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BOUND BROOK, N.J. - SR Bancorp, Inc. (NASDAQ:SRBK), the holding company for Somerset Regal Bank, announced Tuesday it has authorized a second stock repurchase program for up to 10% of its outstanding common stock, representing 886,137 shares. The $124 million market cap company has seen its stock surge nearly 50% over the past year, with InvestingPro analysis indicating the stock is currently trading above its Fair Value.
The new program will commence after the company completes its first repurchase program, which has 13,802 shares remaining. The initial program was established following SR Bancorp’s mutual-to-stock conversion on September 19, 2023. According to InvestingPro data, management’s aggressive share buyback strategy aligns with the stock’s strong momentum, as it trades near its 52-week high of $13.65.
According to the company’s statement, shares may be repurchased in open market or private transactions, through block trades, or pursuant to any trading plan adopted under Rule 10b5-1 of the Securities and Exchange Commission.
The timing and volume of repurchases will depend on several factors including stock availability, market conditions, trading price, alternative capital uses, and financial performance. The company noted it is not obligated to repurchase any specific number of shares or to complete purchases within a set timeframe.
Open market purchases will comply with Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements, the company stated.
As of March 31, 2025, Somerset Regal Bank reported $1.07 billion in total assets, $780.8 million in net loans, $835.6 million in deposits, and $199.1 million in total equity. The New Jersey-based commercial bank operates 14 branches across six counties in the state. InvestingPro subscribers can access additional insights, including 12 more exclusive ProTips and comprehensive financial health metrics, which currently indicate a FAIR overall rating for the bank.
The announcement was made in a press release issued by the company.
In other recent news, SR Bancorp, Inc. announced a quarterly cash dividend of $0.05 per share. This decision was made by the company’s Board of Directors and reflects the company’s strong financial position. The dividend is scheduled to be paid on July 15, 2025, to stockholders who are on record as of June 30, 2025. As of March 31, 2025, SR Bancorp reported total assets of $1.07 billion, with net loans amounting to $780.8 million and deposits totaling $835.6 million. The company’s total equity stood at $195.1 million. This announcement comes as SR Bancorp continues to operate as a full-service commercial bank through its subsidiary, Somerset Regal Bank.
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