---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-082697"
form_type: "8-K"
ticker: "MGYR"
cik: "0001337068"
company_name: "Magyar Bancorp, Inc."
filed_at: "2023-07-20T23:59:59+00:00"
generated_at: "2026-06-13T05:30:20.368099+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Magyar Bancorp Q3 net income down 9.4% to $1.9M; EPS $0.30; declares $0.03 dividend

## Summary
- Net income for Q3 ended June 30, 2023 was $1.918M vs $2.117M YoY; diluted EPS $0.30 vs $0.31.
- Net interest margin compressed 26bps to 3.46% due to higher deposit costs; interest expense surged 463.9% to $2.9M.
- Loan portfolio grew 11.7% to $702.5M; non-performing loans rose to 0.51% of total loans; $385K net charge-offs in Q3.
- Board declared $0.03 quarterly dividend, payable Aug 17, 2023 to holders of record Aug 3, 2023.
- Book value per share increased to $15.41 from $14.60 at Sept 30, 2022.

## SEC filing metadata
- accession: 0001104659-23-082697
- form_type: 8-K
- ticker: MGYR
- cik: 0001337068
- company_name: Magyar Bancorp, Inc.
- filed_at: 2023-07-20T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1337068/000110465923082697/0001104659-23-082697-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1337068/000110465923082697/tm2321644d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-082697
- JSON: https://secwatch.observer/filing/0001104659-23-082697.json
- Plain text: https://secwatch.observer/filing/0001104659-23-082697.txt

## Key facts
- Earnings Releases
  Magyar Bancorp, Inc. reported the nine months ended June 30, 2023 results: net income $5,524,000, EPS $0.86.
  - Period: the nine months ended June 30, 2023
  - Net income: $5,524,000
  - EPS: $0.86
  - Result: reported results
  source text: Net income for the nine months ended June 30, 2023 was $5,524,000 compared with net income of $5,489,000 for the nine months ended June 30, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1337068/000110465923082697/0001104659-23-082697-index.htm
- Earnings Releases
  Magyar Bancorp, Inc. reported the three months ended June 30, 2023 results: net income $1,918,000, EPS $0.30.
  - Period: the three months ended June 30, 2023
  - Net income: $1,918,000
  - EPS: $0.30
  - Result: reported results
  source text: The Company reported $1,918,000 in net income for the three months ended June 30, 2023 compared with net income of $2,117,000 for the three months ended June 30, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1337068/000110465923082697/0001104659-23-082697-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.