In the first quarter of 2024, SRBK experienced a decline in its net interest margin, which dropped by 49 basis points, settling at 2.82% compared to 3.31% in the same period last year. Furthermore, the tangible book value per share saw a marginal increase, rising to $18.29 from $17.95 at the end of the previous quarter.
Additionally, SRBK reported a provision for credit losses amounting to $38,000 for the first quarter. This stands in contrast to a recovery from credit losses noted in the previous three-month period which ended March 31, 2024, amounting to $142,000. The changes in these financial metrics reflect the company's ongoing efforts to manage its financial strategy effectively.
