Sr Bancorp, Inc. · NASDAQ:SRBK
Sr Bancorp — Shareholder Meeting (November 2024)
17 slides from Sr Bancorp's shareholder meeting presentation, Nov 20, 2024
Slide 1: Annual Shareholders' Meeting November 20, 2024
Exhibit 99.1 Annual Shareholders’ Meeting November 20, 2024
Slide 2: Agenda
Agenda • Call to Order – David M. Orbach, Executive Chairman • Introduction of Directors and Senior Officers • Inspector of Election’s Report • Presentation of Proposals • Report to Shareholders • Vote Report • Adjournment Page 2
Slide 3: Business of Annual Shareholders Meeting
Business of Annual Shareholders Meeting 1. Election of Directors - Elect three directors to serve until the 2027 annual meeting: • Mary E. Davey • Thomas Lupo • John W. Mooney 2. The approval of the SR Bancorp, Inc. 2024 Equity Incentive Plan 3. The ratification of the appointment of Baker Tilly US,
Slide 4: Overview of Somerset Regal Bank
Overview of Somerset Regal Bank Somerset Regal Bank Offices Bound Brook Raritan 220 West Union Ave. 802 Somerset St. Flemington Roseland 141 Broad St. 180 Eagle Rock Ave. Florham Park Somerville 30 Columbia Turnpike 64 West End Ave. Livingston Springfield 66 W Mt. Pleasant Ave. 899 Mountain Ave. Man
Slide 5: Experienced Management Team
Experienced Management Team William P. Taylor David M. Orbach Christopher J. Pribula Chief Executive Officer Executive Chairman of SR Bancorp President & Chairman of Executive Vice Chairman of Somerset Chief Operating Officer Somerset Regal Bank Regal Bank 41 Years of 22 Years of 40 Years of Banking
Slide 6: Board of Directors
Board of Directors Director Since Mary E. Davey 1995 Marc Lebovitz 2023 Thomas Lupo 2023 John W. Mooney 2011 David M. Orbach, Executive Chairman 2023 Christopher J. Pribula, President and Chief Operating Officer 2018 James R. Silkensen 2011 Douglas M. Sonier, Audit Committee Chairman 1986 William P.
Slide 7: Financial Highlights
Financial Highlights Dollars in Thousands FY 2024 2025 FQ1 (except per share amounts) Assets $1,020,844 $1,052,960 Net Loans $731,859 $767,717 Deposits $807,100 $819,384 1 $3,919 $1,367 Core Net Income 1 $0.57 $0.16 Core EPS 1 0.40% 0.13% Core ROAA 2 $18.02 $18.30 Tangible Book Value Per Share Nonin
Slide 8: Total Assets
Financial Highlights – Total Assets • Assets grew significantly from the merger with Regal Bank in September 2023 st • Strong loan growth fueled 1 quarter 2025 asset growth $1,053.0M $1,020.8M $651.5M $648.6M $639.4M 2021 2022 2023 2024 Q1 2025 Loans Receivable, Net Securities - AFS Cash and Cash Eq
Slide 9: Loans: Loan Composition and CRE Concentration
Financial Highlights - Loans Loan Composition at 9/30/24 CRE Concentration Consumer Mixed Use, Loans, 5.38% 1.52% SBA-C&I, Commercial Real 0.07% Non-Owner Estate, 11.51% Commercial Occupied, Loans, SBA-CRE, 46.55% 1.49% 0.51% Multi-Family, 27.45% Owner Occupied, 36.55% Multi-Family, 131.04% Resident
Slide 10: Loans: Credit Quality
Financial Highlights - Loans Allowance for Credit Losses / Gross Loans NPLs / Gross Loans 0.71% 0.66% 0.09% 0.36% 0.33% 0.31% 0.01% 0.00% 0.00% 0.00% 0.00% 2021 2022 2023 2024 Q1 2025 2020 2021 2022 2023 2024 Q1 2025 NCOs / Avg. Loans 0.00% 0.00% 0.00% 0.00% 0.00% 2021 2022 2023 2024 Q1 2025 Financi
Slide 11: Deposits
Financial Highlights – Deposits Deposit Trends at 9/30/24 Gross Loans /Deposits Cost of 0.53% 1.63% 0.32% 0.46% 2.14% Deposits 94.31% $819.4M $807.1M 91.33% $510.0M $522.1M $503.9M 72.11% 64.30% 60.38% 2021 2022 2023 2024 Q1 2025 2021 2022 2023 2024 Q1 2025 Non-Interest Demand Deposits Interest-Bear
Slide 12: Profitability
Financial Highlights - Profitability Core ROAA* Core Net Income* $3,919 0.40% 0.31% 0.29% $1,995 $1,871 0.20% $1,367 $1,229 0.13% 2021 2022 2023 2024 Q1 2025 2021 2022 2023 2024 Q1 2025 Net Interest Margin Non Interest Expense / Avg Assets 3.51% 3.21% 2.63% 3.19% 2.03% 2.25% 1.70% 1.70% 1.95% 1.85%
Slide 13: Creating Shareholder Value
Creating Shareholder Value • On September 19, 2024, we adopted our initial stock repurchase program since becoming a public company. Under the repurchase program we may repurchase up to 950,793 shares, or 10% of our current shares outstanding. 2021 2022 2023 2024 Q1 2025 Tier 1 Capital (to average t
Slide 14: Overview of SR Bancorp, Inc.
Overview of SR Bancorp, Inc. Stockholder Information (NASDAQ: SRBK) Ownership Market Information as of 11/15/24 Institutional 22.2% Total Market Cap (mm) $104.6 1 Insider* 12.6% Tangible Book Value $172,789 Tangible Book Value / Share $18.30 Price / Tangible Book 61% Price / LTM EPS NM Ownership inf
Slide 15: Creating Shareholder Value
Creating Shareholder Value Price ($) Volume Price Volume (shares 000's) 20.00 200 18.00 175 16.00 150 14.00 125 Since IPO – September 20, 2023 12.00 100 10.00 75 Price on 11/15/24 - $11.08 8.00 50 6.00 25 4.00 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% -10.0% -20.0% -30.0% 9/19/23 11/3/23 12/18/
Slide 16: Questions and Answers
SR SR BANCORP Questions and Answers
Slide 17: Somerset Regal Bank contact details
220 W. Union Avenue Bound Brook, NJ 08805 somersetsavings.com