SR Bancorp Files 2024 10-K

TL;DR

SRBK filed its 2024 10-K. All good.

AI Summary

SR Bancorp, Inc. filed its 10-K for the fiscal year ending June 30, 2024, reporting on its financial condition and operations. The filing details various aspects of the company's business, including its loan portfolio, funding sources, and risk management practices. Key financial data and disclosures relevant to investors and regulators are presented.

Why It Matters

This 10-K filing provides a comprehensive overview of SR Bancorp's financial health and strategic direction for the past fiscal year, crucial for understanding its performance and future prospects.

Risk Assessment

Risk Level: low — The provided text is a standard 10-K filing header and does not contain specific risk-related disclosures.

Key Numbers

• 2024-06-30 — Fiscal Year End (Reporting period for the 10-K)
• 2024-10-16 — Filing Date (Date the 10-K was submitted to the SEC)

Key Players & Entities

• SR Bancorp, Inc. (company) — Filer of the 10-K
• 2024-06-30 (date) — Fiscal year end
• 2024-10-16 (date) — Filing date
• 0000950170-24-114772 (other) — Accession Number
• 001-41808 (other) — SEC File Number

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share SRBK The Nasdaq Stock Mar
• $1.02 b — 0, 2024, SR Bancorp had total assets of $1.02 billion, deposits of $807.1 million and t
• $807.1 million — al assets of $1.02 billion, deposits of $807.1 million and total equity of $199.5 million. T
• $199.5 million — s of $807.1 million and total equity of $199.5 million. The Company became the holding compa
• $10.00 — hares of its common stock at a price of $10.00 per share, which included 760,364 share
• $905,517 — Company contributed 452,758 shares and $905,517 in cash to the Somerset Regal Charitabl
• $23.00 — , Regal Bancorp's shareholders received $23.00 in cash for each share of Regal Bancorp
• $69.5 million — te cost of the Merger was approximately $69.5 million. The acquisition of Regal Bancorp and R
• $100,000 — ntages of households with incomes above $100,000 compared to the U.S and New Jersey. Non
• $353.1 million — 024 deposit data, Somerset Regal Bank's $353.1 million of deposits provided for a 2.0% market
• $316.1 million — Estate Loans . At June 30, 2024, we had $316.1 million in multi-family and commercial real est
• $135.8 m — 4, commercial real estate loans totaled $135.8 million, of which $60.0 million was owner
• $60.0 million — loans totaled $135.8 million, of which $60.0 million was owner-occupied real estate and $75.
• $75.8 million — lion was owner-occupied real estate and $75.8 million was secured by income producing, or non
• $6.0 million — est commercial real estate loan totaled $6.0 million and was secured by a non-owner-occupied

Filing Documents

• srbk-20240630.htm (10-K) — 5332KB
• srbk-ex4_1.htm (EX-4.1) — 39KB
• srbk-ex10_6.htm (EX-10.6) — 43KB
• srbk-ex21.htm (EX-21) — 9KB
• srbk-ex23.htm (EX-23) — 3KB
• srbk-ex31_1.htm (EX-31.1) — 16KB
• srbk-ex31_2.htm (EX-31.2) — 16KB
• srbk-ex32_1.htm (EX-32.1) — 15KB
• 0000950170-24-114772.txt ( ) — 23813KB
• srbk-20240630.xsd (EX-101.SCH) — 2212KB
• srbk-20240630_htm.xml (XML) — 6256KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 25 Item 1B. Unresolved Staff Comments 35 Item 1C. Cybersecurity 35 Item 2.

Properties

Properties 37 Item 3.

Legal Proceedings

Legal Proceedings 38 Item 4. Mine Safety Disclosures 38 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 39 Item 6. [Reserved] 39 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 40 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 53 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 53 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 53 Item 9A.

Controls and Procedures

Controls and Procedures 53 Item 9B. Other Information 54 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 54 PART III Item 10. Directors, Executive Officers and Corporate Governance 55 Item 11.

Executive Compensation

Executive Compensation 55 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 55 Item 13. Certain Relationships and Related Transactions, and Director Independence 55 Item 14. Principal Accountant Fees and Services 55 PART IV Item 15. Exhibits and Financial Statement Schedules 56 Item 16. Form 10-K Summary 56 ii PAR T I

. Business

Item 1 . Business. General SR Bancorp, Inc. SR Bancorp, Inc. ("SR Bancorp" or the "Company") is a Maryland chartered company and the holding company for Somerset Regal Bank (the "Bank"). SR Bancorp's primary business activity is the ownership of the outstanding common stock of Somerset Regal Bank. SR Bancorp does not own or lease any property but instead uses the premises, equipment and other property of Somerset Regal Bank with the payment of appropriate rental fees, as required by applicable law and regulations, under the terms of an expense allocation agreement. At June 30, 2024, SR Bancorp had total assets of $1.02 billion, deposits of $807.1 million and total equity of $199.5 million. The Company became the holding company for Somerset Regal Bank as part of the mutual-to-stock conversion of Somerset Savings Bank, SLA as described below. However, as of June 30, 2023, the conversion had not been completed. Accordingly, the financial and other information contained in this document at and for the year ended June 30, 2023 is for Somerset Savings Bank, SLA, unless indicated otherwise. In the future, SR Bancorp may acquire or organize other entities or operating subsidiaries; however, there are no current plans, arrangements, agreements or understandings, written or oral, to do so. Our website address is www.somersetregalbank.com. We plan to make available on our website, free of charge, our annual report on Form 10-K, quarterly reports on Form 10-Q and amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act. Information on our website should not be considered a part of this document. Somerset Regal Bank. Somerset Regal Bank was formed through the combination on September 19, 2023 of Somerset Bank and Regal Bank, two New Jersey chartered institutions. The Bank operates from 14 branches in Essex, Hunterdon, Hudson, Livingston, Middlesex, Morris, Somerset and Union counties in the northern and central New Jers

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View this 10-K filing on SEC EDGAR