---
schema_version: "secwatch.filing_event.v1"
accession: "0001174947-23-000055"
form_type: "8-K"
ticker: "MGYR"
cik: "0001337068"
company_name: "Magyar Bancorp, Inc."
filed_at: "2023-01-26T23:59:59+00:00"
generated_at: "2026-06-20T08:02:39.905669+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.45
calibrated_materiality_score: 0.45
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001174947-23-000055
- form_type: 8-K
- ticker: MGYR
- cik: 0001337068
- company_name: Magyar Bancorp, Inc.
- filed_at: 2023-01-26T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.45
- calibrated_materiality_score: 0.45
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1337068/000117494723000055/0001174947-23-000055-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1337068/000117494723000055/form8k-29286_mgyr.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001174947-23-000055
- JSON: https://secwatch.observer/filing/0001174947-23-000055.json
- Plain text: https://secwatch.observer/filing/0001174947-23-000055.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1337068/000117494723000055/0001174947-23-000055-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.