Business Context and Reporting Period
Company: Kearny Financial Corp. (KRNY)
Filing Type: Form 8-K (Current Report)
Date of Report: December 21, 2022
Principal Executive Offices: 120 Passaic Avenue, Fairfield, New Jersey 07004
Business Overview: The registrant is a financial holding company with a wholly owned subsidiary, Kearny Bank.
Key Financial Metrics
This filing does not contain financial performance data. There are no reported values for revenue, profit, cash flow, margins, debt, or liquidity in this document.
Material Changes
The filing reports a material change regarding executive compensation arrangements:
- Event: Amendment to the Supplemental Executive Retirement Plan (SERP) for Craig L. Montanaro, President and CEO.
- Effective Date: The amendment was entered into on December 21, 2022.
- Terms: The SERP is frozen effective December 31, 2022. No additional benefits will accrue for the Executive after this date.
Guidance, Outlook, and Risks
Management Commentary: The filing is limited to the disclosure of the SERP amendment and does not provide forward-looking guidance, outlook, or general management commentary on business operations.
Risks and Contingencies: No specific risks or contingencies are detailed in this report beyond the standard disclosure of the executive compensation change.
Unusual Items: The freezing of the CEO's retirement plan is the primary unusual item disclosed.
Investor Verification Checklist
- Review Exhibit 10.1 (Amendment to Supplemental Executive Retirement Agreement) for the full legal terms of the SERP freeze.
- Verify the impact of the SERP freeze on future compensation expenses in upcoming quarterly reports (10-Q) or annual reports (10-K).
- Confirm the current status of Craig L. Montanaro's employment and any other concurrent executive changes not detailed in this specific 8-K.