Somerset Savings Bank reports net income $1.6M; SR Bancorp stock offering and Regal merger set

SR Bancorp, Inc.

Net income $1.6M for year ended June 30, 2023, down 17% from $1.9M; adjusted net income $2.0M excluding Regal acquisition costs.
Total assets $651.5M (+0.4%), net loans $362.3M (+8.3%), deposits $503.9M (-3.5%).
Net interest margin expanded 41 bps to 3.00%; borrowed $20M from Fed Bank Term Funding Program for liquidity.
SR Bancorp expects to sell 9,055,172 shares at $10.00 each; trading on Nasdaq begins Sept 20 under 'SRBK'.
Regal Bancorp merger to close promptly after conversion; each Regal share to receive $23.00 cash.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SR Bancorp, Inc. reported year ended June 30, 2023 results: net income $1.6 million.

Period: year ended June 30, 2023
Net income: $1.6 million
Result: reported results

Exact text from the filing

SOMERSET SAVINGS BANK, SLA (the “Bank”), announced today net income of $1.6 million for the year ended June 30, 2023 (unaudited), compared to net income of $1.9 million for the year ended June 30, 2022.

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Source: SEC EDGAR

accession 0000943374-23-000387

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