BOUND BROOK, NEW JERSEY, September 20, 2024 – SR Bancorp, Inc. (NASDAQ: SRBK), the holding company for Somerset Regal Bank, announced it has adopted a program to repurchase up to 950,793 shares of its common stock, which is approximately 10% of its outstanding common stock.  This is the Company's first stock repurchase program since completing its stock offering on September 19, 2023. 

            Shares may be repurchased in open market or private transactions, through block trades or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission.  The timing and amount of any repurchases will depend on a number of factors, including the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance.  Open market purchases will be made in accordance with Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements.  The Company is not obligated to repurchase any particular number of shares or any shares in any specific time period.

William P. Taylor, Chief Executive Officer of SR Bancorp, Inc said:  “We are pleased to have a strong capital position giving us the ability to purchase our common stock.”