Kearny Financial (KRNY) AGM 2025 summary

Opening remarks and agenda

• CEO welcomed attendees, introduced the meeting, and outlined the agenda, with board members, executive team, legal counsel, independent auditor, and key partners present.

• Rules of conduct and Q&A procedures were outlined, with Inspector of Elections appointed and present to ensure transparency and compliance.

• Quorum confirmed, with over a majority of shares present or represented.

• The agenda included director elections, auditor ratification, advisory vote on executive compensation, and a review of fiscal year highlights and strategic outlook.

Board and executive committee updates

• Board and executive management team members were introduced, highlighting leadership continuity and expertise.

• Election of four directors for three-year terms and one director for a two-year term proposed, with qualifications referenced in proxy materials.

Financial performance review

• Market cap as of September 30, 2025: $425 million; assets: $7.7 billion; loans: $5.8 billion; deposits: $5.7 billion; capital: $700 million.

• Net interest margin grew from 1.8% to 2% in fiscal 2025; net interest income increased from $32 million to nearly $36 million, supported by declining funding costs and a favorable rate environment.

• Pre-tax, pre-provision net revenue rose from $7.2 million to $9.9 million; EPS and net income showed steady growth across all quarters of FY2025.

• Maintained a low average annual net charge-off rate of nine basis points from 2006–2025, with cumulative charge-offs from 2000–2025 totaling $39.8 million, reflecting strong credit quality and outperforming peers.