SR Bancorp, Inc. announced net income of $1.4 million, or $0.16 per basic and diluted share, for the three months ended September 30, 2024. This marks a substantial improvement compared to a net loss of $10.5 million reported for the same period in 2023.
Net interest income increased by $3.4 million, or 83.2%, reaching $7.6 million for the quarter, while the net interest margin expanded by 80 basis points to 3.21%. Total assets grew to $1.05 billion, an increase of $32.1 million or 3.1% from June 30, 2024, driven by a $35.9 million increase in net loans.
The company also reported a recovery for credit losses of $154,000, a notable shift from a $4.2 million provision in the prior year, reflecting updated model assumptions post-merger. Noninterest expense decreased by $6.1 million, or 47.3%, primarily due to the absence of a $5.4 million charitable contribution and lower merger-related salaries and benefits from the prior year.
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