MGYR

NEW BRUNSWICK, N.J., July 23, 2026 /PRNewswire/ -- Magyar Bancorp (NASDAQ: MGYR) ("Company"), parent company of Magyar Bank, reported today the results of its operations for the three and nine months ended June 30, 2026. The Company reported a 25% increase in its net income for the three months ended June 30, 2026, to $3.1 million compared with net income of $2.5 million for the three months ended June 30, 2025. Net income for the nine months ended June 30, 2026 was $9.3 million compared with net income of $7.2 million for the nine months ended June 30, 2025. Basic and diluted earnings per share were $0.50 and $0.49, respectively, for the three months ended June 30, 2026 compared with $0.40 and $0.40, respectively, for the three months ended June 30, 2025. Basic and diluted earnings per share were $1.49 and $1.47, respectively, for the nine months ended June 30, 2026 compared with $1.16 and $1.16, respectively, for the nine months ended June 30, 2025. The Company also announced that its Board of Directors approved a quarterly cash dividend of $0.10 per share, which will be paid on August 20, 2026 to stockholders of record as of August 6, 2026. "We are pleased to report another strong performance for our fiscal third quarter," stated John Fitzgerald, President and Chief Executive Officer of Magyar Bancorp. "Despite market volatility and inflationary pressures, Magyar Bank's net interest margin increased 30 basis points compared to the June 30, 2025 quarter. This increase helped produce a 25% increase in net income for the quarter ending June 30, 2026, compared to June 30, 2025. In addition, during the third quarter, Magyar was recognized by Keefe Bruyette & Woods in their 2026 Honor Roll, comprised of elite, high performing banks with consistent earnings growth over the past decade. This is the third consecutive year Magyar has received this honor. We believe the Company is well positioned to continue to produce solid results as we head into the final quarter of our fiscal year." Results of Operations for the Three Months Ended June 30, 2026 Net income increased by $623 thousand, or 25.2%, to $3.1 million during the three-month period ended June 30, 2026 compared with $2.5 million during the three-month period ended June 30, 2025, from higher net interest income and other income, partially offset by higher provisions for credit loss, other expenses and income tax expense. The Company's net interest and dividend income increased by $1.2 million, or 15.2%, to $9.4 million for the quarter ended June 30, 2026 from the quarter ended June 30, 2025. The increase was attributable to a 30-basis point increase in the Company's net interest margin to 3.65% for the three months ended June 30, 2026 from 3.35% for the three months ended June 30, 2025, as well as a $57.0 million increase in the average balance of interest-earning assets between the periods. Interest and dividend income increased by $1.3 million, or 9.0%, to $15.3 million for the three months ended June 30, 2026 compared with $14.0 million for the three months ended June 30, 2025. The increase was attributable to a 17-basis point increase in the yield on interest-earning assets to 5.91% for the three months ended June 30, 2026 from 5.74% for the three months ended June 30, 2025, as well as a $51.9 million, or 6.3%, increase in the average balance of net loans receivable between the periods. Interest expense increased by $23 thousand, or 0.4%, to $5.8 million for the three months ended June 30, 2026 from the three months ended June 30, 2025. An eight-basis point decrease in the cost of interest-bearing liabilities to 2.94% for the three months ended June 30, 2026 compared with 3.02% for the three months ended June 30, 2025 was offset by a $24.3 million, or 3.1%, increase in the average balance of interest-bearing liabilities between the periods. The Company recorded a net provision for credit losses totaling $351 thousand for the three months ended June 30, 2026 compared with a net provision for credit losses totaling $101 thousand for the three months ended June 30, 2025. The increase resulted from growth in commercial real estate loans, partially offset by lower one-to-four family mortgage loans, lower construction loan commitments and improving economic data used to determine the Bank's expected credit losses. The Company recorded $295 thousand in net loan charge-offs during the three months ended June 30, 2026 compared with $3 thousand in net loan recoveries during the three months ended June 30, 2025. During the three months ended June 30, 2026 the Company recorded a $300 thousand charge-off related to unique circumstances involving one construction loan relationship. Other income increased by $180 thousand, or 28.3%, to $816 thousand during the three months ended June 30, 2026 compared with $636 thousand for the three months ended June 30, 2025. The increase was primarily due to higher gains on the sale of SBA loans, partially offset by lower service charge and interest rate swap fee income. Other expenses increased by $292 thousand, or 5.6%, to $5.5 million during the three months ended June 30, 2026 compared with $5.2 million for the three months ended June 30, 2025. The increase was primarily attributable to higher compensation and benefit expense, which increased $255 thousand, or 8.2%, to $3.4 million, due to higher medical benefits and incentive accruals as well as annual merit increases. The Company recorded tax expense of $1.3 million on pre-tax income of $4.4 million for the three months ended June 30, 2026, compared with $1.0 million on pre-tax income of $3.5 million for the three months ended June 30, 2025. The increase in income tax expense was driven by higher pre-tax income. The Company's effective tax rate for the three months ended June 30, 2026 was 28.9% compared with 29.0% for the three months ended June 30, 2025. Results of Operations for the Nine Months Ended June 30, 2026 Net income increased by $2.1 million, or 28.0%, to $9.3 million during the nine months ended June 30, 2026 compared with $7.2 million for the nine months ended June 30, 2025 due to higher net interest income, partially offset by higher provisions for credit loss, lower other income, higher other expenses and higher income tax expense. The Company's net interest and dividend income increased by $4.0 million, or 17.1%, to $27.5 million for the nine months ended June 30, 2026 from $23.5 million for the nine months ended June 30, 2025. The increase was attributable to a 33-basis point increase in the Company's net interest margin to 3.63% for the nine months ended June 30, 2026 from 3.30% for the nine months ended June 30, 2025 as well as a $58.6 million, or 6.2%, increase in the average balance of interest-earning assets between the periods. Interest and dividend income increased by $4.4 million, or 10.8%, to $44.8 million for the nine months ended June 30, 2026 from $40.4 million for the nine months ended June 30, 2025. The increase was attributable to a 25-basis point increase in the yield on interest-earning assets to 5.92% for the nine months ended June 30, 2026 from 5.67% for the nine months ended June 30, 2025, as well as a $62.5 million, or 7.8%, increase in the average balance of net loans receivable. Interest expense increased by $335 thousand, or 2.0%, to $17.3 million for the nine months ended June 30, 2026 from $16.9 million for the nine months ended June 30, 2025. This increase was attributable to a higher average balance of interest-bearing liabilities, which increased by $38.0 million, or 5.1%, to $784.9 million, but was partially offset by a nine-basis point decrease in the cost of such liabilities to 2.94% for the nine months ended June 30, 2026 compared with 3.03% for the nine months ended June 30, 2025. The Company's provision for credit losses totaled $630 thousand for the nine months ended June 30, 2026 compared with $172 thousand for the nine months ended June 30, 2025. The higher provision for credit losses resulted from growth in commercial real estate loans, partially offset by lower one-to-four family mortgage loans, lower construction loan commitments and improving economic data used to determine the Bank's expected credit losses. The Company recorded $290 thousand in net loan charge-offs during the nine months ended June 30, 2026 compared with $111 thousand in net loan recoveries during the nine months ended June 30, 2025. Other income decreased by $411 thousand, or 14.4%, to $2.4 million during the nine months ended June 30, 2026 compared with $2.9 million for the nine months ended June 30, 2025. The decrease was primarily due to lower gains from the sale of OREO, as there were no gains during the nine months ended June 30, 2026 compared with $229 thousand for the prior year period. In addition, the Company recorded lower commercial loan prepayment charges and late charges on loans. Other expenses increased by $383 thousand, or 2.4%, to $16.4 million during the nine months ended June 30, 2026 from $16.0 million during the nine months ended June 30, 2025. The increase was primarily attributable to higher compensation and benefit expense, which increased by $480 thousand, or 5.1%, to $9.9 million, due to higher medical benefits and incentive accruals as well as annual merit increases. Partially offsetting this increase were lower occupancy expenses, which decreased by $141 thousand, or 5.3%, to $2.5 million, due to lease termination expenses related to the closure of the Bank's Bridgewater office in the prior year period. The Company recorded tax expense of $3.6 million on pre-tax income of $12.9 million for the nine months ended June 30, 2026, compared with $2.9 million on pre-tax income of $10.1 million for the nine months ended June 30, 2025. The Company's effective tax rate for the nine months ended June 30, 2026 was 28.2% compared with 28.5% for the nine months ended June 30, 2025. Balance Sheet Comparison Total assets increased by $50.8 million, or 5.1%, to $1.048 billion at June 30, 2026 from $997.7 million at September 30, 2025. The increase was attributable to higher loans receivable, investment securities and cash and cash equivalents. Cash and interest-earning deposits with banks increased by $4.4 million, or 61.9% to $11.5 million at June 30, 2026 from $7.1 million at September 30, 2025 resulting from deposit inflows that exceeded the growth in loans receivable during the nine months ended June 30, 2026. The Company's cash and deposit balances at June 30, 2026 reflect seasonal deposit outflows from municipal accounts that historically return the following calendar quarter. At June 30, 2026, investment securities totaled $104.3 million, reflecting an increase of $15.9 million, or 17.9%, from September 30, 2025. The increase resulted from purchases of mortgage-backed securities totaling $21.9 million, partially offset by repayments of mortgage-backed securities totaling $6.0 million during the nine months ended June 30, 2026. There were no credit losses recorded for the Company's investment securities during the nine months ended June 30, 2026 and June 30, 2025. Total loans receivable increased by $31.1 million, or 3.6%, to $890.0 million at June 30, 2026 from $858.9 million at September 30, 2025. The increase in total loans receivable during the nine months ended June 30, 2026 occurred in commercial real estate loans, which increased $56.6 million. Partially offsetting this increase were construction and land loans, which decreased $15.7 million, one-to four-family residential real estate loans (including home equity lines of credit), which decreased $8.4 million, commercial business loans, which decreased $1.2 million and other loans, which decreased $195 thousand. Total non-performing loans decreased by $92 thousand to $359 thousand at June 30, 2026 from $451 thousand at September 30, 2025. The ratio of non-performing loans to total loans decreased to 0.04% at June 30, 2026 from 0.05% at September 30, 2025. Total non-performing assets decreased by $2.3 million to $359 thousand at June 30, 2026 from $2.6 million at September 30, 2025. The ratio of non-performing assets to total assets decreased to 0.03% at June 30, 2026 from 0.26% at September 30, 2025. The Company's allowance for credit losses increased $340 thousand to $8.9 million, or 1.00% of total loans receivable, during the nine months ended June 30, 2026. Growth in loans receivable during the nine months ended June 30, 2026 resulted in additional provisions for credit losses totaling $630 thousand and the Company recorded $290 thousand in net loan charge-offs. The Company's allowance for on-balance sheet credit losses increased to $8.5 million at June 30, 2026 from $8.4 million at September 30, 2025 while its reserve for off-balance sheet commitments increased to $402 thousand at June 30, 2026 from $198 thousand at September 30, 2025. Total deposits increased by $39.6 million, or 4.9%, to $853.9 million at June 30, 2026. The inflow in deposits occurred in certificates of deposit (including individual retirement accounts), which increased by $26.3 million, or 12.5%, to $236.2 million, non-interest bearing checking accounts, which increased by $24.3 million, or 20.7%, to $141.5 million, and savings accounts, which increased by $1.7 million, or 3.1%, to $56.1 million. Partially offsetting these increases was a $9.7 million, or 5.9%, decrease in interest-bearing checking accounts to $154.1 million and a $3.0 million, or 1.1%, decrease in money market accounts to $265.9 million. The Company's book value per share increased to $19.61 at June 30, 2026 from $18.34 at September 30, 2025. The increase was attributable to the Company's results from operations, partially offset by $0.28 in dividends paid and 25,825 shares repurchased during the nine months ended June 30, 2026 at an average price per share of $17.55. About Magyar BancorpMagyar Bancorp is the parent company of Magyar Bank, a community bank headquartered in New Brunswick, New Jersey. Magyar Bank has been serving families and businesses in Central New Jersey since 1922 with a complete line of financial products and services. Magyar operates seven branch locations in New Brunswick, North Brunswick, South Brunswick, Branchburg, Bridgewater, and Edison (2). Please visit us online at www.magbank.com. Forward Looking StatementsThis press release contains statements about future events that constitute forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward- looking terminology, such as "may," "will," "believe," "expect," or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those risks previously disclosed in the Company's filings with the SEC, general economic conditions, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, the imposition of tariffs or other domestic or international governmental policies, acts of domestic or international hostilities, and market acceptance of the Company's pricing, products and services, and with respect to the loans extended by the Bank and real estate owned, the following: risks related to the economic environment in the market areas in which the Bank operates, particularly with respect to the real estate market in New Jersey; the risk that the value of the real estate securing these loans may decline in value; and the risk that significant expense may be incurred by the Company in connection with the resolution of non-performing loans. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. View original content:https://www.prnewswire.com/news-releases/magyar-bancorp-inc-announces-third-quarter-financial-results-and-declares-dividend-302833383.html

Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks' without any revenue, let alone profit. Sometimes these stories can cloud the minds of investors, leading them to invest with their emotions rather than on the merit of good company fundamentals. While a well funded company may sustain losses for years, it will need to generate a profit eventually, or else investors will move on and the company will wither away. If this kind of company isn't your style, you like companies that generate revenue, and even earn profits, then you may well be interested in Magyar Bancorp (NASDAQ:MGYR). While profit isn't the sole metric that should be considered when investing, it's worth recognising businesses that can consistently produce it. AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early. If you believe that markets are even vaguely efficient, then over the long term you'd expect a company's share price to follow its earnings per share (EPS) outcomes. So it makes sense that experienced investors pay close attention to company EPS when undertaking investment research. Over the last three years, Magyar Bancorp has grown EPS by 12% per year. That growth rate is fairly good, assuming the company can keep it up. Top-line growth is a great indicator that growth is sustainable, and combined with a high earnings before interest and taxation (EBIT) margin, it's a great way for a company to maintain a competitive advantage in the market. It's noted that Magyar Bancorp's revenue from operations was lower than its revenue in the last twelve months, so that could distort our analysis of its margins. EBIT margins for Magyar Bancorp remained fairly unchanged over the last year, however the company should be pleased to report its revenue growth for the period of 9.1% to US$37m. That's a real positive. You can take a look at the company's revenue and earnings growth trend, in the chart below. For finer detail, click on the image. See our latest analysis for Magyar Bancorp Magyar Bancorp isn't a huge company, given its market capitalisation of US$114m. That makes it extra important to check on its balance sheet strength. It's said that there's no smoke without fire. For investors, insider buying is often the smoke that indicates which stocks could set the market alight. This view is based on the possibility that stock purchases signal bullishness on behalf of the buyer. However, insiders are sometimes wrong, and we don't know the exact thinking behind their acquisitions. We haven't seen any insiders selling Magyar Bancorp shares, in the last year. So it's definitely nice that company insider Michael Lombardi bought US$9.4k worth of shares at an average price of around US$17.17. It seems that at least one insider is prepared to show the market there is potential within Magyar Bancorp. As previously touched on, Magyar Bancorp is a growing business, which is encouraging. Not every business can grow its EPS, but Magyar Bancorp certainly can. The cherry on top is that we have an insider buying shares. A further encouragement to keep an eye on this stock. It is worth noting though that we have found 1 warning sign for Magyar Bancorp that you need to take into consideration. Keen growth investors love to see insider activity. Thankfully, Magyar Bancorp isn't the only one. You can see a a curated list of companies which have exhibited consistent growth accompanied by high insider ownership. Please note the insider transactions discussed in this article refer to reportable transactions in the relevant jurisdiction. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

NEW BRUNSWICK, N.J., April 23, 2026 /PRNewswire/ -- Magyar Bancorp (NASDAQ: MGYR) ("Company"), parent company of Magyar Bank, reported today the results of its operations for the three and six months ended March 31, 2026. The Company reported a 13% increase in its net income for the three months ended March 31, 2026, to $3.0 million compared with net income of $2.7 million for the three months ended March 31, 2025. Net income for the six months ended March 31, 2026 increased 29% to $6.2 million compared with net income of $4.8 million for the six months ended March 31, 2025. Basic and diluted earnings per share were $0.49 and $0.48, respectively, for the three months ended March 31, 2026 compared with $0.43 in basic and diluted earnings per share for the three months ended March 31, 2025. Basic and diluted earnings per share were $0.99 and $0.98, respectively, for the six months ended March 31, 2026 compared with $0.77 and $0.76, respectively, for the six months ended March 31, 2025. The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.10 per share, which will be paid on May 21, 2026 to stockholders of record as of May 7, 2026. "We are very pleased to continue to produce double digit growth in earnings, reporting a 13% increase in net income for the quarter ended March 31, 2026", stated John Fitzgerald, President and Chief Executive Officer of Magyar Bancorp. "Our net interest margin expanded 35 basis points compared to the same period last year on the strength of strong loan growth with continued emphasis on strong credit underwriting. We expect this trend to continue, positioning Magyar to navigate the current market volatility and produce solid results during the second half of our fiscal year." Results of Operations for the Three Months Ended March 31, 2026 Net income increased $349 thousand, or 13.0%, to $3.0 million during the three months ended March 31, 2026 compared with $2.7 million during the three months ended March 31, 2025, due to higher net interest income, partially offset by higher provisions for credit loss, lower non-interest income and higher other expenses. The Company's net interest and dividend income increased $1.4 million, or 17.2%, to $9.2 million for the three months ended March 31, 2026 from the three months ended March 31, 2025. The increase was attributable to a 35-basis point increase in the Company's net interest margin to 3.66% for the three months ended March 31, 2026 from 3.31% for the three months ended March 31, 2025, as well as a $56.6 million increase in the average balance of interest-earning assets between the periods. Interest and dividend income increased $1.4 million, or 10.6%, to $14.9 million for the three months ended March 31, 2026 compared with $13.5 million for the three months ended March 31, 2025. The increase was attributable to a 25-basis point increase in the yield on interest earning assets to 5.93% for the three months ended March 31, 2026 from 5.68% for the three months ended March 31, 2025, as well as a $65.3 million, or 8.1%, increase in the average balance of net loans receivable between the periods. Interest expense increased $73 thousand, or 1.3%, to $5.7 million for the three months ended March 31, 2026 from $5.6 million for the three months ended March 31, 2025. A $36.3 million, or 4.8%, increase in the average balance of interest-bearing liabilities was almost entirely offset by a 10-basis point reduction in the cost of such liabilities to 2.92% for the three months ended March 31, 2026 compared with 3.02% for the three months ended March 31, 2025. The Company recorded provisions for credit losses totaling $256 thousand for the three months ended March 31, 2026 compared with a net recovery for credit losses totaling $30 thousand for the three months ended March 31, 2025. The higher provision for credit losses resulted from higher commercial real estate and construction loan balances, which generally require higher provisions for credit loss, that more than offset contraction in the Company's residential mortgage loan portfolio. The Company recorded $3 thousand in net loan recoveries during the three months ended March 31, 2026 compared with $5 thousand in net loan recoveries during the three months ended March 31, 2025. Other income decreased $411 thousand, or 32.4%, to $857 thousand during the three months ended March 31, 2026 compared with $1.3 million for the three months ended March 31, 2025. The decrease was primarily due to lower gains from the sale of Small Business Administration 7(a) loans, which decreased $343 thousand to $269 thousand for the three months ended March 31, 2026 from $612 thousand for the three months ended March 31, 2025. In addition, the Company's service charge income declined by $93 thousand between periods from lower commercial loan prepayment charges and late charges on loans. Other expenses increased $165 thousand, or 3.1%, to $5.6 million during the three months ended March 31, 2026 compared with $5.4 million for the three months ended March 31, 2025. The increase was primarily attributable to higher compensation and benefit expense, which increased $137 thousand, or 4.2%, to $3.4 million, due to higher medical benefits and incentive accruals as well as annual merit increases. The Company recorded tax expense of $1.2 million on pre-tax income of $4.3 million for the three months ended March 31, 2026, compared with $1.1 million on pre-tax income of $3.8 million for the three months ended March 31, 2025. The Company's effective tax rate for the three months ended March 31, 2026 and 2025 was 29.0%. Results from Operations for the Six Months Ended March 31, 2026 Net income increased $1.4 million, or 29.4%, to $6.2 million during the six months ended March 31, 2026 compared with $4.8 million for the six-month period ended March 31, 2025 due to higher net interest income, partially offset by higher provisions for credit losses, lower other income, and higher other expenses. The Company's net interest and dividend income increased $2.8 million, or 18.1%, to $18.1 million for the six months ended March 31, 2026 from $15.3 million for the six months ended March 31, 2025. The increase was attributable to a $59.5 million, or 6.3%, increase in the average balance of interest earning assets between the periods as well as a 36-basis point increase in the Company's net interest margin to 3.63% for the six months ended March 31, 2026 from 3.27% for the six months ended March 31, 2025. Interest and dividend income increased $3.1 million, or 11.7%, to $29.5 million for the six months ended March 31, 2026 from $26.4 million for the six months ended March 31, 2025. The increase was attributable to a 28-basis point increase in the yield on interest earning assets to 5.92% for the six months ended March 31, 2026 from 5.64% for the six months ended March 31, 2025, as well as a $67.9 million, or 8.5%, increase in the average balance of net loans receivable. Interest expense increased $313 thousand, or 2.8%, to $11.4 million for the six months ended March 31, 2026 from $11.1 million for the six months ended March 31, 2025. A $44.8 million, or 6.1%, increase in the average balance of interest-bearing liabilities was partially offset by a 9 basis point reduction in the cost of such liabilities to 2.94% for the six months ended March 31, 2026 compared with 3.03% for the six months ended March 31, 2025. The Company recorded provisions for credit losses totaling $280 thousand for the six months ended March 31, 2026 compared with provisions for credit losses totaling $71 thousand for the six months ended March 31, 2025. The higher provision for credit losses resulted from higher specific reserves on construction loans, partially offset by lower expected loss rates driven by improving economic conditions impacting residential and commercial real estate loans. The Company recorded $6 thousand in net loan recoveries during the six months ended March 31, 2026 compared with $108 thousand in net loan recoveries during the six months ended March 31, 2025. Other income decreased $606 thousand, or 27.2%, to $1.6 million during the six months ended March 31, 2026 compared with $2.2 million for the six months ended March 31, 2025. The decrease was due to lower gains from the sale of Small Business Administration 7(a) loans and other real estate owned, which decreased $321 thousand and $237 thousand, respectively. In addition, the Company's service charge income declined by $84 thousand between periods from lower commercial loan prepayment charges and late charges on loans. Other expenses increased $76 thousand, or 0.7%, to $10.9 million during the six months ended March 31, 2026 compared with $10.8 million for the six months ended March 31, 2025. The increase was primarily attributable to higher compensation and benefit expense, which increased $225 thousand, or 3.6%, to $6.5 million, due to higher medical benefits and incentive accruals as well as annual merit increases. The Company recorded tax expense of $2.4 million on pre-tax income of $8.5 million for the six months ended March 31, 2026, compared with $1.9 million on pre-tax income of $6.7 million for the six months ended March 31, 2025. The Company's effective tax rate for the six months ended March 31, 2026 was 27.8% compared with 28.5% for the six months ended March 31, 2025. Balance Sheet Comparison Total assets increased $70.7 million, or 7.1%, to $1.068 billion at March 31, 2026 from $997.7 million at September 30, 2025. The increase was attributable to higher balances of interest-earning deposits with banks and loans receivable. Total cash and cash equivalent deposits increased $40.6 million, or 572.4% to $47.6 million at March 31, 2026 from $7.1 million at September 30, 2025 resulting from net deposit inflows during the six months ended March 31, 2026. At March 31, 2026, investment securities totaled $99.2 million, reflecting an increase of $10.7 million, or 12.1%, from September 30, 2025. The increase resulted from purchases of mortgage-backed securities totaling $14.5 million, partially offset by payments from mortgage-backed securities totaling $3.8 million during the six months ended March 31, 2026. There were no credit losses recorded for the Company's investment securities during the six months ended March 31, 2026 and March 31, 2025. Total loans receivable increased $21.0 million, or 2.4%, to $879.9 million at March 31, 2026 from $858.9 million at September 30, 2025. The increase in total loans receivable occurred in commercial real estate loans, which increased $24.6 million, and in construction and land loans, which increased $6.4 million. Partially offsetting these increases were one-to four-family residential real estate loans (including home equity lines of credit), which decreased $9.5 million, commercial business loans, which decreased $170 thousand and other loans, which decreased $277 thousand. Total non-performing loans decreased $157 thousand, or 34.8%, to $294 thousand at March 31, 2026 from $451 thousand at September 30, 2025. The ratio of non-performing loans to total loans decreased to 0.03% at March 31, 2026 from 0.05% at September 30, 2025. The allowance for credit losses increased $249 thousand to $8.6 million, or 0.98% of total loans receivable, during the six months ended March 31, 2026. The Company's allowance for on-balance sheet credit losses increased to $8.6 million at March 31, 2026 from $8.4 million at September 30, 2025 while its reserve for off-balance sheet commitments increased to $235 thousand at March 31, 2026 from $198 thousand at September 30, 2025. Total deposits increased $64.1 million, or 7.9%, to $878.4 million at March 31, 2026 compared with $814.3 million at September 30, 2025. The inflow in deposits occurred in certificates of deposit (including individual retirement accounts), which increased $28.1 million, or 13.4%, to $238.0 million, in non-interest bearing checking accounts, which increased $16.5 million, or 14.1%, to $133.7 million, in money market accounts, which increased $8.9 million, or 3.3%, to $277.8 million, in interest-bearing checking accounts, which increased $7.8 million, or 4.8%, to $171.6 million, and in savings accounts, which increased $2.8 million, or 5.2%, to $57.3 million. The Company's book value per share increased to $19.19 at March 31, 2026 from $18.34 at September 30, 2025. The increase was due to the Company's results from operations, partially offset by $0.18 in dividends paid and 10,925 shares repurchased during the six months ended March 31, 2026 at an average share price of $17.47. About Magyar Bancorp Magyar Bancorp is the parent company of Magyar Bank, a community bank headquartered in New Brunswick, New Jersey. Magyar Bank has been serving families and businesses in Central New Jersey since 1922 with a complete line of financial products and services. Magyar operates seven branch locations in New Brunswick, North Brunswick, South Brunswick, Branchburg, Martinsville, and Edison (2). Please visit us online at www.magbank.com. Forward Looking Statements This press release contains statements about future events that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward- looking terminology, such as "may," "will," "believe," "expect," or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those risks previously disclosed in the Company's filings with the SEC, general economic conditions, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, the imposition of tariffs or other domestic or international governmental policies, acts of domestic or international hostilities, and market acceptance of the Company's pricing, products and services, and with respect to the loans extended by the Bank and real estate owned, the following: risks related to the economic environment in the market areas in which the Bank operates, particularly with respect to the real estate market in New Jersey; the risk that the value of the real estate securing these loans may decline in value; and the risk that significant expense may be incurred by the Company in connection with the resolution of non-performing loans. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. View original content:https://www.prnewswire.com/news-releases/magyar-bancorp-inc-announces-second-quarter-financial-results-and-declares-dividend-302751087.html

NEW BRUNSWICK, N.J., Jan. 29, 2026 /PRNewswire/ -- Magyar Bancorp (NASDAQ: MGYR) ("Company"), parent company of Magyar Bank, reported today the results of its operations for the three months ended December 31, 2025. The Company reported a 50% increase in net income for the three months ended December 31, 2025 to $3.1 million from $2.1 million for the three months ended December 31, 2024. Basic and diluted earnings per share were $0.51 and $0.50, respectively, for the three months ended December 31, 2025 compared to $0.34 for basic and diluted earnings per share for the three months ended December 31, 2024. The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.10 per share, which will be paid on February 26, 2026 to stockholders of record as of February 12, 2026. "We are very pleased to report strong earnings for the first quarter of our new fiscal year," stated John Fitzgerald, President and Chief Executive Officer of Magyar Bancorp. "Our commitment to growing the Company's balance sheet with prudent lending and responsible deposit growth, combined with further normalization of the yield curve during the most recent quarter, produced favorable results for our shareholders." "Our net interest margin has increased by 37 basis points to 3.59% for the quarter ended December 31, 2025 from the quarter ended December 31, 2024 resulting from the Federal Reserve's rate cuts and commercial term loans repricing higher, a trend that we expect will continue throughout the coming year." Results of Operations Net income increased $1.1 million, or 50.4%, to $3.1 million during the three months ended December 31, 2025 compared with $2.1 million during the three months ended December 31, 2024, from higher net interest income, lower provisions for credit losses and lower other expenses, partially offset by lower other income. The Company's net interest and dividend income increased by $1.5 million, or 19.0%, to $8.9 million for the quarter ended December 31, 2025 from $7.4 million for the quarter ended December 31, 2024. The increase was attributable to a $62.3 million increase in the average balance of interest-earning assets between periods, as well as a 37 basis point increase in the Company's net interest margin to 3.59% for the three months ended December 31, 2025 from 3.22% for the three months ended December 31, 2024. Interest and dividend income increased $1.7 million, or 12.8%, to $14.6 million for the three months ended December 31, 2025 compared with $12.9 million for the three months ended December 31, 2024. The increase was attributable to a 31-basis point increase in the yield on interest-earning assets to 5.90% for the three months ended December 31, 2025 from 5.59% for the three months ended December 31, 2024 as well as a $70.3 million, or 8.9%, increase in the average balance of loans receivable, net. The increase in yield on the Company's assets was attributable to higher market interest rates on loans and investments between periods. Interest expense increased $238 thousand, or 4.4%, to $5.7 million for the three months ended December 31, 2025 from $5.5 million for the three months ended December 31, 2024. The average balance of interest-bearing liabilities increased $53.2 million, or 7.5%, to $763.4 million while the cost of interest-bearing liabilities decreased by nine basis points to 2.96% for the three months ended December 31, 2025 compared with 3.05% for the three months ended December 31, 2024, resulting primarily from lower short-term market interest rates. The Company's provision for credit losses decreased $79 thousand, or 78.2%, to $23 thousand for the three months ended December 31, 2025 compared to $101 thousand for the three months ended December 31, 2024. Provisions for on-balance sheet credit losses were $71 thousand from growth in total loans receivable during the quarter, while $49 thousand was recovered from its reserves for off-balance sheet credit losses from contraction in unfunded loan commitments during the quarter. The Company recorded $2 thousand in net recoveries during the three months ended December 31, 2025 compared with $103 thousand in net recoveries during the three months ended December 31, 2024. Other income decreased $159 thousand, or 16.6%, to $797 thousand during the three months ended December 31, 2025 compared to $956 thousand for the three months ended December 31, 2024. There were no gains from the sales of other real estate owned during the three months ended December 31, 2025 compared with $224 thousand for the prior year period. Offsetting this decline were higher interest rate swap fees, which increased by $31 thousand, and higher gains from the sale of SBA loans, which increased by $22 thousand. Other expenses decreased by $54 thousand, or 1.0%, to $5.4 million during the three months ended December 31, 2025. The decrease was primarily attributable to lower occupancy expenses, which declined by $172 thousand, or 17.4%, to $819 thousand for the three months ended December 31, 2025 compared with $991 thousand for the prior year period, due to lease termination expenses and ongoing savings related to the closure of the Bank's Bridgewater office in October 2024. Offsetting this decrease were higher compensation and benefit expenses, which increased by $88 thousand, or 2.9%, to $3.2 million, due to annual merit increases, and higher data processing expenses, which increased by $66 thousand, or 72.5%, to $157 thousand, due to one-time credits applied during the prior year period. The Company recorded tax expense of $1.1 million on pre-tax income of $4.3 million for the three months ended December 31, 2025, compared to $805 thousand on pre-tax income of $2.9 million for the three months ended December 31, 2024. Balance Sheet Comparison Total assets increased $47.8 million, or 4.8%, to $1.045 billion at December 31, 2025 from $997.7 million at September 30, 2025. The increase was attributable to larger interest-earning deposits with banks, investment securities and loans receivable. Total cash and cash equivalents increased $27.0 million, or 381.4%, to $34.1 million at December 31, 2025 from $7.1 million at September 30, 2025 resulting from higher deposits, partially offset by higher loans receivable and investments. At December 31, 2025, investment securities totaled $93.1 million, reflecting an increase of $4.7 million, or 5.3%, from September 30, 2025. The Company purchased two floating-rate mortgage-backed securities issued by U.S government agencies totaling $6.3 million during the quarter. There were no other-than-temporary-impairment charges for the Company's investment securities during the three months ended December 31, 2025. Total loans receivable increased $18.9 million, or 2.2%, to $877.8 million at December 31, 2025 from $858.9 million at September 30, 2025. The increase in total loans receivable during the quarter ended December 31, 2025 occurred primarily in commercial real estate loans, which increased by $15.7 million, or 2.9%, to $548.9 million, or 62.5% of loans. The Company also grew its construction and land loans, which increased by $5.4 million, or 18.6%, to $34.7 million. Partially offsetting these increases were one-to four-family residential real estate loans (including home equity lines of credit), which decreased $983 thousand, commercial business loans, which decreased $971 thousand, and other loans, which decreased $280 thousand. Total non-performing loans decreased $90 thousand, or 20.0%, to $361 thousand at December 31, 2025 from $451 thousand at September 30, 2025. The ratio of non-performing loans to total loans decreased to 0.04% at December 31, 2025 from 0.05% at September 30, 2025. The Company sold its only other real estate owned ("OREO") property during the quarter, reducing its OREO to zero from $2.2 million at September 30, 2025. The ratio of non-performing assets to total assets decreased to 0.03% at December 31, 2025 from 0.26% at September 30, 2025. The allowance for credit losses increased $73 thousand to $8.4 million, or 0.96% of total loans receivable, during the three months ended December 31, 2025. Growth in loans receivable during the quarter as well as an increase in specific reserves for individually evaluated loans resulted in additional provisions for credit losses that were largely offset by reductions resulting from lower adjustments to pooled loans for economic and business conditions. Total deposits increased $44.8 million, or 5.5%, to $859.1 million at December 31, 2025. The inflow in deposits occurred in certificates of deposit (including individual retirement accounts), which increased $26.3 million, or 12.5%, to $236.3, in non-interest bearing checking accounts, which increased by $25.7 million, or 22.0%, to $143.0 million, in money market accounts, which increased $12.3 million, or 4.6%, to $281.2 million, and in savings accounts, which increased $754 thousand, or 1.4%, to $55.2 million. Partially offsetting these increases was a $20.3 million, or 12.4%, decrease in interest-bearing checking accounts to $143.4 million. The Company's book value per share increased to $18.79 at December 31, 2025 from $18.34 at September 30, 2025. The increase was due to the Company's results from operations, partially offset by $0.08 in dividends paid and 2,037 shares repurchased during the quarter at an average share price of $16.85. About Magyar Bancorp Magyar Bancorp is the parent company of Magyar Bank, a community bank headquartered in New Brunswick, New Jersey. Magyar Bank has been serving families and businesses in Central New Jersey since 1922 with a complete line of financial products and services. Magyar operates seven branch locations in New Brunswick, North Brunswick, South Brunswick, Branchburg, Martinsville, and Edison (2). Please visit us online at www.magbank.com. Forward Looking Statements This press release contains statements about future events that constitute forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward- looking terminology, such as "may," "will," "believe," "expect," or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those risks previously disclosed in the Company's filings with the SEC, general economic conditions, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, and market acceptance of the Company's pricing, products and services, and with respect to the loans extended by the Bank and real estate owned, the following: risks related to the economic environment in the market areas in which the Bank operates, particularly with respect to the real estate market in New Jersey; the risk that the value of the real estate securing these loans may decline in value; and the risk that significant expense may be incurred by the Company in connection with the resolution of non-performing loans. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. View original content:https://www.prnewswire.com/news-releases/magyar-bancorp-inc-announces-first-quarter-financial-results-and-declares-dividend-302674244.html

NEW BRUNSWICK, N.J., Oct. 30, 2025 /PRNewswire/ -- Magyar Bancorp (NASDAQ: MGYR) (the "Company"), parent company of Magyar Bank, reported today the results of its operations for the three months and fiscal year ended September 30, 2025. The Company reported $2.5 million in net income for the three months ended September 30, 2025 compared with net income of $2.5 million for the three months ended September 30, 2024. The Company also reported net income of $9.8 million for the year ended September 30, 2025 compared with $7.8 million for the year ended September 30, 2024. The Company's basic and diluted earnings per share were $0.41 and $0.40, respectively, for the three months ended September 30, 2025 compared with $0.41 for both basic and diluted earnings per share for the three months ended September 30, 2024. The Company's basic and diluted earnings per share were $1.57 and $1.56, respectively, for the year ended September 30, 2025 compared with $1.23 for both basic and diluted earnings per share for the year ended September 30, 2024. The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.08 per share, which will be paid on November 25, 2025 to stockholders of record as of November 13, 2025. "We are proud to announce record earnings for Magyar Bancorp", stated John Fitzgerald, President and Chief Executive Officer. "A 20 basis point increase in our net interest margin from the prior year, combined with prudent balance sheet management and a 10% growth in the loan portfolio led to a 25% increase in net income from the prior year end. We are pleased to see the stock market's reaction to these achievements, reflected in a 40% increase in Magyar's stock price from September 30, 2024 to September 30, 2025." Mr. Fitzgerald continued, "We are pleased to provide our shareholders with a strong return this past year, and Management feels the Bank is well positioned to continue its strong performance in our next fiscal year." Results of Operations Net income decreased $17 thousand, or 0.7%, and was $2.5 million during the three-month periods ended September 30, 2025 and 2024 as lower gains from the sale of other real estate owned and higher provisions for credit loss offset higher net interest income and lower income tax expense. Net income increased $2.0 million, or 25.4%, to $9.8 million during the year ended September 30, 2025 compared with $7.8 million for the year ended September 30, 2024 from higher net interest income, partially offset by higher provisions for credit loss, other expenses and income tax expense. Net interest and dividend income increased $1.4 million, or 19.6%, to $8.4 million for the three months ended September 30, 2025 from $7.0 million for the three months ended September 30, 2024. The Company's net interest margin increased by 39 basis points to 3.47% for the three months ended September 30, 2025 from 3.08% for the three months ended September 30, 2024. Interest and dividend income increased $1.5 million, or 11.9%, to $14.3 million for the three months ended September 30, 2025 from $12.8 million for the three months ended September 30, 2024. Between these periods the Company grew the average balance of its interest-earning assets by $54.6 million, or 6.0%, to $958.8 million, while the yield on such assets increased 31 basis points to 5.91% for the three months ended September 30, 2025 from 5.60% for the prior year period. The increase in yield on the Company's assets was attributable to higher interest income on loan originations and on adjustable-rate commercial term loans repricing higher. Interest expense increased $148 thousand, or 2.6%, to $5.9 million for the three months ended September 30, 2025 from $5.7 million for the three months ended September 30, 2024. The average balance of interest-bearing liabilities increased $63.3 million, or 9.2%, between the two periods while the cost of such liabilities decreased 19 basis points to 3.10% for the three months ended September 30, 2025 compared with 3.29% for the prior year period. Lower short-term market interest rates were primarily responsible for the lower cost of the Company's interest-bearing liabilities. During the year ended September 30, 2025, net interest and dividend income increased $3.9 million, or 14.0%, to $31.9 million compared with $28.0 million for the year ended September 30, 2024. The Company's net interest margin increased by 20 basis points to 3.34% for the year ended September 30, 2025 compared to 3.14% for the year ended September 30, 2024. The average balance of interest-earning assets increased $63.8 million, or 7.2%, to $954.6 million from $890.8 million, while the yield on such assets increased 28 basis points to 5.73% for the year ended September 30, 2025 compared with 5.45% for the prior year. Interest and dividend income increased $6.1 million, or 12.6%, to $54.7 million for the year ended September 30, 2025 from $48.6 million for the year ended September 30, 2024. The increase in yield on the Company's assets was attributable to higher interest income on loan originations and on adjustable-rate commercial term loans repricing higher. Interest expense increased $2.2 million, or 10.7%, to $22.8 million for the year ended September 30, 2025 from $20.6 million for the year ended September 30, 2024. The average balance of interest-bearing liabilities increased $91.0 million, or 13.8%, between the two periods while the cost of such liabilities decreased eight basis points to 3.05% for the year ended September 30, 2025 compared with 3.13% for the prior year. Lower short-term market interest rates were also responsible for the lower cost of the Company's interest-bearing liabilities for the year-over-year comparison. The Company recorded $229 thousand in credit loss provisions during the three months ended September 30, 2025 compared with a net recovery of $351 thousand for the three months ended September 30, 2024. Growth in commercial real estate loans and construction loan commitments accounted for the provisions for credit loss during the three months ended September 30, 2025. There were $38 thousand in loan recoveries and no charge-offs for the three months ended September 30, 2025 compared with $2 thousand in loan recoveries and no loan charge-offs for the prior year period. The Company recorded $402 thousand in credit loss provisions during the year ended September 30, 2025 compared with $90 thousand for the year ended September 30, 2024. Growth in the Company's loan portfolio accounted for the provisions for credit loss during the year ended September 30, 2025. There were $149 thousand in loan recoveries and no charge-offs for the year ended September 30, 2025 compared with $69 thousand in loan recoveries and no loan charge-offs for the prior year period. Non-interest income decreased $1.1 million, or 56.8%, to $853 thousand during the three months ended September 30, 2025 compared with $2.0 million for the prior year period. The Company did not record any gains on the sale of other real estate owned during the three months ended September 30, 2025 compared with $1.3 million during the three months ended September 30, 2024. Partially offsetting this decrease were higher interest rate swap fees and loan service charges, which increased $69 thousand and $37 thousand, respectively, between periods. Non-interest income increased $100 thousand, or 2.8%, to $3.7 million during the year ended September 30, 2025 compared with $3.6 million for the year ended September 30, 2024. Service charges increased $304 thousand, or 26.8%, to $1.4 million during the year ended September 30, 2025 compared with $1.1 million for the year ended September 30, 2024 from higher commercial loan prepayment fees, loans fees earned and late charges. Income on bank owned life insurance increased $240 thousand, or 55.4% to $673 thousand during the year ended September 30, 2025 compared with $433 thousand for the year ended September 30, 2024 from the restructure of $8.0 million in policies beginning in the 2024 fiscal year. In addition, the Company recorded $179 thousand in interest rate swap fees compared with none for the prior year. Offsetting these increases were lower net gains from the sale of assets. The Company's gains on other real estate and SBA loans were $229 thousand and $1.1 million, respectively, during the year ended September 30, 2025 compared with $1.3 million and $599 thousand, respectively, during the year ended September 30, 2024. Non-interest expenses increased $140 thousand, or 2.7%, to $5.3 million during the three months ended September 30, 2025 from $5.2 million for the three months ended September 30, 2024 due to higher compensation expenses. Compensation and benefit expense increased $231 thousand, or 7.5%, to $3.3 million for the three months ended September 30, 2025 compared with $3.1 million for the prior year period from annual merit increases, higher medical insurance costs and higher incentive plan accruals. Partially offsetting this increase were lower occupancy, marketing and other expenses, which declined $34 thousand, $32 thousand and $31 thousand, respectively, primarily related to the Company's relocation of its Bridgewater branch office to Martinsville during the December 2024 quarter. Professional fees also declined $37 thousand, or 19.6% due to lower collection costs for non-performing loans. During the year ended September 30, 2025, non-interest expenses increased $1.0 million, or 4.9%, to $21.4 million from $20.4 million for the year ended September 30, 2024 due primarily to higher compensation and benefit expenses, which increased $893 thousand, or 7.6%, due to annual merit increases, higher medical insurance costs and higher incentive plan accruals. In addition, occupancy expenses increased $188 thousand, or 5.7%, to $3.5 million, due to lease termination expenses related to the closure of the Bank's Bridgewater office during the year. Partially offsetting these increases were lower professional and data processing expenses, which declined $89 thousand and $71 thousand, respectively, due to lower collection costs for non-performing loans and one-time credits used to offset core processing fees. Income tax expense decreased $446 thousand, or 28.0%, to $1.1 million for the three-month period ended September 30, 2025 from $1.6 million for the three-month period ended September 30, 2024. The decrease was attributable to lower pre-tax income, which decreased $463 thousand, or 11.2%, to $3.7 million as well as a $456 thousand expense for taxable gains on surrendered bank-owned life insurance policies during the three months ended September 30, 2024. Income tax expense increased $732 thousand, or 22.1%, to $4.0 million for the year ended September 30, 2025 from $3.3 million for the year ended September 30, 2024. The increase was attributable to higher pre-tax income, which increased $2.7 million, or 24.4%, to $13.8 million during the year ended September 30, 2025 compared with $11.1 million for the year ended September 30, 2024. Balance Sheet Comparison Total assets increased $10.2 million, or 1.0%, to $997.7 million during the three months ended September 30, 2025 from $987.5 million at June 30, 2025, reflecting a $13.4 million increase in loans receivable, offset by a $2.7 million decrease in investment securities and a $1.6 million decrease in bank owned life insurance. During the year ended September 30, 2025, total assets increased $45.7 million, or 4.8%, to $997.7 million compared with $951.9 million at September 30, 2024. The increase was attributable to a $77.2 million increase in loans receivable, offset by an $18.4 million decrease in interest-earning deposits with banks, a $7.0 million decrease in investment securities, a $4.3 million decrease in bank owned life insurance and a $1.6 million decrease in other real estate owned. Cash and interest-earning deposits with banks was unchanged at $7.1 million at September 30, 2025 from June 30, 2025, but decreased by $18.5 million, or 72.3%, during the year ended September 30, 2025 to fund loan originations. At September 30, 2025, investment securities totaled $88.4 million, reflecting a $2.7 million, or 2.9%, decrease from June 30, 2025 and a $7.0 million, or 7.3%, decrease from September 30, 2024. Investment securities at September 30, 2025 consisted of $65.6 million in mortgage-backed securities issued by U.S. government agencies and U.S. government-sponsored enterprises, $9.4 million in U.S. government-sponsored enterprise debt securities, $9.8 million in corporate notes, $3.4 million in municipal bonds and $174 thousand in "private-label" mortgage-backed securities. Total loans receivable increased $13.5 million, or 1.6%, during the quarter ended September 30, 2025 and have increased by $77.7 million, or 9.9%, to $858.9 million during the year ended September 30, 2025 from $781.2 million at September 30, 2024. The growth for the year occurred in commercial real estate loans, which increased $71.9 million, or 15.6%, to $533.2 million, in construction and land loans, which increased $6.6 million, or 28.9%, to $29.3 million, and in one-to four-family residential mortgage loans (including home equity lines of credit), which increased $3.3 million, or 1.2%, to $274.2 million. Offsetting these increases were declines in commercial business loans, which decreased $4.0 million, or 16.5%, to $20.1 million and in other consumer loans, which decreased $116 thousand, or 5.2%, to $2.1 million. During the quarter our total non-performing loans decreased $469 thousand, or 50.9%, to $451 thousand at September 30, 2025 from $920 thousand at June 30, 2025 from one loan totaling $288 thousand paying off and one loan totaling $271 thousand that was paid current. There was one new non-performing residential mortgage loan totaling $90 thousand during the quarter. The ratio of non-performing loans to total loans was 0.05% at September 30, 2025 compared to 0.03% at September 30, 2024. The allowance for on balance sheet credit losses increased $802 thousand to $8.4 million for the year ended September 30, 2025 compared to $7.5 million for the year ended September 30, 2024. The increase was attributable to provisions for credit loss totaling $653 thousand and net loan recoveries totaling $149 thousand during the year. For comparison, the Company recorded provisions for loan loss totaling $182 thousand and net loan recoveries totaling $69 thousand during the year ended September 30, 2024. Other real estate owned was unchanged during the three months ended September 30, 2025, and decreased $1.6 million to $2.2 million during the year ended September 30, 2025. The Company sold two properties totaling $1.8 million and wrote down its remaining property by $57 thousand during the year ended September 30, 2025. Bank owned life insurance ("BOLI") decreased $1.6 million, or 7.6%, to $19.0 million during the three months ended September 30, 2025, resulting in a $4.3 million, or 18.4%, decrease for the year. The Company began restructuring $7.9 million of its BOLI portfolio in August 2024 and received the final surrendered policy proceeds in August 2025. The restructure increased the crediting rate on the restructured BOLI policies from 2.24% (3.20% tax-equivalent yield) to 4.67% (6.67% tax-equivalent yield). Total deposits decreased $5.7 million, or 0.7%, during the three months ended September 30, 2025 to $814.3 million while total deposits increased $17.6 million, or 2.2%, during the year ended September 30, 2025. The growth in deposits during the year occurred in certificates of deposit (including individual retirement accounts) which increased $50.3 million, or 31.5%, to $210.0 million, in interest-bearing checking account balances, which increased $17.0 million, or 11.6% to $163.8 million, and in savings account balances, which increased $1.6 million, or 3.0%, to $54.4 million. Offsetting these increases were declines in money market account balances, which decreased $35.6 million, or 11.7%, to $268.9 million and in non-interest checking account balances, which decreased $15.6 million, or 11.7%, to $117.2 million. Included in the Company's total deposits was an estimated $127.9 million that was not collateralized and exceeded the FDIC's insurance coverage limit of $250,000 at September 30, 2025 compared to $114.7 million at September 30, 2024. Borrowings increased $13.0 million during the three months ended September 30, 2025 to $49.1 million, reflecting a $20.5 million increase during the year ended September 30, 2025. Long-term advances from the Federal Home Loan Bank of New York were utilized to match fund commercial real estate loan originations. The Company did not repurchase any shares of its stock during the three months ended September 30, 2025. Under its current stock repurchase plan the Company may repurchase of up to 5% of its outstanding shares, or up to 323,547 shares. The Company had repurchased 20,000 shares at an average price of $15.42 per share for the year ended September 30, 2025. Total equity increased $8.3 million, or 7.5%, to $118.8 million at September 30, 2025 from $110.5 million at September 30, 2024. The increase was attributable to the Company's net income from operations totaling $9.8 million, partially offset by $1.8 million in dividends paid and $845 thousand in share repurchases. In addition, other comprehensive income and stock-based compensation expense increased the Company's equity by $1.2 million. The Company's book value per share increased to $18.34 at September 30, 2025 from $16.98 at September 30, 2024. About Magyar Bancorp Magyar Bancorp is the parent company of Magyar Bank, a community bank headquartered in New Brunswick, New Jersey. Magyar Bank has been serving families and businesses in Central New Jersey since 1922 with a complete line of financial products and services. Today, Magyar operates branch locations in New Brunswick, North Brunswick, South Brunswick, Branchburg, Bridgewater, Martinsville and Edison (2). Please visit us online at www.magbank.com. Forward Looking Statements This press release contains statements about future events that constitute forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward- looking terminology, such as "may," "will," "believe," "expect," or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those risks previously disclosed in the Company's filings with the SEC, general economic conditions, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, the effects of the federal government shutdown, the COVID-19 or any other pandemic, and market acceptance of the Company's pricing, products and services, and with respect to the loans extended by the Bank and real estate owned, the following: risks related to the economic environment in the market areas in which the Bank operates, particularly with respect to the real estate market in New Jersey; the risk that the value of the real estate securing these loans may decline in value; and the risk that significant expense may be incurred by the Company in connection with the resolution of these loans. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. View original content:https://www.prnewswire.com/news-releases/magyar-bancorp-inc-announces-fiscal-fourth-quarter-and-fiscal-year-end-financial-results-declares-quarterly-dividend-302600112.html

NEW BRUNSWICK, N.J., July 24, 2025 /PRNewswire/ -- Magyar Bancorp (NASDAQ: MGYR) ("Company"), parent company of Magyar Bank, reported today the results of its operations for the three and nine months ended June 30, 2025. The Company reported a 46% increase in its net income for the three months ended June 30, 2025, to $2.5 million compared with net income of $1.7 million for the three months ended June 30, 2024. Net income for the nine months ended June 30, 2025 was $7.2 million compared with net income of $5.2 million for the nine months ended June 30, 2024. Basic and diluted earnings per share were $0.40 for the three months ended June 30, 2025 compared with $0.27 for the three months ended June 30, 2024. Basic and diluted earnings per share were $1.16 for the nine months ended June 30, 2025 compared with $0.82 for the nine months ended June 30, 2024. The Company also announced that its Board of Directors declared an increase in its quarterly cash dividend to $0.08 per share, which will be paid on August 21, 2025 to stockholders of record as of August 7, 2025. "Our Community Banking strategy continues to produce strong financial results," stated John Fitzgerald, President and Chief Executive Officer of Magyar Bancorp. "Solid loan growth for the first nine months of our fiscal year, combined with prudent balance sheet management produced a 46% increase in net income year over year, and further expansion of our net interest margin on a linked quarter basis. Despite the market volatility during the April through June timeframe, our stock price increased over 17% during the quarter, and our performance was recognized by Keefe Bruyette & Woods who included us in their 2025 Honor Roll, comprised of elite, high performing banks with consistent earnings growth over the past decade. We are proud of this accomplishment, and feel Magyar is well positioned to continue to produce solid results as we head into the final quarter of our fiscal year." Results of Operations for the Three Months Ended June 30, 2025 Net income increased $779 thousand, or 46.1%, to $2.5 million during the three-month period ended June 30, 2025 compared with $1.7 million during the three-month period ended June 30, 2024, from higher net interest income and other income, partially offset by higher provisions for credit loss, other expenses and income tax expense. The Company's net interest and dividend income increased $1.4 million, or 20.5%, to $8.2 million for the quarter ended June 30, 2025 from the quarter ended June 30, 2024. The increase was attributable to a 33-basis point increase in the Company's net interest margin to 3.35% for the three months ended June 30, 2025 from 3.02% for the three months ended June 30, 2024, as well as a $78.4 million increase in the average balance of interest-earning assets between the periods. Interest and dividend income increased $1.7 million, or 13.5%, to $14.0 million for the three months ended June 30, 2025 compared with $12.3 million for the three months ended June 30, 2024. The increase was attributable to a 24-basis point increase in the yield on interest-earning assets to 5.74% for the three months ended June 30, 2025 from 5.50% for the three months ended June 30, 2024, as well as a $77.6 million, or 10.4%, increase in the average balance of net loans receivable between the periods. Interest expense increased $267 thousand, or 4.8%, to $5.8 million for the three months ended June 30, 2025 from $5.5 million for the three months ended June 30, 2024. An $85.5 million, or 12.4%, increase in the average balance of interest-bearing liabilities accounted for the increase in interest expense between the periods. Partially offsetting the higher balance was a 22-basis point decrease in the cost of such liabilities to 3.02% for the three months ended June 30, 2025 compared with 3.24% for the three months ended June 30, 2024. The Company recorded a net provision for credit losses totaling $101 thousand for the three months ended June 30, 2025 compared with a net recovery of credit losses totaling $54 thousand for the three months ended June 30, 2024. The higher provision for credit losses resulted from growth in commercial real estate, residential mortgage and commercial business loans, partially offset by lower construction loan balances, which require higher provisions for credit loss. The Company recorded $3 thousand in net loan recoveries during the three months ended June 30, 2025 compared with $1 thousand in net loan recoveries during the three months ended June 30, 2024. Other income increased $227 thousand, or 55.5%, to $636 thousand during the three months ended June 30, 2025 compared with $409 thousand for the three months ended June 30, 2024. The increase was primarily due to higher income on bank owned life insurance, which increased $79 thousand, or 84.9%, to $172 thousand for the three months ended June 30, 2025 from $93 thousand for the three months ended June 30, 2024 resulting from the restructure of policies totaling $7.9 million during the current fiscal year. In addition, the Company recorded higher service fee income, which increased $58 thousand, or 20.6%, to $340 thousand for the three months ended June 30, 2025 from $282 thousand for the three months ended June 30, 2024 primarily from higher commercial loan prepayment charges and late charges on loans. Other expenses increased $184 thousand, or 3.6%, to $5.2 million during the three months ended June 30, 2025 compared with $5.0 million for the three months ended June 30, 2024. The increase was primarily attributable to higher compensation and benefit expense, which increased $211 thousand, or 7.3%, to $3.1 million, due to higher medical benefits and incentive accruals as well as annual merit increases. The Company recorded tax expense of $1.0 million on pre-tax income of $3.5 million for the three months ended June 30, 2025, compared with $501 thousand on pre-tax income of $2.2 million for the three months ended June 30, 2024. The increase in income tax expense was driven by higher pre-tax income as well as changes in deferred tax items that lowered the Company's tax expense during the three months ended June 30, 2024. The Company's effective tax rate for the three months ended June 30, 2025 was 28.9% compared with 22.9% for the three months ended June 30, 2024. Results from Operations for the Nine Months Ended June 30, 2025 Net income increased $2.0 million, or 38.1%, to $7.2 million during the nine-month period ended June 30, 2025 compared with $5.2 million for the nine-month period ended June 30, 2024 due to higher net interest income, lower provisions for credit loss, and higher other income, partially offset by higher other expenses and income tax expense. The Company's net interest and dividend income increased $2.5 million, or 12.2%, to $23.5 million for the nine months ended June 30, 2025 from $21.0 million for the nine months ended June 30, 2024. The increase was attributable to a $67.0 million, or 7.6%, increase in the average balance of interest-earning assets between the periods as well as a 14-basis point increase in the Company's net interest margin to 3.30% for the nine months ended June 30, 2025 from 3.16% for the nine months ended June 30, 2024. Interest and dividend income increased $4.6 million, or 12.9%, to $40.4 million for the nine months ended June 30, 2025 from $35.8 million for the nine months ended June 30, 2024. The increase was attributable to a 27-basis point increase in the yield on interest-earning assets to 5.67% for the nine months ended June 30, 2025 from 5.40% for the nine months ended June 30, 2024, as well as a $79.0 million, or 10.9%, increase in the average balance of net loans receivable. Interest expense increased $2.1 million, or 13.9%, to $16.9 million for the nine months ended June 30, 2025 from $14.8 million for the nine months ended June 30, 2024. The average balance of interest-bearing liabilities increased $100.2 million, or 15.5%, to $746.9 million from higher money market account and time deposit account balances. Despite the growth in interest-bearing liabilities, the average cost decreased by four basis points to 3.03% for the nine months ended June 30, 2025 compared with 3.07% for the nine months ended June 30, 2024. A 29-basis point decrease in the cost of the Company's $494.2 million average balance in money market and interest-bearing checking account balances more than offset a 43-basis point increase in the Company's $166.7 million average balance of time deposits. The Company's provision for credit losses was $172 thousand for the nine months ended June 30, 2025 compared with $441 thousand for the nine months ended June 30, 2024. The lower provision for credit losses resulted from lower construction loan commitments, which require higher provisions for credit loss, that more than offset growth in commercial real estate, residential mortgage and commercial business loans. The Company recorded $111 thousand in net loan recoveries during the nine months ended June 30, 2025 compared with $67 thousand in net loan recoveries during the nine months ended June 30, 2024. Other income increased $1.3 million, or 74.5%, to $2.9 million during the nine months ended June 30, 2025 compared with $1.6 million for the nine months ended June 30, 2024. The increase was primarily due to higher gains from the sale of Small Business Administration 7(a) loans, which increased $506 thousand to $848 thousand for the nine months ended June 30, 2025 from $342 thousand for the nine months ended June 30, 2024. In addition, the Company recorded higher gains from the sale of OREO, commercial loan prepayment charges, late charges on loans and income from its bank-owned life insurance policies. Other expenses increased $863 thousand, or 5.7%, to $16.0 million during the nine months ended June 30, 2025 from $15.2 million during the nine months ended June 30, 2024. The increase was primarily attributable to higher compensation and benefit expense, which increased $663 thousand, or 7.6%, to $9.4 million, due to higher medical benefits and incentive accruals as well as annual merit increases. In addition, occupancy expense increased $222 thousand, or 9.2%, to $2.6 million, due to lease termination expenses related to the closure of the Bank's Bridgewater office in the Company's first fiscal quarter. The Company recorded tax expense of $2.9 million on pre-tax income of $10.1 million for the nine months ended June 30, 2025, compared with $1.7 million on pre-tax income of $7.0 million for the nine months ended June 30, 2024. The Company's effective tax rate for the nine months ended June 30, 2025 was 28.6% compared with 24.8% for the nine months ended June 30, 2024. Balance Sheet Comparison Total assets increased $35.6 million, or 3.7%, to $987.5 million at June 30, 2025 from $951.9 million at September 30, 2024. The increase was attributable to higher loans receivable, partially offset by lower cash and investment securities. Cash and interest-earning deposits with banks decreased $18.5 million, or 72.5% to $7.1 million at June 30, 2025 from $25.6 million at September 30, 2024 resulting from deployment of these funds into loans receivable during the nine months ended June 30, 2025. The Company's cash balance reflects seasonal deposit outflows from municipal accounts that historically return the following calendar quarter. At June 30, 2025, investment securities totaled $91.1 million, reflecting a decrease of $4.3 million, or 4.5%, from September 30, 2024. The decrease resulted from matured and called bonds totaling $8.5 million and payments from mortgage-backed securities totaling $5.2 million during the nine months ended June 30, 2025. Offsetting these decreases were purchases of mortgage-backed securities totaling $6.9 million and corporate notes totaling $2.5 million. There were no credit losses recorded for the Company's investment securities during the nine months ended June 30, 2025 and June 30, 2024. Total loans receivable increased $64.2 million, or 8.2%, to $845.4 million at June 30, 2025 from $781.2 million at September 30, 2024. The increase in total loans receivable during the nine months ended June 30, 2025 occurred in commercial real estate loans, which increased $62.7 million, in one-to four-family residential real estate loans (including home equity lines of credit), which increased $3.7 million, and in construction and land loans, which increased $3.2 million. Partially offsetting these increases were commercial business loans, which decreased $4.9 million and other loans, which decreased $530 thousand. Total non-performing loans increased $688 thousand to $920 thousand at June 30, 2025 from $232 thousand at September 30, 2024. The ratio of non-performing loans to total loans increased to 0.11% at June 30, 2025 from 0.03% at September 30, 2024. The allowance for credit losses increased $283 thousand to $8.3 million, or 0.98% of total loans receivable, during the nine months ended June 30, 2025. Growth in loans receivable during the nine months ended June 30, 2025 resulted in additional provisions for credit losses totaling $172 thousand and the Company recorded $111 thousand in net loan recoveries. The Company's allowance for on-balance sheet credit losses increased to $8.1 million at June 30, 2025 from $7.5 million at September 30, 2024 while its reserve for off-balance sheet commitments decreased to $222 thousand at June 30, 2025 from $449 thousand at September 30, 2024. Total deposits increased $23.3 million, or 2.9%, to $820.0 million at June 30, 2025. The inflow in deposits occurred in money market accounts, which increased $26.3 million, or 8.6%, to $330.9 million, in certificates of deposit (including individual retirement accounts), which increased $20.9 million, or 13.1%, to $180.5 million, and in savings accounts, which increased $424 thousand, or 0.8%, to $53.3 million. Partially offsetting these increases were a $16.5 million, or 12.4%, decrease in non-interest bearing checking accounts to $116.3 million, and a $7.8 million, or 5.3%, decrease in interest-bearing checking accounts to $138.9 million. The Company's book value per share increased to $18.03 at June 30, 2025 from $16.98 at September 30, 2024. The increase was due to the Company's results from operations, partially offset by $0.21 in dividends paid and 60,410 shares repurchased during the nine months ended Juen 30, 2025 at an average price per share of $14.84. About Magyar Bancorp Magyar Bancorp is the parent company of Magyar Bank, a community bank headquartered in New Brunswick, New Jersey. Magyar Bank has been serving families and businesses in Central New Jersey since 1922 with a complete line of financial products and services. Magyar operates seven branch locations in New Brunswick, North Brunswick, South Brunswick, Branchburg, Martinsville, and Edison (2). Please visit us online at www.magbank.com. Forward Looking Statements This press release contains statements about future events that constitute forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward- looking terminology, such as "may," "will," "believe," "expect," or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those risks previously disclosed in the Company's filings with the SEC, general economic conditions, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, the imposition of tariffs or other domestic or international governmental policies, and market acceptance of the Company's pricing, products and services, and with respect to the loans extended by the Bank and real estate owned, the following: risks related to the economic environment in the market areas in which the Bank operates, particularly with respect to the real estate market in New Jersey; the risk that the value of the real estate securing these loans may decline in value; and the risk that significant expense may be incurred by the Company in connection with the resolution of non-performing loans. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. View original content:https://www.prnewswire.com/news-releases/magyar-bancorp-inc-announces-third-quarter-financial-results-and-declares-dividend-302513457.html SOURCE Magyar Bancorp

NEW BRUNSWICK, N.J., April 30, 2025 /PRNewswire/ -- Magyar Bancorp (NASDAQ: MGYR) ("Company"), parent company of Magyar Bank, reported today the results of its operations for the three and six months ended March 31, 2025. The Company reported a 41% increase in its net income for the three months ended March 31, 2025, to $2.7 million compared with net income of $1.9 million for the three months ended March 31, 2024. Net income for the six months ended March 31, 2025 was $4.8 million compared with net income of $3.5 million for the six months ended March 31, 2024. Basic and diluted earnings per share were $0.43 for the three months ended March 31, 2025 compared with $0.30 for the three months ended March 31, 2024. Basic and diluted earnings per share were $0.77 and $0.76, respectively, for the six months ended March 31, 2025 compared with $0.56 for the six months ended March 31, 2024. The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.06 per share, which will be paid on May 28, 2025 to stockholders of record as of May 14, 2025. "We are very pleased to report another strong quarter, highlighted by a 41% increase in net income, an expansion in our net interest margin, and an extremely low level of non-performing assets," stated John Fitzgerald, President and Chief Executive Officer of Magyar Bancorp. "These strong outcomes are a direct result of Magyar's commitment to sound lending practices, proactive balance sheet management, and our focus on building lasting relationships within the community. We feel Magyar is well positioned to navigate the current market volatility and continue to produce solid results during the second half of our fiscal year." Results of Operations for the Three Months Ended March 31, 2025 Net income increased $784 thousand, or 41.3%, to $2.7 million during the three-month period ended March 31, 2025 compared with $1.9 million during the three-month period ended March 31, 2024, due to higher net interest income and other income, partially offset by higher other expenses. The Company's net interest and dividend income increased $953 thousand, or 13.8%, to $7.9 million for the quarter ended March 31, 2025 from the quarter ended March 31, 2024. The increase was attributable to a 14-basis point increase in the Company's net interest margin to 3.31% for the three months ended March 31, 2025 from 3.17% for the three months ended March 31, 2024, as well as a $78.8 million increase in the average balance of interest-earning assets between the periods. Interest and dividend income increased $1.6 million, or 13.5%, to $13.5 million for the three months ended March 31, 2025 compared with $11.9 million for the three months ended March 31, 2024. The increase was attributable to a 23-basis point increase in the yield on interest-earning assets to 5.68% for the three months ended March 31, 2025 from 5.45% for the three months ended March 31, 2024, as well as a $76.6 million, or 10.5%, increase in the average balance of net loans receivable between the periods. Interest expense increased $651 thousand, or 13.0%, to $5.6 million for the three months ended March 31, 2025 from $5.0 million for the three months ended March 31, 2024. A $116.4 million, or 18.1%, increase in the average balance of interest-bearing liabilities accounted for the increase in interest expense between the periods. Partially offsetting the higher costs was a 13 basis points decrease in the cost of such liabilities to 3.02% for the three months ended March 31, 2025 compared with 3.15% for the three months ended March 31, 2024. The Company recorded a net recovery for credit losses totaling $30 thousand for the three months ended March 31, 2025 compared with provisions for credit losses totaling $14 thousand for the three months ended March 31, 2024. The lower provision for credit losses resulted from lower construction loan balances, which require higher provisions for credit loss, that more than offset growth in commercial real estate, residential mortgage and commercial business loans. The Company recorded $5 thousand in net loan recoveries during the three months ended March 31, 2025 compared with $65 thousand in net loan recoveries during the three months ended March 31, 2024. Other income increased $646 thousand, or 103.9%, to $1.3 million during the three months ended March 31, 2025 compared with $622 thousand for the three months ended March 31, 2024. The increase was primarily due to higher gains from the sale of Small Business Administration 7(a) loans, which increased $399 thousand to $612 thousand for the three months ended March 31, 2025 from $213 thousand for the three months ended March 31, 2024. In addition, the Company recorded higher commercial loan prepayment charges, late charges on loans and income from its bank-owned life insurance policies. Other expenses increased $290 thousand, or 5.7%, to $5.4 million during the three months ended March 31, 2025 compared with $5.1 million for the three months ended March 31, 2024. The increase was primarily attributable to higher compensation and benefit expense, which increased $218 thousand, or 7.2%, to $3.2 million, due to higher medical benefits and incentive accruals as well as annual merit increases. Also contributing to the increase were higher occupancy expenses (related to seasonal snow and ice removal) as well as higher loan servicing and marketing expenses. The Company recorded tax expense of $1.1 million on pre-tax income of $3.8 million for the three months ended March 31, 2025, compared with $526 thousand on pre-tax income of $2.4 million for the three months ended March 31, 2024. The increase in income tax expense was driven by higher pre-tax income as well as changes in deferred tax items that lowered the Company's tax expense during the three months ended March 31, 2024. The Company's effective tax rate for the three months ended March 31, 2025 was 29.0% compared with 21.7% for the three months ended March 31, 2024. Results from Operations for the Six Months Ended March 31, 2025 Net income increased $1.2 million, or 34.3%, to $4.8 million during the six-month period ended March 31, 2025 compared with $3.5 million for the six-month period ended March 31, 2024 due to higher net interest income, lower provisions for credit loss, and higher other income, partially offset by higher other expenses and income tax expense. The Company's net interest and dividend income increased $1.1 million, or 8.1%, to $15.3 million for the six months ended March 31, 2025 from $14.2 million for the six months ended March 31, 2024. The increase was attributable to a $61.2 million, or 7.0%, increase in the average balance of interest-earning assets between the periods as well as a 4-basis point increase in the Company's net interest margin to 3.27% for the six months ended March 31, 2025 from 3.23% for the six months ended March 31, 2024. Interest and dividend income increased $2.9 million, or 12.6%, to $26.4 million for the six months ended March 31, 2025 from $23.5 million for the six months ended March 31, 2024. The increase was attributable to a 29-basis point increase in the yield on interest-earning assets to 5.64% for the six months ended March 31, 2025 from 5.35% for the six months ended March 31, 2024, as well as a $79.7 million, or 11.1%, increase in the average balance of net loans receivable. Interest expense increased $1.8 million, or 19.3%, to $11.1 million for the six months ended March 31, 2025 from $9.3 million for the six months ended March 31, 2024. The cost of interest-bearing liabilities increased 5-basis points to 3.03% for the six months ended March 31, 2025 compared with 2.98% for the six months ended March 31, 2024. In addition, the average balance of interest-bearing liabilities increased $107.5 million, or 17.2%, to $734.3 million from higher money market account and time deposit account balances. The Company's provision for credit losses was $71 thousand for the six months ended March 31, 2025 compared with $495 thousand for the six months ended March 31, 2024. The lower provision for credit losses resulted from lower construction loan balances, which require higher provisions for credit loss, that more than offset growth in commercial real estate, residential mortgage and commercial business loans. The Company recorded $108 thousand in net loan recoveries during the six months ended March 31, 2025 compared with $66 thousand in net loan recoveries during the six months ended March 31, 2024. Other income increased $994 thousand, or 80.7%, to $2.2 million during the six months ended March 31, 2025 compared with $1.2 million for the six months ended March 31, 2024. The increase was primarily due to higher gains from the sale of Small Business Administration 7(a) loans, which increased $506 thousand to $848 thousand for the six months ended March 31, 2025 from $342 thousand for the six months ended March 31, 2024. In addition, the Company recorded higher gains from the sale of OREO, commercial loan prepayment charges, late charges on loans and income from its bank-owned life insurance policies. Other expenses increased $679 thousand, or 6.7%, to $10.8 million during the six months ended March 31, 2025 from $10.1 million during the six months ended March 31, 2024. The increase was primarily attributable to higher compensation and benefit expense, which increased $452 thousand, or 7.7%, to $6.3 million, due to higher medical benefits and incentive accruals as well as annual merit increases. In addition, occupancy expense increased $247 thousand, or 15.5%, to $1.8 million, due to lease termination expenses related to the closure of the Bank's Bridgewater office in the Company's first fiscal quarter. The Company recorded tax expense of $1.9 million on pre-tax income of $6.7 million for the six months ended March 31, 2025, compared with $1.2 million on pre-tax income of $4.8 million for the six months ended March 31, 2024. The Company's effective tax rate for the six months ended March 31, 2025 was 28.5% compared with 25.7% for the six months ended March 31, 2024. Balance Sheet Comparison Total assets increased $69.9 million, or 7.3%, to $1.0 billion at March 31, 2025 from $951.9 million at September 30, 2024. The increase was attributable to higher balances of interest-earning deposits with banks and loans receivable. Cash and interest-earning deposits with banks increased $47.3 million, or 185.0% to $72.9 million at March 31, 2025 from $25.6 million at September 30, 2024 resulting from net deposit inflows during the six months ended March 31, 2025. At March 31, 2025, investment securities totaled $94.0 million, reflecting a decrease of $1.4 million, or 1.5%, from September 30, 2024. The decrease resulted from matured bonds totaling $4.5 million and payments from mortgage-backed securities totaling $3.8 million during the six months ended March 31, 2025. Offsetting these decreases were purchases of mortgage-backed securities totaling $6.9 million. There were no credit losses recorded for the Company's investment securities during the six months ended March 31, 2025 and March 31, 2024. Total loans receivable increased $29.0 million, or 3.7%, to $810.2 million at March 31, 2025 from $781.2 million at September 30, 2024. The increase in total loans receivable during the six months ended March 31, 2025 occurred in commercial real estate loans, which increased $33.9 million, and in one-to four-family residential real estate loans (including home equity lines of credit), which increased $3.8 million. Partially offsetting these increases were construction and land loans, which decreased $5.2 million, commercial business loans, which decreased $3.0 million and other loans, which decreased $483 thousand. Total non-performing loans decreased $151 thousand, or 65.1%, to $81 thousand at March 31, 2025 from $232 thousand at September 30, 2024. The ratio of non-performing loans to total loans decreased to 0.01% at March 31, 2025 from 0.03% at September 30, 2024. The allowance for credit losses increased $179 thousand to $8.2 million, or 0.98% of total loans receivable, during the six months ended March 31, 2025. Growth in loans receivable during the six months ended March 31, 2025 resulted in additional provisions for credit losses totaling $71 thousand and the Company recorded $108 thousand in net loan recoveries. The Company's allowance for on-balance sheet credit losses increased to $7.9 million at March 31, 2025 from $7.5 million at September 30, 2024 while its reserve for off-balance sheet commitments decreased to $240 thousand at March 31, 2025 from $449 thousand at September 30, 2024. Total deposits increased $61.0 million, or 7.7%, to $857.7 million at March 31, 2025. The inflow in deposits occurred in interest-bearing checking accounts, which increased $30.3 million, or 20.6%, to $177.0 million, in money market accounts, which increased $22.5 million, or 7.4%, to $327.1 million, in certificates of deposit (including individual retirement accounts), which increased $6.1 million, or 3.8%, to $165.7 million, in savings accounts, which increased $1.7 million, or 3.2%, to $54.6 million and in non-interest bearing checking accounts, which increased $462 thousand, or 0.4%, to $133.3 million. The Company's book value per share increased to $17.65 at March 31, 2025 from $16.98 at September 30, 2024. The increase was due to the Company's results from operations, partially offset by $0.15 in dividends paid and 5,749 shares repurchased during the quarter at an average share price of $14.34. About Magyar Bancorp Magyar Bancorp is the parent company of Magyar Bank, a community bank headquartered in New Brunswick, New Jersey. Magyar Bank has been serving families and businesses in Central New Jersey since 1922 with a complete line of financial products and services. Magyar operates seven branch locations in New Brunswick, North Brunswick, South Brunswick, Branchburg, Martinsville, and Edison (2). Please visit us online at www.magbank.com. Forward Looking Statements This press release contains statements about future events that constitute forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward- looking terminology, such as "may," "will," "believe," "expect," or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those risks previously disclosed in the Company's filings with the SEC, general economic conditions, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, the imposition of tariffs or other domestic or international governmental policies, and market acceptance of the Company's pricing, products and services, and with respect to the loans extended by the Bank and real estate owned, the following: risks related to the economic environment in the market areas in which the Bank operates, particularly with respect to the real estate market in New Jersey; the risk that the value of the real estate securing these loans may decline in value; and the risk that significant expense may be incurred by the Company in connection with the resolution of non-performing loans. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. View original content:https://www.prnewswire.com/news-releases/magyar-bancorp-inc-announces-second-quarter-financial-results-and-declares-dividend-302442760.html SOURCE Magyar Bancorp