Magyar Bancorp Q1 net income rises 6.9% to $1.8M; dividend declared

Magyar Bancorp, Inc.

2023-Q1 EPS reported $0.28

Net income $1.8M (+6.9% YoY); diluted EPS $0.28 vs $0.25.
Loans grew 7.4% QoQ to $675.7M; net interest margin 3.60% (up 14 bp YoY).
Dividend of $0.03/share declared, payable Feb 23, 2023 to holders of record Feb 9.
Non-performing loans increased $1.1M to $3.9M (0.58% of total loans) from $2.8M.
Provision for loan loss $317K vs $101K YoY; no charge-offs recorded.

item 2.02 item 8.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Magyar Bancorp, Inc. reported the three months ended December 31, 2022 results: revenue to $6.9 million, net income to $1.8 million, EPS $0.28.

Period: the three months ended December 31, 2022
Revenue: to $6.9 million
Net income: to $1.8 million
EPS: $0.28
Result: reported results

Exact text from the filing

lower other expenses, partially offset by higher provisions for loan loss and lower other income. The Company’s net interest and dividend income increased $453,000, or 7.0%, to $6.9 million for the quarter ended December 31, 2022 from $6.4 million for the quarter ended December 31, 2021. The increase was attributable to a 14 basis point increase in the Company’s net

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Source: SEC EDGAR

accession 0001174947-23-000055

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