Magyar Bancorp Stock Price, News & Analysis

Magyar Bancorp (NASDAQ: MGYR) reported a net income of $1,796,000 for the three months ended March 31, 2023, marking a 7% increase from $1,679,000 in the same period of 2022. For the six months ended March 31, 2023, net income rose to $3,606,000 up from $3,372,000 year-over-year. The earnings per share improved to $0.28 for the latest quarter, compared to $0.25 previously. The company declared a cash dividend of $0.03 per share, payable on May 18, 2023, to shareholders on record as of May 4, 2023. President John Fitzgerald stated strong performance was driven by a robust loan growth amidst a challenging banking environment, with a 5% deposit increase. The company remains cautious of inflation and macroeconomic conditions but is positioned well for the remainder of the fiscal year.

Magyar Bancorp (NASDAQ: MGYR) reported a 6.9% increase in net income for Q1 2023, reaching $1.8 million compared to $1.7 million in Q1 2022. Basic and diluted earnings per share rose to $0.28, up from $0.25 year-over-year. The company declared a quarterly cash dividend of $0.03 per share, payable on February 23, 2023. Strong loan demand was noted with a 7.4% quarterly increase, while net interest margin improved by 14 basis points to 3.60%. CEO John Fitzgerald indicated a robust pipeline for commercial loans despite inflationary pressures.

Magyar Bancorp (NASDAQ: MGYR) announced a special cash dividend of $0.08 per share, scheduled for payment on December 13, 2022. Shareholders of record as of November 29, 2022 will receive the dividend, reflecting the company's commitment to returning value to its shareholders. Magyar Bancorp operates as a community bank in New Jersey, serving local families and businesses since 1922.

Magyar Bancorp (NASDAQ: MGYR) reported a 51% increase in net income for the three months ended September 30, 2022, totaling $2,430,000 compared to $1,610,000 in the same period last year. For the fiscal year, net income rose to $7,919,000 from $6,120,000. Basic and diluted earnings per share were $0.36 for the quarter and $1.17 for the year, increasing from $0.23 and $1.01, respectively. The company attributes this growth to effective capital deployment and improved loan growth, although it remains cautious about inflation's economic impact.

Magyar Bancorp, Inc. (NASDAQ: MGYR) has declared a quarterly cash dividend of $0.03 per share, set to be paid on November 23, 2022, to shareholders on record by November 10, 2022. This dividend highlights the company's commitment to returning income to its shareholders. As a community bank serving Central New Jersey since 1922, Magyar Bancorp continues to provide diverse financial services, maintaining multiple branch locations within the region.

Magyar Bancorp (NASDAQ: MGYR) reported a 27% increase in net income for the three months ended June 30, 2022, totaling $2,117,000. For the nine-month period, net income grew to $5,488,000, up from $4,510,000 the previous year. Basic and diluted earnings per share rose to $0.31 for Q3 2022 and $0.81 for the nine months. The company declared a quarterly cash dividend of $0.03 per share, payable on August 18, 2022. The CEO noted an increased net interest margin and a return on average assets of 1.06%.

Magyar Bancorp (NASDAQ: MGYR) has announced a stock repurchase program, authorizing the buyback of up to 5% of its outstanding shares, translating to approximately 354,891 shares. The decision is based on market conditions and the company's liquidity needs. CEO John Fitzgerald emphasized confidence in the stock's value at current prices, indicating that this capital deployment is a strategic move. Repurchased shares will be held as treasury stock for corporate purposes.

Magyar Bancorp, Inc. (NASDAQ: MGYR) announced a quarterly cash dividend of $0.03 per share, payable on May 19, 2022, to shareholders of record on May 5, 2022. This decision reflects the company's commitment to returning value to its shareholders amidst its ongoing operations in Central New Jersey. Headquartered in New Brunswick, Magyar Bancorp provides a full range of banking services through its seven branches.