SR Bancorp, Inc. announced net income of $537,000, or $0.06 per basic and diluted share, for the three months ended March 31, 2025. This represents a decrease from the $1.1 million net income reported for the same period in 2024.
Net interest income decreased by $1.1 million, or 13.1%, to $7.2 million, and the net interest margin compressed by 49 basis points to 2.82%. This was primarily due to a $919,000 increase in interest expense, driven by higher costs on interest-bearing demand deposits and borrowings.
Despite a $71.5 million increase in the average balance of loans, the yield on loans decreased by 23 basis points. Noninterest expense decreased by $509,000, or 6.7%, due to lower data processing and occupancy expenses, partially offsetting the pressure on net interest income.
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