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SR Bancorp, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
Total assets increased by $32.1 million to $1.05 billion, primarily driven by new loan originations, resulting in a net increase of $35.9 million in loans receivable.
Cash and cash equivalents rose by $1.4 million, reaching $47.3 million due to increases in deposits and borrowings.
Securities held-to-maturity decreased by $3.6 million, attributed to principal repayments and maturities.
Net income for the quarter was $1.4 million, compared to a net loss of $10.5 million in the previous year. This increase was influenced by $1.0 million of net accretion income related to fair value adjustments from the merger.
Interest income increased by $5.9 million to $11.5 million, driven by a 163 basis point increase in yield on interest-earning assets and a $343.2 million increase in the average balance of loans.
Interest expense rose by $2.5 million to $3.9 million due to increased interest expense on deposits.
Net interest income increased by $3.4 million to $7.6 million, with net interest margin improving by 80 basis points to 3.21%.
The provision for credit losses was a recovery of $154,000, compared to a provision of $4.2 million in the previous year.
Noninterest income increased by $288,000 to $801,000, primarily due to an increase in service charges and fees.
Noninterest expense decreased by $6.1 million to $6.8 million, largely due to the absence of a $5.4 million charitable contribution recorded in the prior year.
Total liabilities increased by $31.1 million to $852.4 million, mainly due to a $20.0 million advance borrowing and a $12.7 million increase in deposits.
Total equity increased by $1.1 million to $200.5 million, driven by net earnings and a decrease in accumulated other comprehensive loss.
SR Bancorp reported no significant changes in risk factors from those disclosed in its Annual Report on Form 10-K for the year ended June 30, 2024.
The company repurchased 66,288 shares of common stock during the quarter, as part of a repurchase program announced on September 20, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SR Bancorp Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.