SR BANCORP, INC. ANNOUNCES QUARTERLY AND ANNUAL FINANCIAL RESULTS [Yahoo! Finance]
SR Bancorp, Inc. (SRBK)
Company Research
Source: Yahoo! Finance
Bank (the "Bank"), announced a net loss of $10.9 million for the year ended June 30, 2024 (unaudited), compared to net income of $1.6 million for the year ended June 30, 2023 . One-time expenses incurred during the year included $4.4 million of merger-related expenses and a $4.2 million provision for credit losses, each of which was related to the acquisition of Regal Bancorp ("Regal Bancorp"), which is described in greater detail below, as well as a $5.4 million charitable contribution to establish the Somerset Regal Charitable Foundation. In addition, a $4.4 million loss on the sale of available-for-sale securities was incurred during the fourth quarter of fiscal 2024 as part of a balance sheet repositioning strategy whereby the proceeds of $30.9 million were redeployed into residential and commercial real estate loans. It was expected that the loss would be recouped within approximately 3.27 years and that the loans would have a positive spread differential over the securities that
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SRBK
Sec Filings
- 9/20/24 - Form 8-K
- 9/19/24 - Form 4
- 9/18/24 - Form 4
- SRBK's page on the SEC website