---
schema_version: "secwatch.filing_event.v1"
accession: "0001174947-23-000590"
form_type: "8-K"
ticker: "MGYR"
cik: "0001337068"
company_name: "Magyar Bancorp, Inc."
filed_at: "2023-04-20T23:59:59+00:00"
generated_at: "2026-06-16T22:23:02.729823+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Magyar Bancorp Q2 net income +7% to $1.8M; EPS $0.28; declares $0.03 dividend

## Summary
- Net income for Q2 (three months ended March 31, 2023) was $1.8M, up 7% YoY; EPS $0.28 vs $0.25.
- Net interest margin expanded to 3.61% from 3.37%; net interest income rose 8.9% to $6.9M.
- Provision for loan losses increased to $195k from $71k; net charge-offs of $102k vs net recoveries of $1k.
- Total loans grew $48M to $676.9M; book value per share $15.12, up from $14.60.
- Quarterly dividend of $0.03 per share declared, payable May 18 to holders of record May 4.

## SEC filing metadata
- accession: 0001174947-23-000590
- form_type: 8-K
- ticker: MGYR
- cik: 0001337068
- company_name: Magyar Bancorp, Inc.
- filed_at: 2023-04-20T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1337068/000117494723000590/0001174947-23-000590-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1337068/000117494723000590/form8k-29993_mgyr.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001174947-23-000590
- JSON: https://secwatch.observer/filing/0001174947-23-000590.json
- Plain text: https://secwatch.observer/filing/0001174947-23-000590.txt

## Key facts
- Earnings Releases
  Magyar Bancorp, Inc. reported the three months ended March 31, 2023 results: net income $1,796,000, EPS $0.28.
  - Period: the three months ended March 31, 2023
  - Net income: $1,796,000
  - EPS: $0.28
  - Result: reported results
  source text: The Company reported a 7% increase in its net income for the three months ended March 31, 2023, to $1,796,000 compared with net income of $1,679,000 for the three months ended March 31, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1337068/000117494723000590/0001174947-23-000590-index.htm
- Earnings Releases
  Magyar Bancorp, Inc. reported the six months ended March 31, 2023 results: net income $3,606,000, EPS $0.56.
  - Period: the six months ended March 31, 2023
  - Net income: $3,606,000
  - EPS: $0.56
  - Result: reported results
  source text: Net income for the six months ended March 31, 2023 was $3,606,000 compared with net income of $3,372,000 for the six months ended March 31, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1337068/000117494723000590/0001174947-23-000590-index.htm

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