SR Bancorp(US:SRBK)2025-10-30 20:00Financial Performance - Net income for the three months ended September 30, 2025, was $693,000, a decrease of $674,000 or 49.3% compared to $1.4 million for the same period in 2024[1][3] - Net income for the three months ended September 30, 2025, was $693 thousand, a decrease of 49.3% compared to $1,367 thousand for the same period in 2024[24] - Basic earnings per share for the three months ended September 30, 2025, was $0.09, down from $0.16 in the same period of 2024, reflecting a decline of 43.8%[24] - The return on average assets decreased to 0.25% for the three months ended September 30, 2025, down from 0.53% in the prior year[26] Asset and Deposit Growth - Total assets increased by $25.7 million, or 2.4%, to $1.11 billion at September 30, 2025, from $1.08 billion at June 30, 2025[2][12] - Total assets increased to $1,110,096 thousand as of September 30, 2025, up from $1,084,405 thousand as of June 30, 2025, representing a growth of 2.5%[22] - Total deposits increased by $23.6 million, or 2.8%, to $869.6 million at September 30, 2025, with a significant portion attributed to raised rates on interest-bearing deposit accounts[2][15] - Total deposits increased to $869,612 thousand as of September 30, 2025, compared to $846,022 thousand as of June 30, 2025, marking a growth of 2.8%[22] Loan and Interest Income - Net loans rose by $29.2 million, or 3.7%, to $826.4 million at September 30, 2025, driven by residential mortgage and commercial loan growth[2][14] - Interest income increased by $468,000, or 4.1%, to $11.9 million for the three months ended September 30, 2025, due to a $50.6 million increase in the average balance of interest-earning assets[4] - Total interest income rose to $11,935 thousand for the three months ended September 30, 2025, compared to $11,467 thousand in the same period last year, reflecting an increase of 4.1%[24] - Net interest income after provision for credit losses was $7,424 thousand, down from $7,748 thousand year-over-year, indicating a decline of 4.2%[24] Expenses and Efficiency - Interest expense rose by $467,000, or 12.1%, to $4.3 million for the three months ended September 30, 2025, primarily due to a $55.1 million increase in the average balance of interest-bearing liabilities[5] - Noninterest income decreased by $236,000, or 29.5%, to $565,000 for the three months ended September 30, 2025, mainly due to lower account fees and card charges[9] - The efficiency ratio increased to 86.94% for the three months ended September 30, 2025, compared to 81.23% for the same period in 2024, suggesting a decrease in operational efficiency[26] Credit Losses and Equity - The provision for credit losses was $171,000 for the three months ended September 30, 2025, compared to a recovery of $154,000 for the same period in 2024[8] - The allowance for credit losses on loans as a percentage of total gross loans was 0.67% as of September 30, 2025, slightly up from 0.66% a year earlier[26] - Equity decreased by $1.8 million, or 1.0%, to $191.9 million at September 30, 2025, primarily due to the repurchase of common stock[17] Taxation - The effective tax rate increased to 22.6% for the three months ended September 30, 2025, compared to 21.0% for the same period in 2024[11] Shareholder Value - Tangible book value per share improved to $19.08 as of September 30, 2025, compared to $18.30 a year earlier, indicating a growth of 4.3%[26]