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Get filing alertsSR Bancorp Q3 net income jumps 65% to $886K on margin expansion and loan growth
Filed April 28, 2026 · Period ending April 28, 2026 · ~1 min read
Key Changes
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Q3 FY2026 net income rose 65% YoY to $886K ($0.12/share) from $537K ($0.06/share), driven by 8.8% net interest income growth to $7.8M, 30bp spread expansion to 2.55%, and 18bp margin improvement to 3.00%.
Exhibit 99.1 view on EDGAR → -
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Nine-month net income declined 17.5% to $2.4M ($0.32/share) from $2.9M ($0.34/share), primarily due to lower acquisition accretion ($647K vs. $2.4M prior year) and $305K credit loss provision versus $105K recovery in prior year.
Exhibit 99.1 view on EDGAR → -
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Net loans grew 7.8% to $859.1M since June 2025, led by $33.9M commercial loan growth and $27.0M residential mortgage growth; deposits increased 5.7% to $894.3M, supplemented by $20M in FHLB borrowings.
Exhibit 99.1 view on EDGAR → -
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Company repurchased 761,229 shares for $12.0M during the nine months, reducing shares outstanding from 8.9M to 8.2M and equity by $9.3M to $184.5M, partially offset by $2.4M net earnings.
Exhibit 99.1 view on EDGAR → -
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Asset quality remained pristine with zero non-performing loans, zero charge-offs, and allowance for credit losses stable at 0.66% of total loans versus 0.65% a year earlier.
Exhibit 99.1 view on EDGAR →
Summary
SR Bancorp reported strong Q3 fiscal 2026 results with net income of $886,000 ($0.12 per share), up 65% from the prior-year quarter, driven by meaningful net interest margin expansion and robust loan growth.
The company's net interest rate spread widened 30 basis points to 2.55% and net interest margin improved 18 basis points to 3.00%, reflecting better deposit pricing and a $70 million increase in average loan balances. Excluding accretion, adjusted net income would have been $1.9 million compared to $1.2 million in the prior year, indicating underlying earnings growth. The company deployed $12.0 million to repurchase 761,229 shares (reducing the share count from 8.9 million to 8.2 million), signaling management confidence in the bank's valuation and capital position. Asset quality remains excellent with zero non-performing loans and zero charge-offs, providing a clean foundation for continued growth.
Section-by-Section Diff
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
SR Bancorp, Inc. (the “Company”) (NASDAQ: SRBK), the holding company for Somerset Regal Bank (the “Bank”), announced net income of $886,000 for the three months ended March 31, 2026, or $0.12 per basic and diluted share, compared to net income of $537,000 for the three months ended March 31, 2025, or $0.06 per basic and diluted share.
The company reported Q3 fiscal 2026 net income of $886,000, or $0.12 per share, a 65% increase from $537,000, or $0.06 per share, in the prior-year quarter. The improvement was driven by an 8.8% increase in net interest income to $7.8 million, reflecting a 30 basis point expansion in net interest rate spread to 2.55% and an 18 basis point improvement in net interest margin to 3.00%. Loan growth of $70 million average balance and improved deposit pricing contributed to the stronger performance.
Added in current filing · view on EDGAR →
The Company reported net income of $2.4 million for the nine months ended March 31, 2026, or $0.32 per basic and $0.31 per diluted share, compared to a net income of $2.9 million for the nine months ended March 31, 2025, or $0.34 per basic and diluted share.
For the nine months ended March 31, 2026, net income was $2.4 million ($0.32 per basic share), down 17.5% from $2.9 million ($0.34 per share) in the prior-year period. The decline was primarily due to lower net accretion income from the September 2023 Regal Bancorp acquisition ($0.32 in FY2026 vs. $0.34 in FY2025) and a $305,000 provision for credit losses (versus a $105,000 recovery in the prior year). Excluding acquisition-related accretion, adjusted net income would have been $0.32 for the nine months ended March 31, 2026, compared to $1.2 million in the prior year.
Added in current filing · view on EDGAR →
Total assets were $1.14 billion at March 31, 2026, an increase of $59.0 million, or 5.4%, from $1.08 billion at June 30, 2025. Net loans were $859.1 million, an increase of $61.9 million, or 7.8%, from $797.2 million at June 30, 2025. Cash and cash equivalents increased $5.9 million, or 10.2%, to $63.7 million at March 31, 2026, from $57.8 million at June 30, 2025. The increases in loans and cash and cash equivalents were funded primarily through increased deposits and an additional $20.0 million of borrowings. Total deposits were $894.3 million, an increase of $48.3 million, or 5.7%, from $846.0 million at June 30, 2025.
Total assets grew 5.4% to $1.14 billion, driven by a $61.9 million (7.8%) increase in net loans to $859.1 million, reflecting strong commercial loan growth of $33.9 million, residential mortgage growth of $27.0 million, and consumer loan growth of $1.0 million. Deposits increased $48.3 million (5.7%) to $894.3 million, and the company borrowed an additional $20.0 million from the Federal Home Loan Bank of New York to fund loan growth and provide liquidity.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 21, 2026 · How we verify