SR BANCORP, INC. ANNOUNCES BALANCE SHEET REPOSITIONING [Yahoo! Finance]
SR Bancorp, Inc. (SRBK)
Company Research
Source: Yahoo! Finance
Bank (the "Bank"), announced the completion of a balance sheet repositioning strategy related to its investment securities portfolio. The Company sold $35.4 million in book value of its lower-yielding investment securities for a pre-tax realized loss of approximately $4.4 million . These securities represented the vast majority of the Bank's available-for-sale portfolio. The Bank anticipates that the $30.9 million of proceeds from the sale of these securities will be redeployed into approximately the same amount of residential and commercial real estate mortgages. Assuming such loans are originated consistent with the rates existing on the Bank's current loan pipeline, it is anticipated that the loans will have a positive spread differential of approximately 465 basis points over the securities that were sold, which is expected to result in $1.4 million in additional pre-tax earnings, on an annualized basis. Under those assumptions, the Company estimates that the loss on the sale of
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SRBK
Sec Filings
- 6/18/24 - Form 4
- 6/18/24 - Form 4
- 6/18/24 - Form 4
- SRBK's page on the SEC website