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• A regional version of Chase Bank, primarily serving communities in New Jersey and New York.
• Like a community-focused Bank of America, but on a smaller, independent scale.

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• Deposit Accounts: Kearny Financial offers various deposit products including checking, savings, money market, and certificate of deposit accounts for individuals and businesses.
• Lending Services: The company provides a range of loan products, primarily residential and commercial real estate loans, as well as construction, commercial business, and consumer loans.

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Kearny Financial (symbol: KRNY) is the holding company for Kearny Bank, a community bank based in New Jersey. As a community bank, it primarily serves individuals and local businesses rather than selling to a few major corporate customers.

The company sells primarily to individuals and small to medium-sized businesses. Its customers can be broadly categorized as follows:

• Retail Customers (Individuals): These include individuals seeking personal banking services such as checking accounts, savings accounts, money market accounts, certificates of deposit, residential mortgage loans, home equity loans, and other consumer loans.
• Small to Medium-sized Businesses: This category encompasses local businesses that utilize the bank for commercial checking and savings accounts, commercial and industrial loans (C&I), lines of credit, and treasury management services.
• Commercial Real Estate Investors/Owners: These customers consist of individuals and entities that own or invest in commercial properties (e.g., multi-family, office, retail, industrial) and seek financing for acquisition, development, or refinancing through commercial real estate loans.

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• Crowe LLP
• NICE Ltd. (NICE)

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Craig L. Montanaro President, Chief Executive Officer, Director

Mr. Montanaro has served as President and Chief Executive Officer of Kearny Financial Corp. and Kearny Federal Savings Bank since April 2011. He joined Kearny Bank in 2003 when Kearny acquired West Essex Bank, where he held the position of Senior Vice President and Chief Operating Officer. Prior to becoming CEO, he served as President and Chief Operating Officer since April 2010. His earlier roles at Kearny Bank and Kearny Financial include Senior Vice President and Director of Strategic Planning (2005-2010) and Vice President and Regional Branch Administrator (2003-2004). Mr. Montanaro's father, Leopold W. Montanaro, was the Chairman, President, and Chief Executive Officer of West Essex Bancorp, Inc. and West Essex Bank until its acquisition by Kearny Financial in 2003. He holds a Bachelor's Degree in finance and marketing from Syracuse University and an MBA from Fairfield University.

Sean Byrnes Executive Vice President, Chief Financial Officer

Mr. Byrnes was appointed Executive Vice President and Chief Financial Officer of Kearny Financial and Kearny Bank in July 2024. He previously served as Executive Vice President and Deputy Chief Financial Officer since July 2023, and as Senior Vice President and Chief Accounting Officer of Kearny Bank since 2020. Before joining Kearny Bank in September 2020, Mr. Byrnes held senior financial roles at Amboy Bank, Cantor Commercial Real Estate, and Prudential Financial. He is a Certified Public Accountant and holds the Chartered Financial Analyst (CFA) designation. He earned a Master of Business Administration degree from Pace University and a Bachelor of Science degree from Ithaca College.

Keith Suchodolski Senior Executive Vice President, Chief Operating Officer

Mr. Suchodolski was appointed Senior Executive Vice President and Chief Operating Officer of Kearny Financial and Kearny Bank in July 2024. In this role, he is responsible for the strategic oversight of retail and business banking, human resources, marketing, corporate finance, and corporate administration. He previously served as Chief Financial Officer of Kearny Financial and Kearny Bank since July 2018. Mr. Suchodolski has held progressive leadership roles within the company since joining in 2013, including Senior Vice President and Chief Accounting Officer, Senior Vice President and Controller, and First Vice President and Controller. Prior to his employment with Kearny, he was employed in the banking industry since 2001, serving in various accounting and finance roles within financial institutions in the Mid-Atlantic region. He holds a Master of Business Administration degree with a specialization in Finance from Fairleigh Dickinson University and a Bachelor of Science degree from Ramapo College of New Jersey.

Cassia J. Beierle, Esq. Executive Vice President, General Counsel

Ms. Beierle was appointed Executive Vice President and General Counsel of Kearny Financial and Kearny Bank in July 2025. Before this, she served as Senior Vice President and General Counsel since August 2022.

Thomas D. Joyce Executive Vice President, Chief Lending Officer

Mr. Joyce was appointed Executive Vice President and Chief Lending Officer of Kearny Bank in April 2014. He previously held the titles of Senior Vice President and Chief Lending Officer of Kearny Bank since 2002, and Vice President of Loan Originations from 1999 to 2002. Mr. Joyce joined Kearny Bank when South Bergen Savings Bank was acquired by Kearny Bank in 1999, where he had served as Assistant Corporate Secretary and a Loan Originator.

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1. Interest Rate Risk and Net Interest Margin (NIM) Compression: Kearny Financial's financial performance is highly sensitive to changes in interest rates. A significant portion of its loan portfolio consists of fixed-rate loans that may not reprice quickly in a changing interest rate environment, potentially compressing net interest margins. The company also faces intense competition for deposits, which further pressures margins in a high-rate environment.
2. Credit Risk and Asset Quality Deterioration: The company has an increased exposure to commercial lending, including a high concentration in commercial real estate loans, which inherently carry higher risks than residential lending. A significant portion of its loans is scheduled to reset or mature soon, potentially increasing borrowers' repayment burdens. There has been an increase in non-performing assets, indicating a potential for further asset quality deterioration, which could lead to higher credit losses.
3. Regulatory Risk and Competition/Technology Lag: Kearny Financial operates within a heavily regulated financial services industry, meaning changes in laws, regulations, or government policies could adversely affect its operations and profitability. Additionally, the company faces substantial competition from larger financial institutions that possess greater financial and technological resources. Its digital offerings reportedly lag behind those of larger competitors and neobanks, contributing to a higher efficiency ratio and potentially hindering its ability to attract and retain customers.

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Kearny Financial (KRNY), a traditional financial institution reliant on a brick-and-mortar presence and established banking practices, faces clear emerging threats from the accelerating trend of digitalization in the financial sector.

• Competition from Digital-Only Banks and Neobanks: A significant and growing threat comes from digital-first financial institutions (neobanks) such as Ally Bank, Chime, SoFi, and Varo. These entities operate without physical branches, leveraging technology to offer often more competitive interest rates on deposits, lower fees, and highly streamlined, user-friendly mobile banking experiences. They directly compete with Kearny Financial for deposits, loans, and customer relationships, particularly among younger, digitally native demographics who may find traditional banking models less appealing or convenient. This shift is akin to Netflix's disruption of Blockbuster, where a superior, digitally-driven model fundamentally changes customer expectations and market share distribution.

• Disintermediation by Specialized Online Lenders and Fintech Platforms: Beyond full-service neobanks, specialized online lenders and fintech platforms are increasingly capturing market share in specific product categories. For example, online mortgage lenders (like Rocket Mortgage) or personal loan platforms offer faster application processes and often more tailored products, drawing customers away from traditional banks' lending portfolios. Similarly, various digital payment systems and fintech solutions are gradually eroding banks' traditional roles in transactions and financial services. This fragmentation of financial services, where customers can choose best-of-breed providers for each need, diminishes the importance of a single, full-service banking relationship that traditional institutions like KRNY rely upon.

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Kearny Financial (KRNY) primarily operates as a full-service community bank, offering a range of deposit products, residential mortgage loans, and commercial real estate loans in its operating region across 10 New Jersey counties and Brooklyn and Staten Island, New York.

The addressable markets for Kearny Financial's main products and services within the U.S. are as follows:

• Community Banking Market (U.S.): The U.S. community banking market reached an estimated valuation of approximately $6.35 billion in 2024, with a projected compound annual growth rate (CAGR) of 3.8%. Other estimates indicate the market was valued at $16.76 billion in 2024 and is projected to grow to $30.46 billion by 2035, at a CAGR of 5.58%. Another report states the community banking market size is expected to expand from $17.79 billion in 2024 to $19.39 billion in 2025 with a CAGR of 9.0%, and is projected to reach $26.98 billion by 2029 with an 8.6% CAGR.
• Residential Mortgage Market (U.S.): The U.S. home mortgage market size was valued at around $180.91 billion in 2023 and is anticipated to grow to approximately $501.67 billion by 2032, at a CAGR of roughly 12.00% between 2024 and 2032. In 2024, the market size is projected to reach $204,490.7 million. Residential mortgage debt in the U.S. totaled $11.92 trillion as of the fourth quarter of 2022. Americans owe $12.94 trillion on 86.47 million mortgages. Mortgage originations in the U.S. totaled $1.69 trillion in 2024.
• Commercial Real Estate (CRE) Lending Market (U.S.): The U.S. CRE mortgage market, as of March 2023, consisted of $4.5 trillion backed by income-producing properties and $470 billion in construction loans. Commercial real estate debt in the U.S. totaled $5.62 trillion in 2022. Total commercial real estate mortgage borrowing and lending is estimated to have reached $498 billion in 2024. Total commercial and multifamily mortgage debt outstanding increased to $4.79 trillion in Q4 2024, from $4.62 trillion in Q4 2023.

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1. Net Interest Margin Expansion and Net Interest Income Growth: Kearny Financial has demonstrated a recent expansion in its net interest margin (NIM), which has directly contributed to an increase in net interest income. For example, the net interest margin expanded by 10 basis points to 2.10% in the quarter ended September 30, 2025, driven by higher asset yields and reduced borrowings, leading to a 5.2% increase in net interest income compared to the previous quarter. The company has seen sustained earnings growth and margin expansion, with its margin growing from 1.8% to 2% in fiscal year 2025. This trend is expected to continue, supported by positive deposit trends and the reinvestment of low-coupon cash flows from its loan and securities portfolio.
2. Loan Portfolio Diversification and Growth: The company is actively diversifying its loan portfolio, with a particular focus on increasing construction and commercial business loans. In the quarter ended September 30, 2025, construction loans grew by 26.8% and commercial business loans by 10.2% on an annualized basis, partially offsetting a decrease in multifamily mortgage loans. This strategic shift away from a heavy concentration in multifamily mortgages to a more diversified mix is anticipated to drive future loan growth and, consequently, revenue.
3. Expansion of Products, Services, and Market Reach: Kearny Bank is expanding its products and services to new markets and aims to deepen relationships with its diverse client base, including consumer, commercial, municipal, and non-profit clients. This includes the development of a Private Client Group to serve specialized consumer needs and the establishment of an Investment Services division. These initiatives, coupled with maintaining an omnichannel environment, are designed to attract new customers and enhance revenue from existing relationships. The company also launched a new HR timekeeping application for small and medium-sized businesses to strengthen its value proposition in this key growth segment.
4. Growth in Non-Interest Income: Kearny Financial has shown an increase in non-interest income. For instance, non-interest income increased by 17.2% to $5.8 million in the first quarter of fiscal 2026, primarily due to a non-recurring pre-tax gain on property sale. While a portion of this was non-recurring, the strategic focus on expanding services such as investment services suggests a broader effort to grow this revenue stream over time.
5. Operational Efficiency Initiatives: Kearny Financial has partnered with The Lab Consulting to accelerate operational efficiency. While not a direct driver of *revenue* growth, improved operational efficiency can lead to reduced costs and increased profitability, which can then be reinvested into growth initiatives, indirectly supporting revenue expansion. The company has also streamlined operations by consolidating three branches, reducing total locations to 40.

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Share Repurchases

• In October 2020, Kearny Financial Corp. authorized the resumption of its existing stock repurchase plan with 761,030 shares remaining and approved a new plan to repurchase up to 5% of its common stock.
• Around 2022, Kearny completed a 10% share buyback and announced a new buyback program for up to 4 million shares.
• Kearny's management has aggressively repurchased stock, leading to a reduction of its share count by one-third since 2019, and this buyback activity is anticipated to continue.

Share Issuance

• For the fiscal years ended June 30, 2025 and 2024, the company granted 380,007 Restricted Stock Units (RSUs), including 278,530 service-based RSUs.
• The company recorded the issuance of 207 shares under stock benefit plans for the periods ending March 31, 2025, and June 30, 2024.
• There were cancellations of 61 shares issued for restricted stock awards during the periods ending March 31, 2025, and June 30, 2024.