SR Bancorp Q1 Net Income Jumps 65% to $886,000, Assets Reach $1.14B
SR Bancorp posted Q1 net income of $886,000 ($0.12 per share), a 65% increase, excluding $142,000 of accretion from its Regal Bancorp acquisition. Assets rose 5.4% to $1.14 billion, net loans grew 7.8% to $859.1 million and deposits climbed 5.7% to $894.3 million, aided by $20 million in borrowings.
1. Q1 Financial Results
SR Bancorp reported net income of $886,000 for the quarter ended March 31, 2026, or $0.12 per share, up from $537,000. Excluding $142,000 of accretion income related to the Regal Bancorp acquisition, adjusted net income reached $784,000.
2. Balance Sheet Growth
Total assets increased 5.4% to $1.14 billion since June 30, 2025, driven by a 7.8% rise in net loans to $859.1 million and a 10.2% boost in cash and equivalents to $63.7 million. Deposits grew 5.7% to $894.3 million, supplemented by $20 million in new borrowings.
3. Net Interest Performance
Interest income climbed 8.6% to $12.5 million due to a $70 million increase in average loan balances and a 29 basis point yield gain. Interest expense rose 8.4% to $4.7 million from higher demand deposit and borrowing costs, lifting net interest margin to 3.00% from 2.82%.