SR Bancorp, Inc. issued corrected financial results for the quarter and year ended June 30, 2025, significantly revising its reported net income upwards. For the three months ended June 30, 2025, net income was corrected to $2.2 million, or $0.28 per basic share, from the initially reported $823,000.
The revisions were primarily due to the recognition of $1.5 million in gains from life insurance proceeds and an adjustment to the allowance for credit losses, which increased the provision by $157,000. The corrected results also show improved metrics, with return on average assets at 0.82% and return on average equity at 4.66% for the quarter.
For the full year ended June 30, 2025, net income was corrected to $5.1 million, or $0.61 per basic and diluted share, up from the initial report of $3.7 million. The efficiency ratio for the full year also improved to 81.21% from 85.32%, reflecting a more favorable cost-to-revenue performance.
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