BOUND BROOK,
N.J., Sept. 20, 2024 /PRNewswire/ -- SR Bancorp,
Inc. (NASDAQ: SRBK), the holding company for Somerset Regal Bank,
announced it has adopted a program to repurchase up to 950,793
shares of its common stock, which is approximately 10% of its
outstanding common stock. This is the Company's first stock
repurchase program since completing its stock offering on
September 19, 2023.
Shares may be repurchased in open market or
private transactions, through block trades or pursuant to any
trading plan that may be adopted in accordance with Rule 10b5-1 of
the Securities and Exchange Commission. The timing and amount
of any repurchases will depend on a number of factors, including
the availability of stock, general market conditions, the trading
price of the stock, alternative uses for capital, and the Company's
financial performance. Open market purchases will be
made in accordance with Rule 10b-18
of the Securities and Exchange Commission and other applicable
legal requirements. The Company is not obligated to
repurchase any particular number of shares or any shares in any
specific time period.
William P. Taylor,
Chief Executive Officer of SR Bancorp, Inc said: "We are
pleased to have a strong capital position giving us the ability to
purchase our common stock."
About SR Bancorp, Inc.
SR Bancorp, Inc. is the holding company for
Somerset Regal Bank, a full-service New
Jersey commercial bank headquartered in Bound Brook, New Jersey that operates 15
branches in Essex, Hunterdon, Middlesex, Morris, Somerset and Union Counties, New
Jersey. At June 30, 2024, Somerset Regal Bank had
$1.02 billion in total assets,
$731.9 million in net loans,
$807.1 million in deposits and
total equity of $199.5 million.
Additional information about Somerset Regal Bank is available on
its website, www.somersetregalbank.com.
Forward Looking Statements
Certain statements contained herein are
forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended (the "Exchange
Act") and are intended to be covered by the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. These
statements, which are based on certain current assumptions and
describe our future plans, strategies and expectations, can
generally be identified by the use of the words "may," "will,"
"should," "could," "would," "plan," "potential," "estimate,"
"project," "believe," "intend," "anticipate," "expect," "target"
and similar expressions. Forward-looking statements are based on
current beliefs and expectations of management and are inherently
subject to significant business, economic and competitive
uncertainties and contingencies, many of which are beyond our
control. Certain factors that could cause actual results to differ
materially from expected results include increased competitive
pressures, changes in the interest rate environment, inflation,
general economic conditions or conditions within the securities
markets, our ability to successfully integrate acquired operations
and realize the expected level of synergies and cost savings, real
estate market values in the Bank's lending area changes in the
quality of our loan and security portfolios, increases
in non-performing and classified loans, economic
assumptions or changes in our methodology that may impact our
allowance for credit losses calculation, changes in liquidity,
including the size and composition of our deposit portfolio and the
percentage of uninsured deposits in the portfolio, the availability
of low-cost funding, monetary and fiscal policies of the
U.S. Government including policies of the U.S. Treasury and the
Board of Governors of the Federal Reserve System, a failure in or
breach of the Company's operational or security systems or
infrastructure, including cyber attacks, the failure to maintain
current technologies, failure to retain or attract employees and
legislative, accounting and regulatory changes that could adversely
affect the business in which the Company and the Bank are engaged.
Our actual future results may be materially different from the
results indicated by these forward-looking statements. Except as
required by applicable law or regulation, we do not undertake, and
we specifically disclaim any obligation, to release publicly the
results of any revisions that may be made to any forward-looking
statement.
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SOURCE SR Bancorp, Inc.
