Form 4: Kearny Financial CFO Boosts Stake with RSU Grant

Kearny Financial's EVP and CFO, Sean Byrnes, acquired 11,284 restricted stock units and disposed of 2,883 shares for tax withholding.

Summary

• Sean Byrnes, Executive Vice President and Chief Financial Officer of Kearny Financial Corp. (KRNY), reported transactions on August 7, 2025.
• Acquired 11,284 shares of Common Stock as restricted stock units (RSUs) at a price of $0.
• Disposed of 2,883 shares of Common Stock at $5.86 per share to cover tax withholding obligations.
• Following these transactions, Byrnes directly beneficially owns 33,788 shares of Common Stock.
• Indirect beneficial ownership includes 4,323 shares through an ESOP and 3,756 shares through a 401(k) plan.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive. The acquisition of restricted stock units by a key executive indicates continued alignment of interests and commitment to the company. The disposition for tax purposes is a neutral, administrative event. No negative operational or financial news is present.

Positives

• The acquisition of 11,284 restricted stock units at no cost increases the executive's equity stake in the company, aligning their interests with shareholders.
• The new restricted stock units will vest at a rate of 33% per year commencing on August 7, 2026, providing a future incentive.

Negatives

• The disposition of 2,883 shares, while for tax withholding, reduces the direct beneficial ownership of the executive.

Risks

• No specific risks were detailed in this Form 4 filing, as it primarily reports insider transactions.

Future Outlook

The filing indicates future vesting schedules for restricted stock units, with the newly acquired units commencing vesting on August 7, 2026, at a rate of 33% per year. Other existing restricted stock units have vesting schedules commencing on August 7, 2023, 2024, and 2025.

Industry Context

This Form 4 filing details an executive compensation event, specifically the grant of restricted stock units and a related tax-withholding disposition. Such grants are common in the financial services industry as a means to align executive incentives with long-term shareholder value, particularly for banking institutions like Kearny Financial Corp.

Comparison to Industry Standards

• The grant of restricted stock units (RSUs) as part of executive compensation is a standard practice across the financial industry, including regional banks and financial holding companies.
• The disposition of shares to cover tax withholding (Code F transaction) is also a routine administrative event associated with RSU vesting or exercise, consistent with practices at comparable companies like Provident Financial Services (PFS) or Lakeland Bancorp (LBAI) when their executives receive equity compensation.

Related Party Transactions

• The reported transactions involve an executive (Sean Byrnes) and the company (Kearny Financial Corp.), which constitutes a related party transaction in the context of executive compensation.

Stakeholder Impact

• Shareholders: The grant of RSUs to the CFO aligns management's long-term interests with shareholder value, potentially fostering better performance.
• Employees: The compensation structure for executives can influence overall employee compensation strategies and morale.
• Management: The RSU grant serves as a significant component of the CFO's compensation and incentive package.

Next Steps

• Continued vesting of restricted stock units for Sean Byrnes, with the newest grant commencing vesting on August 7, 2026.

Key Dates

Keywords

Kearny Financial Corp, KRNY, Sean Byrnes, EVP and CFO, Restricted Stock Units, RSU, Insider Trading, SEC Form 4, Executive Compensation, Equity Grant