Form 4: Kearny Financial Corp. Executive Timothy Swansson Reports Vesting of Restricted Stock and Tax-Related Share Disposition

Kearny Financial Corp.'s EVP and CTIO, Timothy A. Swansson, reported the vesting of 2,685 restricted shares and the disposition of 936 shares for tax purposes, effective June 1, 2025.

Summary

• Timothy A. Swansson, Executive Vice President and Chief Technology and Information Officer (CTIO) of Kearny Financial Corp. (KRNY), reported changes in his beneficial ownership.
• On June 1, 2025, Mr. Swansson acquired 2,685 shares of Common Stock at a price of $0, resulting from the vesting of restricted stock.
• These shares vested because performance criteria for the fiscal year ended June 30, 2024, were met, as part of a restricted stock grant from June 1, 2021.
• Concurrently, on June 1, 2025, Mr. Swansson disposed of 936 shares of Common Stock at a price of $5.9 per share, likely for tax withholding purposes related to the vesting.
• Following these transactions, Mr. Swansson directly beneficially owns 49,105 shares of Common Stock.
• His indirect beneficial ownership includes 28,127 shares through an ESOP and 10,101 shares through a 401(k) plan.
• Mr. Swansson also holds 75,000 stock options with an exercise price of $15.35, exercisable since December 1, 2017, and expiring on December 1, 2026.
• His direct holdings also include restricted stock units vesting at 33% per year commencing August 7, 2023, August 7, 2024, and August 7, 2025, and restricted stock vesting at 20% per year commencing June 1, 2022.

Sentiment

Score: 7

Explanation: The sentiment is positive due to the successful achievement of performance criteria leading to restricted stock vesting, indicating good company performance. The disposition of shares is for tax purposes, which is a routine event.

Positives

• The vesting of 2,685 restricted shares indicates that the performance criteria for the fiscal year ended June 30, 2024, were successfully met, reflecting positive operational performance.
• The acquisition of shares at a $0 price point represents a direct increase in the executive's equity stake without personal cash outlay for the vested portion.

Negatives

• The disposition of 936 shares, while common for tax purposes, reduces the direct beneficial ownership of the executive.

Future Outlook

The document indicates future vesting events for restricted stock units, with 33% vesting annually commencing on August 7, 2025, August 7, 2024, and August 7, 2023. Additionally, other restricted stock continues to vest at 20% per year commencing June 1, 2022. Stock options held by the executive are exercisable until December 1, 2026.

Industry Context

This Form 4 filing provides transparency into the compensation and equity holdings of a key executive at Kearny Financial Corp., a regional bank. Such insider transaction reports are standard disclosures in the financial services industry, offering insights into management's stake and confidence in the company, particularly when performance-based awards vest.

Stakeholder Impact

• Shareholders: Provides transparency into executive compensation and equity ownership, potentially signaling management's confidence in the company's future through vested equity.
• Employees: The vesting of performance-based awards can serve as a positive indicator of the company's performance and compensation structure.

Next Steps

• Continued vesting of restricted stock units at 33% per year commencing August 7, 2025.
• Continued vesting of restricted stock units at 33% per year commencing August 7, 2024.
• Continued vesting of restricted stock units at 33% per year commencing August 7, 2023.
• Continued vesting of restricted stock at 20% per year commencing June 1, 2022.
• Potential exercise of 75,000 stock options prior to their expiration on December 1, 2026.

Key Dates

Keywords

Kearny Financial Corp, KRNY, SEC Form 4, Insider Trading, Restricted Stock, Stock Options, Beneficial Ownership, Executive Compensation, Financial Services, Banking