SR Bancorp, Inc. corrects financial information in a press release regarding the fourth quarter and annual results for the period ended June 30, 2025.
Adjustments were made due to gains from life insurance proceeds and revised allowance for credit losses calculations.
Net income for the three months ended June 30, 2025, was $2.2 million compared to a net loss of $3.0 million for the same period in 2024.
Impact of Life Insurance Proceeds
$1.5 million in gains recognized from life insurance proceeds due to a former employee's death.
Revised Credit Losses Calculation
Adjusted allowance for credit losses based on updated historical loss factors, resulting in a $157,000 provision increase.
Significant Net Income Improvement
Net income of $5.1 million reported for the year ended June 30, 2025, compared to a net loss of $10.9 million for the previous year.
- SR Bancorp experienced a turnaround from significant losses in the previous year to positive net income for the current year.
- The adjustment in credit loss provisions reflects the company's prudent risk management approach based on historical data.
The corrected financial results highlight SR Bancorp's efforts to address past challenges and improve performance, showcasing a positive trajectory for the company.