SR Bancorp(SRBK) - 2025 Q1 - Quarterly Results

Financial Performance - Net income for the three months ended September 30, 2024, was $1.4 million, a significant increase of$ 11.9 million, or 113.0%, compared to a net loss of $10.5 million for the same period in 2023[1][5] - The company reported a net income of$ 1,367 thousand for the three months ended September 30, 2024, compared to a net loss of $10,498 thousand for the same period in 2023[29] - The return on average assets improved to 0.53% for the three months ended September 30, 2024, from a loss of 5.74% in the same period last year[30] - The efficiency ratio significantly improved to 81.23% for the three months ended September 30, 2024, compared to 277.74% for the same period in 2023[30] Asset and Loan Growth - Total assets increased by$ 32.1 million, or 3.1%, to $1.05 billion at September 30, 2024, driven by new loan originations[2][15] - Net loans rose by$ 35.9 million, or 4.9%, to $767.7 million at September 30, 2024, with multi-family loans increasing by$ 25.6 million, or 14.2%[2][18] - Total assets increased to $1,052,960 thousand as of September 30, 2024, compared to$ 1,020,844 thousand as of June 30, 2024, reflecting a growth of 3.3%[28] Deposit Growth - Total deposits increased by $12.3 million, or 1.5%, to$ 819.4 million at September 30, 2024, with $114.3 million, or 13.9%, consisting of noninterest-bearing deposits[2][20] - Total deposits increased to$ 819,384 thousand as of September 30, 2024, from $807,100 thousand as of June 30, 2024, marking a growth of 1.6%[28] Interest Income and Expenses - Interest income surged by$ 5.9 million, or 106.9%, to $11.5 million for the three months ended September 30, 2024, primarily due to a 163 basis point increase in yield on interest-earning assets[6] - Net interest income increased by$ 3.4 million, or 83.2%, to $7.6 million for the three months ended September 30, 2024, with net interest margin rising to 3.21%[8] - Net interest income for the three months ended September 30, 2024, was$ 7,594 thousand, up 83.5% from $4,145 thousand for the same period in 2023[29] - The company recorded total interest income of$ 11,467 thousand for the three months ended September 30, 2024, compared to $5,543 thousand for the same period in 2023, representing a growth of 106.5%[29] - Noninterest income rose by$ 288,000, or 56.1%, to $801,000 for the three months ended September 30, 2024, driven by increased service charges and fees[12] - Noninterest expense decreased by$ 6.1 million, or 47.3%, to $6.8 million for the three months ended September 30, 2024, primarily due to a prior year's charitable contribution[13] Credit Quality - The provision for credit losses recorded a recovery of$ 154,000 for the three months ended September 30, 2024, compared to a provision of $4.2 million for the same period in 2023[11] - The allowance for credit losses on loans as a percentage of total gross loans was 0.66% as of September 30, 2024, down from 0.77% a year earlier[30] - Non-performing loans as a percentage of total gross loans remained at 0.00% as of September 30, 2024, compared to 0.02% in the same period last year[30] Equity and Book Value - Equity increased by$ 1.1 million, or 0.5%, to $200.5 million at September 30, 2024, primarily due to net earnings of$ 1.4 million[22] - Tangible book value per common share increased to $18.17 as of September 30, 2024, from$ 17.35 a year earlier[30]