Business
SOMERSET SAVINGS BANK, SLA ANNOUNCES YEAR END FINANCIAL RESULTS
BOUND BROOK, N.J., Sept. 19, 2023 /PRNewswire/ -- SOMERSET SAVINGS BANK, SLA (the "Bank"), announced today net income of $1.6 million for the year ended June
About this update from Sr Bancorp, Inc.
[{"type":"text","content":"BOUND BROOK, N.J., Sept. 19, 2023 /PRNewswire/ -- SOMERSET SAVINGS BANK, SLA (the \"Bank\"), announced today net income of $1.6 million for the year ended June 30, 2023 (unaudited), compared to net income of $1.9 million for the year ended June 30, 2022. \n\nJune 30, 2023 Year End Highlights:\nNet income of $1.6 million for the year ended June 30, 2023, compared to net income of $1.9 million for the year ended June 30, 2022. Excluding the increase in professional services primarily related to the acquisition of Regal Bancorp, Inc. and Regal Bank, as discussed below, net income for the year ended June 30, 2023 would have been $2.0 million and net income for the year ended June 30, 2022 would have been $2.0 million, respectively.Total assets were $651.5 million, an increase of $2.9 million, or 0.4% from $648.6 million at June 30, 2022.Net loans were $362.3 million, an increase of $27.7 million, or 8.3% from $334.6 million at June 30, 2022.Total deposits were $503.9 million, a decrease of $18.2 million, or 3.5% from $522.1 million at June 30, 2022.Comparison of Operating Results for the Years Ended June 30, 2023 and 2022 \nGeneral. Net income decreased $318,000, or 17.0%, to $1.6 million for the year ended June 30, 2023 from $1.9 million for the year ended June 30, 2022. The decrease was caused by increases in interest expense and noninterest expense, offset in part by an increase in interest income.\nInterest Income. Interest income increased $2.7 million, or 20.0%, to $16.1 million for the year ended June 30, 2023 from $13.4 million for the year ended June 30, 2022. The increase resulted primarily from an increase of $2.0 million, or 21.7%, in interest income on loans and an increase in the interest income of other assets of $995,000 to $1.1 million for the year ended June 30, 2023 from $127,000 for the year ended June 30, 2022, partially offset by a $323,000 decrease in interest income on securities.\nInterest Expense. Interest expense increased $893,000, or 58.2%, to $2.4 million for the year ended June 30, 2023 from $1.5 million for the year ended June 30, 2022. The increase in interest expense resulted from an increase in interest expense on deposits. The average rate the Bank paid on certificates of deposit increased 45 basis points to 1.33% for the year ended June 30, 2023 from 0.88% for the year ended June 30, 2022 and the...