secwatch.observer — SEC 8-K summary
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Issuer:     Magyar Bancorp, Inc. (MGYR)
CIK:        0001337068
Form:       8-K
Filed at:   2022-01-25T23:59:59+00:00
Accession:  0001174947-22-000068
Event type: earnings
Sentiment:  positive
Materiality: 0.55
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1337068/000117494722000068/0001174947-22-000068-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1337068/000117494722000068/form8k-27233_mgyr.htm
  HTML page:      https://secwatch.observer/filing/0001174947-22-000068

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer