in income tax expense was primarily due to higher pre-tax income in the current quarter, coupled with a partial reversal of the deferred tax liability associated with the previously recorded goodwill impairment in the prior quarter.
Asset Quality
•The balance of non-performing assets remained steady at $39.9 million, or 0.51% of total assets, at September 30, 2024, and $39.9 million, or 0.52% of total assets, at June 30, 2024, respectively.
•Net charge-offs totaled $124,000, or 0.01% of average loans, on an annualized basis, for the quarter ended September 30, 2024, compared to $3.5 million, or 0.25% of average loans, on an annualized basis, for the quarter ended June 30, 2024.
•For the quarter ended September 30, 2024, the Company recorded a provision for credit losses of $108,000, compared to $3.5 million for the quarter ended June 30, 2024. The provision for credit loss expense for the quarter ended September 30, 2024 was primarily driven by loan growth.
•The allowance for credit losses (“ACL”) was $44.9 million, or 0.78% of total loans, at September 30, 2024 and remained unchanged from June 30, 2024.
2

Capital
•For the quarter ended September 30, 2024, book value per share decreased $0.06, or 0.5%, to $11.64 while tangible book value per share decreased $0.05, or 0.5%, to $9.85.
•At September 30, 2024, total stockholders’ equity included after-tax net unrealized losses on securities available for sale of $76.0 million, partially offset by after-tax unrealized gains on derivatives of $11.0 million. After-tax net unrecognized losses on securities held to maturity of $8.2 million were not reflected in total stockholders’ equity.
•At September 30, 2024, the Company’s tangible equity to tangible assets ratio equaled 8.31% and the regulatory capital ratios of both the Company and the Bank were in excess of the levels required by federal banking regulators to be classified as “well-capitalized” under regulatory guidelines.

This earnings release should be read in conjunction with Kearny Financial Corp.’s Q1 2025 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)		September 30,
2024		June 30,
2024		Variance
or Change		Variance
or Change Pct.
Assets
Cash and cash equivalents$155,574 $63,864 $91,710 143.6 %
Securities available for sale1,070,811 1,072,833 (2,022)-0.2 %
Securities held to maturity132,256 135,742 (3,486)-2.6 %
Loans held-for-sale8,866 6,036 2,830 46.9 %
Loans receivable5,784,246 5,732,787 51,459 0.9 %
Less: allowance for credit losses on loans(44,923)(44,939)(16)— %
Net loans receivable5,739,323 5,687,848 51,475 0.9 %
Premises and equipment45,189 44,940 249 0.6 %
Federal Home Loan Bank stock57,706 80,300 (22,594)-28.1 %
Accrued interest receivable29,467 29,521 (54)-0.2 %
Goodwill113,525 113,525 — — %
Core deposit intangible1,805 1,931 (126)-6.5 %
Bank owned life insurance300,186 297,874 2,312 0.8 %
Deferred income taxes, net50,131 50,339 (208)-0.4 %
Other assets67,540 98,708 (31,168)-31.6 %
Total assets $7,772,379 $7,683,461 $88,918 1.2 %
Liabilities
Deposits:
Non-interest-bearing $592,099 $598,366 $(6,267)-1.0 %
Interest-bearing4,878,413 4,559,757 318,656 7.0 %
Total deposits5,470,512 5,158,123 312,389 6.1 %
Borrowings1,479,888 1,709,789 (229,901)-13.4 %
Advance payments by borrowers for taxes17,824 17,409 415 2.4 %
Other liabilities52,618 44,569 8,049 18.1 %
Total liabilities7,020,842 6,929,890 90,952 1.3 %
Stockholders' Equity
Common stock646 644 2 0.3 %
Paid-in capital493,523 493,680 (157)— %
Retained earnings342,522 343,326 (804)-0.2 %
Unearned ESOP shares(20,430)(20,916)486 2.3 %
Accumulated other comprehensive loss(64,724)(63,163)(1,561)-2.5 %
Total stockholders' equity751,537 753,571 (2,034)-0.3 %
Total liabilities and stockholders' equity$7,772,379 $7,683,461 $88,918 1.2 %
Consolidated capital ratios
Equity to assets9.67 %9.81 %-0.14 %
Tangible equity to tangible assets (1)
8.31 %8.43 %-0.12 %
Share data
Outstanding shares64,58064,4341460.2 %
Book value per share$11.64 $11.70 $(0.06)-0.5 %
Tangible book value per share (2)
$9.85 $9.90 $(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.
4

Kearny Financial Corp.
Consolidated Statements of Income (Loss)
(Unaudited)
(Dollars and Shares in Thousands,
Except Per Share Data)		Three Months EndedVariance
or Change		Variance
or Change Pct.
September 30,
2024		June 30,
2024
Interest income
Loans$66,331 $65,819 $512 0.8 %
Taxable investment securities14,384 14,802 (418)-2.8 %
Tax-exempt investment securities71 80 (9)-11.3 %
Other interest-earning assets2,466 2,289 177 7.7 %
Total interest income83,252 82,990 262 0.3 %
Interest expense
Deposits35,018 32,187 2,831 8.8 %
Borrowings15,788 17,527 (1,739)-9.9 %
Total interest expense50,806 49,714 1,092 2.2 %
Net interest income32,446 33,276 (830)-2.5 %
Provision for credit losses 108 3,527 (3,419)-96.9 %
Net interest income after provision for credit losses32,338 29,749 2,589 8.7 %
Non-interest income
Fees and service charges635 580 55 9.5 %
Gain on sale of loans200 111 89 80.2 %
Income from bank owned life insurance2,567 3,209 (642)-20.0 %
Electronic banking fees and charges391 1,130 (739)-65.4 %
Other income833 776 57 7.3 %
Total non-interest income4,626 5,806 (1,180)-20.3 %
Non-interest expense
Salaries and employee benefits17,498 17,266 232 1.3 %
Net occupancy expense of premises2,798 2,738 60 2.2 %
Equipment and systems3,860 3,785 75 2.0 %
Advertising and marketing342 480 (138)-28.8 %
Federal deposit insurance premium1,563 1,532 31 2.0 %
Directors' compensation361 360 1 0.3 %
Goodwill impairment— 97,370 (97,370)-100.0 %
Other expense3,364 3,020 344 11.4 %
Total non-interest expense29,786 126,551 (96,765)-76.5 %
Income (loss) before income taxes7,178 (90,996)98,174 107.9 %
Income taxes1,086 (917)2,003 -218.4 %
Net income (loss)$6,092 $(90,079)$96,171 106.8 %
Net income (loss) per common share (EPS)
Basic$0.10 $(1.45)$1.55 
Diluted$0.10 $(1.45)$1.55 
Dividends declared
Cash dividends declared per common share$0.11 $0.11 $— 
Cash dividends declared$6,896 $6,903 $(7)
Dividend payout ratio113.2 %-7.7 %120.9 %
Weighted average number of common shares outstanding
Basic62,38962,254135
Diluted62,42062,254166
5

Kearny Financial Corp.
Average Balance Sheet Data
(Unaudited)
(Dollars in Thousands)Three Months EndedVariance
or Change		Variance
or Change Pct.
September 30,
2024		June 30,
2024
Assets
Interest-earning assets:
Loans receivable, including loans held for sale$5,761,593 $5,743,008 $18,585 0.3 %
Taxable investment securities1,314,945 1,343,541 (28,596)-2.1 %
Tax-exempt investment securities12,244 13,737 (1,493)-10.9 %
Other interest-earning assets131,981 128,257 3,724 2.9 %
Total interest-earning assets7,220,763 7,228,543 (7,780)-0.1 %
Non-interest-earning assets467,670 466,537 1,133 0.2 %
Total assets $7,688,433 $7,695,080 $(6,647)-0.1 %
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand$2,282,608 $2,310,521 $(27,913)-1.2 %
Savings668,240 631,622 36,618 5.8 %
Certificates of deposit1,755,589 1,613,798 141,791 8.8 %
Total interest-bearing deposits4,706,437 4,555,941 150,496 3.3 %
Borrowings:
Federal Home Loan Bank advances1,325,583 1,507,192 (181,609)-12.0 %
Other borrowings237,011 228,461 8,550 3.7 %
Total borrowings1,562,594 1,735,653 (173,059)-10.0 %
Total interest-bearing liabilities6,269,031 6,291,594 (22,563)-0.4 %
Non-interest-bearing liabilities:
Non-interest-bearing deposits599,095 589,438 9,657 1.6 %
Other non-interest-bearing liabilities69,629 62,978 6,651 10.6 %
Total non-interest-bearing liabilities668,724 652,416 16,308 2.5 %
Total liabilities6,937,755 6,944,010 (6,255)-0.1 %
Stockholders' equity750,678 751,070 (392)-0.1 %
Total liabilities and stockholders' equity$7,688,433 $7,695,080 $(6,647)-0.1 %
Average interest-earning assets to average interest-bearing liabilities115.18 %114.89 %0.29 %0.3 %
6

Kearny Financial Corp.
Performance Ratio Highlights
(Unaudited)
Three Months EndedVariance
or Change
September 30,
2024		June 30,
2024
Average yield on interest-earning assets:
Loans receivable, including loans held for sale4.61 %4.58 %0.03 %
Taxable investment securities4.38 %4.41 %-0.03 %
Tax-exempt investment securities (1)
2.32 %2.32 %— %
Other interest-earning assets7.47 %7.14 %0.33 %
Total interest-earning assets 4.61 %4.59 %0.02 %
Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand3.13 %3.06 %0.07 %
Savings 1.05 %0.63 %0.42 %
Certificates of deposit3.51 %3.35 %0.16 %
Total interest-bearing deposits2.98 %2.83 %0.15 %
Borrowings:
Federal Home Loan Bank advances3.82 %3.86 %-0.04 %
Other borrowings5.28 %5.24 %0.04 %
Total borrowings4.04 %4.04 %— %
Total interest-bearing liabilities3.24 %3.16 %0.08 %
Interest rate spread (2)
1.37 %1.43 %-0.06 %
Net interest margin (3)
1.80 %1.84 %-0.04 %
Non-interest income to average assets (annualized)0.24 %0.30 %-0.06 %
Non-interest expense to average assets (annualized)1.55 %6.58 %-5.03 %
Efficiency ratio (4)
80.35 %323.81 %-243.46 %
Return on average assets (annualized)0.32 %-4.68 %5.00 %
Return on average equity (annualized)3.25 %-47.97 %51.22 %
Return on average tangible equity (annualized) (5)
3.89 %3.33 %0.56 %
_________________________
(1)The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.
(2)Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.
(3)Net interest income divided by average interest-earning assets.
(4)Non-interest expense divided by the sum of net interest income and non-interest income.
(5)Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.
7


Five-Quarter Financial Trend Analysis
Kearny Financial Corp.
Consolidated Balance Sheets
(Dollars and Shares in Thousands,
Except Per Share Data)		September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
(Unaudited)(Audited)(Unaudited)(Unaudited)(Unaudited)
Assets
Cash and cash equivalents$155,574 $63,864 $71,027 $73,860 $57,219 
Securities available for sale1,070,811 1,072,833 1,098,655 1,144,175 1,215,633 
Securities held to maturity132,256 135,742 139,643 141,959 143,730 
Loans held-for-sale8,866 6,036 4,117 14,030 3,934 
Loans receivable5,784,246 5,732,787 5,758,336 5,745,629 5,736,049 
Less: allowance for credit losses on loans(44,923)(44,939)(44,930)(44,867)(46,872)
Net loans receivable5,739,323 5,687,848 5,713,406 5,700,762 5,689,177 
Premises and equipment45,189 44,940 45,053 45,928 46,868 
Federal Home Loan Bank stock57,706 80,300 81,347 83,372 81,509 
Accrued interest receivable29,467 29,521 31,065 30,258 29,766 
Goodwill113,525 113,525 210,895 210,895 210,895 
Core deposit intangible1,805 1,931 2,057 2,189 2,323 
Bank owned life insurance300,186 297,874 296,493 256,064 294,491 
Deferred income taxes, net50,131 50,339 47,225 46,116 56,500 
Other real estate owned— — — 11,982 12,956 
Other assets67,540 98,708 100,989 136,242 129,865 
Total assets $7,772,379 $7,683,461 $7,841,972 $7,897,832 $7,974,866 
Liabilities
Deposits:
Non-interest-bearing $592,099 $598,366 $586,089 $584,130 $595,141 
Interest-bearing4,878,413 4,559,757 4,622,961 4,735,500 4,839,027 
Total deposits5,470,512 5,158,123 5,209,050 5,319,630 5,434,168 
Borrowings1,479,888 1,709,789 1,722,178 1,667,055 1,626,933 
Advance payments by borrowers for taxes17,824 17,409 17,387 16,742 16,907 
Other liabilities52,618 44,569 44,279 46,427 47,324 
Total liabilities7,020,842 6,929,890 6,992,894 7,049,854 7,125,332 
Stockholders' Equity
Common stock646 644 644 645 652 
Paid-in capital493,523 493,680 493,187 493,297 497,269 
Retained earnings342,522 343,326 440,308 439,755 460,464 
Unearned ESOP shares(20,430)(20,916)(21,402)(21,889)(22,375)
Accumulated other comprehensive loss(64,724)(63,163)(63,659)(63,830)(86,476)
Total stockholders' equity751,537 753,571 849,078 847,978 849,534 
Total liabilities and stockholders' equity$7,772,379 $7,683,461 $7,841,972 $7,897,832 $7,974,866 
Consolidated capital ratios
Equity to assets9.67 %9.81 %10.83 %10.74 %10.65 %
Tangible equity to tangible assets (1)
8.31 %8.43 %8.34 %8.26 %8.20 %
Share data
Outstanding shares 64,58064,43464,43764,44565,132
Book value per share$11.64 $11.70 $13.18 $13.16 $13.04 
Tangible book value per share (2)
$9.85 $9.90 $9.87 $9.85 $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.
8

Kearny Financial Corp.
Supplemental Balance Sheet Highlights
(Unaudited)
(Dollars in Thousands)September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
Loan portfolio composition:
Commercial loans:
Multi-family mortgage$2,646,187 $2,645,851 $2,645,195 $2,651,274 $2,699,151 
Nonresidential mortgage950,771 948,075 965,539 947,287 946,801 
Commercial business145,984 142,747 147,326 144,134 149,229 
Construction227,327 209,237 229,457 221,933 230,703 
Total commercial loans3,970,269 3,945,910 3,987,517 3,964,628 4,025,884 
One- to four-family residential mortgage1,768,230 1,756,051 1,741,644 1,746,065 1,689,051 
Consumer loans:
Home equity loans44,741 44,104 42,731 43,517 42,896 
Other consumer2,965 2,685 3,198 2,728 2,644 
Total consumer loans47,706 46,789 45,929 46,245 45,540 
Total loans, excluding yield adjustments5,786,205 5,748,750 5,775,090 5,756,938 5,760,475 
Unaccreted yield adjustments(1,959)(15,963)(16,754)(11,309)(24,426)
Loans receivable, net of yield adjustments5,784,246 5,732,787 5,758,336 5,745,629 5,736,049 
Less: allowance for credit losses on loans(44,923)(44,939)(44,930)(44,867)(46,872)
Net loans receivable$5,739,323 $5,687,848 $5,713,406 $5,700,762 $5,689,177 
Asset quality:
Nonperforming assets:
Accruing loans - 90 days and over past due$— $— $— $— $— 
Nonaccrual loans39,854 39,882 39,546 28,089 37,912 
Total nonperforming loans39,854 39,882 39,546 28,089 37,912 
Nonaccrual loans held-for-sale— — — 9,700 — 
Other real estate owned— — — 11,982 12,956 
Total nonperforming assets$39,854 $39,882 $39,546 $49,771 $50,868 
Nonperforming loans (% total loans)0.69 %0.70 %0.69 %0.49 %0.66 %
Nonperforming assets (% total assets)0.51 %0.52 %0.50 %0.63 %0.64 %
Classified loans$119,534 $118,700 $115,772 $94,676 $98,616 
Allowance for credit losses on loans (ACL):
ACL to total loans0.78 %0.78 %0.78 %0.78 %0.81 %
ACL to nonperforming loans112.72 %112.68 %113.61 %159.73 %123.63 %
Net charge-offs $124 $3,518 $286 $4,110 $2,107 
Average net charge-off rate (annualized)0.01 %0.25 %0.02 %0.29 %0.15 %

9

Kearny Financial Corp.
Supplemental Balance Sheet Highlights
(Unaudited)
(Dollars in Thousands)September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
Funding composition:
Deposits:
Non-interest-bearing deposits$592,099 $598,367 $586,089 $584,130 $595,141 
Interest-bearing demand2,247,685 2,308,915 2,349,032 2,347,262 2,236,573 
Savings 681,709 643,481 630,456 646,182 689,163 
Certificates of deposit (retail)1,215,746 1,199,127 1,235,261 1,283,676 1,300,382 
Certificates of deposit (brokered and listing service)733,273 408,234 408,212 458,380 612,909 
Interest-bearing deposits4,878,413 4,559,757 4,622,961 4,735,500 4,839,027 
Total deposits5,470,512 5,158,124 5,209,050 5,319,630 5,434,168 
Borrowings:
Federal Home Loan Bank advances1,209,888 1,534,789 1,457,178 1,432,055 1,456,933 
Overnight borrowings270,000 175,000 265,000 235,000 170,000 
Total borrowings1,479,888 1,709,789 1,722,178 1,667,055 1,626,933 
Total funding$6,950,400 $6,867,913 $6,931,228 $6,986,685 $7,061,101 
Loans as a % of deposits105.1 %110.4 %109.8 %107.4 %104.8 %
Deposits as a % of total funding78.7 %75.1 %75.2 %76.1 %77.0 %
Borrowings as a % of total funding21.3 %24.9 %24.8 %23.9 %23.0 %
Uninsured deposits:
Uninsured deposits (reported) (1)
$1,799,726 $1,772,623 $1,760,740 $1,813,122 $1,734,288 
Uninsured deposits (adjusted) (2)
$773,375 $764,447 $718,026 $694,510 $683,265 
_________________________
(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)		September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
Interest income
Loans$66,331 $65,819 $64,035 $63,384 $62,769 
Taxable investment securities14,384 14,802 15,490 16,756 16,265 
Tax-exempt investment securities71 80 85 84 87 
Other interest-earning assets2,466 2,289 2,475 2,401 2,047 
Total interest income83,252 82,990 82,085 82,625 81,168 
Interest expense
Deposits35,018 32,187 32,320 30,340 27,567 
Borrowings15,788 17,527 15,446 16,446 14,441 
Total interest expense50,806 49,714 47,766 46,786 42,008 
Net interest income32,446 33,276 34,319 35,839 39,160 
Provision for credit losses 108 3,527 349 2,105 245 
Net interest income after provision for credit losses32,338 29,749 33,970 33,734 38,915 
Non-interest income
Fees and service charges635 580 657 624 748 
Loss on sale and call of securities— — — (18,135)— 
Gain (loss) on sale of loans200 111 (712)104 215 
Loss on sale of other real estate owned— — — (974)— 
Income from bank owned life insurance2,567 3,209 3,039 1,162 1,666 
Electronic banking fees and charges391 1,130 464 396 367 
Other income833 776 755 811 1,014 
Total non-interest income4,626 5,806 4,203 (16,012)4,010 
Non-interest expense
Salaries and employee benefits17,498 17,266 16,911 17,282 17,761 
Net occupancy expense of premises2,798 2,738 2,863 2,674 2,758 
Equipment and systems3,860 3,785 3,823 3,814 3,801 
Advertising and marketing342 480 387 301 228 
Federal deposit insurance premium1,563 1,532 1,429 1,495 1,524 
Directors' compensation361 360 360 393 393 
Goodwill impairment— 97,370 — — — 
Other expense3,364 3,020 3,286 3,808 3,309 
Total non-interest expense29,786 126,551 29,059 29,767 29,774 
Income (loss) before income taxes7,178 (90,996)9,114 (12,045)13,151 
Income taxes1,086 (917)1,717 1,782 3,309 
Net income (loss)$6,092 $(90,079)$7,397 $(13,827)$9,842 
Net income (loss) per common share (EPS)
Basic$0.10 $(1.45)$0.12 $(0.22)$0.16 
Diluted$0.10 $(1.45)$0.12 $(0.22)$0.16 
Dividends declared
Cash dividends declared per common share$0.11 $0.11 $0.11 $0.11 $0.11 
Cash dividends declared$6,896 $6,903 $6,844 $6,882 $6,989 
Dividend payout ratio113.2 %-7.7 %92.5 %-49.8 %71.0 %
Weighted average number of common shares outstanding
Basic62,38962,25462,20562,29963,014
Diluted62,42062,25462,21162,29963,061
11

Kearny Financial Corp.
Average Balance Sheet Data
(Unaudited)
Three Months Ended
(Dollars in Thousands)September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
Assets
Interest-earning assets:
Loans receivable, including loans held-for-sale$5,761,593 $5,743,008 $5,752,477 $5,726,321 $5,788,074 
Taxable investment securities1,314,945 1,343,541 1,382,064 1,509,165 1,516,393 
Tax-exempt investment securities12,244 13,737 14,614 15,025 15,483 
Other interest-earning assets131,981 128,257 125,155 139,740 130,829 
Total interest-earning assets7,220,763 7,228,543 7,274,310 7,390,251 7,450,779 
Non-interest-earning assets467,670 466,537 577,411 554,335 568,723 
Total assets $7,688,433 $7,695,080 $7,851,721 $7,944,586 $8,019,502 
Liabilities and Stockholders' Equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand$2,282,608 $2,310,521 $2,378,831 $2,301,169 $2,245,831 
Savings 668,240 631,622 635,226 664,926 719,508 
Certificates of deposit1,755,589 1,613,798 1,705,513 1,824,316 1,968,512 
Total interest-bearing deposits4,706,437 4,555,941 4,719,570 4,790,411 4,933,851 
Borrowings:
Federal Home Loan Bank advances1,325,583 1,507,192 1,428,801 1,513,497 1,386,473 
Other borrowings237,011 228,461 210,989 142,283 158,098 
Total borrowings1,562,594 1,735,653 1,639,790 1,655,780 1,544,571 
Total interest-bearing liabilities6,269,031 6,291,594 6,359,360 6,446,191 6,478,422 
Non-interest-bearing liabilities:
Non-interest-bearing deposits599,095 589,438 581,870 597,294 612,251 
Other non-interest-bearing liabilities69,629 62,978 65,709 62,387 66,701 
Total non-interest-bearing liabilities668,724 652,416 647,579 659,681 678,952 
Total liabilities6,937,755 6,944,010 7,006,939 7,105,872 7,157,374 
Stockholders' equity750,678 751,070 844,782 838,714 862,128 
Total liabilities and stockholders' equity$7,688,433 $7,695,080 $7,851,721 $7,944,586 $8,019,502 
Average interest-earning assets to average
 interest-bearing liabilities
115.18 %114.89 %114.39 %114.65 %115.01 %
12

Kearny Financial Corp.
Performance Ratio Highlights
Three Months Ended
September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
Average yield on interest-earning assets:
Loans receivable, including loans held-for-sale4.61 %4.58 %4.45 %4.43 %4.34 %
Taxable investment securities4.38 %4.41 %4.48 %4.44 %4.29 %
Tax-exempt investment securities (1)
2.32 %2.32 %2.32 %2.25 %2.25 %
Other interest-earning assets7.47 %7.14 %7.91 %6.87 %6.26 %
Total interest-earning assets4.61 %4.59 %4.51 %4.47 %4.36 %
Average cost of interest-bearing liabilities:
Deposits:
Interest-bearing demand3.13 %3.06 %3.08 %2.91 %2.58 %
Savings 1.05 %0.63 %0.46 %0.44 %0.47 %
Certificates of deposit3.51 %3.35 %3.11 %2.82 %2.49 %
Total interest-bearing deposits2.98 %2.83 %2.74 %2.53 %2.23 %
Borrowings:
Federal Home Loan Bank advances3.82 %3.86 %3.55 %3.82 %3.54 %
Other borrowings5.28 %5.24 %5.22 %5.65 %5.46 %
Total borrowings4.04 %4.04 %3.77 %3.97 %3.74 %
Total interest-bearing liabilities3.24 %3.16 %3.00 %2.90 %2.59 %
Interest rate spread (2)
1.37 %1.43 %1.51 %1.57 %1.77 %
Net interest margin (3)
1.80 %1.84 %1.89 %1.94 %2.10 %
Non-interest income to average assets (annualized)0.24 %0.30 %0.21 %-0.81 %0.20 %
Non-interest expense to average assets (annualized)1.55 %6.58 %1.48 %1.50 %1.49 %
Efficiency ratio (4)
80.35 %323.81 %75.43 %150.13 %68.97 %
Return on average assets (annualized)0.32 %-4.68 %0.38 %-0.70 %0.49 %
Return on average equity (annualized)3.25 %-47.97 %3.50 %-6.59 %4.57 %
Return on average tangible equity (annualized) (5)
3.89 %3.33 %4.68 %-8.84 %6.07 %
_________________________
(1)The yield on tax-exempt investment securities has not been adjusted to reflect their tax-effective yield.
(2)Interest income divided by average interest-earning assets less interest expense divided by average interest-bearing liabilities.
(3)Net interest income divided by average interest-earning assets.
(4)Non-interest expense divided by the sum of net interest income and non-interest income.
(5)Average tangible equity equals total average stockholders’ equity reduced by average goodwill and average core deposit intangible assets.
13

The following tables provide a reconciliation of certain financial measures calculated in accordance with Generally Accepted Accounting Principles (“GAAP”) (as reported) and non-GAAP measures. These non-GAAP measures provide additional information which allow readers to evaluate the ongoing performance of the Company. They are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information. In all cases, it should be understood that non-GAAP per share measures do not depict amounts that accrue directly to the benefit of shareholders.
Kearny Financial Corp.
Reconciliation of GAAP to Non-GAAP
(Unaudited)
Three Months Ended
(Dollars and Shares in Thousands,
Except Per Share Data)		September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
Adjusted net income:
Net income (loss) (GAAP)$6,092 $(90,079)$7,397 $(13,827)$9,842 
Non-recurring transactions - net of tax:
Net effect of sale and call of securities— — — 12,876 — 
Net effect of bank-owned life insurance restructure— 392 — 6,286 — 
Goodwill impairment— 95,283 — — — 
Adjusted net income$6,092 $5,596 $7,397 $5,335 $9,842 
Calculation of pre-tax, pre-provision net revenue:
Net income (loss) (GAAP)$6,092 $(90,079)$7,397 $(13,827)$9,842 
Adjustments to net income (GAAP):
Provision for income taxes1,086 (917)1,717 1,782 3,309 
Provision for credit losses108 3,527 349 2,105 245 
Pre-tax, pre-provision net revenue (non-GAAP)$7,286 $(87,469)$9,463 $(9,940)$13,396 
Adjusted earnings per share:
Weighted average common shares - basic62,38962,25462,20562,29963,014
Weighted average common shares - diluted62,42062,33062,21162,36763,061
Earnings per share - basic (GAAP)$0.10 $(1.45)$0.12 $(0.22)$0.16 
Earnings per share - diluted (GAAP)$0.10 $(1.45)$0.12 $(0.22)$0.16 
Adjusted earnings per share - basic (non-GAAP)$0.10 $0.09 $0.12 $0.09 $0.16 
Adjusted earnings per share - diluted (non-GAAP)$0.10 $0.09 $0.12 $0.09 $0.16 
Pre-tax, pre-provision net revenue per share:
Pre-tax, pre-provision net revenue per share - basic
  (non-GAAP)
$0.12 $(1.41)$0.15 $(0.16)$0.21 
Pre-tax, pre-provision net revenue per share - diluted
  (non-GAAP)
$0.12 $(1.40)$0.15 $(0.16)$0.21 
Adjusted return on average assets:
Total average assets$7,688,433 $7,695,080 $7,851,721 $7,944,586 $8,019,502 
Return on average assets (GAAP)0.32 %-4.68 %0.38 %-0.70 %0.49 %
Adjusted return on average assets (non-GAAP)0.32 %0.29 %0.38 %0.27 %0.49 %
Adjusted return on average equity:
Total average equity$750,678 $751,070 $844,782 $838,714 $862,128 
Return on average equity (GAAP)3.25 %-47.97 %3.50 %-6.59 %4.57 %
Adjusted return on average equity (non-GAAP)3.25 %2.98 %3.50 %2.54 %4.57 %
14

Kearny Financial Corp.
Reconciliation of GAAP to Non-GAAP
(Unaudited)
Three Months Ended
(Dollars and Shares in Thousands,
Except Per Share Data)		September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023
Adjusted return on average tangible equity:
Total average equity$750,678 $751,070 $844,782 $838,714 $862,128 
Less: average goodwill(113,525)(113,525)(210,895)(210,895)(210,895)
Less: average other intangible assets(1,886)(2,006)(2,138)(2,277)(2,411)
Total average tangible equity$635,267 $635,539 $631,749 $625,542 $648,822 
Return on average tangible equity (non-GAAP)3.89 %3.33 %4.68 %-8.84 %6.07 %
Adjusted return on average tangible equity (non-GAAP)3.89 %3.58 %4.68 %3.41 %6.07 %
Adjusted non-interest expense ratio:
Non-interest expense (GAAP)$29,786 $126,551 $29,059 $29,767 $29,774 
Non-recurring transactions:
Goodwill impairment— (97,370)— — — 
Non-interest expense (non-GAAP)$29,786 $29,181 $29,059 $29,767 $29,774 
Non-interest expense ratio (GAAP)1.55 %6.58 %1.48 %1.50 %1.49 %
Adjusted non-interest expense ratio (non-GAAP)1.55 %1.52 %1.48 %1.50 %1.49 %
Adjusted efficiency ratio:
Non-interest expense (non-GAAP)$29,786 $29,181 $29,059 $29,767 $29,774 
Net interest income (GAAP)$32,446 $33,276 $34,319 $35,839 $39,160 
Total non-interest income (GAAP)4,626 5,806 4,203 (16,012)4,010 
Non-recurring transactions:
Net effect of sale and call of securities— — — 18,135 — 
Net effect of bank-owned life insurance restructure— 392 — 573 — 
Total revenue (non-GAAP)$37,072 $39,474 $38,522 $38,535 $43,170 
Efficiency ratio (GAAP)80.35 %323.81 %75.43 %150.13 %68.97 %
Adjusted efficiency ratio (non-GAAP)80.35 %73.92 %75.43 %77.25 %68.97 %

15