Amendment to Current Report (Form 8-K/A)

FOR IMMEDIATE RELEASE

Contact:

William P. Taylor

Chief Executive Officer

SR Bancorp, Inc.

(732) 560-1700, ext. 5201

SR BANCORP, INC. ANNOUNCES FOURTH QUARTER AND ANNUAL FINANCIAL RESULTS (CORRECTED)

Bound Brook, New Jersey (September 12, 2025) - On July 31, 2025, SR Bancorp, Inc. (the "Company") (NASDAQ: SRBK), the holding company for Somerset Regal Bank (the "Bank"), issued a press release setting forth the financial results for the quarter and year ended June 30, 2025. This press release corrects certain information set forth in the original press release. Subsequent to the original press release, the Company recognized $1.5 million of gains from, and related interest on, life insurance proceeds from of the death of a former employee. In addition, the Company adjusted its allowance for credit losses with a revised calculation of the quantitative loss factor based on updated information related to historical loss factors of both Somerset Savings Bank, SLA and Regal Bank, resulting in an increase in the provision for credit losses of $157,000. Therefore, the revised earnings release reflects the following changes:

The full text of the corrected release is as follows:

Bound Brook, New Jersey (September 12, 2025) - SR Bancorp, Inc. (the "Company") (NASDAQ: SRBK), the holding company for Somerset Regal Bank (the "Bank"), announced net income of $2.2 million, or $0.28 per basic share and $0.27 per diluted share, for the three months ended June 30, 2025, compared to a net loss of $3.0 million for the three months ended June 30, 2024. Excluding $1.5 million of gains from life insurance proceeds and $428,000 of net accretion income for fair value adjustments related to the acquisition of Regal Bancorp and its wholly-owned subsidiary Regal Bank, which is described in greater detail herein, net income would have been $412,000 for the three months ended June 30, 2025. Excluding $260,000 of merger-related costs and a $4.4 million loss on the sale of available-for-sale securities incurred as part of a balance sheet restructuring strategy whereby the proceeds from the sale of $30.9 million of securities were redeployed into residential and commercial real

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estate loans, offset by $1.2 million of net accretion income related to fair value adjustments, net loss would have been $499,000 for the three months ended June 30, 2024.

The Company reported net income of $5.1 million, or $0.61 per basic and diluted share, for the year ended June 30, 2025, compared to a net loss of $10.9 million for the year ended June 30, 2024. Excluding $2.8 million of net accretion income related to fair value adjustments, net income would have been $2.0 million for the year ended June 30, 2025. One-time expenses incurred during the year included $4.4 million of merger-related expenses and a $4.2 million provision for credit losses, each of which was related to the acquisition of Regal Bancorp, as well as a $5.4 million charitable contribution to establish the Somerset Regal Charitable Foundation. In addition, a $4.4 million loss on the sale of available-for-sale securities was incurred during the fourth quarter of fiscal 2024 as part of a balance sheet restructuring strategy whereby the proceeds from the sale of $30.9 million of securities were redeployed into residential and commercial real estate loans. Excluding the aforementioned one-time expenses, offset by $4.1 million of net accretion income related to fair value adjustments, net income for the year ended June 30, 2024 would have been $1.0 million.

Total assets were $1.08 billion at June 30, 2025, an increase of $63.6 million, or 6.2%, from $1.02 billion at June 30, 2024. Net loans were $797.2 million, an increase of $65.3 million, or 8.9%, from $731.9 million at June 30, 2024. Total deposits were $846.0 million, an increase of $38.9 million, or 4.8%, from $807.1 million at June 30, 2024. The increase in loans was funded primarily through a $30.0 million short-term borrowing and increased deposits.

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.

Promptly following the completion of the conversion and related stock offering, Regal Bancorp merged with and into the Company, with the Company as the surviving entity (the "Merger"). Immediately following the Merger, Regal Bank, a New Jersey chartered commercial bank headquartered in Livingston, New Jersey and the wholly-owned subsidiary of Regal Bancorp, merged with and into Somerset Bank, which converted to a commercial bank charter, and was renamed Somerset Regal Bank. The Merger was completed on September 19, 2023.

Comparison of Operating Results for the Three Months Ended June 30, 2025 and 2024

General. Net income increased $5.2 million, to $2.2 million for the three months ended June 30, 2025 compared to the net loss of $3.0 million for the three months ended June 30, 2024. Net income for the three months ended June 30, 2025 included $428,000, of net accretion income related to fair value adjustments resulting from the Merger. Net income for the three months ended June 30, 2024 included $260,000 of merger-related costs, offset by $1.2 million of net accretion income related to fair value adjustments. In addition, a $4.4 million loss on the sale of available-for-sale securities was incurred during the fourth quarter of fiscal 2024 as part of a balance sheet restructuring strategy whereby the proceeds from the sale of $30.9 million of securities were redeployed into residential and commercial real estate loans.

Interest Income. Interest income increased $319,000, or 2.8%, to $11.7 million for the three months ended June 30, 2025 from $11.4 million for the three months ended June 30, 2024. The increase

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resulted from a $644,000, or 6.5%, increase in interest income on loans, partially offset by a $204,000, or 24.8%, decrease in interest income on interest bearing deposits at other banks due to a 80 basis point decrease in the yield on overnight funds and by a $121,000, or 17.1%, decrease in interest income on securities. The increase in the interest income on loans was due to a $75.8 million increase in the average balance of loans from $713.2 million for the three months ended June 30, 2024 to $789.0 million for the three months ended June 30, 2025, offset by a 20 basis point decrease in the yield on loans in a lower interest rate environment. The decrease in interest income on securities was due to a $31.7 million decrease in the average balance of securities resulting primarily from the sale of $35.4 million of lower-yielding securities in the fourth quarter of fiscal year 2024 as part of a balance sheet restructuring, which resulted in a two basis point increase in the yield notwithstanding the lower interest rate environment.

Interest Expense. Interest expense increased $806,000, or 23.4%, to $4.3 million for the three months ended June 30, 2025 from $3.5 million for the three months ended June 30, 2024, due to a $843,000 increase in interest expense on demand deposits and a $236,000, increase in interest expense on borrowings due to a new $30.0 million borrowing during the period, offset by a decrease in interest expense on certificates of deposit of $273,000, resulting from a 37 basis point decrease in the average rate. The increase in interest expense on interest-bearing demand deposits was due to an increase of $61.7 million, or 23.8%, in the average balance and an increase of 88 basis points in the cost of interest-bearing deposits to 1.82% for the three months ended June 30, 2025 from 0.94% for the three months ended June 30, 2024 as the Bank raised rates on certain interest-bearing deposit products in an effort to remain competitive in the market area.

Net Interest Income. Net interest income decreased $487,000, or 6.1%, to $7.5 million for the three months ended June 30, 2025 from $7.9 million for the three months ended June 30, 2024. Net interest rate spread decreased 36 basis points to 2.33% for the three months ended June 30, 2025 from 2.69% for the three months ended June 30, 2024. Net interest margin decreased 32 basis points to 2.90% for the three months ended June 30, 2025 from 3.22% for the three months ended June 30, 2024. Net interest-earning assets decreased $9.3 million, or 3.4%, to $261.8 million for the three months ended June 30, 2025 from $271.1 million for the three months ended June 30, 2024. The decrease in the Bank's net interest rate spread and net interest margin were primarily a result of the cost of interest-bearing liabilities increasing while the yield on interest-earning assets decreased.

Provision for Credit Losses. The Bank establishes provisions for credit losses, which are charged to operations to maintain the allowance for credit losses at a level it considers necessary to absorb probable credit losses attributable to loans that are reasonably estimable at the balance sheet date. In determining the level of the allowance for credit losses, the Bank considers, among other things, past and current loss experience, evaluations of real estate collateral, economic conditions, the amount and type of lending, adverse situations that may affect a borrower's ability to repay a loan and the levels of delinquent, classified and criticized loans. The amount of the allowance is based on estimates and the ultimate losses may vary from such estimates as more information becomes available or conditions change. The Bank assesses the allowance for credit losses and records provisions for credit losses on a quarterly basis.

The Bank recorded a provision for credit losses of $238,000 during the three months ended June 30, 2025 reflecting loan growth during the period as well as an adjustment of $157,000 due to a revised calculation of the quantitative loss factor based on updated information related to historical loss factors of both Somerset Savings Bank, SLA and Regal Bank, compared to a provision for credit losses of $153,000 for the three months ended June 30, 2024. The Bank had no charge-offs for the three months ended June 30, 2025 and 2024 and no non-performing loans at June 30, 2025 compared to $50,000 of non-performing loans at June 30, 2024. The Bank's allowance for credit losses as a percentage of total loans was 0.67% at June 30, 2025 compared to 0.71% at June 30, 2024.

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Noninterest Income. Noninterest income increased $5.9 million, or 152.2%, to $2.0 million for the three months ended June 30, 2025 from a loss of $3.9 million for the three months ended June 30, 2024, primarily as a result of a $4.4 million loss on the sale of available-for-sale securities incurred during the fourth quarter of fiscal 2024 as part of the balance sheet restructuring strategy, as well as $1.5 million of gains from life insurance proceeds incurred during the fourth quarter of fiscal 2025.

Noninterest Expense. Noninterest expense increased $216,000, or 3.3%, to $6.8 million for the three months ended June 30, 2025 from $6.6 million for the three months ended June 30, 2024, due to a $576,000, or 18.9%, increase in salaries and employee benefits expense, offset by a $158,000, or 22.3%, decrease in data processing fees resulting from the one-time cost related to the Merger in 2024 and a $137,000, or 20.3%, decrease in occupancy expense.

Income Tax Expense. The provision for income taxes was $215,000 for the three months ended June 30, 2025, compared to $334,000 for the three months ended June 30, 2024. The Bank's effective tax rate was 8.9% for the three months ended June 30, 2025 compared to 12.4% for the three months ended June 30, 2024.

Comparison of Operating Results for the Year Ended June 30, 2025 and 2024

General. Net income increased $16.0 million to $5.1 million for the year ended June 30, 2025 from a net loss of $10.9 million for the year ended June 30, 2024. Net income for the year ended June 30, 2025 included $2.8 million of net accretion income related to fair value adjustments resulting from the Merger as well as $1.5 million of gains from life insurance proceeds. Net loss for the year ended June 30, 2024 included an one-time expenses incurred during the year included $4.4 million of merger-related expenses and a $4.2 million provision for credit losses, each of which was related to the acquisition of Regal Bancorp, as well as a $5.4 million charitable contribution to establish the Somerset Regal Charitable Foundation. In addition, a $4.4 million loss on the sale of available-for-sale securities was incurred during the fourth quarter of fiscal 2024 as part of the balance sheet restructuring strategy. Excluding the aforementioned one-time expenses, offset by $4.1 million of net accretion income related to fair value adjustments, net income for the year ended June 30, 2024 would have been $1.0 million.

Interest Income. Interest income increased $5.4 million, or 13.3%, to $46.3 million for the year ended June 30, 2025 from $40.9 million for the year ended June 30, 2024 due to a 15 basis point increase in the yield on interest-earning assets and a $87.9 million increase in the average balance of interest-earning assets. The increase resulted from a $8.1 million, or 24.0%, increase in interest income on loans due to the increased size of the loan portfolio, largely as a result of the Merger, as well as a higher average yield on the loan portfolio due to an increased proportion of higher-yielding commercial real estate loans. The increase was offset by a $762,000, decrease in interest income on securities and a $1.7 million decrease in interest income from other interest-earning assets due to lower average balances and a lower interest rate environment. The decrease in interest income on securities was due to a $44.2 million decrease in the average balance of securities, resulting primarily from the sale of $35.4 million of lower-yielding securities in the fourth quarter of fiscal year 2024 as part of the balance sheet restructuring, and a two basis point decrease in the average yield on securities due to the lower interest rate environment, which was mitigated by the balance sheet restructuring.

Interest Expense. Interest expense increased $5.2 million, or 45.6%, to $16.7 million for the year ended June 30, 2025 from $11.5 million for the year ended June 30, 2024, primarily due to a $4.9 million increase in interest expense on deposits. Interest expense on interest-bearing demand deposits increased due to an increase of $96.4 million in the average balance as a result of the Merger and an increase of 112 basis points in the cost of interest-bearing deposits to 1.68% for the year ended June 30, 2025 from 0.56% for the year ended June 30, 2024 as the Bank raised rates on certain interest-bearing deposit products in

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an effort to remain competitive in the market area. Interest expense on certificates of deposit increased $1.0 million due to a $4.9 million increase in the average balance and an increase in the average rate on certificates of deposit of four basis points to 3.83% for the year ended June 30, 2025 from 3.79% for the year ended June 30, 2024 due to the highly competitive interest rate environment in our market area. Interest expense on borrowings increased by $370,000 due to a higher average outstanding balance, offset by a 82 basis point decrease in the rate paid.

Net Interest Income. Net interest income increased $210,000, or 0.7%, to $29.6 million for the year ended June 30, 2025 from $29.4 million for the year ended June 30, 2024. Net interest rate spread decreased 38 basis points to 2.35% for the year ended June 30, 2025 from 2.73% for the year ended June 30, 2024. Net interest margin decreased 26 basis points to 2.93% for the year ended June 30, 2025 from 3.19% for the year ended June 30, 2024. Net interest-earning assets increased $14.9 million, or 6.0%, to $262.0 million for the year ended June 30, 2025 from $247.2 million for the year ended June 30, 2024. The decreases in the Bank's net interest rate spread and net interest margin were primarily a result of the cost of interest-bearing liabilities increasing at a higher rate than the yield on interest-earning assets.

Provision for Credit Losses. The Bank recorded a provision for credit losses of $133,000 for the year ended June 30, 2025 as compared to a provision for credit losses of $4.1 million for the year ended June 30, 2024. The provision of $133,000 represents a recovery of $155,000 recorded during the first quarter resulting from updates made to model assumptions in the calculation of the Bank's allowance for credit losses, offset by provisions of $288,000 recorded during the remainder of the fiscal year reflecting loan growth as well as an adjustment of $157,000 due to a revised calculation of the quantitative loss factor based on updated information related to historical loss factors of both Somerset Savings Bank, SLA and Regal Bank. The Bank had no charge-offs during the years ended June 30, 2025 and 2024 and no non-performing loans at June 30, 2025 compared to $50,000 of non-performing loans at June 30, 2024. The Bank's allowance for credit losses as a percentage of total loans was 0.67% at June 30, 2025 compared to 0.71% at June 30, 2024.

Noninterest Income. Noninterest income increased $6.2 million to $3.7 million for the year ended June 30, 2025 from a loss of $2.5 million for the year ended June 30, 2024, primarily as a result of a $4.4 million loss on the sale of available-for-sale securities incurred during the fourth quarter of fiscal 2024 as part of the balance sheet restructuring strategy, as well as $1.5 million of gains from life insurance proceeds resulting from the death of a former employee.

Noninterest Expense. Noninterest expense decreased $7.5 million, or 21.8%, to $27.1 million for the year ended June 30, 2025 from $34.6 million for the year ended June 30, 2024, primarily as a result of a $5.4 million charitable contribution made during the year ended June 30, 2024, a $1.2 million, or 7.9%, decrease in salaries and employee benefits resulting from one-time change in control payments incurred during the year ended June 30, 2024, a $909,000, or 29.3%, decrease in data processing expense due to a $414,000 early termination fee and a $242,000 deconversion fee incurred during the year ended June 30, 2024, all related to the Merger.

Income Tax Expense. The provision for income taxes was $991,000 for the year ended June 30, 2025, compared to a benefit of $909,000 for the year ended June 30, 2024. The Bank's effective tax rate was 16.2% for the year ended June 30, 2025 compared to 7.7% for the year ended June 30, 2024.

Comparison of Financial Condition at June 30, 2025 and June 30, 2024

Assets. Assets increased $63.6 million, or 6.2%, to $1.08 billion at June 30, 2025 from $1.02 billion at June 30, 2024. The increase was primarily driven by new loan originations, resulting in a net

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increase of $65.3 million in loans receivable and an $11.9 million increase in cash and cash equivalents, offset by a $14.3 million decrease in securities.

Cash and Cash Equivalents. Cash and cash equivalents increased $11.9 million, or 25.9%, to $57.8 million at June 30, 2025 from $45.9 million at June 30, 2024 primarily due to a $38.9 million increase in deposits, borrowings of $30.0 million from the Federal Home Loan Bank of New York during the year ended June 30, 2025 and the decrease in securities.

Securities. Securities held-to-maturity decreased $14.3 million, or 9.2%, to $141.8 million at June 30, 2025 from $156.1 million at June 30, 2024. The decrease was primarily due to principal repayments and maturities.

Loans. Loans receivable, net, increased $65.3 million, or 8.9%, to $797.2 million at June 30, 2025 from $731.9 million at June 30, 2024, driven by increases in residential mortgage loans of $32.6 million and multi-family loans of $40.0 million.

Deposits. Deposits increased $38.9 million, or 4.8%, to $846.0 million at June 30, 2025 from $807.1 million at June 30, 2024. Increases in interest-bearing deposit accounts resulted from the Bank having raised rates on certain interest-bearing deposit products in an effort to remain competitive in the market area. At June 30, 2025, $114.1 million, or 13.5%, of total deposits consisted of noninterest-bearing deposits. At June 30, 2025, $145.4 million, or 17.2%, of total deposits were uninsured.

Borrowings. During the year ended June 30, 2025, the Bank borrowed $30.0 million from the Federal Home Loan Bank of New York to provide for additional liquidity to fund new loans. At June 30, 2024, there were no outstanding borrowings.

Equity. Equity decreased $5.7 million, or 2.9%, to $193.8 million at June 30, 2025 from $199.5 million at June 30, 2024. The decrease was primarily due to the repurchase of 936,991 shares of common stock at a cost of $11.3 million, partially offset by net earnings of $5.1 million.

About Somerset Regal Bank

Somerset Regal Bank is a full-service New Jersey commercial bank headquartered in Bound Brook, New Jersey that operates 14 branches in Essex, Hunterdon, Middlesex, Morris, Somerset and Union Counties, New Jersey. At June 30, 2025, Somerset Regal Bank had $1.08 billion in total assets, $797.2 million in net loans, $846.0 million in deposits and total equity of $193.8 million. Additional information about Somerset Regal Bank is available on its website, www.somersetregalbank.com.