secwatch.observer — SEC 8-K summary
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Issuer:     Magyar Bancorp, Inc. (MGYR)
CIK:        0001337068
Form:       8-K
Filed at:   2023-07-20T23:59:59+00:00
Accession:  0001104659-23-082697
Event type: earnings
Sentiment:  negative
Materiality: 0.60
Item codes: 2.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1337068/000110465923082697/0001104659-23-082697-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1337068/000110465923082697/tm2321644d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-082697

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