Welcome to our dedicated page for SR Bancorp news (Ticker: SRBK), a resource for investors and traders seeking the latest updates and insights on SR Bancorp stock.
SR Bancorp Inc (SRBK), the holding company for New Jersey-based Somerset Regal Bank, provides community-focused banking services through strategic deposit mobilization and loan funding. This page aggregates official company announcements and financial developments for investors and stakeholders.
Access timely updates including quarterly earnings reports, regulatory filings, merger activities, and community reinvestment initiatives. Our curated collection ensures transparent tracking of SRBK's balance sheet strategies, risk management practices, and market positioning within the regional banking sector.
Key updates cover asset repositioning efforts, deposit growth metrics, credit quality assessments, and technological modernization programs. Bookmark this page for direct access to primary source materials that inform understanding of SRBK's operational evolution and financial health.
SR Bancorp (NASDAQ: SRBK), the holding company for Somerset Regal Bank, has announced its first quarterly cash dividend payment. The company's Board of Directors declared a dividend of $0.05 per share, which will be distributed on April 15, 2025 to stockholders of record as of March 31, 2025. The announcement reflects the company's strong financial position, according to CEO William P. Taylor.
SR Bancorp (NASDAQ: SRBK) reported Q4 2024 net income of $1.0 million ($0.12 per share), down from $1.6 million in Q4 2023. For the six months ended December 31, 2024, net income was $2.4 million ($0.27 per share), compared to a net loss of $8.9 million in the same period of 2023.
Total assets increased 4.3% to $1.06 billion, with net loans up 6.0% to $775.8 million and deposits rising 2.1% to $824.1 million. The bank's net interest margin decreased to 2.88% from 3.56% year-over-year, while the allowance for credit losses was 0.65% of total loans.
Key developments include a $30.0 million short-term borrowing to fund loan growth, and the repurchase of 347,057 shares at a cost of $3.9 million. The bank maintains strong asset quality with no non-performing loans at quarter-end.
SR Bancorp (NASDAQ: SRBK) reported net income of $1.4 million ($0.16 per share) for Q3 2024, compared to a net loss of $10.5 million in Q3 2023. Total assets reached $1.05 billion, up 3.1% from June 2024. Net loans increased 4.9% to $767.7 million, while deposits grew 1.5% to $819.4 million. The company's net interest margin improved to 3.21% from 2.41% year-over-year. Notable developments include a $20 million short-term borrowing to fund loan growth and the closure of a retail branch in Livingston, New Jersey.
SR Bancorp, Inc. (NASDAQ: SRBK), the holding company for Somerset Regal Bank, has announced its first stock repurchase program since completing its stock offering on September 19, 2023. The program aims to repurchase up to 950,793 shares of its common stock, representing approximately 10% of its outstanding shares.
The repurchases may be conducted through open market or private transactions, block trades, or any trading plan compliant with SEC Rule 10b5-1. The timing and amount of repurchases will depend on factors such as stock availability, market conditions, trading price, alternative capital uses, and the company's financial performance. Open market purchases will adhere to SEC Rule 10b-18 and other legal requirements.
CEO William P. Taylor expressed satisfaction with the company's strong capital position, enabling this stock repurchase initiative.
SR Bancorp (NASDAQ: SRBK) reported a net loss of $10.9 million for the year ended June 30, 2024, compared to net income of $1.6 million in 2023. The loss included one-time expenses related to the acquisition of Regal Bancorp, including $4.4 million in merger-related costs and a $4.2 million provision for credit losses. The company also incurred a $4.4 million loss on the sale of securities as part of a balance sheet repositioning strategy. Total assets increased 56.7% to $1.02 billion, with net loans up 102% to $731.9 million. Deposits rose 60.2% to $807.1 million. The company completed its stock offering and merger with Regal Bancorp on September 19, 2023, selling 9,055,172 shares at $10 per share.
SR Bancorp, the holding company for Somerset Regal Bank, announced a balance sheet repositioning strategy.
The company sold $35.4 million of lower-yielding investment securities for a pre-tax realized loss of approximately $4.4 million. This sale represents most of the bank's available-for-sale portfolio.
The $30.9 million proceeds will be redeployed into residential and commercial real estate mortgages, anticipated to have a positive spread differential of about 465 basis points over the sold securities. This could result in $1.4 million in additional pre-tax earnings annually.
The loss is expected to be recouped within 3.27 years. The impact on shareholders' equity and book value per share is minimal. The bank’s capital levels remain well above required thresholds. The repositioning is projected to improve earnings, net interest margin, and return on assets.
SR Bancorp, Inc. reported a net income of $1.1 million for Q1 2024, down from $1.6 million in Q4 2023. Excluding certain costs, net income would have been $258,000. Total assets, loans, and deposits saw significant increases. The Bank completed a core system data conversion during the quarter.