SR Bancorp, Inc.

Under the supervision and with the participation of our management, including our Principal Executive Officer and Principal Financial Officer, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the fiscal year (the “Evaluation Date”). Based upon that evaluation, the Principal Executive Officer and Principal Financial Officer concluded that, as of the Evaluation Date, our disclosure controls and procedures were operating effectively.

Our management is responsible for establishing and maintaining effective internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Under the supervision and with the participation of our management, including our Principal Executive Officer and Principal Financial Officer, we evaluated the effectiveness of our internal control over financial reporting based on criteria established in “Internal Control — Integrated Framework (2013)” issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this assessment, management, including our Principal Executive Officer and Principal Financial Officer, concluded that our internal control over financial reporting was operating effectively as of June 30, 2026 based on the criteria of the “Internal Control — Integrated Framework (2013).” As of June 30, 2025, our management identified a material weakness in internal controls related to the untimely recognition of income from life insurance contracts resulting from the death of a former employee. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the registrant’s annual or interim financial statements will not be prevented or detected on a timely basis. The identified material weakness resulted in a material misstatement in the Company’s consolidated financial statements for the year ended June 30, 2025. Management has since remediated that deficiency as described below.

Management has designed and implemented a new reconciliation control to address the material weakness identified as of June 30, 2025. The material weakness resulted from differences between the contract balances reported by our bank-owned life insurance (“BOLI”) administrator and the balances reported by the underlying insurance carriers. The new control requires management, at least annually and as of any reporting period immediately following the death of an individual insured under an active BOLI policy, to obtain policy balances directly from the applicable insurance carriers and reconcile those balances to the records provided by our BOLI administrator. Management tested the design and operating effectiveness of this control and, based on the results of such testing, concluded that the control was operating effectively as of June 30, 2026. Accordingly, management concluded that the material weakness identified as of June 30, 2025 had been remediated as of June 30, 2026.

Not applicable because the Company is an emerging growth company.

Other than the changes described above, there were no changes in our internal control over financial reporting that occurred during the fiscal year that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.