SR Bancorp posts Q3 net income $1.1M, adjusted net income drops to $258K on merger costs

SR Bancorp, Inc.

2024-Q3 EPS reported -$1.27

Net income $1.1M for quarter ended March 31, 2024, down 33.9% from $1.6M prior quarter; adjusted net income was $258K.
Total assets $1.05B at March 31, 2024, up 61.6% from June 30, 2023 due to Regal Bancorp acquisition.
Net loans $698.9M (+92.9%) and deposits $838.0M (+66.3%) driven by merger; no outstanding borrowings.
Net interest margin narrowed 21 bps QoQ to 3.31%; net interest income fell 8.3% to $8.3M.
Two branches closed Jan/Mar 2024; $200K in additional data processing costs expected in next quarter.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SR Bancorp, Inc. reported the three months ended March 31, 2024 results: net income $1.1 million.

Period: the three months ended March 31, 2024
Net income: $1.1 million
Result: reported results

Exact text from the filing

SR BANCORP, INC. (the “Company”) (NASDAQ: SRBK), the holding company for Somerset Regal Bank (the “Bank”), announced net income of $1.1 million for the three months ended March 31, 2024 (unaudited)

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Source: SEC EDGAR

accession 0001193125-24-126505

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