|
|
|
(State or Other Jurisdiction
of Incorporation)
|
(Commission File No.)
|
(I.R.S. Employer
Identification No.) |
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange on which registered
|
||
|
|
|
99.1 |
Earnings Release dated January 31, 2024.
|
104.1 |
The cover page for this Current Report on Form 8-K, formatted in Inline XBRL.
|
SR BANCORP, INC.
|
||
DATE: January 31, 2024
|
By:
|
/s/ William P. Taylor |
William P. Taylor
|
||
Chief Executive Officer
|
•
|
Net income was $1.6 million for the three months ended December 31, 2023, compared to a net loss of $10.5 million for the three months ended
September 30, 2023. Excluding $32,000 of merger-related costs, offset by $1.4 million of net accretion income related to fair value adjustments, net income would have been $605,000 for the three months ended December 31, 2023. Excluding
$3.9 million of merger-related costs, a $4.2 million provision for credit losses and a $5.4 million charitable contribution, offset by $161,000 of net accretion income related to fair value adjustments, net income would have been $586,000
for the three months ended September 30, 2023.
|
•
|
Total assets were $1.07 billion, an increase of $423.5 million, or 65.0% from $651.5 million at June 30, 2023.
|
•
|
Net loans were $695.8 million, an increase of $333.5 million, or 92.1% from $362.3 million at June 30, 2023.
|
•
|
Total deposits were $843.3 million, an increase of $339.4 million, or 67.4% from $503.9 million at June 30, 2023.
|
SR Bancorp, Inc. and Subsidiaries
|
||||
Consolidated Statements of Financial Condition
|
||||
December 31, 2023 (Unaudited) and September 30, 2023 (Unaudited)
|
||||
(Dollars in Thousands)
|
||||
December 31,
|
June 30,
|
|||
2023
|
2023
|
|||
(Unaudited)
|
||||
Assets
|
||||
Cash and due from banks
|
$ 15,160
|
$ 8,657
|
||
Interest-bearing deposits at other banks
|
68,737
|
33,792
|
||
Federal funds sold
|
6,341
|
—
|
||
Total cash and cash equivalents
|
90,238
|
42,449
|
||
Securities available-for-sale, at fair value
|
34,783
|
36,076
|
||
Securities held-to-maturity, at amortized cost
|
165,190
|
171,185
|
||
Equity securities, at fair value
|
26
|
24
|
||
Loans receivable, net of allowance for credit loss of $5,218 and $1,116,
respectively
|
695,751
|
362,252
|
||
Premises and equipment, net
|
5,131
|
3,546
|
||
Right-of-use asset
|
3,057
|
19
|
||
Restricted equity securities, at cost
|
1,274
|
726
|
||
Accrued interest receivable
|
2,548
|
1,189
|
||
Bank owned life insurance
|
36,594
|
28,714
|
||
Net deferred tax asset
|
3,534
|
—
|
||
Goodwill and intangible assets
|
29,032
|
—
|
||
Other assets
|
7,782
|
5,306
|
||
Total assets
|
$ 1,074,940
|
$ 651,486
|
||
Liabilities and Equity
|
||||
Liabilities
|
||||
Deposits:
|
||||
Noninterest-bearing
|
$ 120,808
|
$ 40,687
|
||
Interest-bearing
|
722,503
|
463,230
|
||
Total deposits
|
843,311
|
503,917
|
||
Borrowings
|
20,000
|
20,000
|
||
Advance payments by borrowers for taxes and insurance
|
4,161
|
4,313
|
||
Accrued interest payable
|
907
|
—
|
||
Lease liability
|
3,137
|
19
|
||
Other liabilities
|
4,415
|
1,153
|
||
Total liabilities
|
875,931
|
529,402
|
||
Equity
|
||||
Common stock, $0.01 par value, 55,000,000 authorized; 9,507,930 and 0
shares issued, respectively
|
95
|
—
|
||
Additional paid-in capital
|
91,449
|
—
|
||
Retained earnings
|
119,202
|
127,099
|
||
Unearned compensation ESOP
|
(7,226)
|
—
|
||
Accumulated other comprehensive loss
|
(4,511)
|
(5,015)
|
||
Total stockholders' equity
|
199,009
|
122,084
|
||
Total liabilities and stockholders' equity
|
$ 1,074,940
|
$ 651,486
|
SR Bancorp, Inc. and Subsidiaries
|
||||
Consolidated Statements of Income (Loss)
|
||||
For the Three Months Ended December 31, 2023 (Unaudited) and September 30, 2023 (Unaudited)
|
||||
(Dollars in Thousands)
|
||||
Three Months Ended
|
||||
December 31, 2023
|
September 30, 2023
|
|||
(Unaudited)
|
||||
Interest Income
|
||||
Loans, including fees
|
$ 10,186
|
$ 3,755
|
||
Securities:
|
||||
Taxable
|
852
|
858
|
||
Non-taxable
|
—
|
—
|
||
Federal funds sold
|
71
|
10
|
||
Interest bearing deposits at other banks
|
1,177
|
920
|
||
Total interest income
|
12,286
|
5,543
|
||
Interest Expense
|
||||
Deposits:
|
||||
Demand
|
335
|
47
|
||
Savings and time
|
2,692
|
1,111
|
||
Borrowings
|
240
|
240
|
||
Total interest expense
|
3,267
|
1,398
|
||
Net Interest Income
|
9,019
|
4,145
|
||
Provision for Credit Losses
|
107
|
(4,162)
|
||
Net Interest Income (Expense) After Provision For Credit Losses
|
9,126
|
(17)
|
||
Noninterest Income
|
||||
Service charges and fees
|
212
|
171
|
||
Increase in cash surrender value of bank owned life insurance
|
233
|
175
|
||
Fees and service charges on loans
|
6
|
5
|
||
Unrealized gain (loss) on equity securities
|
5
|
(3)
|
||
Realized gain (loss) on sale of securities
|
31
|
(17)
|
||
Other
|
(122)
|
182
|
||
Total noninterest income
|
365
|
513
|
||
Noninterest Expense
|
||||
Salaries and employee benefits
|
3,875
|
4,544
|
||
Occupancy
|
665
|
237
|
||
Furniture and equipment
|
228
|
161
|
||
Data Processing
|
634
|
807
|
||
Advertising
|
72
|
57
|
||
FDIC premiums
|
145
|
83
|
||
Directors fees
|
97
|
88
|
||
Professional fees
|
564
|
854
|
||
Insurance
|
108
|
116
|
||
Telephone, postage and supplies
|
97
|
84
|
||
Other
|
991
|
5,906
|
||
Total noninterest expense
|
7,476
|
12,937
|
||
Income (Loss) Before Income Tax Expense
|
2,015
|
(12,441)
|
||
Income Tax Expense (Benefit)
|
408
|
(1,943)
|
||
Net Income (Loss)
|
1,607
|
(10,498)
|
SR Bancorp, Inc. and Subsidiaries
|
||||
Selected Ratios
|
||||
(Dollars in thousands, except per share data)
|
||||
Three Months Ended
|
||||
December 31, 2023
|
September 30, 2023
|
|||
(Unaudited)
|
||||
Performance Ratios: (1)
|
||||
Return (loss) on average assets (2)
|
0.60%
|
(5.74)%
|
||
Return (loss) on average equity (3)
|
3.36%
|
(32.39)%
|
||
Net interest margin (4)
|
3.56%
|
2.41%
|
||
Efficiency ratio (5)
|
79.67%
|
277.74%
|
||
Total gross loans to total deposits
|
83.12%
|
79.53%
|
||
Asset Quality Ratios:
|
||||
Allowance for credit losses on loans as a percentage of total gross loans
|
0.74%
|
0.77%
|
||
Allowance for credit losses on loans as a percentage of non-performing loans
|
3598.62%
|
3697.92%
|
||
Net (charge-offs) recoveries to average outstanding loans during the period
|
0.00%
|
0.00%
|
||
Non-performing loans as a percentage of total gross loans
|
0.02%
|
0.02%
|
||
Non-performing assets as a percentage of total assets
|
0.01%
|
0.01%
|
||
Other Data:
|
||||
Tangible book value per common share (6)
|
$17.88
|
$17.35
|
||
Tangible common equity to tangible assets
|
16.25%
|
15.29%
|
||
(1) Performance ratios for the three month periods ended December 31, 2023 and September 31, 2023 are annualized.
|
||||
(2) Represents net income divided by average total assets.
|
||||
(3) Represents net income divided by average equity.
|
||||
(4) Represents net interest income as a percentage of average interest-earning assets.
|
||||
(5) Represents non-interest expense divided by the sum of net interest income and non-interest income.
|
||||
(6) Tangible book value per share is calculated based on total stockholders' equity, excluding intangible assets (goodwill and core deposit
|
||||
intangibles), divided by total shares outstanding as of the balance sheet date. Goodwill and core deposit intangibles were $29,032 and
|
||||
$30,489 at December 31, 2023 and September 30, 2023, respectively.
|
Document and Entity Information |
Jan. 31, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jan. 31, 2024 |
Entity File Number | 001-41808 |
Entity Registrant Name | SR BANCORP, INC. |
Entity Central Index Key | 0001951276 |
Entity Incorporation, State or Country Code | MD |
Entity Tax Identification Number | 92-2601722 |
Entity Address, Address Line One | 220 West Union Avenue |
Entity Address, City or Town | Bound Brook |
Entity Address, State or Province | NJ |
Entity Address, Postal Zip Code | 08805 |
City Area Code | 732 |
Local Phone Number | 560-1700 |
Title of 12(b) Security | Common Stock, $0.01 par value |
Trading Symbol | SRBK |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
+X:?@9:SSE.LC#E YP#'\5LFJ(9BF[,#:)D+%@8
M")[5N_1^XSBZK6B>8NK5.*-,N<-XN+S(LF%AH90](G,U(S0L ;I*,GY9#5P
MV;C88<0YB.FZ'F7K(C(Y5_+)D&6KB0G-==$L^AB*9LZO.>=K)<"O0VL%F. H
MR%:C))L6\,FB8#4H-"P"YD.^!A):%D#9..BO!A4MBQ1DX1KBL7!Q>DYFZIBE
M S 5+,_P/1B(3 W2@0"V0'(K1C-L+X'-]T(W1\W_,A\<46M9AG:RR@
M@>X0$D*']N(%GWZ3Q8U>[PTW%_Y7\7S;I2XY%A)81\[D 6LRO*XP
MS7%NIE.U/I),/;69O&"9-5^A=D3&F]((.5^MB\#98,YNTQP3J?5HK%XHZN.:
MMOSCOR,F;P4.IZ+B**M,ID)I=-#SQF2%BI432Y^]4+-,-S*C4Z