Magyar Bancorp Q1 net income up 27% to $1.7M; EPS $0.25 vs $0.19

Magyar Bancorp, Inc.

2023-Q1 EPS reported $0.25

Net income $1.693M for quarter ended Dec 31, 2021, up from $1.337M YoY; diluted EPS $0.25.
Net interest margin expanded to 3.46% from 3.38%; net interest income rose 6.5% to $6.4M.
Non-performing loans decreased 23.9% to $6.2M; total loans fell 1.9% to $583.4M.
Provision for loan losses dropped to $101k from $640k; allowance coverage of NPLs improved to 132.4%.
Book value per share increased to $13.87 from $13.76; special dividends paid during quarter.

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