SR Bancorp, Inc. reported a net income of $886,000 for the three months ended March 31, 2026, representing a 65% increase from $537,000 in the same period last year. For the nine months ended March 31, 2026, net income decreased to $2.4 million from $2.9 million in the prior year. The increase in quarterly net income was attributed to an increase in interest income, which rose by 8.6% to $12.5 million, driven by a higher average balance of interest-earning assets and an increase in yield. However, the nine-month results were impacted by a significant decrease in net accretion income related to fair value adjustments from the acquisition of Regal Bancorp.
Total assets for SR Bancorp increased by 5.4% to $1.14 billion as of March 31, 2026, compared to $1.08 billion at June 30, 2025. This growth was primarily driven by a $61.9 million increase in loans receivable, which rose to $859.1 million, reflecting strong demand in both commercial and residential lending. Total liabilities also increased by 7.7% to $959 million, largely due to a $48.3 million rise in deposits and a $20 million increase in borrowings from the Federal Home Loan Bank of New York.
In terms of operational metrics, the bank's total deposits reached $894.3 million, a 5.7% increase from the previous fiscal period. The growth in deposits was supported by competitive interest rates on certain accounts, which led to an increase in interest-bearing demand deposits. The bank's allowance for credit losses stood at $5.7 million, representing 0.66% of total loans, with no non-performing loans reported as of March 31, 2026.
Strategically, SR Bancorp has focused on enhancing its loan portfolio, with residential mortgage loans comprising 52.7% and commercial loans 45.7% of total loans. The bank has also implemented measures to manage interest rate risk effectively, including growing transaction deposit accounts and emphasizing shorter-term commercial loans. Looking ahead, the bank aims to continue expanding its market share in commercial loan originations while maintaining a strong capital position, as it remains well-capitalized under regulatory guidelines.
About SR Bancorp, Inc.
SR Bancorp, Inc. is a Maryland-based holding company for Somerset Regal Bank, offering banking services in New Jersey. It provides a range of deposit and loan products, including residential, commercial real estate, multi-family, and consumer loans. The company focuses on community banking, commercial and residential lending, and investment securities, serving diverse markets with competitive banking solutions and regulatory compliance.
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