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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 September 30, 2025


☐	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 other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

220 West Union Avenue Bound Brook, New Jersey	08805
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (732) 560-1700

Securities registered pursuant to Section 12(b) of the Act:

     Title of each class

     Trading
Symbol(s)

     Name of each exchange on which registered

     Common Stock, par value $0.01 per share

     SRBK

     The Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 12, 2025, the registrant had 8,532,170 shares of common stock, $0.01 par value per share, outstanding.

Table of Contents


		Page

PART I.	FINANCIAL INFORMATION	1

Item 1.	Consolidated Financial Statements (unaudited)	1
	Consolidated Statements of Financial Condition	1
	Consolidated Statements of Income	2
	Consolidated Statements of Comprehensive Income	3
	Consolidated Statements of Changes in Stockholders' Equity	4
	Consolidated Statements of Cash Flows	5
	Notes to Unaudited Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	41
Item 4.	Controls and Procedures	41

PART II.	OTHER INFORMATION	42

Item 1.	Legal Proceedings	42
Item 1A.	Risk Factors	42
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42
Item 3.	Defaults Upon Senior Securities	42
Item 4.	Mine Safety Disclosures	42
Item 5.	Other Information	42
Item 6.	Exhibits	43
Signatures		44

PART I—FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements (unaudited).

SR Bancorp, Inc. and Subsidiaries

Consolidated Statements of Financial Condition

September 30, 2025 (Unaudited) and June 30, 2025

(In thousands, except for share data)


	September 30, 2025			June 30, 2025

Assets
Cash and due from banks	$	4,452		$	3,945
Interest-bearing deposits at other banks		53,853			53,834
Total cash and cash equivalents		58,305			57,779
Securities held-to-maturity, at amortized cost		138,234			141,845
Equity securities, at fair value		35			37
Loans receivable, net of allowance for credit losses of $5,533 and $5,362, respectively		826,371			797,166
Premises and equipment, net		4,773			4,942
Right-of-use asset		2,950			3,156
Restricted equity securities, at cost		2,833			2,608
Accrued interest receivable		3,160			3,072
Bank owned life insurance		36,871			36,607
Goodwill and intangible assets		26,393			26,708
Other assets		10,171			10,485
Total assets	$	1,110,096		$	1,084,405
Liabilities and Equity
Liabilities
Deposits:
Noninterest-bearing	$	116,918		$	114,107
Interest-bearing		752,694			731,915
Total deposits		869,612			846,022
Borrowings		35,000			30,000
Advance payments by borrowers for taxes and insurance		8,344			8,736
Accrued interest payable		114			223
Lease liability		2,998			3,211
Other liabilities		2,095			2,433
Total liabilities		918,163			890,625
Equity
Preferred Stock, $0.01 par value, 5,000,000 shares authorized, none issued		—			—
Common stock, $0.01 par value, 50,000,000 authorized; 8,676,860 and 8,875,170 shares issued and outstanding as of September 30, 2025, and June 30, 2025, respectively		87			89
Additional paid-in capital		78,321			80,843
Retained earnings		120,798			120,505
Unearned compensation ESOP		(6,560	)		(6,655	)
Accumulated other comprehensive loss		(713	)		(1,002	)
Total stockholders' equity		191,933			193,780
Total liabilities and stockholders' equity	$	1,110,096		$	1,084,405

The accompanying notes are an integral part of the consolidated financial statements

SR Bancorp, Inc. and Subsidiaries

Consolidated Statements of Income

For the Three Months Ended September 30, 2025 and 2024

(In thousands, except for share data, unaudited)


	Three Months Ended September 30,
	2025			2024
Interest Income
Loans, including fees	$	10,895		$	10,286
Securities:
Taxable		584			661
Interest bearing deposits at other banks		456			520
Total interest income		11,935			11,467
Interest Expense
Deposits:
Demand		1,565			926
Savings and time		2,395			2,784
Borrowings		380			163
Total interest expense		4,340			3,873
Net Interest Income		7,595			7,594
Provision (Credit) for Credit Losses		171			(154	)
Net Interest Income After Provision (Credit) for Credit Losses		7,424			7,748
Noninterest Income
Service charges and fees		230			296
Increase in cash surrender value of bank owned life insurance		265			260
Fees and service charges on loans		32			56
Unrealized (loss) gain on equity securities		(2	)		2
Realized gain on sale of loans		—			24
Other		40			163
Total noninterest income		565			801
Noninterest Expense
Salaries and employee benefits		3,853			3,240
Occupancy		536			632
Furniture and equipment		353			293
Data Processing		540			629
Advertising		130			82
FDIC premiums		120			120
Directors fees		97			92
Professional fees		437			489
Insurance		134			159
Telephone, postage and supplies		202			181
Other		692			902
Total noninterest expense		7,094			6,819
Income Before Income Tax Expense		895			1,730
Income Tax Expense		202			363
Net Income	$	693			1,367
Basic earnings per share	$	0.09		$	0.16
Diluted earnings per share	$	0.09		$	0.16
Weighted average number of common shares outstanding - basic		7,845,230			8,806,265
Weighted average number of common shares outstanding - diluted		7,927,521			8,806,265

The accompanying notes are an integral part of these condensed financial statements

SR Bancorp, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income

For the Three Months Ended September 30, 2025 and 2024

(In thousands, unaudited)


	Three Months Ended September 30,
	2025		2024
Net Income	$	693	$	1,367
Other Comprehensive Income
Change in defined pension plan for unrealized actuarial gains net of income tax expense of $113 and $131, respectively		289		337
Total other comprehensive income		289		337
Total comprehensive income	$	982	$	1,704

The accompanying notes are an integral part of these consolidated financial statements

SR Bancorp, Inc. and Subsidiaries

Consolidated Statements of Changes in Stockholders' Equity

For the Three Months Ended September 30, 2025 and 2024

(In thousands, except for share data, unaudited)


	Common Stock Shares			Common Stock Amount			Additional Paid in Capital			Retained Earnings			Unearned ESOP Compensation			Accumulated Other Comprehensive Loss			Total
Balance, June 30, 2025		8,875,170		$	89		$	80,843		$	120,505		$	(6,655	)	$	(1,002	)	$	193,780
Net income		—			—			—			693			—			—			693
Other comprehensive income, net of tax		—			—			—			—			—			289			289
ESOP shares earned, 9,508 shares		—			—			43			—			95			—			138
Repurchase of common shares		(198,310	)		(2	)		(2,924	)		—			—			—			(2,926	)
Cash dividends declared on common stock, $0.05 per share		—			—			—			(400	)		—			—			(400	)
Stock-based compensation		—			—			359			—			—			—			359
Balance, September 30, 2025		8,676,860		$	87		$	78,321		$	120,798		$	(6,560	)	$	(713	)	$	191,933

Balance, June 30, 2024		9,507,930		$	95		$	91,436		$	116,205		$	(7,036	)	$	(1,217	)	$	199,483
Net income		—			—			—			1,367			—			—			1,367
Other comprehensive income, net of tax		—			—			—			—			—			337			337
ESOP shares earned, 9,508 shares		—			—			(1	)		—			95			—			94
Repurchase of common shares		(66,288	)		(8	)		(729	)		—			—			—			(737	)
Balance, September 30, 2024		9,441,642		$	87		$	90,706		$	117,572		$	(6,941	)	$	(880	)	$	200,544

The accompanying notes are an integral part of these consolidated financial statements

SR Bancorp, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

For the Three Months Ended September 30, 2025 and 2024

(In thousands, except for share data, unaudited)


	Three Months Ended September 30,
	2025			2024
Cash Flows from Operating Activities
Net income	$	693		$	1,367
Adjustments to reconcile net income to net cash provided by operating activities:
Provision (Credit) for credit losses		171			(154	)
Depreciation		218			297
Deferred income tax benefit		72			130
Accretion of acquisition fair value adjustments, net		(618	)		(1,416	)
Amortization of core deposit intangible asset		315			386
Net amortization of premiums and discounts on securities		42			55
Net amortization of deferred loan fees, costs and discounts		50			67
Income from cash surrender value of bank owned life insurance		(265	)		(260	)
Stock-based compensation expense		497			94
Unrealized loss (gain) on equity securities		2			(2	)
Gain on sale of loans held for sale		—			(24	)
Proceeds from sales of loans held for sale		—			274
Originations of loans held for sale		—			(250	)
(Increase) decrease in:
Accrued interest receivable		(87	)		(105	)
Other assets		470			1,909
Increase in other liabilities		(338	)		(579	)
Net cash provided by operating activities		1,222			1,789
Cash Flows from Investing Activities
Proceeds from maturities, calls and principal repayments of securities held-to-maturity		3,570			3,573
Net increase in loans receivable		(28,793	)		(34,298	)
Purchase of premises and equipment		(76	)		(82	)
Purchase of restricted equity securities		(225	)		(900	)
Net cash used in investing activities		(25,524	)		(31,707	)
Cash Flows from Financing Activities
Net increase in interest bearing deposits		20,764			5,957
Net increase in non-interest bearing deposits		2,811			6,270
Net increase in advance payments by borrowers for taxes and insurance		(392	)		(183	)
Net increase in short-term borrowings		5,000			20,000
Dividend Paid		(429	)		—
Repurchase of common stock		(2,926	)		(737	)
Net cash provided by financing activities		24,828			31,307
Net increase in cash and cash equivalents		526			1,389
Cash and Cash Equivalents, Beginning of Period		57,779			45,909
Cash and Cash Equivalents, End of Period	$	58,305		$	47,298
Supplementary Cash Flow Information
Cash paid during the period for:
Interest paid	$	4,287		$	3,657
Income taxes paid		—		$	—

The accompanying notes are an integral part of these consolidated financial statements

SR Bancorp, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

Summary of Significant Accounting Policies

Basis of Presentation and Use of Estimates

The accompanying unaudited Consolidated Financial Statements of SR Bancorp, Inc. (the “Company”) have been prepared in conformity with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q. The Consolidated Financial Statements are prepared on an accrual basis and include the accounts of the Company’s wholly-owned subsidiary, Somerset Regal Bank (the “Bank”) and its wholly-owned subsidiaries Somerset Investment Co. (the “Investment Co.”), RB Properties, LLC and Somerset Consumer Service Corp. (“SCS”). All significant intercompany accounts and transactions have been eliminated in consolidation.

The Investment Co. is a special purpose entity subject to the investment company provisions of the New Jersey Corporation Business Tax Act whose activities are limited to holding investment securities and recognizing income and other gains/losses thereon. RB Properties, LLC was formed to own and manage real estate property acquired through foreclosure or in lieu of foreclosure in connection with loans. RB Properties, LLC is currently inactive. SCS was originally formed for the purpose of selling annuity products and is currently inactive.

The interim Consolidated Financial Statements reflect all adjustments, including normal and recurring accruals, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three months ended September 30, 2025 are not necessarily indicative of the results of operations that may be expected for the full fiscal year or any other period. In preparing the Consolidated Financial Statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statements of financial condition and the results of operations for the periods presented. Actual results could differ from these estimates.

Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2025.

Business

SR Bancorp, Inc., a Maryland corporation, is the holding company for Somerset Regal Bank. The Bank, which was formed in 1887, serves Essex, Hunterdon, Middlesex, Morris, Somerset and Union counties in New Jersey. The Bank is a New Jersey chartered commercial bank subject to the laws and regulations of federal and state agencies. As a locally managed commercial bank, the Bank provides retail and commercial banking services to individuals, businesses and local municipalities through its 14 full-service branch locations.

The Company became the holding company for Somerset Regal Bank as part of the mutual-to-stock conversion of Somerset Savings Bank, SLA. On September 19, 2023, Somerset Savings Bank, SLA converted from the mutual to stock form of organization and SR Bancorp, Inc. completed its stock offering. The Company’s common stock began trading on the Nasdaq Capital Market under the trading symbol “SRBK” on September 20, 2023. Somerset Regal Bank was formed through the combination of Somerset Savings Bank, SLA and Regal Bank, two New Jersey chartered institutions, on September 19, 2023.

Concentrations of Credit Risk

The Company's lending activity is concentrated in loans secured by real estate located primarily in New Jersey. Credit risk exposure in this area of lending is mitigated by adhering to conservative underwriting practices and policies, and close monitoring of the loan portfolio. The Company does not have any significant concentrations to any one industry or customer.

SR Bancorp, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

Note 3 discusses the types of investment securities in which the Company invests. Credit risk as it relates to investment activities is mitigated through the monitoring of ratings. The Company's portfolio consists principally of highly-rated government-sponsored agency securities.

Segment Reporting

Accounting Standards Codification ("ASC") Topic 280, Segment Reporting, establishes standards for the way business enterprises report information about operating segments in annual Consolidated Financial Statements. The Company operates exclusively as a community bank within the "Community Banking" financial services industry. Community Banking encompasses the Company's primary business, which includes providing a wide range of commercial, retail and related banking services. The Company's primary focus within Community Banking is to grow loans using deposits generated by the Company's branches. Our business is generated principally in central and northern New Jersey.

The Company’s CEO is the chief operating decision maker who uses consolidated net income to assess performance and profitability of our single business segment. Consolidated net income is used to assess performance by comparing results on a monthly basis, including variances to budget and prior period results. Consideration is given to performance of components of the business, such as branches and geographic regions, which are then aggregated. This information is used to achieve strategic initiatives by allowing the chief operation decision maker to manage resources that drive our business and earnings. Additionally, consolidated net income is used to benchmark the Company against its banking peers.

Recently Adopted Accounting Changes

In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). This update requires public entities with reportable segments to provide additional and more detailed disclosures. The Company adopted ASU 2023-07 on June 30, 2025, which did not have a material impact on its Consolidated Financial Statements.

In March 2024, the FASB issued ASU 2024-01 Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards ("ASU 2024-01"). This update provides guidance for profits interest and similar awards. The Company adopted ASU 2024-01 on July 1, 2025, which did not have a material impact on its Consolidated Financial Statements.

Accounting Standards Update 2024-02, "Codification Improvements" ("ASU 2024-02"), amends the Codification to remove references to various concept statements and impacts a variety of topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities. The Company adopted ASU 2024-02 on July 1, 2025, and it did not have a material impact on its Consolidated Financial Statements.

Recent Accounting Standards Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". The amendments in this ASU require improved annual income tax disclosures surrounding rate reconciliation, income taxes paid, and other disclosures. This update will be effective for annual financial statements issued for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this standard, which is not expected to have a material impact on our financial statements.

Accounting Standards Update 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures" ("ASU 2024-03"), requires additional expense disclosures by public entities in the notes to the financial statements. ASU 2024-03 outlines the specific costs that are required to be disclosed, which include costs such as: employee compensation, depreciation, intangible asset amortization, selling costs and depreciation. It also requires qualitative descriptions of the amounts remaining in the relevant income statement captions that are not separately disaggregated quantitatively in the notes to the financial statements and the entity's

SR Bancorp, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

definition of selling expenses. The disclosures are required for each interim and annual reporting period. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026. In January 2025, the FASB issued Accounting Standards Update 2025-01, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Clarifying the Effective Date" ("ASU 2025-01"), clarifying the interim reporting date when an entity must adopt ASU 2024-03. According to ASU 2025-01, ASU 2024-03 is effective for interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of this standard, which is not expected to have a material impact on our financial statements.

Accounting Standards Update 2025-06, “Intangible - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” (“ASU 2025-06”) to modernize the accounting for software costs that are accounted for under Subtopic 350-40, Intangibles—Goodwill and Other—Internal-Use Software (referred to as “internal-use software”). The amendments in this Update are effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently evaluating the impact of this standard, which is not expected to have a material impact on our financial statements.

Subsequent Events

The Company has evaluated subsequent events for recognition or disclosure through November 14, 2025, the date the Consolidated Financial Statements were available to be issued.

Earnings Per Share

Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding. Diluted earnings per share have been calculated in a manner similar to that of basic earnings per share except that weighted-average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if all potential dilutive common shares (such as those resulting from the exercise of stock options and vested restricted stock awards) were issued during the period, computed using the treasury stock method. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. For the three months ended September 30, 2025, there were 760,593 options that were not included in the computation of diluted earnings per share because to do so would be anti-dilutive. Options with an exercise price greater than the average market price of the common shares are considered anti-dilutive.

The following table presents the composition of the weighted average common shares used in the earnings per share calculation:


	Three Months Ended September 30,
	2025			2024
Net income	$	693		$	1,367
Weighted average number of common shares outstanding		8,810,261			9,503,513
Less: Average unallocated ESOP shares		(660,800	)		(697,248	)
Less: Average unvested restricted stock awards		(304,231	)		—
Weighted average common shares outstanding used to calculate basic earnings per common share		7,845,230			8,806,265
Add: Dilutive effect of common stock equivalents		82,291			—
Weighted average common shares outstanding used to calculate diluted earnings per common share		7,927,521			8,806,265
Basic income per common share	$	0.09		$	0.16
Diluted income per common share	$	0.09		$	0.16

SR Bancorp, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

Investment Securities

The Company owned no investment securities available-for-sale at September 30, 2025 or June 30, 2025. The amortized cost and approximate fair value of securities held-to-maturity are as follows at the dates indicated:


	September 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In thousands)
Federal National Mortgage Association	$	84,508	$	5	$	(12,891	)	$	71,622
Federal Home Loan Mortgage Corporation		43,663		2		(6,329	)		37,336
Government National Mortgage Association		206		3		—			209
Subordinated Debt		7,750		—		(502	)		7,248
CMO		1,907		—		(100	)		1,807
Foreign Government Bonds		200		—		—			200
Total	$	138,234	$	10	$	(19,822	)	$	118,422


	June 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(In thousands)
Federal National Mortgage Association	$	86,657	$	2	$	(14,436	)	$	72,223
Federal Home Loan Mortgage Corporation		45,009		1		(6,488	)		38,522
Government National Mortgage Association		218		1		—			219
Subordinated Debt		7,750		—		(609	)		7,141
CMO		2,011		—		(121	)		1,890
Foreign Government Bonds		200		—		—			200
Total	$	141,845	$	4	$	(21,654	)	$	120,195

There were no purchases or sales of available-for sale securities during the three months ended September 30, 2025 or 2024.

The amortized cost and fair value of securities held-to-maturity by contractual maturity at September 30, 2025 are shown in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations. Securities are assigned to categories based on contractual maturity except for mortgage-backed securities and CMOs, which are based on the estimated average life of the securities.


	September 30, 2025
	Amortized Cost		Fair Value
	(In thousands)
Due within 1 year	$	200	$	200
Due after 1 but within 5 years		—		—
Due after 5 but within 10 years		7,750		7,248
Due after 10 years		—		—
Mortgage-backed securities		130,284		110,974
Total	$	138,234	$	118,422

SR Bancorp, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

On a quarterly basis, management evaluates whether there is a credit loss associated with any declines in fair value. Management considers the nature of the collateral, default rates, delinquency rates, credit ratings and interest rate changes, among other factors. The Company's held-to-maturity portfolio predominantly consists of mortgage-backed securities issued by the U.S. government and government-sponsored agencies for which management has determined to have a zero expected credit loss. Furthermore, at September 30, 2025 and June 30, 2025, the Company had no securities held-to-maturity that were past due 30 days or more with respect to principal or interest payments.

Equity securities consisted of several equity investments in consumer banking and financial services companies. At September 30, 2025 and June 30, 2025, the Company had $35,000 and $37,000, respectively, in equity securities recorded at fair value. The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30,
	2025			2024
	(In thousands)
Net gains recognized on equity securities	$	(2	)	$	2
Less: Net gains recognized on equity securities sold/acquired		—			—
Net unrealized gains recognized on equity securities	$	(2	)	$	2

At September 30, 2025 and June 30, 2025, mortgage-backed securities with a carrying value of approximately $1.6 million and $1.7 million, respectively, were pledged as collateral to secure public funds on deposit. During the three months ended September 30, 2025 and 2024, there were no sales of securities held-to-maturity.

Loans Receivable

Loans at September 30, 2025 and June 30, 2025 are summarized as follows:


	September 30, 2025			June 30, 2025
	(In thousands)
Owner occupied commercial real estate loans	$	52,385		$	55,127
Other commercial real estate loans		80,969			72,542
Multi-family loans		224,867			219,934
Commercial and industrial loans		17,646			12,253
Total commercial loans		375,867			359,856
Residential mortgage loans		439,851			427,345
Consumer and other loans		13,786			13,038
Total loans		829,504			800,239
Allowance for credit losses		(5,533	)		(5,362	)
Deferred loan costs, net		2,400			2,289
Loans receivable, net	$	826,371		$	797,166

SR Bancorp, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

The Company engages primarily in the lending of fixed-rate and adjustable-rate commercial real estate and residential mortgage loans. Lending activities are targeted to individuals within the Company's geographic footprint. Risks associated with lending activities include changes in economic conditions and interest rates, which can adversely impact both the ability of borrowers to repay their loans and the value of the associated collateral. Credit risk exposure is minimized by the evaluation of the creditworthiness of the borrower, including debt-to-income ratios, credit scores and conservative underwriting standards with loan-to-value ratios of generally no more than 75% for commercial loans, 80% for multifamily loans and 80% for residential loans. Residential mortgage loans granted in excess of the 80% loan-to-value ratio criterion generally require private mortgage insurance. The real estate home equity portfolio consists of fixed-rate home equity loans and variable-rate home equity lines of credit. Risks associated with second lien loans secured by residential properties are generally lower than commercial loans and include general economic risks, such as the strength of the job market, employment stability and the strength of the housing market.

At September 30, 2025 and June 30, 2025, commercial loans represented 45.3% and 45.0% of net loans, respectively, while residential mortgage, consumer and other loans represented 54.7% and 55.0%, respectively, nearly all of which is concentrated within our primary market area in New Jersey. At September 30, 2025 and June 30, 2025, the Company held 95.3% and 96.6%, respectively, of its commercial loan portfolio in commercial real estate, consisting of multi-family, mixed use and owner occupied loans, with less than 2.70% secured by office buildings as of September 30, 2025 and less than 1.0% secured by office buildings as of June 30, 2025. The Company had no non-accrual commercial loans at September 30, 2025 and June 30, 2025.

The following tables summarize the activity in the allowance for credit losses by loan class for the three months ended September 30, 2025 and 2024.


	Three Months Ended September 30, 2025
	Owner Occupied Commercial Real Estate			Other Commercial Real Estate		Multi- Family		Commercial and Industrial		Residential Mortgage		Consumer and Other		Total
	(In thousands)
Allowance for Credit Losses:
Beginning balance	$	675		$	179	$	1,830	$	135	$	2,308	$	235	$	5,362
Charge-offs		—			—		—		—		—		—		—
Recoveries		—			—		—		—		—		—		—
Provisions (credits)		(38	)		40		27		61		68		13		171
Ending balance	$	637		$	219	$	1,857	$	196	$	2,376	$	248	$	5,533
Ending balance,
Individually evaluated for impairment	$	—		$	—	$	—	$	—	$	—	$	—	$	—
Ending balance,
Collectively evaluated for impairment	$	637		$	219	$	1,857	$	196	$	2,376	$	248	$	5,533
Loans Receivable:
Ending balance	$	52,385		$	80,969	$	224,867	$	17,646	$	439,851	$	13,786	$	829,504
Ending balance,
Individually evaluated for impairment	$	—		$	—	$	—	$	—	$	—	$	—	$	—
Ending balance,
Collectively evaluated for impairment	$	52,385		$	80,969	$	224,867	$	17,646	$	439,851	$	13,786	$	829,504

SR Bancorp, Inc. and Subsidiaries

Notes to Consolidated Financial Statements


	Three Months Ended September 30, 2024
	Owner Occupied Commercial Real Estate			Other Commercial Real Estate			Multi- Family			Commercial and Industrial			Residential Mortgage		Consumer and Other		Total
	(In thousands)
Allowance for Credit Losses:
Beginning balance	$	1,331		$	502		$	1,998		$	146		$	1,175	$	77	$	5,229
Charge-offs		—			—			—			—			—		—		—
Recoveries		—			—			—			—			—		—		—
Provisions (credits)		(542	)		(304	)		(109	)		(7	)		664		144		(154	)
Ending balance	$	789		$	198		$	1,889		$	139		$	1,839	$	221	$	5,075
Ending balance,
Individually evaluated for impairment	$	—		$	—		$	—		$	—		$	—	$	—	$	—
Ending balance,
Collectively evaluated for impairment	$	789		$	198		$	1,889		$	139		$	1,839	$	221	$	5,075
Loans Receivable:
Ending balance	$	59,229		$	75,415		$	205,929		$	12,092		$	406,258	$	11,706	$	770,629
Ending balance,
Individually evaluated for impairment	$	—		$	—		$	—		$	9		$	—	$	—	$	9
Ending balance,
Collectively evaluated for impairment	$	59,229		$	75,415		$	205,929		$	12,083		$	406,258	$	11,706	$	770,620

SR Bancorp, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

The following table presents the credit risk profile of loans by class and fiscal year of origination as of September 30, 2025 and June 30, 2025:


	September 30, 2025
	2026		2025		2024		2023		2022		Prior		Revolving		Total
	(In thousands)
Owner Occupied Commercial Real Estate
Risk Rating
Pass	$	800	$	—	$	6,982	$	5,080	$	7,817	$	31,706	$	—	$	52,385
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Loss		—		—		—		—		—		—		—		—
Total Owner Occupied Commercial Real Estate	$	800	$	—	$	6,982	$	5,080	$	7,817	$	31,706	$	—	$	52,385
Other Commercial Real Estate
Risk Rating
Pass	$	9,614	$	6,432	$	1,355	$	3,505	$	910	$	59,153	$	—	$	80,969
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Loss		—		—		—		—		—		—		—		—
Total Other Commercial Real Estate	$	9,614	$	6,432

SR Bancorp, Inc. 10-Q