SR Bancorp EPS $0.12 Down From $0.18 YoY
Portfolio Pulse from Benzinga Newsdesk
SR Bancorp reported a decrease in EPS to $0.12 from $0.18 YoY with net income of $1.1 million for Q1 2024, down from $1.6 million in the previous quarter. Excluding certain adjustments, net income would have been $258,000. Total assets grew by 61.6% to $1.05 billion, net loans by 92.9% to $698.9 million, and total deposits by 66.3% to $838.0 million since June 30, 2023. The bank also completed the integration of the Regal Bank core system.
April 30, 2024 | 9:24 pm
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NEUTRAL IMPACT
SR Bancorp's EPS decreased to $0.12 from $0.18 YoY, with a net income drop to $1.1 million in Q1 2024 from $1.6 million in the previous quarter. However, the bank showed significant growth in assets, loans, and deposits.
The decrease in EPS and net income may concern investors, indicating potential short-term challenges. However, the substantial growth in assets, loans, and deposits reflects a strong underlying business expansion, which could mitigate negative perceptions. The completion of the core system integration suggests operational improvements that may enhance long-term efficiency and profitability.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100