Burke Lance P 4
4 · Hanover Bancorp, Inc. /MD · Filed Feb 24, 2026
Research Summary
AI-generated summary of this filing
Hanover Bancorp (HNVR) CFO Lance Burke Withholds Shares for Taxes
What Happened
Lance P. Burke, Chief Financial Officer of Hanover Bancorp (HNVR), had 1,211 restricted shares withheld to satisfy tax withholding obligations when RSUs vested on February 20, 2026. The withholding used a per-share value of $21.98, resulting in total withholding value of about $26,618. These are tax-withholding dispositions (transaction code F), not open-market sales for cash.
Key Details
- Transaction date: February 20, 2026; Form 4 filed February 24, 2026 (timely, within the 2-business-day window).
- Withheld share breakdown: 187 @ $21.98 ($4,110), 220 @ $21.98 ($4,836), 232 @ $21.98 ($5,099), 572 @ $21.98 ($12,573) — total 1,211 shares, ~$26,618.
- Footnotes: Withholding relates to RSUs vesting on 2/20/2026 from grants dated 1/27/2022, 1/24/2023, 1/19/2024, and 1/29/2025 (see F1–F4).
- Shares owned after transaction: not specified in the provided details.
- Transaction code: F = tax withholding to satisfy tax liability on vested restricted stock (not a voluntary sale).
Context
Tax-withholding dispositions on RSU vesting are routine and do not necessarily signal buying or selling intent; they simply cover the insider’s tax obligation when equity grants vest. For investors, purchases by insiders often carry more informational weight than withholding events like this one.
Insider Transaction Report
- Tax Payment
Common Stock
[F1]2026-02-20$21.98/sh−187$4,110→ 28,955 total - Tax Payment
Common Stock
[F2]2026-02-20$21.98/sh−220$4,836→ 28,735 total - Tax Payment
Common Stock
[F3]2026-02-20$21.98/sh−232$5,099→ 28,503 total - Tax Payment
Common Stock
[F4]2026-02-20$21.98/sh−572$12,573→ 27,931 total
Footnotes (4)
- [F1]Reflects tax withholding on February 20, 2026 with respect to restricted shares vested on the same date, pursuant a grant of restricted stock on January 24, 2023.
- [F2]Reflects tax withholding on February 20, 2026 with respect to restricted shares vested on the same date, pursuant a grant of restricted stock on January 29, 2025.
- [F3]Reflects tax withholding on February 20, 2026 with respect to restricted shares vested on the same date, pursuant a grant of restricted stock on January 19, 2024.
- [F4]Reflects tax withholding on February 20, 2026 with respect to restricted shares vested on the same date, pursuant a grant of restricted stock on January 27, 2022.