Financial Performance - The company reported a net income of $1.0 million for the three months ended December 31, 2024, a decrease of 36.5% from $1.6 million for the same period in 2023 [6] - For the six months ended December 31, 2024, net income increased to $2.4 million from a net loss of $8.9 million in the same period in 2023, representing a 126.9% increase [16] - Excluding net accretion income related to fair value adjustments, net income for the three months ended December 31, 2024 would have been $452,000 [1] Interest Income and Expense - Interest income decreased by $741,000, or 6.0%, to $11.5 million for the three months ended December 31, 2024, primarily due to a decrease in the yield on interest-earning assets [7] - Interest expense increased by $1.0 million, or 31.8%, to $4.3 million for the same period, driven by higher costs on deposits [8] - For the six months ended December 31, 2024, interest income increased by $5.2 million, or 29.1%, to $23.0 million, while interest expense rose by $3.5 million, or 75.3%, to $8.2 million [17][18] Net Interest Income - Net interest income decreased by $1.8 million, or 19.7%, to $7.2 million for the three months ended December 31, 2024 [9] - For the six months ended December 31, 2024, net interest income increased by $1.7 million, or 12.7%, to $14.8 million [19] Provision for Credit Losses - The company recorded a provision for credit losses of $12,000 for the three months ended December 31, 2024, compared to a credit of $107,000 for the same period in 2023 [12] - For the six months ended December 31, 2024, a recovery for credit losses of $142,000 was recorded, contrasting with a provision of $4.1 million in the same period in 2023 [20] Noninterest Income and Expense - Noninterest income increased by $262,000, or 71.8%, to $627,000 for the three months ended December 31, 2024, primarily due to increases in service charges and other noninterest income [13] - Noninterest expense decreased by $967,000, or 35.4%, to $6.5 million for the same period, mainly due to a reduction in salaries and employee benefits [14] Financial Condition - Total assets increased by $43.7 million, or 4.3%, to $1.06 billion at December 31, 2024, driven by new loan originations [24] - Net loans increased by $43.9 million, or 6.0%, to $775.8 million, while total deposits rose by $17.0 million, or 2.1%, to $824.1 million [26][27] - Equity decreased by $1.0 million, or 0.7%, to $198.1 million at December 31, 2024, primarily due to stock repurchases [29] Market Position - The company operates as a full-service commercial bank in New Jersey, with total assets of $1.06 billion, net loans of $775.8 million, and total deposits of $824.1 million as of December 31, 2024 [30]
SR BANCORP, INC. ANNOUNCES QUARTERLY FINANCIAL RESULTS