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Kearny Financial Amends Executive Retirement Plan to Boost Benefits
ByAinvest
Thursday, Jun 19, 2025 2:30 pm ET1min read
Kearny Financial Corp. has amended its Executive Retirement Plan to allow benefits to increase starting July 1, 2025, potentially enhancing the retirement benefits of its President and CEO. The company operates in the financial services industry and has a market cap of $399.7M. Analysts have given a Buy rating with a price target of $8.50. However, the company faces challenges with declining income and inconsistent cash flow, impacting its financial stability.
Kearny Financial Corp. (KRNY) has recently amended its Supplemental Executive Retirement Plan (SERP) to allow benefits to increase starting July 1, 2025. The change, effective July 1, 2025, removes a previous provision that froze benefit accruals after December 31, 2022. This amendment will allow the President and CEO, Craig L. Montanaro, to resume accruing retirement benefits under the plan [1].The amendment, signed by both Kearny Bank and Craig L. Montanaro, deletes Article XI of the SERP, which had previously frozen additional benefit accruals. This change will enable Montanaro to accrue benefits under the plan from July 1, 2025, onward. The rest of the plan's terms remain unchanged [1].
Kearny Financial operates in the financial services industry, with its primary subsidiary being Kearny Bank. The company has a market capitalization of $399.7 million as of June 19, 2025. Analysts have given KRNY a Buy rating with a price target of $8.50, indicating potential upside in the stock's performance [2].
However, the company faces significant challenges, including declining income and inconsistent cash flow, which have impacted its financial stability. Despite these challenges, the company's stock has shown some short-term momentum, but valuation concerns due to unprofitability overshadow the high dividend yield [2].
The recent amendment to the SERP is part of strategic adjustments in executive compensation. While the impact on Montanaro's retirement benefits is positive, the broader implications for the company's financial health remain to be seen.
References:
[1] https://contracts.justia.com/companies/kearny-financial-corp-4918/contract/1330772/
[2] https://www.tipranks.com/news/company-announcements/kearny-financial-amends-executive-retirement-plan
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