Magyar Bancorp Q2 fiscal 2022 net income up 11.5% to $1.68M; EPS $0.25 vs $0.21

Magyar Bancorp, Inc.

2023-Q2 EPS reported $0.50

Net income $1.68M for Q2 ended Mar 31, 2022, up from $1.51M a year ago; diluted EPS $0.25 vs $0.21.
Net interest margin compressed to 3.37% from 3.64%; net interest income flat at $6.4M.
Provision for loan losses dropped to $71K from $467K; net recoveries of $1K vs net charge-offs of $43K.
Non-performing loans fell 27.3% to $5.9M; ratio to total loans improved to 0.96% from 1.37%.
Total deposits grew 5.5% to $675.2M; borrowings decreased 18% to $19.2M.

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