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Magyar Bancorp, Inc. reports recurring developments as the bank holding company for Magyar Bank, a New Jersey community bank serving individual, business and government customers. News releases focus on quarterly and annual financial results, including net income, earnings per share, net interest margin, loan growth, deposits, interest expense and credit quality.
The company's updates also cover capital-return actions such as quarterly and special cash dividends and stock repurchase programs. Operating themes include commercial and residential real estate lending, commercial business loans, SBA 7(a) loan sale gains, home equity products, construction and land loans, investment securities and community banking activity in New Jersey markets.
Magyar Bancorp (NASDAQ: MGYR) reported financial results for Q3 2024. The company's net income was $1.7 million for the quarter and $5.2 million for the nine months ended June 30, 2024. Basic and diluted earnings per share were $0.27 for Q3 and $0.83 for the nine-month period. The Board declared a quarterly cash dividend of $0.05 per share, payable on August 22, 2024.
Michael R. Lombardi was elected as a Director. The company faced challenges due to the interest rate environment, impacting net interest margin. However, continued loan growth helped mitigate some effects. Non-performing loans decreased to 0.60% of total loans. Magyar Bancorp also announced plans to open a new branch office in Martinsville, New Jersey.
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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.