Markets.News
SR Bancorp, Inc., the holding company for Somerset Regal Bank, issued a corrected press release on Sept. 12, 2025, revealing financial results for the quarter and year ended June 30, 2025. They recognized $1.5 million gains from life insurance and adjusted credit loss allowances, resulting in revised figures: Provision for credit losses increased from $81 to $238 for the quarter and from a negative $24 to $133 for the year. Net income rose from $823 to $2,212 for the quarter and from $3,747 to $5,136 for the year. Total assets increased by 6.2%, with loans up by 8.9% and deposits increasing by 4.8% from the previous year. Noninterest income jumped by 152.2%, and noninterest expense rose by 3.3%. The Bank reported a provision for credit losses of $238,000 for the quarter and $133,000 for the year, with a non-performing loan value reduction from $50,000 to $0 year-over-year. Total assets were $1.08 billion, with net loans at $797.2 million, deposits at $846.0 million, and total equity at $193.8 million at June 30, 2025. The Bank saw the net interest income rise from $29.4 million to $29.6 million year-over-year, along with a $210,000 increase in the margin. The provision for credit losses decreased from $4.1 million to $133,000 year-over-year, adjusted due to revised quantitative loss factors. The Bank's net income stood at $5.1 million, up from a net loss of $10.9 million in the previous year. UIAlertificant increases in interest income, noninterest income, net interest income, and net income attributed to distinct gains and adjustments throughout the year.