NASDAQ: KRNY

•changes in the amount and trend of loan delinquencies and write-offs and changes in estimates and the methodologies for calculating the allowance for credit losses;

•our ability to access cost-effective funding;

•fluctuations in real estate values and both residential and commercial real estate market conditions;

•demand for loans and deposits in our market area;

•our ability to implement changes in our business strategies;

•competition among depository and other financial institutions;

•inflation and/or changes in the interest rate environment that reduce our margins and yields, or reduce the fair value of financial instruments or reduce the origination levels in our lending business, or increase the level of defaults, losses and prepayments on loans we have made and make whether held in portfolio or sold in the secondary markets;

•adverse changes in the securities markets;

•changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements;

•changes in monetary or fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board;

•our ability to manage market risk, credit risk and operational risk in the current economic conditions;

•significant increases in our loan losses;

•our ability to enter new markets successfully and capitalize on growth opportunities;

•our ability to successfully integrate any assets, liabilities, clients, systems and management personnel we have acquired or may acquire into our operations and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto;

•changes in consumer demand, borrowing and savings habits;

•changes in accounting policies and practices, as may be adopted by bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board;

•our ability to retain key employees;

•technological changes;

•cyber-attacks, computer viruses and other technological risks that may breach the security of our websites or other systems to obtain unauthorized access to confidential information and destroy data or disable our systems;

•technological changes that may be more difficult or expensive than expected;

•the ability of third-party providers to perform their obligations to us;

•the ability of the U.S. Government to manage federal debt limits;

•changes in the financial condition, results of operations or future prospects of issuers of securities that we own; and

•other economic, competitive, governmental, regulatory and operational factors affecting our operations, pricing products and services described elsewhere in this Annual Report on Form 10-K.

Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements.

General

Kearny Financial Corp. (the “Company,” or “Kearny Financial”), is a Maryland corporation that is the holding company for Kearny Bank (the “Bank” or “Kearny Bank”), a nonmember New Jersey-chartered savings bank.

The Company is a unitary savings and loan holding company, regulated by the Board of Governors of the Federal Reserve System and conducts no significant business or operations of its own. The Bank’s deposits are federally insured by the Deposit Insurance Fund as administered by the Federal Deposit Insurance Corporation (“FDIC”) and the Bank is primarily regulated by the New Jersey Department of Banking and Insurance (“NJDBI”) and, as a nonmember bank, the FDIC. References in this Annual Report on Form 10‑K to the Company or Kearny Financial generally refer to the Company and the Bank, unless the context indicates otherwise. References to “we,” “us,” or “our” refer to the Bank or the Company, or both, as the context indicates.

The Company’s primary business is the ownership and operation of the Bank. The Bank is principally engaged in the business of attracting deposits from the general public and using these deposits, together with other funds, to originate or purchase loans for its portfolio and for sale into the secondary market. Our loan portfolio is primarily comprised of loans collateralized by commercial and residential real estate augmented by secured and unsecured loans to businesses and consumers. We also maintain a portfolio of investment securities, primarily comprised of U.S. agency mortgage-backed securities, obligations of state and political subdivisions, corporate bonds, asset-backed securities and collateralized loan obligations.

We operate from our administrative headquarters in Fairfield, New Jersey and other administrative locations throughout the State of New Jersey. As of June 30, 2026, we had 40 branch offices. The Company maintains a website at www.kearnybank.com. We make available through that website, free of charge, copies of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, amendments to those reports and proxy materials as soon as is reasonably practicable after the Company electronically files those materials with, or furnishes them to, the Securities and Exchange Commission. You may access these materials by following the links under “Investor Relations” under the “Financials” tab at the Company’s website. Information on the Company’s website is not and should not be considered a part of this Annual Report on Form 10-K.

Business Strategy

Our objective is to enhance long-term shareholder value by growing a higher-performing commercial banking franchise supported by relationship-based deposits, disciplined balance sheet management, technology-enabled operating efficiencies and strong risk management practices. We seek to leverage our strong capital position, experienced management team, customer-focused culture and technology investments to drive sustainable earnings growth while continuing to meet the financial needs of our clients and communities. The key components of our business strategy are as follows:

•Expand Commercial Banking Relationships

We continue to focus on expanding our commercial banking franchise by growing relationships with small and middle-market businesses and professionals. We seek to increase commercial loan production across targeted asset classes, including commercial and industrial ("C&I") loans and owner-occupied commercial real estate loans, while deepening treasury management and deposit relationships with our business clients. We have continued to invest in treasury management, corporate banking and business development capabilities to better serve commercial clients and increase relationship-based deposits. Our relationship-based approach, local decision-making and experienced commercial banking team enable us to provide customized solutions that support our clients' evolving financial needs.

•Grow and Deepen Core Deposit Relationships

A core element of our strategy is to attract and retain stable, relationship-based deposits that support long-term growth and funding stability. We remain focused on growing commercial operating accounts and consumer transaction accounts while expanding existing customer relationships through personalized service and tailored product offerings. To support these efforts, we have invested in experienced corporate banking and specialty deposit teams focused on attracting new relationship-based deposits and expanding client relationships. By increasing core deposit relationships and reducing reliance on higher-cost funding sources, we seek to strengthen franchise value, improve funding flexibility and enhance our net interest margin over time.

•Leverage Technology, Automation and Digital Innovation

Technology continues to play a critical role in our growth strategy and operating model. We are committed to investing in digital banking, process automation, data analytics, artificial intelligence and other emerging technologies that enhance the client experience, improve employee productivity and support scalable growth. Our digital capabilities enable customers to interact with the Bank through multiple channels while maintaining the personalized service that remains central to our relationship banking model. We expect ongoing investments in technology to drive efficiencies across lending, deposits, operations, risk management and customer engagement.

•Continue to Strengthen Asset Mix and Earnings Profile

We seek to enhance long-term profitability through disciplined balance sheet management and strategic loan portfolio growth. Our lending strategy emphasizes higher-return commercial and consumer loan categories, including C&I loans, owner-occupied commercial real estate loans and home equity products. This approach is intended to improve earning asset yields, enhance risk-adjusted returns and better position the Bank across varying interest rate environments while maintaining strong underwriting standards and credit quality.

•Drive Operational Efficiency and Improve Profitability

We are committed to continuously enhancing operating efficiency and improving shareholder returns. Our initiatives include streamlining processes, increasing technology utilization, optimizing staffing levels and evaluating our branch network to ensure that resources are aligned with customer preferences and market opportunities. Through these efforts, we seek to improve productivity, support revenue growth, control expenses and create a more efficient and scalable operating model. Consistent with this strategy, we consolidated three branch locations during fiscal 2026 while continuing to maintain a strong presence within our markets.

•Maintain Strong Capital, Liquidity and Risk Management

We remain committed to maintaining strong capital, liquidity and risk management practices that support the safety and soundness of the Bank while providing flexibility to pursue growth opportunities. We maintain capital levels above applicable regulatory requirements and internal targets and preserve substantial on- and off-balance sheet liquidity sources. Our disciplined approach to risk management supports long-term financial strength and positions the Bank to serve customers and communities through changing economic and operating environments.

Market Area. At June 30, 2026, our primary market area consisted of the counties in which we currently operate branches, including Bergen, Essex, Hudson, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset and Union counties in New Jersey and Kings (Brooklyn) and Richmond (Staten Island) counties in New York. Our lending is concentrated in New Jersey and New York and our predominant sources of deposits are the communities in which our offices are located as well as the neighboring communities.

Competition. We operate in a highly competitive market area with a large concentration of financial institutions and we face substantial competition in attracting deposits and in originating loans. A number of our competitors are significantly larger institutions with greater financial and technological resources and lending limits. Our ability to compete successfully is a significant factor affecting our growth potential and profitability. Our competition for deposits and loans comes from other insured depository institutions located in our primary market area as well as out-of-market depository institutions operating via online channels and from non-depository institutions including mortgage banks, finance companies, insurance companies, brokerage firms and financial technology companies.

Lending Activities

General. Our loan portfolio is comprised of multi-family mortgage loans, nonresidential mortgage loans, commercial and industrial loans, construction loans, one- to four-family residential mortgage loans, home equity loans and other consumer loans. In recent years our lending strategies have placed increasing emphasis on the origination of commercial loans.

Loan Portfolio Composition. The following table sets forth the composition of our loan portfolio in dollar amounts and as a percentage of the total portfolio at the dates indicated.

At June 30,

2026 2025

Amount Percent Amount Percent

(Dollars In Thousands)

Commercial loans:

Multi-family mortgage $ 2,499,894 42.52 % $ 2,709,654 46.60 %

Nonresidential mortgage 1,019,445 17.34 986,556 16.97

Commercial and industrial
223,927 3.81 138,755 2.39

Construction 263,200 4.48 177,713 3.06

One- to four-family residential mortgage 1,789,865 30.45 1,748,591 30.07

Consumer loans:

Home equity loans 79,844 1.36 50,737 0.87

Other consumer 2,387 0.04 2,533 0.04

Total loans 5,878,562 100.00 % 5,814,539 100.00 %

Less:

Allowance for credit losses 45,496 46,191

Unaccreted yield adjustments 3,237 1,602

Total adjustments 48,733 47,793

Total loans, net $ 5,829,829 $ 5,766,746

The following table sets forth the composition of our real estate secured loans indicating the loan-to-value (“LTV”), by loan category, at June 30, 2026 and 2025:

June 30, 2026 June 30, 2025

Balance LTV Balance LTV

(Dollars in Thousands)

Commercial mortgage loans:

Multi-family mortgage $ 2,499,894 61 % $ 2,709,654 62 %

Nonresidential mortgage 1,019,445 52 % 986,556 52 %

Construction 263,200 57 % 177,713 56 %

Total commercial mortgage loans 3,782,539 58 % 3,873,923 59 %

One- to four-family residential mortgage 1,789,865 62 % 1,748,591 62 %

Consumer loans:

Home equity loans 79,844 47 % 50,737 51 %

Total mortgage loans $ 5,652,248 59 % $ 5,673,251 60 %

Loan Maturity Schedule. The following table sets forth the maturities of our loan portfolio at June 30, 2026. Demand loans, loans having no stated maturity and overdrafts are shown as due in one year or less. Loans are stated in the following table at contractual maturity and actual maturities could differ due to prepayments.

Amounts Due

Within

One Year 1 to 5

Years 5 to 15

Years Over 15

Years Total Due

After One

Year Total

(In Thousands)

Multi-family mortgage $ 422,473 $ 935,298 $ 1,067,785 $ 74,338 $ 2,077,421 $ 2,499,894

Nonresidential mortgage 126,855 533,540 317,256 41,794 892,590 1,019,445

Commercial and industrial 63,698 35,145 122,198 2,886 160,229 223,927

Construction 153,208 107,266 2,726 — 109,992 263,200

One- to four-family residential mortgage 5,674 27,574 176,153 1,580,464 1,784,191 1,789,865

Home equity loans 651 3,999 54,419 20,775 79,193 79,844

Other consumer 875 96 99 1,317 1,512 2,387

Total loans $ 773,434 $ 1,642,918 $ 1,740,636 $ 1,721,574 $ 5,105,128 $ 5,878,562

The following table shows the loans as of June 30, 2026 due after June 30, 2027 according to rate type and loan category:

Fixed Rates Floating or Adjustable Rates Total

(In Thousands)

Multi-family mortgage $ 1,644,900 $ 432,521 $ 2,077,421

Nonresidential mortgage 665,474 227,116 892,590

Commercial and industrial 135,823 24,406 160,229

Construction 480 109,512 109,992

One- to four-family residential mortgage 1,683,361 100,830 1,784,191

Home equity loans 22,367 56,826 79,193

Other consumer 281 1,231 1,512

Total loans $ 4,152,686 $ 952,442 $ 5,105,128

Multi-Family and Nonresidential Real Estate Mortgage Loans. At June 30, 2026, multi-family mortgage loans totaled $2.50 billion, or 42.5% of our loan portfolio, while nonresidential mortgage loans totaled $1.0 billion, or 17.3% of our loan portfolio. We originate a variety of types of commercial mortgage loans, including multi-family and nonresidential property loans, as well as loans on mixed-use properties which combine residential and commercial space. We generally offer fixed-rate and adjustable-rate balloon mortgage loans on multi-family and nonresidential properties with final stated maturities ranging from three to 15 years with amortization terms which generally range from 15 to 30 years. Our commercial mortgage loans are primarily secured by properties located in New Jersey, New York and the surrounding states.

Commercial and Industrial Business (C&I) Loans. At June 30, 2026, commercial and industrial business loans totaled $223.9 million, or 3.8% of our loan portfolio. We originate commercial term loans and lines of credit to a variety of clients in our market area. Our commercial term loans generally have terms of up to 10 years. Our commercial lines of credit have terms of up to two years and are generally floating-rate loans. To a lesser extent, we supplement our portfolio through the purchase of C&I loans from third parties.

Construction Lending. At June 30, 2026, construction loans totaled $263.2 million, or 4.5% of our loan portfolio. Our construction lending includes loans to individuals, builders or developers for the construction of multi-family residential buildings or commercial real estate or for the construction or renovation of one- to four-family residences. Construction borrowers must hold title to the land free and clear of any liens. Financing for construction loans is limited to 80% of the anticipated appraised value of the completed property. Disbursements are made in accordance with inspection reports by our approved inspection firms. Terms of financing are generally limited to one year with an interest rate tied to the prime rate and may include a premium of one or more points. In some cases, we convert a construction loan to a permanent mortgage loan upon completion of construction. We have no formal limits as to the number of projects a builder has under construction or development and make a case-by-case determination on loans to builders and developers who have multiple projects under development.

One- to Four-Family Residential Mortgage Loans Held in Portfolio. At June 30, 2026, one- to four-family residential mortgage loans totaled $1.79 billion, or 30.4% of our loan portfolio. At June 30, 2026, $1.61 billion, or 90.1%, of our one- to four-family residential mortgage loans were secured by properties located within New Jersey and New York with the remaining $177.4 million, or 9.9%, secured by properties in other states. The fixed-rate residential mortgage loans that we originate for portfolio generally meet the secondary mortgage market standards of the Federal Home Loan Mortgage Corporation (“Freddie Mac”). In addition, we offer a first-time homebuyer program which provides financial incentives for persons who have not previously owned real estate and are purchasing a one- to four-family property in our primary lending area for use as a primary residence.

One- to Four-Family Residential Mortgage Loans Held for Sale. As a complement to our residential one- to four-family portfolio lending activities, we operate a mortgage banking platform which supports the origination of one- to four-family mortgage loans for sale into the secondary market. The loans we originate for sale generally meet the secondary mortgage market standards of Freddie Mac. Such loans are generally originated by, and sourced from, the same resources and markets as those loans originated and held in our portfolio. Our mortgage banking business strategy resulted in the recognition of $932,000 in gains associated with the sale of $128.2 million of mortgage loans held for sale during the year ended June 30, 2026. As of that date, an additional $6.0 million of loans were held and committed for sale into the secondary market.

Home Equity Loans. At June 30, 2026, our fixed-rate home equity loans and adjustable home equity lines of credit totaled $79.8 million, or 1.4% of our loan portfolio. These loans and lines of credit generally have terms of up to 20 years.

Other Consumer Loans. At June 30, 2026, other consumer loans totaled $2.4 million, or 0.04% of our loan portfolio. Our consumer loan portfolio includes unsecured overdraft lines of credit and personal loans as well as loans secured by savings accounts and certificates of deposit on deposit with the Bank.

Loans to One Borrower. New Jersey law generally limits the amount that a savings bank may lend to a single borrower and related entities to 15% of the institution’s capital funds. Accordingly, as of June 30, 2026, our legal loans to one borrower limit was approximately $107.4 million.

At June 30, 2026, our largest single borrower had an aggregate outstanding loan exposure of approximately $79.5 million comprising six multi-family mortgage loans. At June 30, 2026, this lending relationship was current and performing in accordance with the terms of their loan agreements.

Loan Originations, Purchases, Sales and Repayments. The following table shows the principal balances of portfolio loans originated, purchased, acquired and repaid during the periods indicated:

For the Years Ended June 30,

2026 2025 2024

(In Thousands)

Loan originations: (1)

Commercial loans:

Multi-family mortgage $ 38,503 $ 132,104 $ 23,742

Nonresidential mortgage 127,690 128,153 79,938

Commercial and industrial 118,487 118,135 98,469

Construction 155,058 98,917 85,608

One- to four-family residential mortgage 153,996 144,328 131,529

Consumer loans:

Home equity loans 43,525 29,735 18,011

Other consumer 1,450 1,392 4,007

Total loan originations 638,709 652,764 441,304

Loan purchases:

Commercial loans:

Nonresidential mortgage 14,026 — —

Commercial and industrial 93,827 — —

One- to four-family residential mortgage 65,647 730 60,341

Total loan purchases 173,500 730 60,341

Loan repayments (748,185) (587,795) (593,756)

(Decrease) increase due to other items (941) 13,199 (728)

Net increase (decrease) in loan portfolio $ 63,083 $ 78,898 $ (92,839)

________________________________________

(1)Excludes origination and sales of one- to four-family mortgage loans held for sale.

Additional information about our loans is presented in Note 4 to the audited consolidated financial statements.

Loan Approval Procedures and Authority. Senior management recommends, and the Board of Directors approves, our lending policies and loan approval limits. The Bank’s Loan Committee consists of the Chief Executive Officer, Chief Lending Officer, Chief Credit Officer, Chief Risk Officer and other members of senior management. Loans which exceed certain thresholds, as defined within our policies, are submitted to the Bank’s Loan Committee and/or Board of Directors for approval.

Asset Quality

Collection Procedures on Delinquent Loans. We regularly monitor the payment status of all loans within our portfolio and promptly initiate collection efforts on past due loans in accordance with applicable policies and procedures. Delinquent borrowers are notified when a loan is 30 days past due. If the delinquency continues, subsequent efforts are made to contact the delinquent borrower and additional collection notices are sent. All reasonable attempts are made to collect from borrowers prior to referral to an attorney for collection. However, when a residential loan is 120 days delinquent and a commercial loan is 90 days delinquent, it is our general practice to refer it to an attorney for repossession, foreclosure or other form of collection action, as appropriate. In certain instances, we may modify the loan or grant a limited moratorium on loan payments to enable the borrower to reorganize their financial affairs as we attempt to work with the borrower to establish a repayment schedule to cure the delinquency.

As to mortgage loans, if a foreclosure action is taken and the loan is not reinstated, paid in full or refinanced, the property is sold at judicial sale at which we may be the buyer if there are no adequate offers to satisfy the debt. Any property acquired as the result of foreclosure or by deed in lieu of foreclosure is classified as other real estate owned until it is sold or otherwise disposed of. When other real estate owned is acquired, it is recorded at its fair market value less estimated selling costs. The initial write-down of the property, if necessary, is charged to the allowance for credit losses. Adjustments to the carrying value of the properties that result from subsequent declines in value are charged to operations in the period in which the declines are identified.

Past Due Loans. A loan’s past due status is generally determined based upon its principal and interest (“P&I”) payment delinquency status in conjunction with its past maturity status, where applicable. A loan’s P&I payment delinquency status is based upon the number of calendar days between the date of the earliest P&I payment due and the as of measurement date. A loan’s past maturity status, where applicable, is based upon the number of calendar days between a loan’s contractual maturity date and the as of measurement date. Based upon the larger of these criteria, loans are categorized into the following past due tiers for financial statement reporting and disclosure purposes: Current (including 1-29 days past due), 30-59 days past due, 60-89 days past due and 90 or more days past due.

Additional information about our past due loans is presented in Note 4 to the audited consolidated financial statements.

Nonaccrual Loans. Loans are generally placed on nonaccrual status when contractual payments become 90 or more days past due or when we do not expect to receive all P&I payments owed substantially in accordance with the terms of the loan agreement, regardless of past due status. Loans that become 90 days past due but are well secured and in the process of collection, may remain on accrual status. Nonaccrual loans are generally returned to accrual status when all payments due are brought current and we expect to receive all remaining P&I payments owed substantially in accordance with the terms of the loan agreement. Payments received in cash on nonaccrual loans, including both the principal and interest portions of those payments, are generally applied to reduce the carrying value of the loan.

Purchased Credit Deteriorated Loans (“PCD”). PCD loans are acquired loans that, as of the acquisition date, have experienced a more-than-insignificant deterioration in credit quality since origination. Non-PCD loans are acquired loans that have experienced no or insignificant deterioration in credit quality since origination. To distinguish between the two types of acquired loans, we evaluate risk characteristics that have been determined to be indicators of deteriorated credit quality. The determining criteria may involve loan specific characteristics such as payment status, debt service coverage or other changes in creditworthiness since the loan was originated, while others are relevant to recent economic conditions, such as borrowers in industries impacted by the pandemic. Additional information about our PCD loans is presented in Note 4 to the audited consolidated financial statements.

Nonperforming Assets. The following table provides information regarding our nonperforming assets which are comprised of nonaccrual loans, accruing loans 90 days or more past due, nonaccrual loans held-for-sale and other real estate owned:

At June 30,

2026 2025

(Dollars In Thousands)

Nonaccrual loans $ 47,896 $ 45,597

Total nonperforming loans 47,896 45,597

Other real estate owned 5,519 —

Total nonperforming assets $ 53,415 $ 45,597

Total nonaccrual loans to total loans 0.82 % 0.78 %

Total nonperforming loans to total loans 0.82 % 0.78 %

Total nonperforming loans to total assets 0.62 % 0.59 %

Total nonperforming assets to total assets 0.70 % 0.59 %

Total nonperforming assets increased by $7.8 million to $53.4 million at June 30, 2026 from $45.6 million at June 30, 2025. For those same comparative periods, the number of nonperforming loans increased to 52 loans from 48 loans. There were two properties in other real estate owned (“OREO”) at June 30, 2026 and no properties in OREO at June 30, 2025.

Loan Review System. We maintain a loan review system consisting of several related functions including, but not limited to, classification of assets, calculation of the allowance for credit losses, independent credit file review as well as internal audit and lending compliance reviews. We utilize both internal and external resources, where appropriate, to perform the various loan review functions, all of which operate in accordance with a scope and frequency determined by senior management and the Audit and Compliance Committee of the Board of Directors.

As one component of our loan review system we engage a third-party firm which specializes in loan review and analysis functions. As part of their review process, our third-party review firm compares their review results with their client base to evaluate our risk assessment among our peers. This firm assists senior management and the Board of Directors in identifying potential credit weaknesses; in reviewing and confirming risk ratings or adverse classifications internally ascribed to loans by

management; in identifying relevant trends that affect the collectability of the portfolio and identifying segments of the portfolio that are potential problem areas; in verifying the appropriateness of the allowance for credit losses; in evaluating the activities of lending personnel including compliance with lending policies and the quality of their loan approval, monitoring and risk assessment; and by providing an objective assessment of the overall quality of the loan portfolio. Currently, third-party loan reviews are being conducted quarterly and include non-performing loans as well as samples of performing loans of varying types within our portfolio.

In addition, our loan review system includes functions performed by internal audit and compliance personnel. Internal audit resources perform credit review functions utilizing guidance from regulatory and Institute of Internal Auditors standards in addition to assessing the adequacy of, and adherence to, internal credit policies and loan administration procedures and adherence to regulatory guidance. Our compliance resources monitor adherence to relevant lending-related and consumer protection-related laws and regulations.

Classification of Assets. In compliance with the regulatory guidelines, our loan review system includes an evaluation process through which certain loans exhibiting adverse credit quality characteristics are classified as Substandard, Doubtful or Loss. An asset is classified as Substandard if it is inadequately protected by the paying capacity and net worth of the obligor or the collateral pledged, if any. Substandard assets include those characterized by the distinct possibility that the insured institution will sustain some loss if the deficiencies are not corrected. Assets classified as Doubtful have all of the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values. Assets, or portions thereof, classified as Loss are considered uncollectible or of so little value that their continuance as assets is not warranted. Assets which do not currently expose us to a sufficient degree of risk to warrant an adverse classification but have some credit deficiencies or other potential weaknesses are designated as Special Mention by management. “Substandard” and “doubtful” loans are generally referred to as Classified Assets, which possess greater risk characteristics than “special mention” loans. Non-classified assets are internally rated within one of four Pass categories or as Watch with the latter denoting a potential deficiency or concern that warrants increased oversight or tracking by management until remediated.

Additional information about our classification of assets is presented in Note 4 to the audited consolidated financial statements.

The following table discloses our designation of certain loans as special mention or adversely classified during each of the two years presented:

At June 30,

2026 2025

(In Thousands)

Substandard $ 88,120 $ 118,346

Doubtful 82 72

Total classified loans 88,202 118,418

Special mention 4,516 15,033

Total classified and special mention loans $ 92,718 $ 133,451

Individually Evaluated Loans. On a case-by-case basis, we may conclude that a loan should be evaluated on an individual basis based on its disparate risk characteristics. When we determine that a loan no longer shares similar risk characteristics with other loans in the portfolio, the allowance will be determined on an individual basis using the present value of expected cash flows or, for collateral-dependent loans, the fair value of the collateral as of the reporting date, less estimated selling costs, as applicable. If the fair value of the collateral is less than the amortized cost basis of the loan, we will establish an allowance for the difference between the fair value of the collateral, less costs to sell, at the reporting date and the amortized cost basis of the loan.

Allowance for Credit Losses - Loans

A description of our methodology in establishing our allowance for credit losses is set forth in the section “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies - Allowance for Credit Losses.”

Additional information about our allowance for credit losses is also presented in Note 5 to the audited consolidated financial statements.

Our allowance for credit losses is maintained at a level necessary to cover lifetime expected credit losses in financial assets at the balance sheet date. The following table presents allowance for credit losses ratios, along with the components of their calculation, for the periods indicated:

At June 30,

2026 2025

(Dollars in Thousands)

Allowance for credit losses - loans $ 45,496 $ 46,191

Total loans outstanding $ 5,878,562 $ 5,814,539

Total non-performing loans $ 47,896 $ 45,597

Allowance for credit losses as a percent of total loans outstanding 0.77 % 0.79 %

Allowance for credit losses to non-performing loans 94.99 % 101.30 %

The following table presents the ratio of net charge-offs (recoveries) to average loans outstanding by loan category, along with the components of the calculation, for the periods indicated:

For the Years Ended June 30,

2026 2025 2024

Net

charge-offs

(recoveries) Average

loans

outstanding Net charge-

offs as a

percent of

average loans

outstanding Net

charge-offs

(recoveries) Average

loans

outstanding Net charge-

offs as a

percent of

average loans

outstanding Net

charge-offs

(recoveries) Average

loans

outstanding Net charge-

offs as a

percent of

average loans

outstanding

(Dollars in Thousands)

Multi-family mortgage $ 1,208 $ 2,612,952 0.05 % $ — $ 2,686,965 — % $ 398 $ 2,675,429 0.01 %

Nonresidential mortgage 5 999,160 — % 830 956,556 0.09 % 5,855 953,125 0.61 %

Commercial and industrial 1,141 179,422 0.64 % 275 146,218 0.19 % 3,844 163,560 2.35 %

Construction — 195,804 — % — 191,146 — % — 208,111 — %

One- to four-family residential mortgage 28 1,742,853 — % — 1,748,806 — % (76) 1,704,957 — %

Home equity loans 11 74,223 0.01 % 2 63,507 — % — 63,367 — %

Other consumer — 2,497 — % 7 2,750 0.25 % — 2,800 — %

Unaccreted yield adjustments — (729) — % — (6,365) — % — (18,853) — %

Total $ 2,393 $ 5,806,182 0.04 % $ 1,114 $ 5,789,583 0.02 % $ 10,021 $ 5,752,496 0.17 %

Our loan portfolio experienced an annualized net charge-off rate of 0.04% for the year ended June 30, 2026, an increase of two basis points from the 0.02% rate for the year ended June 30, 2025.

Allocation of Allowance for Credit Losses on Loans. The following table sets forth the allowance for credit losses (“ACL”) allocated by loan category and the percent of loans in each category to total loans receivable at the dates indicated. The ACL allocated to each category is the estimated amount considered necessary to cover lifetime expected credit losses inherent in any particular category as of the balance sheet date and does not restrict the use of the allowance to absorb losses in other categories.

At June 30,

2026 2025

Amount Percent of Loans

to Total Loans Amount Percent of Loans

to Total Loans

(Dollars In Thousands)

Multi-family mortgage $ 22,561 42.52 % $ 24,906 46.60 %

Nonresidential mortgage 7,830 17.34 6,938 16.97

Commercial and industrial 2,891 3.81 2,428 2.39

Construction 1,850 4.48 1,155 3.06

One- to four-family residential mortgage 9,584 30.45 10,180 30.07

Home equity loans 675 1.36 490 0.87

Other consumer 105 0.04 94 0.04

Total $ 45,496 100.00 % $ 46,191 100.00 %

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.

The ACL at June 30, 2026 was maintained at a level that was management’s best estimate of lifetime expected credit losses inherent in loans at the balance sheet date. The ACL is subject to estimates and assumptions that are susceptible to significant revisions as more information becomes available and as events or conditions effecting individual borrowers and the marketplace as a whole change over time. Additions to the ACL may be necessary if the future economic environment deteriorates from forecasted conditions. In addition, the banking regulators, as an integral part of their examination process, periodically review our loan and foreclosed real estate portfolios, related ACL and valuation allowance for foreclosed real estate. The regulators may require the ACL to be increased based on their review of information available at the time of the examination, which may negatively affect our earnings.

Additional information about the ACL at June 30, 2026 and 2025 is presented in Note 5 to the audited consolidated financial statements.

Investment Securities

At June 30, 2026, our investment securities portfolio totaled $1.07 billion and comprised 13.9% of our total assets. By comparison, at June 30, 2025, our securities portfolio totaled $1.13 billion and comprised 14.6% of our total assets. Additional information about our investment securities at June 30, 2026 is presented in Note 3 to the audited consolidated financial statements.

The year-over-year net decrease in the securities portfolio totaled $62.0 million which largely reflected repayments and sales that were partially offset by purchases. The decrease in the portfolio included a $15.6 million increase in the fair value of the available for sale securities portfolio to an unrealized loss of $96.5 million at June 30, 2026 from an unrealized loss of $112.1 million at June 30, 2025.

Our investment policy, which is approved by the Board of Directors, is designed to foster earnings and manage cash flows within prudent interest rate risk and credit risk guidelines, taking into consideration our liquidity needs, asset/liability management goals, and performance objectives. Our Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, Chief Risk Officer and Treasurer/Chief Investment Officer are the senior management members of our Capital Markets Committee that are designated by the Board of Directors as the officers primarily responsible for securities portfolio management and all transactions require the approval of at least two of these designated officers.

The investments authorized for purchase under the investment policy approved by our Board of Directors include U.S. government and agency mortgage-backed securities, U.S. government agency debentures, municipal obligations, corporate bonds, asset-backed securities, collateralized loan obligations and subordinated debt.

The carrying value of our mortgage-backed securities totaled $642.8 million at June 30, 2026 and comprised 60.0% of total investments and 8.4% of total assets as of that date. We generally invest in mortgage-backed securities issued by U.S. government agencies or government-sponsored entities. Mortgage-backed securities issued or sponsored by U.S. government agencies and government-sponsored entities are guaranteed as to the payment of principal and interest to investors.

The carrying value of our securities representing obligations of state and political subdivisions totaled $4.5 million at June 30, 2026 and comprised 0.4% of total investments and less than 1.0% of total assets as of that date. Such securities primarily included highly-rated, fixed-rate bank-qualified securities representing general obligations of municipalities located within the U.S. or the obligations of their related entities such as boards of education or school districts. Each of our municipal obligations were consistently rated by Moody’s and S&P well above the thresholds that generally support our investment grade assessment with such ratings equaling A- or higher by S&P or A2 or higher by Moody’s, where rated by those agencies. In the absence of, or as a complement to, such ratings, we rely upon our own internal analysis of the issuer’s financial condition to validate its investment grade assessment.

The carrying value of our asset-backed securities totaled $38.1 million at June 30, 2026 and comprised 3.6% of total investments and 0.5% of total assets as of that date. This category of securities is comprised entirely of structured, floating-rate securities representing securitized federal education loans with 97% U.S. government guarantees. Our securities represent the highest credit-quality tranches within the overall structures with each being rated AA+ or higher by S&P or Aa1 or higher by Moody’s, where rated by those agencies.

The outstanding balance of our collateralized loan obligations totaled $233.7 million at June 30, 2026 and comprised 21.8% of total investments and 3.0% of total assets as of that date. This category of securities is comprised entirely of structured, floating-rate securities representing securitized commercial loans to large, U.S. corporations. At June 30, 2026, each of our collateralized loan obligations were consistently rated by Moody’s and/or S&P well above the thresholds that generally support our investment grade assessment with such ratings equaling AAA by S&P or Aaa by Moody’s, where rated by those agencies.

The carrying value of our corporate bonds totaled $152.2 million at June 30, 2026 and comprised 14.2% of total investments and 2.0% of total assets as of that date. This category of securities consists of fixed-to-floating rate subordinated debt issued by community banks, primarily located in the Mid-Atlantic region of the U.S. At June 30, 2026, the majority of our subordinated debt holdings were rated by either Moody’s, S&P, DBRS, KBRA or EJR (collectively “NRSROs”) at or above the thresholds that generally support our minimum investment grade assessment at BBB-/Baa3 or higher by these NRSROs.

Current accounting standards require that debt securities be categorized as held to maturity or available for sale, based on management’s intent as to the ultimate disposition of each security. These standards allow debt securities to be classified as held to maturity and reported in financial statements at amortized cost only if the reporting entity has the positive intent and ability to hold these securities to maturity. Securities that might be sold in response to changes in market interest rates, changes in the security’s prepayment risk, increases in loan demand, or other similar factors cannot be classified as held to maturity.

We do not currently use or maintain a trading account. Securities not classified as held to maturity are classified as available for sale. These securities are reported at fair value and unrealized gains and losses on the securities are excluded from earnings and reported, net of deferred taxes, as adjustments to accumulated other comprehensive income (loss), a separate component of equity. As of June 30, 2026, our available for sale securities portfolio had a carrying value of $964.4 million or 90.0% of our total securities with the remaining $106.8 million or 10.0% of securities were classified as held to maturity.

Other than securities issued or guaranteed by the U.S. government or its agencies, we did not hold securities of any one issuer having an aggregate book value in excess of 10% of our equity at June 30, 2026. All of our securities carry market risk insofar as increases in market interest rates have caused, and may continue to cause, a decrease in their market value. We believe that unrealized and unrecognized losses on securities held at June 30, 2026, are a function of changes in market interest rates and credit spreads, not changes in credit quality. Therefore, no allowance for credit losses was recorded at that time.

During the years ended June 30, 2026 and 2025, there were no sales of securities available for sale. During the year ended June 30, 2024, proceeds from sales of securities available for sale totaled $104.1 million and resulted in no gross gains and gross losses of $18.1 million. There were no sales of held to maturity securities during the years ended June 30, 2026, 2025 and 2024.

The following table sets forth the carrying value of our securities portfolio at the dates indicated:

At June 30,

2026 2025

(In Thousands)

Debt securities available for sale:

Obligations of state and political subdivisions $ — $ —

Asset-backed securities 38,062 59,498

Collateralized loan obligations 233,659 323,245

Corporate bonds 152,169 140,117

Total debt securities available for sale 423,890 522,860

Mortgage-backed securities available for sale:

Collateralized mortgage obligations 24,121 —

Residential pass-through securities 388,103 357,319

Commercial pass-through securities 128,255 132,790

Total mortgage-backed securities available for sale 540,479 490,109

Total securities available for sale 964,369 1,012,969

Debt securities held to maturity:

Obligations of state and political subdivisions 4,487 7,553

Total debt securities held to maturity 4,487 7,553

Mortgage-backed securities held to maturity:

Residential pass-through securities 90,178 100,482

Commercial pass-through securities 12,149 12,182

Total mortgage-backed securities held to maturity 102,327 112,664

Total securities held to maturity 106,814 120,217

Total securities $ 1,071,183 $ 1,133,186

The following table sets forth certain information regarding the carrying values, weighted average yields and maturities of our securities portfolio at June 30, 2026. This table shows contractual maturities and does not reflect re-pricing or the effect of prepayments. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without prepayment penalties. At June 30, 2026, securities with a carrying value of $50.5 million are callable within one year.

At June 30, 2026

One Year or Less One to Five Years Five to Ten Years More Than Ten Years Total Securities

Carrying

Value Weighted

Average

Yield Carrying

Value Weighted

Average

Yield Carrying

Value Weighted

Average

Yield Carrying

Value Weighted

Average

Yield Carrying

Value Weighted

Average

Yield Fair Market

Value

(Dollars In Thousands)

Debt securities:

Obligations of state and political subdivisions $ 2,800 2.38 % $ 1,687 2.46 % $ — — % $ — — % $ 4,487 2.41 % $ 4,466

Asset-backed securities — — — — — — 38,063 4.76 38,063 4.76 38,063

Collateralized loan obligations — — 274 5.11 96,030 5.79 137,354 5.23 233,658 5.46 233,658

Corporate bonds — — 21,499 6.86 124,687 5.84 5,983 6.25 152,169 6.00 152,169

Mortgage-backed securities:

Collateralized mortgage obligations (1)
— — — — — — 24,121 5.43 24,121 5.43 24,121

Residential pass-through securities (1)
— — — — 135 5.26 478,146 2.81 478,281 2.81 467,839

Commercial pass-through securities (1)
— — 12,149 1.80 — — 128,255 3.02 140,404 2.93 139,058

Total securities $ 2,800 2.38 % $ 35,609 4.94 % $ 220,852 5.82 % $ 811,922 3.39 % $ 1,071,183 3.89 % $ 1,059,374

________________________________________

(1)Government-sponsored enterprises.

Sources of Funds

General. Retail deposits are our primary source of funds for lending and other investment purposes. In addition, we derive funds from principal repayments of loan and investment securities. Loan and securities payments are a relatively stable source of funds, while deposit inflows are significantly influenced by general interest rates and money market conditions. Wholesale funding sources including, but not limited to, borrowings from the Federal Home Loan Bank of New York (“FHLB”), wholesale deposits and other short-term borrowings are also used to supplement the funding for loans and investments.

Deposits. Our current deposit products include interest-bearing and non-interest-bearing checking accounts, money market deposit accounts, savings accounts and certificates of deposit accounts ranging in terms from 30 days to five years. Certificates of deposit with terms ranging from six months to five years are available for individual retirement account plans. Deposit account terms, such as interest rate earned, applicability of certain fees and service charges and funds accessibility, will vary based upon several factors including, but not limited to, minimum balance, term to maturity, and transaction frequency and form requirements.

Deposits are obtained primarily from within New Jersey and New York through the Bank’s network of retail branches, business relationship officers, and digital banking channels. We maintain a robust suite of commercial deposit products designed to appeal to small and mid-size businesses, non-profit organizations and government entities. Our team of experienced and dedicated business relationship officers serve as the primary points of contact for these commercial clients and act as both new business originators and relationship managers.

The determination of interest rates on retail deposits is based upon a number of factors, including: (1) our need for funds based on loan demand, current maturities of deposits and other cash flow needs; (2) a current survey of a selected group of competitors’ rates for similar products; (3) our current cost of funds, yield on assets and asset/liability position; and (4) the alternate cost of funds on a wholesale basis. Interest rates are reviewed by senior management on a regular basis, with deposit product and pricing updated, as appropriate, during recurring and ad-hoc senior management meetings.

Our liquidity could be reduced if a significant amount of certificates of deposit maturing within a short period were not renewed. At June 30, 2026 and 2025, certificates of deposit maturing within one year were $1.87 billion and $1.91 billion, respectively. Historically, a significant portion of the certificates of deposit remain with us after they mature.

At June 30, 2026, $1.50 billion or 77.5% of our certificates of deposit were certificates of $100,000 or more compared to $1.50 billion or 76.0% at June 30, 2025. Excluding brokered certificates of deposit, $747.0 million or 63.1% of our certificates of deposit were certificates of $100,000 or more at June 30, 2026. The general level of market interest rates and money market conditions significantly influence deposit inflows and outflows. The effects of these factors are particularly pronounced on deposit accounts with larger balances. In particular, certificates of deposit with balances of $100,000 or greater are traditionally viewed as being a more volatile source of funding than comparatively lower balance certificates of deposit or non-maturity transaction accounts. In order to retain certificates of deposit with balances of $100,000 or more, we may have to pay a premium rate, resulting in an increase in our cost of funds. To the extent that such deposits do not remain with us, they may need to be replaced with wholesale funding.

Our sources of wholesale funding included brokered certificates of deposit whose balances totaled approximately $757.2 million, or 13.3% of total deposits, at June 30, 2026. We utilize brokered certificates of deposit as an alternative to other forms of wholesale funding, including borrowings, when interest rates and market conditions favor the use of such deposits. For a portion of our short-term brokered certificates of deposit we utilized interest rate contracts to effectively extend their duration and to fix their cost.

The following table sets forth the distribution of average deposits for the periods indicated and the weighted average nominal interest rates for each period on each category of deposits presented:

For the Years Ended June 30,

2026 2025 2024

Average

Balance Percent

of Total

Deposits Weighted

Average

Nominal

Rate Average

Balance Percent

of Total

Deposits Weighted

Average

Nominal

Rate Average

Balance Percent

of Total

Deposits Weighted

Average

Nominal

Rate

(Dollars In Thousands)

Non-interest-bearing deposits $ 649,262 11.44 % — % $ 597,197 10.75 % — % $ 595,266 11.14 % — %

Interest-bearing demand 2,334,641 41.14 2.49 2,335,972 42.04 2.86 2,308,893 43.19 2.91

Savings 758,820 13.37 1.35 721,115 12.98 1.25 662,981 12.40 0.50

Certificates of deposit 1,931,632 34.04 3.12 1,902,026 34.23 3.39 1,778,682 33.27 2.92

.

Total average deposits $ 5,674,355 100.00 % 2.27 % $ 5,556,310 100.00 % 2.53 % $ 5,345,822 100.00 % 2.29 %

As of June 30, 2026 and 2025, the aggregate amount of certificates of deposit of $250,000 and over was $1.0 billion in each period, respectively. The following table presents the time remaining until maturity of those certificates of deposit as of June 30, 2026:

At June 30,

2026

(In Thousands)

Maturity Period

Within three months $ 830,855

Three through six months 84,861

Six through twelve months 89,985

Over twelve months 15,840

Total certificates of deposit $ 1,021,541

The following table sets forth the amount and maturities of certificates of deposit at June 30, 2026:

At June 30, 2026

Within

One Year Over One

Year to

Two Years Over Two

Years to

Three Years Over

Three

Years to

Four Years Over Four

Years to

Five Years Over Five

Years Total

(In Thousands)

Interest Rate

0.00 - 0.99% $ 65,298 $ 8,944 $ 3,270 $ 1,201 $ 406 $ — $ 79,119

1.00 - 1.99% 56,439 1,903 — — — — 58,342

2.00 - 2.99% 44,312 4,464 171 3,445 6,977 — 59,369

3.00 - 3.99% 1,695,880 26,091 102 2,885 6,580 — 1,731,538

4.00 - 4.99% 12,285 — — — — — 12,285

5.00 - 5.99% — — — 23 — — 23

Total certificates of deposit $ 1,874,214 $ 41,402 $ 3,543 $ 7,554 $ 13,963 $ — $ 1,940,676

Additional information about our deposits is presented in Note 9 to the audited consolidated financial statements.

Borrowings. The sources of wholesale funding we utilize include borrowings in the form of advances from the FHLB as well as other forms of borrowings. We generally use wholesale funding to manage our exposure to interest rate risk and liquidity risk in conjunction with our overall asset/liability management process.

Advances from the FHLB are typically secured by our FHLB capital stock and certain investment securities as well as residential and commercial mortgage loans that we choose to utilize as collateral for such borrowings. Additional information about our FHLB advances is included under Note 10 to the audited consolidated financial statements.

At June 30, 2026, we had $950.0 million of FHLB advances outstanding at a weighted average interest rate of 3.85%. At June 30, 2025, we had $1.11 billion of FHLB advances outstanding, excluding a net fair value adjustment of $9,000, at a weighted average interest rate of 4.36%.

Our FHLB advances mature as follows:

At June 30,

2026 2025

(In Thousands)

By remaining period to maturity:

Less than one year $ 750,000 $ 906,500

One to two years 200,000 —

Two to three years — 200,000

Three to four years — —

Four to five years — —

Greater than five years — —

Total advances 950,000 1,106,500

Fair value adjustments — (9)

Total advances, net of fair value adjustments $ 950,000 $ 1,106,491

At June 30, 2026, we utilized interest rate contracts to effectively extend the duration and fix the cost of our FHLB advances maturing in less than one year.

Based upon the market value of investment securities and mortgage loans that are posted as collateral for FHLB advances at June 30, 2026, we are eligible to borrow up to an additional $351.6 million of advances from the FHLB as of that date. We are further authorized to post additional collateral in the form of other unencumbered investments securities and eligible mortgage loans that may expand our borrowing capacity with the FHLB up to 30% of our total assets. Additional borrowing capacity up to 50% of our total assets may be authorized with the approval of the FHLB’s Board of Directors or Executive Committee.

In addition, we had the capacity to borrow additional funds totaling $835.0 million via unsecured overnight borrowings from other financial institutions and $1.30 billion from the FRB without pledging additional collateral.

The balance of borrowings at June 30, 2026 included overnight line of credit borrowings from the FHLB totaling $200.0 million. There were no unsecured overnight borrowings from other financial institutions at June 30, 2026.

Interest Rate Derivatives and Hedging

We utilize derivative instruments in the form of interest rate swaps, caps and floors to hedge our exposure to interest rate risk in conjunction with our overall asset/liability management process. In accordance with accounting requirements, we formally designate all of our hedging relationships as either fair value hedges or cash flow hedges, and document the strategy for undertaking the hedge transactions and its method of assessing ongoing effectiveness.

At June 30, 2026, our derivative instruments were comprised of interest rate swaps, caps and a floor with a total notional amount of $2.88 billion. These instruments are intended to manage the interest rate exposure relating to certain wholesale funding positions and assets that were outstanding at June 30, 2026.

Additional information regarding our use of interest rate derivatives and our hedging activities is presented in Note 1 and Note 11 to the audited consolidated financial statements.

Subsidiary Activity

At June 30, 2026, Kearny Bank was the only wholly-owned operating subsidiary of Kearny Financial Corp. As of that date, Kearny Bank had three wholly-owned subsidiaries, CJB Investment Company, 189-245 Berdan Avenue LLC and Kearny Wealth Management LLC. CJB Investment Company is a New Jersey Investment Company and remained active through the three-year period ended June 30, 2026. 189-245 Berdan Avenue LLC was formed during the year ended June 30, 2023 for the purpose of ownership and operation of commercial real estate. The Kearny Wealth Management LLC subsidiary was formed in February 2024 for the purpose of providing insurance brokerage services via a third-party service provider.

Human Capital Resources

At Kearny Financial Corp., our employees are fundamental to achieving our strategic objectives and delivering long-term value to clients, shareholders, and the communities we serve. We believe our success is driven by the quality, engagement, and dedication of our workforce and by fostering a culture rooted in integrity, accountability, collaboration, and service.

We are committed to attracting, developing, and retaining talented employees and fostering a workforce with the skills, experience, and perspectives needed to serve our clients, support our communities, and drive long-term success. Our human capital strategy is focused on supporting employee growth and well-being, promoting a positive and inclusive workplace culture, and providing competitive compensation and benefits that align employee interests with organizational success. As of June 30, 2026, we employed 549 employees (502 full-time employees and 47 part-time) across our banking and corporate operations of which 57.0% were female and 43.0% were male. Kearny Bank employees had an average tenure of 8.3 years.

Culture and Employee Engagement. Our culture is guided by our core values and emphasizes teamwork, professionalism, ethical conduct, accountability, and client service. We strive to maintain a workplace where employees feel respected, valued, and empowered to contribute their ideas and talents.

Led by the Bank's Director of Engagement, our employee engagement initiatives are designed to strengthen workplace connections, support employee development, reinforce our culture and promote organizational effectiveness. Senior management and Human Resources regularly assess employee feedback, workforce trends, and talent development initiatives to foster employee engagement, support professional growth, and enhance overall organizational performance. During fiscal 2026, we conducted our third annual Employee Engagement Survey, which continues to provide valuable insights to guide future programming and employee-focused initiatives across the Bank.

Talent Acquisition and Workforce Development. Our ability to attract and retain top talent is critical to our long-term success. We maintain a disciplined talent acquisition process designed to identify candidates who possess the skills, experience, and values necessary to support our strategic objectives and client-focused culture. We seek to broaden candidate pools by continuing to expand recruiting channels to attract high-quality talent throughout our operating footprint.

Investing in employee development is a key component of our human capital strategy. We strive to create opportunities for career advancement and, whenever practical, promote from within to capitalize on the strength, experience, and institutional knowledge of our workforce. Our human capital efforts emphasize fair employment practices, equal opportunities, and a workplace culture that recognizes and rewards merit, performance and professional achievement. We support employee growth through education, training, and development programs that help employees enhance their skills, advance their careers and contribute to the Company’s long-term success.

Training. We support professional development through leadership development programs, educational assistance, certification and licensing support, tuition reimbursement, career mentoring, employee resource groups, and access to more than 1,000 courses through the Kearny Bank Learning Center. Collectively, these resources help employees build the skills, knowledge, and experience, support career advancement opportunities, and contribute to the retention and development of a strong pipeline of future leaders across the organization.

During fiscal 2026, we expanded our learning curriculum by introducing the Foundations of Management Series, a four-course program designed to strengthen leadership capabilities and to equip our managers with the skills, tools, and confidence needed to lead effectively. We also launched three new courses focused on strengthening business acumen and providing employees with the knowledge and resources necessary to build and deepen client relationships and support clients to achieve business objectives.

To support the Company's strategic focus on relationship growth, we continue to align employee training with the skills needed to become trusted advisors to our clients. Through a combination of webinars, instructor-led training, in-person workshops, and curated learning resources, employees gain the knowledge and tools necessary to strengthen client relationships and deliver exceptional client experience.

Total Rewards. We offer a comprehensive total rewards program designed to attract, motivate, and retain qualified employees. Our compensation philosophy aligns pay with performance and market competitiveness while supporting both individual and organizational achievement.

Employee compensation consists of a combination of base salary, incentive compensation opportunities , and, for eligible employees, equity-based awards. Our compensation programs are designed to attract, motivate and retain talented employees by aligning compensation with performance, organizational results and long-term success of the Company. We periodically review our compensation practices to support market competitiveness, internal consistency, and alignment with the Company's strategic objectives.

We provide eligible employees with a broad range of benefits, including medical, dental and vision coverage, Flexible Spending Accounts, disability protection, life insurance, employee assistance resources, paid time off programs, and retirement benefits. Eligible employees may participate in our 401(k) plan, which includes a company matching contribution, and our Company-funded Employee Stock Ownership Plan ("ESOP"), which enables employees to share in the long-term success of the organization.

Health and Wellness. Supporting the health and well-being of our employees remains an important component of our human capital strategy. We offer a variety of resources and benefits designed to support employees’ physical, emotional, and financial well-being. During fiscal 2026, we enhanced these efforts through weekly Wellness Wednesday programs, educational Lunch & Learn sessions, and hosted our annual health fair, which collectively promote healthy habits, well-being and employee engagement.

Community Involvement. We also encourage employees to participate in charitable and community service activities that strengthen the communities we serve and reinforce our longstanding commitment to corporate citizenship, including opportunities to volunteer during working hours.

Financial education remains a key priority for Kearny Bank and an important way we support individuals, families, businesses, and local organizations. Our team members lead seminars and outreach programs that offer practical guidance to help participants make informed financial decisions. Our efforts include financial literacy to both school age children and adults, fraud prevention seminars, first-time homebuyer education and support for women in business through our ChangeMakers initiative. By sharing practical knowledge and resources, Kearny Bank continues to strengthen financial confidence, promote economic empowerment, and deepen our community connections.

We are also committed to various outreach programs to help the underserved populations such as backpack collections, food drives, toy donations, and professional attire drives for women re-entering the workforce.

Performance Management and Leadership Development. We maintain a performance management framework that aligns employee performance with the organization’s strategic priorities, promotes accountability, and supports professional growth. Our review process emphasizes individual contributions, leadership, technical expertise, collaboration, integrity, and client service, while providing meaningful feedback and development opportunities. As part of our performance management program, we also invest in leadership development through coaching, targeted learning opportunities, and succession planning efforts designed to promote organizational continuity.

Supervision and Regulation

Kearny Bank and Kearny Financial operate in a highly regulated industry. This system of regulation establishes a comprehensive framework of activities in which a savings and loan holding company and New Jersey savings bank may engage and is intended primarily for the protection of the deposit insurance fund and depositors. Set forth below is a brief description of certain laws and regulations governing the activities and operations of Kearny Bank and Kearny Financial. The description does not purport to be complete and is qualified in its entirety by reference to applicable laws and regulations.

Regulatory authorities have extensive discretion in connection with their supervisory and enforcement activities and examination policies, including the imposition of restrictions on the operation of an institution and its holding company, the classification of assets by the institution and the adequacy of an institution’s allowance for credit losses. Any change in such regulation and oversight, whether in the form of regulatory policy, regulations, or legislation, including changes in the regulations governing savings and loan holding companies, could have a material adverse impact on Kearny Financial, Kearny Bank and their operations. The adoption of regulations or the enactment of laws that restrict the operations of Kearny Bank and/or Kearny Financial or impose burdensome requirements upon one or both of them could reduce their profitability and could impair the value of Kearny Bank’s franchise, resulting in negative effects on the trading price of our common stock.

Regulation of Kearny Bank

General. As a nonmember New Jersey savings bank with federally insured deposits, the activities of Kearny Bank are subject to extensive regulation by the NJDBI and the FDIC, including restrictions or requirements with respect to loans to one borrower, dividends, permissible investments and lending activities, liquidity, transactions with affiliates and community reinvestment. Both state and federal law regulate a savings bank’s relationship with its depositors and borrowers, especially in such matters as the ownership of savings accounts and the form and content of Kearny Bank’s mortgage documents.

Kearny Bank must file reports with the NJDBI and FDIC concerning its activities and financial condition and obtain regulatory approvals prior to entering into certain transactions such as establishing new branches and mergers with or acquisitions of other depository institutions. The NJDBI and FDIC regularly examine Kearny Bank and prepare reports to Kearny Bank’s Board of Directors on any deficiencies found in its operations. The agencies have substantial discretion to take enforcement action with respect to an institution that fails to comply with applicable legal or regulatory requirements or engages in violations of law or regulation, or unsafe and unsound practices. Such actions can include, among others, the issuance of a cease and desist order, assessment of civil money penalties, removal of officers and directors and appointment of a receiver or conservator.

Activities and Powers. Kearny Bank derives its lending, investment and other powers primarily from the applicable provisions of the New Jersey Banking Act and the related regulations. Under these laws and regulations, New Jersey savings banks, including Kearny Bank, generally may invest in real estate mortgages; consumer and commercial loans; specific types of debt securities, including certain corporate debt securities and obligations of federal, state and local governments and agencies; certain types of corporate equity securities and other specified assets.

A savings bank may also invest pursuant to a leeway power that permits investments not otherwise permitted by the New Jersey Banking Act. Leeway investments must comply with a number of limitations on individual and aggregate amounts of investments. New Jersey savings banks may also exercise those powers, rights, benefits or privileges authorized for national banks, federal savings banks or federal savings associations either directly or through a subsidiary. New Jersey savings banks may exercise powers, rights, benefits and privileges of out-of-state banks, savings banks and savings associations either directly or through a subsidiary, but prior approval by the NJDBI is required before exercising any such power, right, benefit or privilege. The exercise of these lending, investment and activity powers is further limited by federal law and the related regulations. See “—Activity Restrictions on State-Chartered Banks” below.

Activity Restrictions on State-Chartered Banks. Federal law and FDIC regulations generally limit the activities as principal and equity investments of state-chartered FDIC insured banks and their subsidiaries to those permissible for national banks and their subsidiaries, except such activities and investments that are specifically exempted by law or regulation, or approved by the FDIC.

Before engaging as principal in a new activity that is not permissible for a national bank, or otherwise permissible under federal law or FDIC regulations, an insured bank must seek approval from the FDIC, subject to certain specified exceptions. The FDIC will not approve the activity unless the bank meets its minimum capital requirements and the FDIC determines that the activity does not present a significant risk to the FDIC’s Deposit Insurance Fund. Certain activities of subsidiaries that are permitted for national banks only through a financial subsidiary are subject to additional requirements. Additionally, New Jersey parity provisions authorize New Jersey savings banks, subject to certain limitations, to exercise the powers, rights, benefits and privileges authorized for national or out-of-state banks, or federal or out-of-state savings banks or savings associations

Federal Deposit Insurance. Kearny Bank’s deposits are insured to applicable limits by the FDIC. The general maximum deposit insurance amount is $250,000 per depositor per account ownership category.

The FDIC assesses insured depository institutions to maintain the Deposit Insurance Fund (“DIF”). Under the FDIC’s risk-based assessment system, institutions deemed less risky pay lower assessments. Assessments for institutions of less than $10 billion of assets, such as Kearny Bank, are based on financial measures and supervisory ratings derived from statistical modeling estimating the probability of an institution’s failure within three years. Effective January 1, 2023, the assessment range for insured institutions of less than $10 billion in total assets is 2.5 to 32 basis points of total assets less tangible equity.

The FDIC has authority to increase insurance assessments. Any significant increases would have an adverse effect on the operating expenses and results of operations of Kearny Bank. Management cannot predict what assessment rates will be in the future.

Insurance of deposits may be terminated by the FDIC upon a finding that an institution has engaged in unsafe or unsound practices, is in an unsafe or unsound condition to continue operations or has violated any applicable law, regulation, order or condition imposed by the FDIC. We do not currently know of any practice, condition or violation that may lead to termination of our deposit insurance.

Regulatory Capital Requirements. FDIC regulations require nonmember banks to meet several minimum capital standards: a common equity Tier 1 capital to risk-based assets ratio of 4.5%, a Tier 1 capital to risk-based assets ratio of 6.0%, a total capital to risk-based assets of 8.0%, and a Tier 1 capital to total assets leverage ratio of 4.0%. The current requirements implement recommendations of the Basel Committee on Banking Supervision and certain requirements of federal law.

For purposes of the regulatory capital standards, common equity Tier 1 capital is generally defined as common stockholders’ equity and retained earnings. Tier 1 capital is generally defined as common equity Tier 1 capital and additional Tier 1 capital. Additional Tier 1 capital includes certain noncumulative perpetual preferred stock and related surplus and minority interests in equity accounts of consolidated subsidiaries. Total capital includes Tier 1 capital (common equity Tier 1 capital plus additional Tier 1 capital) and Tier 2 capital. Tier 2 capital is comprised of capital instruments and related surplus, meeting specified requirements, and may include cumulative preferred stock and long-term perpetual preferred stock, mandatory convertible securities, intermediate preferred stock and subordinated debt.

Also included in Tier 2 capital is the allowance for credit losses limited to a maximum of 1.25% of risk-weighted assets and, for institutions that have exercised an opt-out election regarding the treatment of Accumulated Other Comprehensive Income, up to 45% of net unrealized gains on available-for-sale equity securities with readily determinable fair market values. Calculation of all types of regulatory capital is subject to deductions and adjustments specified in the regulations. At June 30, 2026, Kearny Bank has exercised the opt-out election regarding the treatment of Accumulated Other Comprehensive Income.

In determining the amount of risk-weighted assets for purposes of calculating risk-based capital ratios, all assets, including certain off-balance sheet assets, are multiplied by a risk weight factor assigned by the regulations based on the risks believed inherent in the type of asset. Higher levels of capital are required for asset categories believed to present greater risk. For example, a risk weight of 0% is assigned to cash and U.S. government securities, a risk weight of 50% is generally assigned to prudently underwritten first lien one- to four-family residential mortgages, a risk weight of 100% is assigned to commercial and consumer loans, a risk weight of 150% is assigned to certain past due loans and a risk weight of between 0% to 600% is assigned to equity interests depending on certain specified factors.

In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a capital conservation buffer consisting of 2.5% of common equity Tier 1 capital to risk-weighted assets above the amount necessary to meet its minimum risk-based capital requirements. At June 30, 2026, Kearny Bank exceeded all regulatory capital requirements.

In assessing an institution’s capital adequacy, the FDIC takes into consideration, not only these numeric factors, but also qualitative factors. The FDIC has the authority to establish higher capital requirements for individual institutions where deemed necessary.

Depository institutions and their holding companies that have less than $10 billion in total consolidated assets and meet other qualifying criteria may elect to use the optional community bank leverage ratio framework, which requires maintaining a leverage ratio of greater than 9.0% to satisfy the regulatory capital requirements, including the risk-based requirements. A qualifying institution may opt in and out of the community bank leverage ratio framework on its quarterly call report. Kearny Bank did not opt into the community bank leverage ratio framework as of June 30, 2026.

Regulations issued by the NJDBI establish generally similar regulatory capital standards for New Jersey-chartered savings banks such as Kearny Bank.

Prompt Corrective Regulatory Action. Federal law requires that federal bank regulatory authorities take prompt corrective action with respect to institutions that do not meet minimum capital requirements. For these purposes, the law establishes five capital categories: “well capitalized,” “adequately capitalized,” “undercapitalized,” “significantly undercapitalized” and “critically undercapitalized.” Qualifying banks that elect and comply with the community bank leverage ratio (as established by the regulatory agencies) are considered well-capitalized under the prompt corrective action regulations.

The FDIC has adopted regulations to implement the prompt corrective action legislation. An institution is deemed to be well capitalized if it has a total risk-based capital ratio of 10.0% or greater, a Tier 1 risk-based capital ratio of 8.0% or greater, a leverage ratio of 5.0% or greater and a common equity Tier 1 capital ratio of 6.5% or greater. Further, to be deemed well capitalized, the institution must not be subject to any written agreement, order or capital directive, or prompt corrective action directive issued by the FDIC to meet and maintain a specific capital level for any capital measure. An institution is deemed to be adequately capitalized if it has a total risk-based capital ratio of 8.0% or greater, a Tier 1 risk-based capital ratio of 6.0% or greater, a leverage ratio of 4.0% or greater and a common equity Tier 1 capital ratio of 4.5% or greater.

An institution is deemed to be undercapitalized if it has a total risk-based capital ratio of less than 8.0%, a Tier 1 risk-based capital ratio of less than 6.0%, a leverage ratio of less than 4.0%, or a common equity Tier 1 capital ratio of less than 4.5%. An institution is deemed to be significantly undercapitalized if it has a total risk-based capital ratio of less than 6.0%, a Tier 1 risk-based capital ratio of less than 4.0%, a leverage ratio of less than 3.0% or a common equity Tier 1 capital ratio of less than 3.0%. Critically undercapitalized status is triggered if an institution has a ratio of tangible equity (as defined in the regulations) to total assets that is equal to or less than 2.0%.

Undercapitalized banks must adhere to growth, capital distribution (including dividend) and other limitations and are required to submit a capital restoration plan. A bank’s compliance with such a plan must be guaranteed by any company that controls the undercapitalized institution in an amount equal to the lesser of 5.0% of the institution’s total assets when deemed undercapitalized or the amount necessary to achieve the adequately capitalized status. If an undercapitalized bank fails to submit an acceptable capital restoration plan, it is treated as if it is significantly undercapitalized. Significantly undercapitalized banks must comply with one or more of a number of additional measures including, but not limited to, a required sale of sufficient voting stock to become adequately capitalized, a requirement to reduce total assets, cessation of taking deposits from correspondent banks, the dismissal of directors or officers, and restrictions on interest rates paid on deposits, compensation of executive officers, and capital distributions by the parent holding company. Critically undercapitalized institutions are subject to additional measures including, subject to a narrow exception, the appointment of a receiver or conservator within 270 days after such status is triggered. These actions are in addition to other discretionary supervisory or enforcement actions that the FDIC may take.

As of June 30, 2026, Kearny Bank was well capitalized.

Dividend Limitations. Federal regulations impose various restrictions or requirements on Kearny Bank to pay dividends to Kearny Financial. An institution that is a subsidiary of a savings and loan holding company, such as Kearny Bank, must file notice with the Federal Reserve Board at least thirty days before paying a dividend. The Federal Reserve Board may disapprove a notice if: (i) the institution would be undercapitalized following the capital distribution; (ii) the proposed capital distribution raises safety and soundness concerns; or (iii) the capital distribution would violate a prohibition contained in any statute, regulation, enforcement action or agreement or condition imposed in connection with an application.

New Jersey law specifies that no dividend may be paid if the dividend would impair the capital stock of the savings bank. In addition, no dividend may be paid unless the savings bank would, after payment of the dividend, have a surplus of at least 50% of its capital stock (or if the payment of dividend would not reduce surplus).

Transactions with Affiliates. Transactions between a depository institution (and, generally, its subsidiaries) and its affiliates are limited by Sections 23A and 23B of the Federal Reserve Act and Regulation W. An affiliate of an institution includes any company or entity that controls, is controlled by or is under common control with the institution. In a holding company context, the parent holding company and any companies that are controlled by such parent holding company are affiliates of the institution. Generally, Section 23A of the Federal Reserve Act and Regulation W limit the extent to which the institution or its subsidiaries may engage in “covered transactions” with any one affiliate to 10% of such institution’s capital stock and surplus, and set an aggregate limit on all such transactions with all affiliates to an amount equal to 20% of such institution’s capital stock and surplus. The term “covered transaction” includes an extension of credit to, purchase of securities and assets from, or issuance of a guarantee or letter of credit to, an affiliate, among other types of transactions. In addition, loans or other extensions of credit by the institution to the affiliate are required to be collateralized in accordance with specified requirements.

Section 23B of the Federal Reserve Act and Regulation W also require that transactions with affiliates generally be on terms and conditions that are substantially the same as, or at least as favorable to the institution as, those provided to non-affiliates.

Extension of Credit to Insiders. Kearny Bank’s authority to extend credit to its and its affiliates’ directors, executive officers and 10% stockholders, as well as to entities controlled by such persons, is governed by the requirements of Sections 22(g) and 22(h) of the Federal Reserve Act and Regulation O of the Federal Reserve Board. Among other things, subject to certain exceptions, these provisions generally require that extensions of credit to insiders:

•be made on terms that are substantially the same as, and follow credit underwriting procedures that are not less stringent than, those prevailing for comparable transactions with unaffiliated persons and that do not involve more than the normal risk of repayment or present other unfavorable features; and

•not exceed certain limitations on the amount of credit extended to such persons, individually and in the aggregate, which limits are based, in part, on the amount of Kearny Bank’s regulatory capital and surplus.

In addition, extensions of credit in excess of certain limits must be approved by Kearny Bank’s Board of Directors. Extensions of credit to executive officers are subject to additional limits based on the type of extension involved.

Community Reinvestment Act. Under the Community Reinvestment Act (the “CRA”), every insured depository institution, including Kearny Bank, has a continuing and affirmative obligation consistent with its safe and sound operation to help meet the credit needs of its entire community, including low- and moderate-income neighborhoods. The CRA does not establish specific lending requirements or programs for financial institutions nor does it limit an institution’s discretion to develop the types of products and services that it believes are best suited to its particular community. The CRA requires the FDIC to assess the depository institution’s record of meeting the credit needs of its community and consider that record in its consideration of certain applications by the institution, such as for a merger or the establishment of a branch office. The FDIC may use an unsatisfactory CRA examination rating as the basis for denying such an application. Kearny Bank received a satisfactory CRA rating from the FDIC in its most recent CRA evaluation.

In October 2023, the FDIC, the Office of the Comptroller of the Currency and the Federal Reserve Board issued a final rule to modernize the regulations implementing the CRA. The final rule, which takes effect in phases beginning January 1, 2026, with full applicability by January 1, 2027, revises the framework for evaluating an institution's CRA performance by, among other things, establishing new assessment areas for certain bank activities conducted outside of facility-based areas, introducing metrics-based benchmarks for evaluating retail lending performance, and updating community development definitions and qualifying activities. As a large bank under the final rule, Kearny Bank will be evaluated under a Retail Lending Test, a Retail Services and Products Test, a Community Development Financing Test and a Community Development Services Test. The Company is actively preparing for implementation of the updated CRA framework and does not currently expect the final rule to have a material adverse effect on its business or financial condition.

Commercial Real Estate Lending Concentrations. The federal banking agencies have issued guidance on sound risk management practices for concentrations in commercial real estate lending. The particular focus is on exposure to commercial real estate loans that are dependent on the cash flow from the real estate held as collateral and that are likely to be sensitive to conditions in the commercial real estate market (as opposed to real estate collateral held as a secondary source of repayment or as an abundance of caution). The purpose of the guidance is not to limit a bank’s commercial real estate lending but to guide banks in developing risk management practices and capital levels commensurate with the level and nature of real estate concentrations. The guidance directs the FDIC and other federal bank regulatory agencies to focus their supervisory resources on institutions that may have significant commercial real estate loan concentration risk. A bank that has experienced rapid growth in commercial real estate lending, has notable exposure to a specific type of commercial real estate loan, or is approaching or exceeding the following supervisory criteria may be identified for further supervisory analysis with respect to real estate concentration risk:

•Total reported loans for construction, land development and other land represent 100% or more of the bank’s capital; or

•Total commercial real estate loans (as defined in the guidance) represent 300% or more of the bank’s total capital or the outstanding balance of the bank’s commercial real estate loan portfolio has increased 50% or more during the prior 36 months.

The guidance provides that the strength of an institution’s lending and risk management practices with respect to such concentrations will be taken into account in supervisory guidance on evaluation of capital adequacy.

Federal Home Loan Bank System. Kearny Bank is a member of the FHLB of New York, which is one of eleven regional Federal Home Loan Banks. Each FHLB serves as a reserve or central bank for its members within its assigned region. It is funded primarily from funds deposited by financial institutions and proceeds derived from the sale of consolidated obligations of the FHLB System. It makes loans to members pursuant to policies and procedures established by the Board of Directors of the FHLB.

As a member, Kearny Bank is required to purchase and maintain stock in the FHLB of New York in specified amounts. The FHLB imposes various limitations on advances such as limiting the amount of certain types of real estate related collateral and limiting total advances to a member.

The FHLB of New York may pay periodic dividends to members. These dividends are affected by factors such as the FHLB’s operating results and statutory responsibilities that may be imposed such as providing certain funding for affordable housing and interest subsidies on advances targeted for low- and moderate-income housing projects. The payment of dividends, or any particular amount of dividend, cannot be assumed.

Other Laws and Regulations

Interest and other charges collected or contracted for by Kearny Bank are subject to state usury laws and federal laws concerning interest rates. Kearny Bank’s operations are also subject to federal laws (and their implementing regulations) applicable to credit transactions, such as the:

•Truth-In-Lending Act, governing disclosures of credit terms to consumer borrowers;

•Real Estate Settlement Procedures Act, requiring that borrowers for mortgage loans for one- to four-family residential real estate receive various disclosures, including good faith estimates of settlement costs, lender servicing and escrow account practices, and prohibiting certain practices that increase the cost of settlement services;

•Home Mortgage Disclosure Act, requiring financial institutions to provide information to enable the public and public officials to determine whether a financial institution is fulfilling its obligation to help meet the housing needs of the community it serves;

•Equal Credit Opportunity Act, prohibiting discrimination on the basis of race, creed or other prohibited factors in extending credit;

•Fair Credit Reporting Act, governing the use and provision of information to credit reporting agencies; and

•Fair Debt Collection Practices Act, governing the manner in which consumer debts may be collected by collection agencies.

The operations of Kearny Bank also are subject to the:

•Truth in Savings Act, prescribing disclosure and advertising requirements with respect to deposit accounts;

•Right to Financial Privacy Act, which imposes a duty to maintain confidentiality of consumer financial records and prescribes procedures for complying with administrative subpoenas of financial records;

•Electronic Funds Transfer Act, and Regulation E promulgated thereunder, governing automatic deposits to and withdrawals from deposit accounts and customers’ rights and liabilities arising from the use of automated teller machines and other electronic banking services;

•Check Clearing for the 21st Century Act (also known as “Check 21”), which gives substitute checks, such as digital check images and copies made from that image, the same legal standing as the original paper check;

•Bank Secrecy Act and USA PATRIOT Act, which requires institutions to, among other things, establish anti-money laundering compliance programs, due diligence policies and controls to ensure the detection and reporting of money laundering, terrorist financing, and other illicit activity;

•Gramm-Leach-Bliley Act, which places limitations on the sharing of consumer financial information by financial institutions with unaffiliated third parties. Specifically, the Gramm-Leach-Bliley Act requires all financial institutions offering financial products or services to retail customers to provide such customers with the financial institution’s privacy policy and provide such customers the opportunity to opt out of the sharing of certain personal financial information with unaffiliated third parties; and

•Regulations requiring banking organizations to notify their primary federal regulator as soon as possible and no later than 36 hours of determining that a “computer-security incident” that arises to the level of a “notification incident” has occurred. A notification incident is a “computer-security incident” that has materially disrupted or degraded, or is reasonably likely to materially disrupt or degrade, the banking organization’s ability to deliver services to a material portion of its customer base, jeopardize the viability of key operations of the banking organization, or impact the stability of the financial sector. Bank service providers are also required to notify any affected bank to or on behalf of which the service provider provides services “as soon as possible” after determining that it has experienced an incident that materially disrupts or degrades, or is reasonably likely to materially disrupt or degrade, covered services provided to such bank for four or more hours.

Regulation of Kearny Financial

General. Kearny Financial is a savings and loan holding company within the meaning of federal law. Kearny Financial maintained its savings and loan holding company status (rather than becoming a bank holding company), notwithstanding the June 2017 conversion of Kearny Bank to a New Jersey savings bank charter, through Kearny Bank exercising an election available to it under federal law. Kearny Financial is required to file reports with, and is subject to regulation and examination by, the Federal Reserve Board. Kearny Financial must also obtain regulatory approval from the Federal Reserve Board before engaging in certain transactions, such as mergers with or acquisitions of other depository institutions.

In addition, the Federal Reserve Board has enforcement authority over Kearny Financial and its non-depository subsidiaries. That permits the Federal Reserve Board to restrict or prohibit activities that are determined to pose a serious risk to Kearny Bank. This regulatory structure is intended primarily for protection of Kearny Bank’s depositors and not for the benefit of stockholders of Kearny Financial.

The Federal Reserve Board has indicated that, to the greatest extent possible taking into account any unique characteristics of savings and loan holding companies and the requirements of federal law, its approach is to apply to savings and loan holding companies the supervisory principles applicable to the supervision of bank holding companies. The stated objective of the Federal Reserve Board is to ensure the savings and loan holding company and its non-depository subsidiaries are effectively supervised, can serve as a source of strength for and do not threaten the safety and soundness of, the subsidiary depository institution.

Nonbanking Activities. As a savings and loan holding company, Kearny Financial is permitted to engage in those activities permissible under federal law for financial holding companies (if certain criteria are met and an election is submitted) and for multiple savings and loan holding companies. A financial holding company may engage in activities that are financial in nature, including underwriting equity securities and insurance, as well as activities that are incidental to financial activities or complementary to a financial activity. A multiple savings and loan holding company is generally limited to activities permissible for bank holding companies under Section 4(c)(8) of the Bank Holding Company Act and certain additional activities authorized by federal regulations, subject to the approval of the Federal Reserve Board.

Mergers and Acquisitions. Kearny Financial must generally obtain approval from the Federal Reserve Board before acquiring, directly or indirectly, more than 5% of the voting stock of another savings institution or savings and loan holding company or acquiring such an institution or holding company by merger, consolidation, or purchase of its assets. Federal law also prohibits a savings and loan holding company from acquiring more than 5% of a company engaged in activities other than those authorized for savings and loan holding companies by federal law or acquiring or retaining control of a depository institution that is not insured by the FDIC. In evaluating an application for Kearny Financial to acquire control of a savings institution, the Federal Reserve Board considers factors such as the financial and managerial resources and future prospects of Kearny Financial and the target institution, the effect of the acquisition on the risk to the DIF, the convenience and the needs of the community served and competitive factors. A merger of another depository institution into Kearny Bank requires the prior approval of the NJDBI and FDIC, based on similar considerations.

Consolidated Capital Requirements. Consolidated regulatory capital requirements identical to those applicable to the subsidiary depository institutions (including the community bank leverage ratio alternative) apply to savings and loan holding companies with $3 billion or more of consolidated assets, including Kearny Financial. Kearny Financial was in compliance with the holding company capital requirements and the capital conservation buffer as of June 30, 2026.

Source of Strength Doctrine; Dividends. Federal law extended the source of strength doctrine, which has long applied to bank holding companies, to savings and loan holding companies. The Federal Reserve Board has promulgated regulations implementing the source of strength doctrine, which requires holding companies to act as a source of financial and managerial strength to their subsidiary depository institutions by providing capital, liquidity and other support in times of financial distress. Further, the Federal Reserve Board has issued a policy statement regarding the payment of dividends by bank holding companies that it has also applied to savings and loan holding companies. In general, the policy provides that dividends should be paid only out of current earnings and only if the prospective rate of earnings retention by the holding company appears consistent with the organization’s capital needs, asset quality and overall financial condition. Regulatory guidance provides for prior consultation with Federal Reserve Board supervisory staff as to dividends in certain circumstances, such as when the dividend is not covered by earnings for the period for which it is being paid, when net income for the past four quarters, net of dividends previously paid over that period, is insufficient to fully fund the dividend or when the prospective rate of earnings retention by the holding company is inconsistent with its capital needs and overall financial condition. The ability of a holding company to pay dividends may be restricted if a subsidiary depository institution becomes undercapitalized. In addition, a subsidiary institution of a savings and loan holding company must file prior notice with the Federal Reserve Board, and receive its non-objection, before paying a dividend to the parent savings and loan holding company. Federal Reserve Board guidance also provides for regulatory review of certain stock redemption and repurchase proposals by holding companies. These regulatory policies could affect the ability of Kearny Financial to pay dividends, engage in stock redemptions or repurchases or otherwise engage in capital distributions.

Qualified Thrift Lender Test. In order for Kearny Financial to be regulated by the Federal Reserve Board as a savings and loan holding company (rather than as a bank holding company), Kearny Bank must remain a qualified thrift lender under applicable law or satisfy the domestic building and loan association test under the Internal Revenue Code. Under the qualified thrift lender test, an institution is generally required to maintain at least 65% of its portfolio assets (total assets less: (i) specified liquid assets up to 20% of total assets; (ii) intangible assets, including goodwill; and (iii) the value of property used to conduct business) in certain qualified thrift investments (primarily residential mortgages and related investments, including certain mortgage-backed and related securities) in at least nine months out of each 12 month period. As of June 30, 2026, Kearny Bank met the qualified thrift lender test.

Acquisition of Control. Under the federal Change in Bank Control Act and its implementing regulations, a notice must be submitted to the Federal Reserve Board if any person (including a company), or group acting in concert, seeks to acquire control of a savings and loan holding company. An acquisition of control can occur upon the ownership, control, or holding with power to vote of 10% or more of a class of voting stock of a savings and loan holding company. Under the Change in Bank Control Act and its implementing regulations, the Federal Reserve Board has 60 days from the filing of a complete notice to act, taking into consideration certain factors, including the financial condition of the acquirer, and future prospects of the proposed acquirer, the competence and integrity of the proposed acquirer and the effects of the acquisition on competition.

Any company that seeks to acquire “control” of Kearny Financial or Kearny Bank, within the meaning of the Home Owners’ Loan Act, must file an application, and receive the Federal Reserve Board’s prior approval under that statute. The Company would then be subject to regulation as a savings and loan holding company.

The prior approval of the NJDBI would also be necessary for the acquisition of 25% of a class of the Company’s voting stock, or “control” as otherwise defined under New Jersey law.

Incentive Compensation. In October 2022, the SEC adopted a final rule implementing the incentive-based compensation recovery (“clawback”) provisions of the Dodd-Frank Act. The final rule directs national securities exchanges and associations, including NASDAQ, to require listed companies to develop and implement clawback policies to recover erroneously awarded incentive-based compensation from current or former executive officers in the event of a required accounting restatement due to material noncompliance with any financial reporting requirement under the securities laws, and to disclose their clawback policies and any actions taken under these policies. On June 9, 2023, the SEC approved the NASDAQ proposed clawback listing standards, including the amendments that delayed the effective date of the rules to October 2, 2023. The Board of Directors of Kearny Financial approved the adoption of a clawback policy in October 2023, pursuant to the NASDAQ clawback listing standards. A copy of the Company’s clawback policy is included as an exhibit to this Annual Report on Form 10-K.