MAGYAR BANCORP, INC. ANNOUNCES THIRD QUARTER FINANCIAL RESULTS AND DECLARES DIVIDEND

Rhea-AI Summary

Magyar Bancorp (NASDAQ: MGYR) reported net income of $3.1 million for the quarter ended June 30, 2026, up 25% from $2.5 million a year earlier, and $9.3 million for the nine months, up 28%. Quarterly basic EPS rose to $0.50 from $0.40, with nine‑month basic EPS at $1.49 versus $1.16. Net interest and dividend income increased 15.2% for the quarter and 17.1% year‑to‑date, driven by a net interest margin expansion to 3.65% for the quarter and 3.63% for nine months.

Total assets reached $1.05 billion, loans receivable $890.0 million, and deposits $853.9 million. Asset quality remained strong with non‑performing loans at 0.04% of total loans and non‑performing assets at 0.03% of total assets. Book value per share increased to $19.61. According to the Company, the Board declared a quarterly cash dividend of $0.10 per share, payable August 20, 2026 to shareholders of record on August 6, 2026.

Positive

• Quarterly net income up 25.2% to $3.1 million
• Nine‑month net income up 28.0% to $9.3 million
• Net interest margin improved to 3.65% for the quarter, 3.63% YTD
• Total assets grew 5.1% to $1.05 billion since September 30, 2025
• Deposits increased 4.9% to $853.9 million
• Non‑performing assets ratio fell to 0.03% of total assets
• Book value per share rose to $19.61 from $18.34
• Quarterly dividend of $0.10 per share declared, payable August 20, 2026

Negative

• Provision for credit losses rose to $351k quarterly and $630k YTD
• Net loan charge‑offs of $295k in quarter, including $300k construction loan
• Other income YTD declined 14.4% to $2.4 million
• Other expenses YTD increased 2.4% to $16.4 million, mainly compensation
• Certain loan categories (construction, 1‑4 family, commercial business) decreased over nine months

News Market Reaction – MGYR

+4.66%

+4.66% Session close to close

In the Jul 24 session, MGYR gained 4.66%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The peer scanner recorded AUBN at -2.759999968111515%, providing a divergent peer reference for MGYR...

Analysis

The peer scanner recorded AUBN at -2.759999968111515%, providing a divergent peer reference for MGYR's results. The announcement combines stronger profitability with higher credit-loss provisions; the latter is the key risk to monitor.

Key Figures

Quarterly net income: $3.1 million Nine-month net income: $9.3 million Diluted EPS: $0.49 +5 more

8 metrics

Quarterly net income $3.1 million Three months ended June 30, 2026; up 25% year over year

Nine-month net income $9.3 million Nine months ended June 30, 2026; compared with $7.2 million prior year

Diluted EPS $0.49 Three months ended June 30, 2026; compared with $0.40 prior year

Quarterly dividend $0.10 per share Payable August 20, 2026 to stockholders of record August 6, 2026

Net interest margin 3.65% Three months ended June 30, 2026; compared with 3.35% prior year

Provision for credit losses $351 thousand Three months ended June 30, 2026; compared with $101 thousand prior year

Net loan charge-offs $295 thousand Three months ended June 30, 2026; compared with $3 thousand in recoveries prior year

Non-performing loans ratio 0.04% At June 30, 2026; compared with 0.05% at September 30, 2025

Previous Dividends,earnings Reports

5 past events · Latest: Apr 23 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 23	Second-quarter earnings	Positive	+1.3%	Quarterly net income rose 13%; board declared $0.10 cash dividend.
Jan 29	First-quarter earnings	Positive	+0.2%	Quarterly net income rose 50%, EPS increased, and board declared $0.10 dividend.
Oct 30	Fiscal-year earnings	Positive	+0.1%	Fiscal-year net income rose 25.4%; board declared $0.08 quarterly dividend.
Jul 24	Third-quarter earnings	Positive	+2.7%	Third-quarter net income rose 46%, EPS increased, and dividend rose to $0.08.
Apr 30	Second-quarter earnings	Positive	+2.4%	Second-quarter net income rose 41%, EPS increased, and board declared $0.06 dividend.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Across five tag-specific events, all recorded positive 24-hour reactions, with an average move of 1.32%.

Key Terms

net interest margin, net loan charge-offs, non-performing loans, other real estate owned, +1 more

5 terms

net interest margin financial

"Magyar Bank's net interest margin increased 30 basis points compared to the June 30, 2025 quarter."

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

net loan charge-offs financial

"The Company recorded $295 thousand in net loan charge-offs during the three months ended June 30, 2026"

The amount banks and lenders remove from their balance sheets when loans are deemed uncollectible, after subtracting any later recoveries from previously written-off loans. It measures the net loss from borrowers who fail to repay their debts during a reporting period. Investors use it to judge a lender’s credit quality and potential future profits; rising net charge-offs are like a store repeatedly finding unpaid tabs it can’t collect, shrinking earnings and capital cushions.

non-performing loans financial

"Total non-performing loans decreased by $92 thousand to $359 thousand at June 30, 2026"

Loans on a bank’s books where the borrower has stopped making scheduled payments for a prolonged period (commonly about 90 days), so the lender no longer expects full repayment on time. Think of them as overdue IOUs that may never be paid back; a rising level of such loans weakens a lender’s earnings and balance sheet, signals greater credit risk in the economy, and can hurt investors through lower dividends, loan losses, or declines in the lender’s stock value.

other real estate owned financial

"Total non-performing assets decreased by $2.3 million to $359 thousand at June 30, 2026"

Assets a lender or financial firm holds after taking back real property through foreclosure or repossession because a borrower defaulted. Think of it like a store keeping returned items it didn’t sell — these properties are not earning interest, can be costly to maintain, and may be sold at a loss or profit, so they directly affect a lender’s balance sheet, cash flow and perceived credit risk for investors.

expected credit losses financial

"improving economic data used to determine the Bank's expected credit losses."

Expected credit losses are an accounting estimate of how much a lender or company expects to lose when borrowers or customers don’t fully pay what they owe, combining how likely nonpayment is with how big the loss would be. Investors care because these estimates determine how much a firm must set aside from earnings as a reserve, directly affecting reported profits, balance-sheet strength and perceptions of credit risk—like setting aside a rainy-day fund for unpaid bills.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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 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, Bridgewater, 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, 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.

MAGYAR BANCORP, INC. AND SUBSIDIARY
Selected Financial Data
(Dollars In Thousands, Except for Per-Share Amounts)
		Three Months Ended				Nine Months Ended
		June 30,				June 30,
		2026		2025		2026		2025
Income Statement Data:
	Interest and dividend income	$        15,252		$        13,988		$        44,762		$        40,417
	Interest expense	5,833		5,810		17,254		16,919
	Net interest and dividend income	9,419		8,178		27,508		23,498
	Provision for credit losses	351		101		630		172
	Net interest and dividend income after
	provision for credit losses	9,068		8,077		26,878		23,326
	Other income	817		636		2,449		2,860
	Other expense	5,532		5,239		16,429		16,047
	Income before income tax expense	4,353		3,474		12,898		10,139
	Income tax expense	1,260		1,004		3,639		2,904
	Net income	$           3,093		$          2,470		$          9,259		$          7,235
Per Share Data:
	Net income per share-basic	$             0.50		$            0.40		$            1.49		$            1.16
	Net income per share-diluted	$             0.49		$            0.40		$            1.47		$            1.16
	Book value per share, at period end	$           19.61		$          18.03		$          19.61		$          18.03
Selected Ratios (annualized):
	Return on average assets	1.14 %		0.96 %		1.16 %		0.96 %
	Return on average equity	10.24 %		8.84 %		9.68 %		8.25 %
	Net interest margin	3.65 %		3.35 %		3.63 %		3.30 %

 

		June 30,	September 30,
		2026	2025
		(Dollars in Thousands)
Balance Sheet Data:
	Assets	$       1,048,500	$           997,660
	Loans receivable, net	888,244	857,353
	Allowance for credit losses- loans	(8,487)	(8,350)
	Investment securities - available for sale, at fair value	37,380	21,182
	Investment securities - held to maturity, at cost	66,923	67,266
	Deposits	853,869	814,307
	Borrowings	49,054	49,054
	Shareholders' Equity	126,624	118,842
Asset Quality Data:
	Non-performing loans	$                  359	$                  451
	Other real estate owned	-	2,167
	Total non-performing assets	$                  359	$               2,618
	Allowance for credit losses to non-performing loans	NM*	NM*
	Allowance for credit losses to total loans receivable	0.96 %	0.97 %
	Non-performing loans to total loans receivable	0.04 %	0.05 %
	Non-performing assets to total assets	0.03 %	0.26 %
	Non-performing assets to total equity	0.28 %	2.20 %
	* Not meaningful

 

View original content:https://www.prnewswire.com/news-releases/magyar-bancorp-inc-announces-third-quarter-financial-results-and-declares-dividend-302833383.html

SOURCE Magyar Bancorp

FAQ

How did Magyar Bancorp (NASDAQ: MGYR) perform in its Q3 2026 earnings?

Magyar Bancorp reported Q3 2026 net income of $3.1 million, up 25% year over year. According to the Company, net interest and dividend income rose 15.2% and net interest margin improved to 3.65%, supporting higher earnings and returns on assets and equity.

What were Magyar Bancorp’s earnings per share for Q3 2026 and year-to-date 2026 (MGYR)?

For Q3 2026, Magyar Bancorp reported basic EPS of $0.50 and diluted EPS of $0.49. According to the Company, nine‑month basic EPS reached $1.49 and diluted EPS $1.47, compared with $1.16 basic and diluted in the prior‑year period.

What dividend did Magyar Bancorp (MGYR) declare with its Q3 2026 results?

Magyar Bancorp’s board declared a $0.10 per share quarterly cash dividend. According to the Company, the dividend will be paid on August 20, 2026 to shareholders of record as of August 6, 2026, continuing its capital return to investors.

How did Magyar Bancorp’s net interest margin and loan portfolio change in Q3 2026?

Net interest margin increased to 3.65% in Q3 2026 from 3.35% a year earlier. According to the Company, total loans receivable rose to $890.0 million, driven by a $56.6 million increase in commercial real estate loans and declines in several other loan categories.

What is Magyar Bancorp’s asset quality and allowance for credit losses as of June 30, 2026?

As of June 30, 2026, non‑performing loans were $359,000, or 0.04% of total loans. According to the Company, non‑performing assets were 0.03% of total assets, and the allowance for credit losses on loans was $8.5 million, or 1.00% of total loans receivable.

How did Magyar Bancorp’s deposits and book value per share change in 2026 (MGYR)?

Total deposits rose to $853.9 million at June 30, 2026, up 4.9% from September 30, 2025. According to the Company, book value per share increased to $19.61, aided by earnings, partially offset by $0.28 in dividends and repurchases of 25,825 shares.

What were the main drivers of Magyar Bancorp’s higher credit loss provisions in 2026?

Credit loss provisions rose to $351,000 for Q3 and $630,000 year to date. According to the Company, this reflected growth in commercial real estate loans, offset partly by lower one‑to‑four family mortgages, reduced construction commitments, and improving economic data used in expected loss estimates.