Maryland
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001-41808
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92-2601722
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(State or Other Jurisdiction
of Incorporation)
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(Commission File No.)
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(I.R.S. Employer
Identification No.) |
220 West Union Avenue, Bound Brook, New Jersey
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08805
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(Address of Principal Executive Offices)
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(Zip Code)
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading
Symbol(s)
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Name of each exchange on which registered
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Common Stock, $0.01 par value
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SRBK
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The NASDAQ Stock Market LLC
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99.1 |
Earnings Release dated January 31, 2024.
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104.1 |
The cover page for this Current Report on Form 8-K, formatted in Inline XBRL.
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SR BANCORP, INC.
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DATE: January 31, 2024
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By:
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/s/ William P. Taylor |
William P. Taylor
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Chief Executive Officer
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•
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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.
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•
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Total assets were $1.07 billion, an increase of $423.5 million, or 65.0% from $651.5 million at June 30, 2023.
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•
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Net loans were $695.8 million, an increase of $333.5 million, or 92.1% from $362.3 million at June 30, 2023.
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•
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Total deposits were $843.3 million, an increase of $339.4 million, or 67.4% from $503.9 million at June 30, 2023.
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SR Bancorp, Inc. and Subsidiaries
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Consolidated Statements of Financial Condition
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December 31, 2023 (Unaudited) and September 30, 2023 (Unaudited)
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(Dollars in Thousands)
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December 31,
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June 30,
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2023
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2023
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(Unaudited)
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Assets
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Cash and due from banks
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$ 15,160
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$ 8,657
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Interest-bearing deposits at other banks
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68,737
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33,792
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Federal funds sold
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6,341
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—
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Total cash and cash equivalents
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90,238
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42,449
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Securities available-for-sale, at fair value
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34,783
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36,076
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Securities held-to-maturity, at amortized cost
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165,190
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171,185
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Equity securities, at fair value
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26
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24
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Loans receivable, net of allowance for credit loss of $5,218 and $1,116,
respectively
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695,751
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362,252
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Premises and equipment, net
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5,131
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3,546
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Right-of-use asset
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3,057
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19
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Restricted equity securities, at cost
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1,274
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726
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Accrued interest receivable
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2,548
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1,189
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Bank owned life insurance
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36,594
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28,714
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Net deferred tax asset
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3,534
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—
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Goodwill and intangible assets
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29,032
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—
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Other assets
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7,782
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5,306
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Total assets
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$ 1,074,940
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$ 651,486
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Liabilities and Equity
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Liabilities
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Deposits:
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Noninterest-bearing
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$ 120,808
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$ 40,687
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Interest-bearing
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722,503
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463,230
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Total deposits
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843,311
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503,917
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Borrowings
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20,000
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20,000
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Advance payments by borrowers for taxes and insurance
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4,161
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4,313
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Accrued interest payable
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907
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—
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Lease liability
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3,137
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19
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Other liabilities
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4,415
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1,153
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Total liabilities
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875,931
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529,402
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Equity
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Common stock, $0.01 par value, 55,000,000 authorized; 9,507,930 and 0
shares issued, respectively
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95
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—
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Additional paid-in capital
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91,449
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—
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Retained earnings
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119,202
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127,099
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Unearned compensation ESOP
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(7,226)
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—
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Accumulated other comprehensive loss
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(4,511)
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(5,015)
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Total stockholders' equity
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199,009
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122,084
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Total liabilities and stockholders' equity
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$ 1,074,940
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$ 651,486
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SR Bancorp, Inc. and Subsidiaries
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Consolidated Statements of Income (Loss)
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For the Three Months Ended December 31, 2023 (Unaudited) and September 30, 2023 (Unaudited)
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(Dollars in Thousands)
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Three Months Ended
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December 31, 2023
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September 30, 2023
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(Unaudited)
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Interest Income
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Loans, including fees
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$ 10,186
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$ 3,755
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Securities:
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Taxable
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852
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858
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Non-taxable
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—
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—
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Federal funds sold
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71
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10
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Interest bearing deposits at other banks
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1,177
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920
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Total interest income
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12,286
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5,543
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Interest Expense
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Deposits:
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Demand
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335
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47
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Savings and time
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2,692
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1,111
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Borrowings
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240
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240
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Total interest expense
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3,267
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1,398
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Net Interest Income
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9,019
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4,145
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Provision for Credit Losses
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107
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(4,162)
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Net Interest Income (Expense) After Provision For Credit Losses
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9,126
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(17)
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Noninterest Income
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Service charges and fees
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212
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171
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Increase in cash surrender value of bank owned life insurance
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233
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175
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Fees and service charges on loans
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6
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5
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Unrealized gain (loss) on equity securities
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5
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(3)
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Realized gain (loss) on sale of securities
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31
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(17)
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Other
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(122)
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182
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Total noninterest income
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365
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513
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Noninterest Expense
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Salaries and employee benefits
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3,875
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4,544
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Occupancy
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665
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237
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Furniture and equipment
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228
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161
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Data Processing
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634
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807
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Advertising
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72
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57
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FDIC premiums
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145
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83
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Directors fees
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97
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88
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Professional fees
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564
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854
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Insurance
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108
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116
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Telephone, postage and supplies
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97
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84
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Other
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991
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5,906
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Total noninterest expense
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7,476
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12,937
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Income (Loss) Before Income Tax Expense
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2,015
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(12,441)
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Income Tax Expense (Benefit)
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408
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(1,943)
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Net Income (Loss)
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1,607
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(10,498)
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SR Bancorp, Inc. and Subsidiaries
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Selected Ratios
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(Dollars in thousands, except per share data)
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Three Months Ended
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December 31, 2023
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September 30, 2023
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(Unaudited)
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Performance Ratios: (1)
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Return (loss) on average assets (2)
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0.60%
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(5.74)%
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Return (loss) on average equity (3)
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3.36%
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(32.39)%
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Net interest margin (4)
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3.56%
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2.41%
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Efficiency ratio (5)
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79.67%
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277.74%
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Total gross loans to total deposits
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83.12%
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79.53%
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Asset Quality Ratios:
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Allowance for credit losses on loans as a percentage of total gross loans
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0.74%
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0.77%
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Allowance for credit losses on loans as a percentage of non-performing loans
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3598.62%
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3697.92%
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Net (charge-offs) recoveries to average outstanding loans during the period
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0.00%
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0.00%
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Non-performing loans as a percentage of total gross loans
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0.02%
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0.02%
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Non-performing assets as a percentage of total assets
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0.01%
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0.01%
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Other Data:
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Tangible book value per common share (6)
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$17.88
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$17.35
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Tangible common equity to tangible assets
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16.25%
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15.29%
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(1) Performance ratios for the three month periods ended December 31, 2023 and September 31, 2023 are annualized.
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(2) Represents net income divided by average total assets.
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(3) Represents net income divided by average equity.
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(4) Represents net interest income as a percentage of average interest-earning assets.
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(5) Represents non-interest expense divided by the sum of net interest income and non-interest income.
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(6) Tangible book value per share is calculated based on total stockholders' equity, excluding intangible assets (goodwill and core deposit
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intangibles), divided by total shares outstanding as of the balance sheet date. Goodwill and core deposit intangibles were $29,032 and
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$30,489 at December 31, 2023 and September 30, 2023, respectively.
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