Magyar Bancorp Q3 net income surges 228% to $1.67M, EPS $0.29

Magyar Bancorp, Inc.

2021-Q3 EPS reported $0.78

Net income for three months ended June 30, 2021: $1,668,000 vs $509,000 YoY; EPS $0.29 vs $0.09.
Net interest margin expanded 28 bps to 3.54%; net interest and dividend income up 15.9% to $6.5M.
Total assets grew 11.7% to $842.3M; held $109.6M in stock subscription deposits for second-step conversion.
Non-performing loans ratio improved to 1.53% from 1.59%; allowance for loan losses at 1.27% of total loans.
Nine-month net income $4.51M ($0.78 EPS) vs $1.37M ($0.24 EPS) in prior year period.

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