MAGYAR BANCORP, INC. ANNOUNCES FISCAL FOURTH QUARTER AND FISCAL YEAR END FINANCIAL RESULTS, DECLARES QUARTERLY DIVIDEND
Rhea-AI Summary
Magyar Bancorp (NASDAQ: MGYR) reported Q4 and fiscal year 2024 financial results. Net income reached $2.5 million for Q4 2024, up from $2.2 million in Q4 2023, and $7.8 million for FY2024, compared to $7.7 million in FY2023. Earnings per share were $0.41 for Q4 and $1.23 for FY2024. The company declared a quarterly dividend of $0.05 per share. Notable achievements include a 12% annual increase in loan portfolio and net-interest margin improvement from 3.02% to 3.08% on a linked quarter basis. Magyar also announced the opening of a new branch office in Martinsville.
Positive
- Net income increased to $2.5M in Q4 2024 from $2.2M in Q4 2023
- 12% annual growth in loan portfolio
- Net-interest margin improved from 3.02% to 3.08% quarter-over-quarter
- Record gains from other real estate owned
- Expansion with new branch office in Martinsville
Negative
- Industry-wide interest margin compression affecting operations
- Increasing costs of operations
News Market Reaction – MGYR
In the trading session that priced this news, MGYR declined 0.81%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
The Company reported
The Company's basic and diluted earnings per share were
The Company also announced that its Board of Directors declared a quarterly cash dividend of
"We are very pleased to report an increase in our earnings during a year in which the prolonged inversion to the yield curve presented a very challenging environment for the banking industry", stated John Fitzgerald, President and Chief Executive Officer. "Prudent management of the regulatory lending ratios has allowed Magyar Bank to continue providing credit to its communities, resulting in a
Mr. Fitzgerald continued, "We are also excited to announce the opening of our new branch office in
About Magyar Bancorp
Magyar Bancorp is the parent company of Magyar Bank, a community bank headquartered in
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 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
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SOURCE Magyar Bancorp