General This discussion and analysis reflects Kearny Financial Corp.’s consolidated financial statements and other relevant statistical data, and is intended to enhance your understanding of our financial condition and results of operations. You should read the information in this section in conjunction with the business and financial information regarding Kearny Financial Corp. and the audited consolidated financial statements and notes thereto contained in this Annual Report on Form 10-K. Critical Accounting Policies and Estimates Our accounting policies are integral to understanding the results reported. We describe them in detail in Note 1 to our audited consolidated financial statements. In preparing the audited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the Consolidated Statements of Financial Condition and revenues and expenses for the periods then ended. Actual results could differ significantly from those estimates. A material estimate that is particularly susceptible to significant changes relates to the determination of the allowance for credit losses. Allowance for Credit Losses. The determination of our allowance for credit losses on loans (“ACL”) is considered a critical accounting estimate by management because of the high degree of judgment involved in determining qualitative loss factors, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment that could result in changes to the amount of the recorded ACL. See Note 1 to our audited consolidated financial statements for a detailed discussion of our accounting policies and methodologies for establishing the ACL. Management believes the following information may enable investors to better understand the changes in our ACL. Our ACL totaled $45.5 million and $46.2 million at June 30, 2026 and 2025, respectively. The $695,000 decrease in our ACL was largely attributable to net charge-offs of $2.4 million, partially offset by a provision for credit losses of $1.7 million primarily driven by loan growth and an increase in reserves for individually evaluated loans. The quantitative component of our ACL, which is largely based on the national unemployment rate forecast, increased $152,000. The qualitative component of our ACL, which is largely based on management’s judgment of qualitative loss factors, increased $481,000. Our ACL totaled $45.5 million at June 30, 2026 and the amount allocated to our collectively evaluated multi-family and nonresidential mortgage loans was $29.3 million, of which $20.4 million was attributable to qualitative loss factors. Changes in management’s judgment of qualitative loss factors could result in a significant change to the ACL. As described in Note 1, qualitative loss factors are applied to each portfolio segment with the amounts judgmentally determined by the relative risk to the most severe loss periods identified in the historical loan charge-offs of a peer group of similar-sized regional banks. At June 30, 2026, the weighted average historical loss rate for multi-family and nonresidential mortgages loans during the most severe peer group loss periods was 1.62%. Management performed a hypothetical sensitivity analysis to understand the impact of a change in a key input on our ACL. At June 30, 2026, if the four-quarter national unemployment rate forecast had been 9% rather than an average of approximately 4.2%, our ACL as a percent of total loans would have increased 56 basis points from 0.77% to 1.33%. This sensitivity analysis includes the impact to both the quantitative and qualitative components of our ACL. Changes in quantitative inputs and qualitative loss factors may not occur in the same direction or magnitude across all segments of our loan portfolio and deterioration in some quantitative inputs and qualitative loss factors may offset improvement in others. This sensitivity analysis does not represent a change to our expectations of the economic environment but provides a hypothetical result to assess the sensitivity of the ACL to a change in a key input. This sensitivity analysis does not incorporate changes to management’s judgment of qualitative loss factors. Our ACL on individually analyzed loans is determined on an individual basis using the present value of expected cash flows discounted using the loan’s effective interest rate or, for collateral-dependent loans, the fair value of the collateral, less estimated selling costs, as applicable. Our ACL on individually analyzed loans decreased $1.3 million during the year ended June 30, 2026. 42 Table of Contents Financial Overview The following financial information and other data in this section are derived from our audited consolidated financial statements and should be read together therewith: At June 30, 2026 2025 2024 (In Thousands) Balance Sheet Data: Cash and equivalents $ 114,823 $ 167,269 $ 63,864 Assets 7,682,205 7,740,450 7,683,461 Net loans receivable 5,829,829 5,766,746 5,687,848 Investment securities available for sale 964,369 1,012,969 1,072,833 Investment securities held to maturity 106,814 120,217 135,742 Goodwill 113,525 113,525 113,525 Deposits 5,709,625 5,675,217 5,158,123 Borrowings 1,150,000 1,256,491 1,709,789 Stockholders' equity 766,670 745,962 753,571 For the Years Ended June 30, 2026 2025 2024 (Dollars in Thousands, Except Per Share Amounts) Summary of Operations: Interest income $ 324,313 $ 324,476 $ 328,868 Interest expense 169,030 189,533 186,274 Net interest income 155,283 134,943 142,594 Provision for credit losses 1,698 2,366 6,226 Net interest income after provision for credit losses 153,585 132,577 136,368 Non-interest income 22,825 19,052 (1,993) Non-interest expenses 129,008 120,630 215,151 Income (loss) before taxes 47,402 30,999 (80,776) Income tax expense 11,138 4,924 5,891 Net income (loss) $ 36,264 $ 26,075 $ (86,667) Per Share Data: Net income (loss) per share - Basic $ 0.58 $ 0.42 $ (1.39) Net income (loss) per share - Diluted $ 0.57 $ 0.42 $ (1.39) Weighted average number of common shares outstanding (in thousands): Basic 62,866 62,508 62,444 Diluted 63,220 62,716 62,444 Cash dividends per share $ 0.44 $ 0.44 $ 0.44 Dividend payout ratio(1) 77.1 % 106.1 % (31.9) % ________________________________________ (1)Represents cash dividends declared divided by net income (loss). 43 Table of Contents At or For the Years Ended June 30, 2026 2025 2024 Performance Ratios: Return on average assets (ratio of net income to average total assets) 0.48 % 0.34 % (1.10) % Return on average equity (ratio of net income to average total equity) 4.80 % 3.49 % (10.51) % Return on average tangible equity (ratio of net income to average tangible equity)(1) 5.71 % 4.18 % (13.64) % Net interest rate spread 1.79 % 1.47 % 1.57 % Net interest margin 2.18 % 1.88 % 1.94 % Average interest-earning assets to average interest-bearing liabilities 116.50 % 115.21 % 114.73 % Efficiency ratio(2) 72.43 % 78.33 % 153.02 % Non-interest expense to average assets 1.70 % 1.58 % 2.73 % Asset Quality Ratios: Non-performing loans to total loans 0.82 % 0.78 % 0.70 % Non-performing assets to total assets 0.70 % 0.59 % 0.52 % Net charge-offs to average loans outstanding 0.04 % 0.02 % 0.17 % Allowance for credit losses to total loans 0.77 % 0.79 % 0.78 % Allowance for credit losses to non-performing loans 94.99 % 101.30 % 112.68 % Capital Ratios: Average equity to average assets 9.97 % 9.77 % 10.46 % Equity to assets at period end 9.98 % 9.64 % 9.81 % Tangible equity to tangible assets at period end(3) 8.62 % 8.27 % 8.43 % ________________________________________ (1)Average tangible equity equals average total stockholders’ equity reduced by average goodwill and average core deposit intangible assets. (2)Efficiency ratio equals non-interest expense divided by the sum of net interest income and non-interest income. (3)Tangible equity equals total stockholders’ equity reduced by goodwill and core deposit intangible assets. 44 Table of Contents Comparison of Financial Condition at June 30, 2026 and June 30, 2025 Executive Summary. Total assets decreased by $58.2 million, or 0.8%, to $7.68 billion at June 30, 2026 from $7.74 billion at June 30, 2025. The decrease primarily reflected decreases in cash and cash equivalents and investment securities, partially offset by an increase in net loans receivable. Investment Securities. Investment securities available for sale decreased by $48.6 million to $964.4 million at June 30, 2026 from $1.01 billion at June 30, 2025. This decrease was largely the result of principal repayments of $322.7 million, partially offset by purchases of $258.3 million and a $15.6 million increase in the fair value of the portfolio. Investment securities held to maturity decreased by $13.4 million to $106.8 million at June 30, 2026 from $120.2 million at June 30, 2025. The decrease was largely the result of principal repayments of $13.5 million. Additional information regarding investment securities at June 30, 2026 is presented under “Item 1. Business” of this Annual Report on Form 10-K, as well as in Note 3 to the audited consolidated financial statements. Loans Held-for-Sale. Loans held-for-sale totaled $6.0 million at June 30, 2026 as compared to $5.9 million at June 30, 2025 and are reported separately from the balance of net loans receivable. Loans held-for-sale consisted of residential mortgage loans in both respective periods. During the year ended June 30, 2026, we sold $128.2 million of residential mortgage loans, resulting in a net gain on sale of $932,000. Net Loans Receivable. Net loans receivable increased by $63.1 million, or 1.1%, to $5.83 billion at June 30, 2026 from $5.77 billion at June 30, 2025. The increase reflected growth across several lending categories, including commercial and industrial loans and construction loans, partially offset by a decline in multi-family mortgage loans resulting primarily from repayments and payoffs. The resulting shift in portfolio composition is consistent with our ongoing loan portfolio remix strategy and focus on expanding commercial banking relationships. Detail regarding the change in the loan portfolio is presented below: June 30, 2026 June 30, 2025 Increase/ (Decrease) (In Thousands) Commercial loans: Multi-family mortgage $ 2,499,894 $ 2,709,654 $ (209,760) Nonresidential mortgage 1,019,445 986,556 32,889 Commercial and industrial 223,927 138,755 85,172 Construction 263,200 177,713 85,487 Total commercial loans 4,006,466 4,012,678 (6,212) One- to four-family residential mortgage 1,789,865 1,748,591 41,274 Consumer loans: Home equity loans 79,844 50,737 29,107 Other consumer 2,387 2,533 (146) Total consumer loans 82,231 53,270 28,961 Total loans 5,878,562 5,814,539 64,023 Unaccreted yield adjustments (3,237) (1,602) (1,635) Allowance for credit losses (45,496) (46,191) 695 Net loans receivable $ 5,829,829 $ 5,766,746 $ 63,083 Commercial loan origination volume for the year ended June 30, 2026 totaled $439.7 million, consisting of $166.2 million of commercial mortgage loan originations, $118.5 million of commercial and industrial loan originations and $155.1 million of construction loan disbursements. Purchases of commercial business loans totaled $93.8 million for the same period. 45 Table of Contents One- to four-family residential mortgage loan origination volume, excluding loans held-for-sale, totaled $154.0 million for the year ended June 30, 2026 and was supplemented with loan purchases totaling $65.6 million. Home equity loan and line of credit origination volume for the same period totaled $43.5 million. Additional information about our loans at June 30, 2026 is presented under “Item 1. Business” of this Annual Report on Form 10-K, as well as in Note 4 to the audited consolidated financial statements. Nonperforming Assets. Nonperforming assets increased $7.8 million to $53.4 million, or 0.70% of total assets, at June 30, 2026 from $45.6 million, or 0.59% of total assets, at June 30, 2025. The increase in nonperforming assets was largely attributable to two foreclosed properties with an aggregate carrying value of $5.5 million that were transferred into other real estate owned. The remaining change was primarily attributable to an increase in nonperforming multi-family mortgage loans, partially offset by a decrease in nonperforming residential mortgage loans. Additional information about nonperforming loans and reportable loan modifications at June 30, 2026 is presented under “Item 1. Business” of this Annual Report on Form 10-K, as well as in Note 4 to the audited consolidated financial statements. Allowance for Credit Losses. At June 30, 2026, the ACL totaled $45.5 million, or 0.77% of total loans, reflecting a decrease of $695,000 from $46.2 million, or 0.79% of total loans, at June 30, 2025. The decrease was largely attributable to net charge-offs of $2.4 million, partially offset by a provision for credit losses of $1.7 million. Additional information about the allowance for credit losses at June 30, 2026 is presented under “Item 1. Business” of this Annual Report on Form 10-K, as well as in Note 1 and Note 5 to the audited consolidated financial statements. Other Assets. The aggregate balance of other assets, including premises and equipment, FHLB stock, interest receivable, goodwill, core deposit intangibles, bank owned life insurance, deferred income taxes, OREO and other assets, decreased by $7.0 million to $660.3 million at June 30, 2026 from $667.3 million at June 30, 2025. The decrease in other assets largely reflected a decrease in the market value of interest rate derivatives and a decrease in FHLB stock, partially offset by an increase in BOLI and the transfer of two foreclosed properties to other real estate owned. The remaining change generally reflected normal operating fluctuations within these line items. Deposits. Total deposits increased by $34.4 million, or 0.6%, to $5.71 billion at June 30, 2026 from $5.68 billion at June 30, 2025. Included in total deposits are brokered certificates of deposits (“CDs”) of $757.2 million and $757.7 million at June 30, 2026 and 2025, respectively. The increase was driven by growth in deposits from our branch network and digital channels. Deposit balances at June 30, 2026 reflect a migration of $239.9 million from a consumer interest bearing product to a non-interest bearing product as part of the Company’s repricing strategy. The following table sets forth the distribution of, and changes in, deposits, by type, at the dates indicated: June 30, 2026 June 30, 2025 Increase/ (Decrease) (In Thousands) Non-interest-bearing deposits $ 788,015 $ 582,045 $ 205,970 Interest-bearing deposits: Interest-bearing demand 2,214,432 2,362,222 (147,790) Savings 766,502 754,376 12,126 Certificates of deposit (retail) 1,183,427 1,218,920 (35,493) Certificates of deposit (brokered) 757,249 757,654 (405) Interest-bearing deposits 4,921,610 5,093,172 (171,562) Total deposits $ 5,709,625 $ 5,675,217 $ 34,408 Uninsured deposits totaled $2.25 billion as of June 30, 2026, compared to $1.99 billion as of June 30, 2025. Excluding collateralized deposits of state and local governments, and deposits of the Bank’s wholly-owned subsidiary and holding company, uninsured deposits totaled $851.0 million, or 14.9% of total deposits, at June 30, 2026 compared to $813.8 million, or 14.3% of total deposits, at June 30, 2025. Additional information about our deposits at June 30, 2026 is presented under “Item 1. Business” of this Annual Report on Form 10-K, as well as in Note 9 to the audited consolidated financial statements. 46 Table of Contents Borrowings. The balance of borrowings decreased by $106.5 million, or 8.5%, to $1.15 billion at June 30, 2026 from $1.26 billion at June 30, 2025 which included overnight borrowings totaling $200.0 million and $150.0 million at June 30, 2026 and 2025, respectively. The decrease was primarily driven by a net decrease in FHLB and other borrowings. Additional information about our borrowings at June 30, 2026 is presented under “Item 1. Business” of this Annual Report on Form 10-K, as well as in Note 10 to the audited consolidated financial statements. Other Liabilities. The balance of other liabilities, including advance payments by borrowers for taxes and other miscellaneous liabilities, decreased by $6.9 million to $55.9 million at June 30, 2026 from $62.8 million at June 30, 2025. The change in the balance of other liabilities generally reflected normal operating fluctuations within these line items. Stockholders’ Equity. Stockholders’ equity increased by $20.7 million to $766.7 million at June 30, 2026 from $746.0 million at June 30, 2025. The increase in stockholders’ equity during the year ended June 30, 2026 largely reflected net income of $36.3 million and $9.1 million in after-tax other comprehensive income, partially offset by $28.0 million in cash dividends. Other comprehensive income during the year ended June 30, 2026 was driven by an increase in the fair value of our available for sale securities, partially offset by a decrease in the fair value of our derivatives portfolio. Book value per share increased by $0.29 to $11.84 at June 30, 2026 while tangible book value per share increased by $0.30 to $10.07 at June 30, 2026. These increases were driven by the increase in stockholders’ equity, as described above. Comparison of Operating Results for the Years Ended June 30, 2026 and June 30, 2025 Net Income. Net income for the year ended June 30, 2026 was $36.3 million, or $0.57 per diluted share, an increase of $10.2 million from net income of $26.1 million, or $0.42 per diluted share, for the year ended June 30, 2025. The increase in net income reflected increases in net interest income and non-interest income, partially offset by increases in non-interest expense and income taxes. Net Interest Income. Net interest income increased by $20.3 million to $155.3 million for the year ended June 30, 2026. The increase between the comparative periods resulted from a decrease of $20.5 million in interest expense, partially offset by a decrease of $163,000 in interest income. 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. Net interest margin increased 30 basis points to 2.18% for the year ended June 30, 2026, from 1.88% for the year ended June 30, 2025. The increase 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. 47 Table of Contents Details surrounding the composition of, and changes to, net interest income are presented in the table below which reflects the components of the average balance sheet and of net interest income for the periods indicated. We derived the average yields and costs by dividing income or expense by the average balance of assets or liabilities, respectively, for the years presented with daily balances used to derive average balances. No tax equivalent adjustments have been made to yield or costs. Non-accrual loans were included in the calculation of average balances, however interest receivable on these loans has been fully reserved for and therefore not included in interest income. The yields and costs set forth below include the effect of deferred fees, discounts and premiums that are amortized or accreted to interest income or expense. For the Years Ended June 30, 2026 2025 2024 Average Balance Interest Average Yield/ Cost Average Balance Interest Average Yield/ Cost Average Balance Interest Average Yield/ Cost (Dollars in Thousands) Interest-earning assets: Loans receivable (1) $ 5,806,182 $ 271,445 4.68 % $ 5,789,583 $ 262,992 4.54 % $ 5,752,496 $ 256,007 4.45 % Taxable investment securities(2) 1,200,665 46,976 3.91 1,270,262 53,247 4.19 1,438,200 63,313 4.40 Tax-exempt securities (2) 5,800 139 2.39 9,791 234 2.39 14,718 336 2.28 Other interest-earning assets(3) 113,880 5,753 5.05 119,224 8,003 6.71 131,019 9,212 7.03 Total interest-earning assets 7,126,527 324,313 4.55 7,188,860 324,476 4.51 7,336,433 328,868 4.48 Non-interest-earning assets 455,386 459,986 541,859 Total assets $ 7,581,913 $ 7,648,846 $ 7,878,292 Interest-bearing liabilities: Interest-bearing demand $ 2,334,641 $ 58,220 2.49 $ 2,335,972 $ 66,835 2.86 $ 2,308,893 $ 67,183 2.91 Savings 758,820 10,248 1.35 721,115 9,011 1.25 662,981 3,293 0.50 Certificates of deposit (retail) 1,196,452 40,056 3.35 1,213,015 46,888 3.87 1,278,535 41,762 3.27 Certificates of deposit (brokered) 735,180 20,137 2.74 689,011 17,524 2.54 500,147 10,176 2.03 Total interest-bearing deposits 5,025,093 128,661 2.56 4,959,113 140,258 2.83 4,750,556 122,414 2.58 FHLB advances 990,612 36,402 3.67 1,131,662 42,014 3.71 1,458,941 53,948 3.70 Other borrowings 101,712 3,967 3.90 149,041 7,261 4.87 184,768 9,912 5.36 Total borrowings 1,092,324 40,369 3.70 1,280,703 49,275 3.85 1,643,709 63,860 3.89 Total interest-bearing liabilities 6,117,417 169,030 2.76 6,239,816 189,533 3.04 6,394,265 186,274 2.91 Non-interest-bearing liabilities(4) 708,958 662,028 659,710 Total liabilities 6,826,375 6,901,844 7,053,975 Stockholders' equity 755,538 747,002 824,317 Total liabilities and stockholders' equity $ 7,581,913 $ 7,648,846 $ 7,878,292 Net interest income $ 155,283 $ 134,943 $ 142,594 Interest rate spread(5) 1.79 % 1.47 % 1.57 % Net interest margin(6) 2.18 % 1.88 % 1.94 % Ratio of interest-earning assets to interest-bearing liabilities 1.16 1.15 1.15 ________________________________________ (1)Loans held-for-sale and non-accruing loans have been included in loans receivable and the effect of such inclusion was not material. Allowance for credit losses has been included in non-interest-earning assets. (2)Fair value adjustments have been excluded in the balances of interest-earning assets. (3)Includes interest-bearing deposits at other banks and FHLB of New York capital stock. (4)Includes average balances of non-interest-bearing deposits of $649.3 million, $597.2 million and $595.3 million for the years ended June 30, 2026, 2025 and 2024, respectively. (5)Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. (6)Net interest margin represents net interest income as a percentage of average interest-earning assets. 48 Table of Contents The following table reflects the dollar amount of changes in interest income and interest expense to changes in volume and in prevailing interest rates during the years indicated. Each category reflects the: (1) changes in volume (changes in volume multiplied by old rate); (2) changes in rate (changes in rate multiplied by old volume); and (3) net change. The net change attributable to the combined impact of volume and rate has been allocated proportionally to the absolute dollar amounts of change in each. Year Ended June 30, 2026 versus Year Ended June 30, 2025 Year Ended June 30, 2025 versus Year Ended June 30, 2024 Increase (Decrease) Due to Increase (Decrease) Due to Volume Rate Net Volume Rate Net (In Thousands) Interest and dividend income Loans receivable $ 719 $ 7,732 $ 8,451 $ 1,688 $ 5,297 $ 6,985 Taxable investment securities (2,825) (3,445) (6,270) (7,145) (2,921) (10,066) Tax-exempt securities (95) — (95) (117) 15 (102) Other interest-earning assets (345) (1,905) (2,250) (803) (406) (1,209) Total interest-earning assets (2,546) 2,382 (164) (6,377) 1,985 (4,392) Interest expense: Interest-bearing demand (38) (8,578) (8,616) 795 (1,143) (348) Savings 489 748 1,237 316 5,402 5,718 Certificates of deposit 990 (5,209) (4,219) 3,756 8,718 12,474 Borrowings (7,041) (1,865) (8,906) (13,936) (649) (14,585) Total interest-bearing liabilities (5,600) (14,904) (20,504) (9,069) 12,328 3,259 Change in net interest income $ 3,054 $ 17,286 $ 20,340 $ 2,692 $ (10,343) $ (7,651) Provision for Credit Losses. The provision for credit losses decreased by $668,000 to $1.7 million for the year ended June 30, 2026, compared to $2.4 million for the year ended June 30, 2025. The provision for credit losses for the year ended June 30, 2026 was largely attributable to loan growth and increased reserves on individually evaluated loans. The provision for credit losses for the year ended June 30, 2025 was largely attributable to charge-offs, loan growth, and increased reserves on individually evaluated loans. Additional information regarding the allowance for credit losses and the associated provision recognized during the year ended June 30, 2026 is presented under “Item 1, Business” on this Annual Report on Form 10-K as well as in Note 1 and Note 5 to the audited consolidated financial statements. Non-Interest Income. Non-interest income increased $3.8 million to $22.8 million for the year ended June 30, 2026, compared to $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. Fees and service charges increased $1.7 million to $4.2 million for the year ended June 30, 2026, compared to $2.5 million for the year ended June 30, 2025, primarily reflecting $932,000 of higher deposit and branch related fee income, and higher loan related fee income of $752,000. Other income increased $1.9 million to $5.2 million for the year ended June 30, 2026, compared to $3.4 million for the year ended June 30, 2025, primarily driven by non-recurring pre-tax gains of $1.8 million, as discussed above. The remaining changes in the other components of non-interest income between comparative periods generally reflected normal operating fluctuations within those line items. Non-Interest Expense. Non-interest expense increased by $8.4 million to $129.0 million for the year ended June 30, 2026 from $120.6 million for the year ended June 30, 2025, primarily driven by higher salary and benefits expense and other expense. 49 Table of Contents Salaries and employee benefits expense increased by $5.9 million to $76.7 million for the year ended June 30, 2026. This increase was primarily driven by higher salary expense and payroll taxes from annual merit increases, higher incentive compensation, non-recurring severance charges of $950,000 recorded in the current period, and the absence of a $427,000 non-recurring decrease in stock-based compensation recorded in the prior year period. Net occupancy expense of premises increased by $796,000 to $12.3 million for the year ended June 30, 2026. This increase was primarily driven by a non-recurring pre-tax expense of $250,000 associated with the consolidation of three branches, non-recurring branch maintenance expenses of $102,000, and higher snow removal expenses of $223,000. Equipment and systems expense increased $104,000 to $15.8 million for the year ended June 30, 2026. This increase was largely attributable to increases in technology expense associated with the Company’s ongoing digital banking initiatives. Advertising and marketing expense increased $508,000 to $2.4 million for the year ended June 30, 2026. This increase primarily reflects normal fluctuations in the timing of campaigns across various advertising formats supporting our loan and deposit growth initiatives. FDIC insurance premiums decreased $591,000 to $5.3 million for the year ended June 30, 2026, primarily driven by higher capital ratios. Other non-interest expense increased $1.8 million to $15.2 million for the year ended June 30, 2026, primarily driven by $242,000 in non-recurring professional fees incurred in the current period associated with our strategic initiative and partnership with The Lab Consulting, and higher professional fees, loan related expenses and $264,000 in non-recurring other real estate owned acquisition-related expenses. The remaining changes in the other components of non-interest expense between comparative periods generally reflected normal operating fluctuations within those line items. Provision for Income Taxes. Provision for income taxes increased by $6.2 million to $11.1 million for the year ended June 30, 2026, from $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 period and the establishment of a valuation allowance of $1.6 million against a deferred tax asset related to certain legacy stock-based compensation awards. Comparison of Operating Results for the Years Ended June 30, 2025 and June 30, 2024 A comparison of our operating results for the years ended June 30, 2025 and June 30, 2024 can be found in our Annual Report on Form 10-K for the year ended June 30, 2025, filed with the SEC on August 21, 2025. 50 Table of Contents Liquidity and Commitments Liquidity, represented by cash and cash equivalents, is a product of operating, investing and financing activities. Our primary sources of funds are deposits, borrowings, cash flows from investment securities and loans receivable and funds provided from operations. While scheduled payments from the amortization and maturity of loans and investment securities are relatively predictable sources of funds, general interest rates, economic conditions and competition greatly influence deposit flows and prepayments on loans and securities. Liquidity, at June 30, 2026, included $114.8 million of short-term cash and equivalents and $964.4 million of investment securities available for sale which can readily be sold or pledged as collateral, if necessary. In addition, we have the capacity to borrow additional funds from the FHLB, FRB or via unsecured overnight borrowings. As of June 30, 2026, we had the capacity to borrow additional funds totaling $351.6 million and $1.30 billion from the FHLB and FRB, respectively, without pledging additional collateral. We had the ability to pledge additional securities to borrow an additional $702.5 million at June 30, 2026. As of that same date, we also had access to unsecured overnight borrowings with other financial institutions totaling $835.0 million, of which none was outstanding. Deposits increased $34.4 million to $5.71 billion at June 30, 2026 from $5.68 billion at June 30, 2025. The increase in deposit balances reflected a $171.6 million decrease in interest-bearing deposits, partially offset by a $206.0 million increase in non-interest-bearing deposits. Borrowings from the FHLB and other sources are generally available to supplement our liquidity position or to replace maturing deposits. As of June 30, 2026, our outstanding balance of FHLB advances, excluding fair value adjustments, totaled $950 million. As of the same date, we had $200.0 million outstanding via our overnight line of credit with the FHLB. The following table sets forth information concerning balances and interest rates on our short-term borrowings at and for the periods shown: At or For the Years Ended June 30, 2026 2025 2024 (Dollars in Thousands) Balance at end of year $ 950,000 $ 1,050,000 $ 1,400,000 Average balance during year $ 889,904 $ 1,024,959 $ 1,314,686 Maximum outstanding at any month end $ 1,165,000 $ 1,425,000 $ 1,490,000 Weighted average interest rate at end of year 3.84 % 4.46 % 5.47 % Weighted average interest rate during year 4.06 % 4.88 % 5.52 % The following table discloses our contractual obligations and commitments as of June 30, 2026: June 30, 2026 Less than One Year One to Three Years Over Three Years to Five Years Over Five Years Total (In Thousands) Contractual obligations Operating lease obligations $ 3,443 $ 4,620 $ 2,430 $ 1,160 $ 11,653 Certificates of deposit 1,874,214 44,945 21,517 — 1,940,676 Federal Home Loan Bank Advances 750,000 200,000 — — 950,000 Total contractual obligations $ 2,627,657 $ 249,565 $ 23,947 $ 1,160 $ 2,902,329 Commitments Undisbursed funds from approved lines of credit(1) $ 83,644 $ 24,517 $ 4,501 $ 96,689 $ 209,351 Construction loans in process(1) 35,272 139,069 — — 174,341 Other commitments to extend credit(1) 105,193 — — — 105,193 Total commitments $ 224,109 $ 163,586 $ 4,501 $ 96,689 $ 488,885 ________________________________________ (1)Represents amounts committed to customers. 51 Table of Contents In addition to the loan commitments noted above, the pipeline of loans held for sale included $19.1 million of in process loans whose terms included interest rate locks to borrowers that were paired with a best-efforts commitment to sell the loan to a buyer at a fixed price and within a predetermined timeframe after the sale commitment is established. In addition to the commitments noted above, we are party to standby letters of credit totaling approximately $138,000 at June 30, 2026 through which we guarantee certain specific business obligations of our commercial customers. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the customer. Our exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual notional amount of those instruments. We use the same credit policies in making commitments and conditional obligations as we do for on-balance-sheet instruments. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. At June 30, 2026, outstanding loan commitments relating to loans held in portfolio totaled $489.0 million compared to $319.1 million at June 30, 2025. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. For additional information regarding our outstanding lending commitments at June 30, 2026, see Note 16 to the audited consolidated financial statements. Capital Consistent with our goals to operate as a sound and profitable financial organization, Kearny Financial and Kearny Bank actively seek to maintain our well capitalized status in accordance with regulatory standards. As of June 30, 2026, Kearny Financial and Kearny Bank exceeded all capital requirements of the federal banking regulators and were considered well capitalized. The following table presents information regarding the Bank’s regulatory capital levels at June 30, 2026: June 30, 2026 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 716,311 14.38 % $ 398,556 8.00 % $ 498,196 10.00 % Tier 1 capital (to risk-weighted assets) $ 669,370 13.44 % $ 298,917 6.00 % $ 398,556 8.00 % Common equity tier 1 capital (to risk-weighted assets) $ 669,370 13.44 % $ 224,188 4.50 % $ 323,827 6.50 % Tier 1 capital (to adjusted total assets) $ 669,370 8.83 % $ 303,109 4.00 % $ 378,886 5.00 % The following table presents information regarding the consolidated Company’s regulatory capital levels at June 30, 2026: June 30, 2026 Actual For Capital Adequacy Purposes Amount Ratio Amount Ratio (Dollars in Thousands) Total capital (to risk-weighted assets) $ 761,657 15.27 % $ 398,916 8.00 % Tier 1 capital (to risk-weighted assets) $ 714,716 14.33 % $ 299,187 6.00 % Common equity tier 1 capital (to risk-weighted assets) $ 714,716 14.33 % $ 224,390 4.50 % Tier 1 capital (to adjusted total assets) $ 714,716 9.41 % $ 303,751 4.00 % For additional information regarding regulatory capital at June 30, 2026, see Note 14 to the audited consolidated financial statements. 52 Table of Contents Recent Accounting Pronouncements For a discussion of the expected impact of recently issued accounting pronouncements that have yet to be adopted by us, please refer to Note 2 to the audited consolidated financial statements.