SR Bancorp, Inc. announced net income of $1.0 million, or $0.12 per basic and diluted share, for the three months ended December 31, 2024. This represents a decrease from the $1.6 million net income reported for the same period in 2023.
Net interest income decreased by $1.8 million, or 19.7%, to $7.2 million, while the net interest margin compressed by 68 basis points to 2.88%. This was primarily due to interest expense increasing faster than interest income, with deposit costs rising to remain competitive.
Total assets increased to $1.06 billion, and net loans grew to $775.8 million, reflecting continued balance sheet expansion. However, the increase in interest expense on interest-bearing demand deposits by $908,000 and on certificates of deposit by $96,000 highlights the challenging interest rate environment.
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