UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission File Number: 001-41808 SR Bancorp, Inc. (Exact Name of Registrant as Specified in its Charter) Maryland 92-2601722 (St ...

Exhibit 99.1 Completed Stock Offering and Merger The conversion of Somerset Savings Bank, SLA from the mutual to stock form of organization and related stock offering by the Company was completed on September 19, 2023. In connection therewith, the Company sold 9,055,172 shares of common stock at a price of $10.00 per share and contributed 452,758 shares and $905,517 in cash to the Somerset Regal Charitable Foundation, Inc., a charitable foundation formed in connection with the conversion. FOR IMMEDIATE RELE ...

BOUND BROOK, N.J., March 20, 2025 /PRNewswire/ -- SR Bancorp, Inc. (NASDAQ: SRBK), the holding company for Somerset Regal Bank, announced that its Board of Directors has declared the payment of its initial quarterly cash dividend. The dividend of $0.05 per share will be paid on April 15, 2025 to stockholders of record as of March 31, 2025.  William P. Taylor, Chief Executive Officer of SR Bancorp, Inc said: "We are pleased to be in a strong financial position giving us the ability to pay a cash dividend." A ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission File Number: 001-41808 SR Bancorp, Inc. (Exact Name of Registrant as Specified in its Charter) Maryland 92-2601722 (State or o ...

Financial Performance - The company reported a net income of $1.0 million for the three months ended December 31, 2024, a decrease of 36.5% from $1.6 million for the same period in 2023 [6] - For the six months ended December 31, 2024, net income increased to $2.4 million from a net loss of $8.9 million in the same period in 2023, representing a 126.9% increase [16] - Excluding net accretion income related to fair value adjustments, net income for the three months ended December 31, 2024 would have been $452,000 [1] Interest Income and Expense - Interest income decreased by $741,000, or 6.0%, to $11.5 million for the three months ended December 31, 2024, primarily due to a decrease in the yield on interest-earning assets [7] - Interest expense increased by $1.0 million, or 31.8%, to $4.3 million for the same period, driven by higher costs on deposits [8] - For the six months ended December 31, 2024, interest income increased by $5.2 million, or 29.1%, to $23.0 million, while interest expense rose by $3.5 million, or 75.3%, to $8.2 million [17][18] Net Interest Income - Net interest income decreased by $1.8 million, or 19.7%, to $7.2 million for the three months ended December 31, 2024 [9] - For the six months ended December 31, 2024, net interest income increased by $1.7 million, or 12.7%, to $14.8 million [19] Provision for Credit Losses - The company recorded a provision for credit losses of $12,000 for the three months ended December 31, 2024, compared to a credit of $107,000 for the same period in 2023 [12] - For the six months ended December 31, 2024, a recovery for credit losses of $142,000 was recorded, contrasting with a provision of $4.1 million in the same period in 2023 [20] Noninterest Income and Expense - Noninterest income increased by $262,000, or 71.8%, to $627,000 for the three months ended December 31, 2024, primarily due to increases in service charges and other noninterest income [13] - Noninterest expense decreased by $967,000, or 35.4%, to $6.5 million for the same period, mainly due to a reduction in salaries and employee benefits [14] Financial Condition - Total assets increased by $43.7 million, or 4.3%, to $1.06 billion at December 31, 2024, driven by new loan originations [24] - Net loans increased by $43.9 million, or 6.0%, to $775.8 million, while total deposits rose by $17.0 million, or 2.1%, to $824.1 million [26][27] - Equity decreased by $1.0 million, or 0.7%, to $198.1 million at December 31, 2024, primarily due to stock repurchases [29] Market Position - The company operates as a full-service commercial bank in New Jersey, with total assets of $1.06 billion, net loans of $775.8 million, and total deposits of $824.1 million as of December 31, 2024 [30]

EXHIBIT 99.1 FOR IMMEDIATE RELEASE Contact: William P. Taylor Chief Executive Officer SR Bancorp, Inc. (732) 560-1700, ext. 5201 SR BANCORP, INC. ANNOUNCES QUARTERLY FINANCIAL RESULTS Bound Brook, New Jersey (January 31, 2025) – SR Bancorp, Inc. (the "Company") (NASDAQ: SRBK), the holding company for Somerset Regal Bank (the "Bank"), announced net income of $1.0 million for the three months ended December 31, 2024, or $0.12 per basic and diluted share, compared to net income of $1.6 million for the three mo ...

Financial Position - Total assets increased by $32.1 million, or 3.1%, to $1.05 billion at September 30, 2024, from $1.02 billion at June 30, 2024, primarily driven by new loan originations [115] - Total liabilities rose by $31.1 million, or 3.8%, to $852.4 million at September 30, 2024, primarily due to a $20.0 million advance borrowing and a $12.7 million increase in deposits [119] - Total equity increased by $1.1 million, or 0.5%, to $200.5 million at September 30, 2024, driven by net earnings of $1.4 million [122] - Cash and cash equivalents rose by $1.4 million, or 3.0%, to $47.3 million at September 30, 2024, due to increases in deposits and borrowings [116] - The company had outstanding borrowings of $20.0 million as of September 30, 2024, compared to no borrowings at June 30, 2024 [189] Loan Portfolio - Loans receivable, net, increased by $35.9 million, or 4.9%, to $767.7 million at September 30, 2024, with a $25.6 million, or 14.2%, increase in multi-family loans and an $11.5 million, or 2.9%, increase in residential mortgage loans [117] - The total loan portfolio reached $770.6 million at September 30, 2024, with a net deferred loan origination fee of $2.2 million [125] - Residential mortgage loans comprised 52.7% of the total loan portfolio, while commercial loans accounted for 45.8% as of September 30, 2024 [123] - The company intends to focus on increasing its share of commercial loan originations in its primary market area going forward [124] - Outstanding loan commitments were $64.2 million and unused lines of credit were $36.1 million as of September 30, 2024 [185] Credit Quality - The allowance for credit losses is determined based on the evaluation of the loan portfolio's size and risk characteristics, past events, and economic forecasts [106] - Total non-performing loans decreased from $50,000 to $9,000, representing a reduction of 82% [134] - The total allowance for credit losses included $1,889,000 for multi-family loans and $1,839,000 for residential mortgage loans [137] - The allowance for credit losses (ACL) was maintained at $5,075,000, reflecting management's best estimate of probable losses [137] - The total non-performing assets to total assets ratio remained at 0.00% as of September 30, 2024 [134] Income and Expenses - Net income increased by $11.9 million to $1.4 million for the three months ended September 30, 2024, compared to a net loss of $10.5 million for the same period in 2023 [157] - Interest income rose by $5.9 million, or 106.9%, to $11.5 million for the three months ended September 30, 2024, driven by a 163 basis point increase in yield on interest-earning assets and a $343.2 million increase in average loan balances [158] - Net interest income increased by $3.4 million, or 83.2%, to $7.6 million for the three months ended September 30, 2024, with net interest margin rising 80 basis points to 3.21% [160] - Total noninterest expense decreased by $6.1 million, or 47.3%, to $6.8 million for the three months ended September 30, 2024, from $12.9 million for the same period in 2023 [169] - Noninterest income increased by $288,000, or 56.1%, to $801,000 for the three months ended September 30, 2024, from $513,000 for the same period in 2023 [168] Deposits and Funding - Deposits increased by $12.3 million, or 1.5%, to $819.4 million at September 30, 2024, with 12.5% of total deposits being noninterest-bearing [120] - The aggregate amount of uninsured deposits was $137.6 million as of September 30, 2024, compared to $109.7 million as of June 30, 2024 [155] - The total amount of uninsured certificates of deposit was $24.0 million as of September 30, 2024, up from $21.9 million as of June 30, 2024 [155] - The average balance of certificates of deposit increased by $100.9 million, or 57.3%, to $276.9 million for the three months ended September 30, 2024 [159] - The company raised interest rates on certain deposit products to remain competitive, contributing to the increase in interest-bearing checking accounts [188] Risk Management - The company is subject to various risks including economic conditions, interest rate changes, and competition among financial institutions [100] - The Bank has implemented strategies to manage interest rate risk, including growing transaction deposit accounts and rebalancing the loan portfolio [172] - The estimated economic value of equity (EVE) would decrease by 17.87% with a 200 basis point increase in interest rates as of September 30, 2024 [177] - As of September 30, 2024, net interest income (NII) is forecasted to decrease by 8.21% with a 200 basis point increase in market interest rates, and by 6.64% with a 200 basis point decrease [179] Regulatory Compliance - Somerset Regal Bank exceeded all regulatory capital requirements and is considered "well capitalized" as of September 30, 2024 [190] - The company plans to delay the adoption of new accounting pronouncements applicable to public companies until they are made applicable to private companies [104]

Financial Performance - Net income for the three months ended September 30, 2024, was $1.4 million, a significant increase of $11.9 million, or 113.0%, compared to a net loss of $10.5 million for the same period in 2023[1][5] - The company reported a net income of $1,367 thousand for the three months ended September 30, 2024, compared to a net loss of $10,498 thousand for the same period in 2023[29] - The return on average assets improved to 0.53% for the three months ended September 30, 2024, from a loss of 5.74% in the same period last year[30] - The efficiency ratio significantly improved to 81.23% for the three months ended September 30, 2024, compared to 277.74% for the same period in 2023[30] Asset and Loan Growth - Total assets increased by $32.1 million, or 3.1%, to $1.05 billion at September 30, 2024, driven by new loan originations[2][15] - Net loans rose by $35.9 million, or 4.9%, to $767.7 million at September 30, 2024, with multi-family loans increasing by $25.6 million, or 14.2%[2][18] - Total assets increased to $1,052,960 thousand as of September 30, 2024, compared to $1,020,844 thousand as of June 30, 2024, reflecting a growth of 3.3%[28] Deposit Growth - Total deposits increased by $12.3 million, or 1.5%, to $819.4 million at September 30, 2024, with $114.3 million, or 13.9%, consisting of noninterest-bearing deposits[2][20] - Total deposits increased to $819,384 thousand as of September 30, 2024, from $807,100 thousand as of June 30, 2024, marking a growth of 1.6%[28] Interest Income and Expenses - Interest income surged by $5.9 million, or 106.9%, to $11.5 million for the three months ended September 30, 2024, primarily due to a 163 basis point increase in yield on interest-earning assets[6] - Net interest income increased by $3.4 million, or 83.2%, to $7.6 million for the three months ended September 30, 2024, with net interest margin rising to 3.21%[8] - Net interest income for the three months ended September 30, 2024, was $7,594 thousand, up 83.5% from $4,145 thousand for the same period in 2023[29] - The company recorded total interest income of $11,467 thousand for the three months ended September 30, 2024, compared to $5,543 thousand for the same period in 2023, representing a growth of 106.5%[29] - Noninterest income rose by $288,000, or 56.1%, to $801,000 for the three months ended September 30, 2024, driven by increased service charges and fees[12] - Noninterest expense decreased by $6.1 million, or 47.3%, to $6.8 million for the three months ended September 30, 2024, primarily due to a prior year's charitable contribution[13] Credit Quality - The provision for credit losses recorded a recovery of $154,000 for the three months ended September 30, 2024, compared to a provision of $4.2 million for the same period in 2023[11] - The allowance for credit losses on loans as a percentage of total gross loans was 0.66% as of September 30, 2024, down from 0.77% a year earlier[30] - Non-performing loans as a percentage of total gross loans remained at 0.00% as of September 30, 2024, compared to 0.02% in the same period last year[30] Equity and Book Value - Equity increased by $1.1 million, or 0.5%, to $200.5 million at September 30, 2024, primarily due to net earnings of $1.4 million[22] - Tangible book value per common share increased to $18.17 as of September 30, 2024, from $17.35 a year earlier[30]

Loan Portfolio and Asset Quality - The company offers unsecured personal loans up to $5,000 and rehabilitation loans up to $10,000, with rehabilitation loans subject to a 70% loan-to-value limit [37]. - As of June 30, 2024, the company had loan participations of $4.9 million and purchased $41.5 million of loans from mortgage brokers for its portfolio, compared to $42.6 million in the previous year [39]. - The maximum amount that can be lent to one borrower is limited to 15% of stated capital and reserves, which equates to $29.9 million as of June 30, 2024 [41]. - Total non-performing loans amounted to $50, with a non-performing loans to total loans ratio of 0.01% as of June 30, 2024, compared to 0.06% in the previous year [48]. - The company reported total past due loans of $734,355,000 and total current loans of $735,017,000 as of June 30, 2024 [44]. - The delinquency status for residential mortgages showed 572 loans past due for 30-59 days, with a total of 394,723 current loans [44]. - The company had no troubled debt restructurings as of June 30, 2024, indicating stable asset quality [47]. - The Management Loan Committee can approve residential and commercial loans up to $1.0 million and $3.0 million respectively, with larger loans requiring Board approval [40]. - The company has a loan policy limit of $15.0 million for one borrower and $20.0 million for related borrowers [41]. - As of June 30, 2024, the company had no real estate owned, indicating effective management of foreclosures [49]. - As of June 30, 2024, the company had $50,000 in loans classified as substandard, a decrease from $145,000 as of June 30, 2023, with no assets classified as doubtful or loss [51]. - The allowance for credit losses (ACL) as of June 30, 2024, was $5,229,000, reflecting a comprehensive assessment of probable and estimable losses in the loan portfolio [59]. - The ACL allocated to owner-occupied commercial real estate loans was $1,331,000, representing 25.46% of the total allocated allowance [59]. - The company has established a methodology for determining the allowance for credit losses, which is subject to review by regulatory agencies [52]. Investment Portfolio - The company sold $35.4 million in lower-yielding investment securities during the year ended June 30, 2024, resulting in a pre-tax realized loss of approximately $4.4 million [64]. - The redeployment of $30.9 million from the sale of securities into residential and commercial real estate mortgages is expected to generate an additional $1.4 million in pre-tax earnings annually [64]. - The investment portfolio as of June 30, 2024, consisted primarily of U.S. government-sponsored enterprises totaling $145.7 million, with additional investments in subordinated debentures and collateralized mortgage obligations [63]. - The weighted average yield of the investment securities portfolio was 1.73% as of June 30, 2024, with various maturities contributing to the overall yield [66]. - The company maintains an investment in Federal Home Loan Bank of New York stock as part of its regulatory requirements [63]. - The company aims to maximize portfolio yield while minimizing risk and meeting liquidity needs through its investment policy [61]. Deposits and Funding - As of June 30, 2024, total deposits amounted to $807.1 million, a significant increase from $503.9 million in 2023, representing a growth of 59.9% [74]. - Non-interest-bearing demand deposits increased to $108.0 million (13.39% of total deposits) from $40.7 million (8.07% of total deposits) in 2023 [74]. - Interest-bearing deposits rose to $252.9 million (31.33% of total deposits) with an average interest rate of 1.13%, compared to $137.5 million (27.29%) at an average rate of 0.06% in 2023 [74]. - Time deposits increased to $272.8 million (33.80% of total deposits) with an average interest rate of 3.81%, up from $159.5 million (31.65%) at an average rate of 2.22% in 2023 [74]. - The aggregate amount of uninsured deposits grew to $109.7 million in 2024 from $21.2 million in 2023, indicating a substantial rise in higher-value deposits [74]. - The company had access to Federal Home Loan Bank advances of up to $100.0 million based on unused qualifying collateral as of June 30, 2024 [77]. Employee and Organizational Structure - As of June 30, 2024, the company had 116 full-time employees and two part-time employees, with no union representation [78]. - The company offers a competitive total rewards package, including a 401(k) plan with matching contributions and an Employee Stock Ownership Plan [80]. - The company maintains a strong commitment to employee development, providing access to various training programs and resources [81]. - Somerset Regal Bank, the company's only subsidiary, operates three additional subsidiaries focused on real estate and investment management [83]. Capital and Regulatory Compliance - Somerset Regal Bank exceeded all capital requirements as of June 30, 2024, and was classified as a "well capitalized" institution [95]. - The bank maintains a common equity Tier 1 capital ratio of 7.0%, a Tier 1 capital ratio of 8.5%, and a total capital ratio of 10.5% due to the capital conservation buffer [94]. - Somerset Regal Bank opted into the community bank leverage ratio framework, requiring a leverage ratio greater than 9% to satisfy regulatory capital requirements [95]. - The FDIC assesses institutions with less than $10 billion in total assets at rates ranging from 24.5 to 32 basis points of total assets less tangible capital [104]. - Somerset Regal Bank's most recent FDIC CRA rating, dated May 31, 2022, was "Satisfactory" [108]. - The bank is a member of the Federal Home Loan Bank System and was in compliance with capital stock requirements as of June 30, 2024 [109]. - The FDIC has the authority to establish higher capital requirements for individual institutions deemed necessary [95]. - Somerset Regal Bank's capital distributions and discretionary bonus payments are limited if it does not hold the required capital conservation buffer [94]. - The bank's loans to insiders must follow stringent credit underwriting procedures and are subject to specific limitations [103]. - The FDIC may terminate deposit insurance if the institution engages in unsafe practices or violates applicable laws [105]. - SR Bancorp has consolidated assets of less than $3 billion, thus not subject to consolidated regulatory capital requirements unless advised by the Federal Reserve [112]. - As of June 30, 2024, Somerset Regal Bank had approximately $3.6 million in federal net operating loss carryovers and approximately $7.2 million in state net operating loss carryovers [124]. - At June 30, 2024, Somerset Regal Bank had approximately $2.5 million in capital loss carryovers [125]. - The Corporation Business Tax rate in New Jersey is 9% on adjusted entire net income, with reduced rates for corporations with lower income levels [126]. - SR Bancorp qualifies as an "emerging growth company" under the JOBS Act, allowing it to take advantage of certain reporting exemptions [121]. - Federal Reserve policies dictate that dividends should only be paid out of current earnings and if consistent with the organization's capital needs [115]. - SR Bancorp's common stock is registered with the SEC, subjecting it to various regulatory requirements under the Exchange Act [119]. - The Federal Reserve requires prior written notice for stock repurchases if the gross consideration equals 10% or more of the company's consolidated net worth [114]. - Federal law mandates that bank holding companies act as a source of financial and managerial strength to their subsidiary depository institutions [113]. - SR Bancorp has no plans to elect "financial holding company" status at this time [112].

Exhibit 99.1 SR BANCORP, INC. ANNOUNCES QUARTERLY AND ANNUAL FINANCIAL RESULTS For the three months ended June 30, 2024 (unaudited), the Company reported a net loss of $3.0 million, compared to net income of $1.1 million for the three months ended March 31, 2024 (unaudited). Excluding $1.2 million of net accretion income related to fair value adjustments, offset by a $4.4 million loss on the sale of securities and an additional $260,000 of costs related to the acquisition of Regal Bancorp, net loss would ha ...