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Reporter Name | Lupo Thomas |
Relationship | Director |
Type | Purchase |
Amount | $52,884 |
SEC Filing | Form 4 |
On September 18, 2024, Lupo Thomas, a Director at SR Bancorp, purchased 5,000 shares of the company's common stock at a price of $10.5769 per share, totaling $52,884. Following this transaction, Thomas directly owns 20,000 shares of SR Bancorp's common stock.
SEC Filing: SR Bancorp, Inc. [ SRBK ] - Form 4 - Sep. 18, 2024
Although U.S. stocks closed mixed on Tuesday, there were a few notable insider trades.
When insiders purchase shares, it indicates their confidence in the company’s prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.
Below is a look at a few recent notable insider purchases. For more, check out Benzinga’s insider transactions platform.
BJ’s Wholesale
Global Partners
SR Bancorp
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Reporter Name | Lebovitz Marc |
Relationship | Director |
Type | Purchase |
Amount | $103,506 |
SEC Filing | Form 4 |
Marc Lebovitz, a Director at SR Bancorp, purchased 10,200 shares of Common Stock on September 13, 2024, with a total purchase amount of $103,506. The transactions were made at prices ranging from $10.1458 to $10.15, indicating a weighted average price. Following these transactions, Lebovitz directly owns 10,200 shares and indirectly owns 10,500 shares through a Family Trust.
SEC Filing: SR Bancorp, Inc. [ SRBK ] - Form 4 - Sep. 17, 2024
Reporter Name | Taylor William P |
Relationship | CEO |
Type | Purchase |
Amount | $39,550 |
SEC Filing | Form 4 |
Taylor William P, CEO and Director of SR Bancorp, purchased 4,000 shares of Common Stock on August 28, 2024, at a price of $9.8877 per share, totaling $39,550. Following this transaction, Taylor directly owns 21,700 shares and indirectly owns 27,569 shares of SR Bancorp through various means.
SEC Filing: SR Bancorp, Inc. [ SRBK ] - Form 4 - Aug. 29, 2024
Reporter Name | Lupo Thomas |
Relationship | Director |
Type | Purchase |
Amount | $24,499 |
SEC Filing | Form 4 |
On August 22, 2024, Lupo Thomas, a Director at SR Bancorp, purchased 2,500 shares of Common Stock at a price of $9.7997 per share, totaling $24,499. Following this transaction, Thomas directly owns 15,000 shares of SR Bancorp.
SEC Filing: SR Bancorp, Inc. [ SRBK ] - Form 4 - Aug. 22, 2024
Reporter Name | Orbach David M |
Relationship | Executive Chair |
Type | Purchase |
Amount | $111,334 |
SEC Filing | Form 4 |
David M Orbach, Executive Chair and Director at SR Bancorp, purchased 11,500 shares of Common Stock on August 2, 2024, with a total purchase amount of $111,334. The transactions included both direct and indirect (by children) ownerships, with prices per share ranging from $9.585 to $9.7. Following these transactions, Orbach directly owns 130,000 shares and indirectly owns 5,419 shares of SR Bancorp.
SEC Filing: SR Bancorp, Inc. [ SRBK ] - Form 4 - Aug. 05, 2024
SR Bancorp, Inc., the holding company for Somerset Regal Bank, has released its financial results for the year and quarter ended June 30, 2024. The company reported a net loss of $10.9 million for the year, a significant decline from the net income of $1.6 million reported for the previous year. This downturn was primarily attributed to one-time expenses related to the acquisition of Regal Bancorp, including merger-related expenses, a provision for credit losses, and a charitable contribution.
Financial Highlights
For the year ended June 30, 2024, SR Bancorp reported a net loss of $10.9 million, compared to a net income of $1.6 million for the year ended June 30, 2023. The company incurred $4.4 million in merger-related expenses, a $4.2 million provision for credit losses, and a $5.4 million charitable contribution. Additionally, a $4.4 million loss on the sale of available-for-sale securities was recorded during the fourth quarter of fiscal 2024.
Total assets increased by 56.7% to $1.02 billion, driven by the acquisition of Regal Bancorp. Net loans grew by 102.0% to $731.9 million, and total deposits rose by 60.2% to $807.1 million.
For the three months ended June 30, 2024, the company reported a net loss of $3.0 million, compared to a net income of $1.1 million for the three months ended March 31, 2024. Excluding certain one-time expenses, the net loss for the quarter would have been $499,000.
Business and Operational Highlights
The acquisition of Regal Bancorp on September 19, 2023, significantly impacted the company's financials. The merger led to an increase in total assets, net loans, and total deposits. The company also closed two retail branch locations acquired in the merger due to their proximity to other branches.
Strategic Initiatives and Corporate Developments
SR Bancorp completed the conversion of Somerset Savings Bank from mutual to stock form and related stock offering on September 19, 2023. The company sold 9,055,172 shares of common stock at $10.00 per share and contributed shares and cash to the Somerset Regal Charitable Foundation. Following the conversion, Regal Bancorp merged with SR Bancorp, and Regal Bank merged with Somerset Bank, which was renamed Somerset Regal Bank.
Management's Perspective
William P. Taylor, Chief Executive Officer of SR Bancorp, commented on the financial results, highlighting the impact of one-time expenses related to the Regal Bancorp acquisition. He emphasized the strategic importance of the merger and the expected long-term benefits, despite the short-term financial challenges.
Future Outlook
The company expects to recoup the $4.4 million loss on the sale of securities within approximately 3.27 years, with the redeployed funds into residential and commercial real estate loans generating additional pre-tax earnings. Management remains focused on integrating Regal Bancorp's operations and realizing synergies from the merger.
SEC Filing: SR Bancorp, Inc. [ SRBK ] - 8-K - Jul. 31, 2024
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