---
schema_version: "secwatch.filing_event.v1"
accession: "0001174947-23-001257"
form_type: "8-K"
ticker: "MGYR"
cik: "0001337068"
company_name: "Magyar Bancorp, Inc."
filed_at: "2023-10-30T23:59:59+00:00"
generated_at: "2026-06-09T05:42:06.970226+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Magyar Bancorp reports Q4 net income $2.185M ($0.34 EPS); FY net income $7.709M ($1.20 EPS)

## Summary
- Net income for Q4 ended Sep 30, 2023 was $2.185M, down 10.1% YoY from $2.430M; diluted EPS $0.34 vs $0.36.
- Full fiscal year net income $7.709M, down 2.7% from $7.919M; diluted EPS $1.20 vs $1.17.
- Net interest margin compressed 47 bps to 3.36% for Q4; interest expense surged 312% to $3.6M due to rate hikes.
- Non-performing loans increased 42.8% to $5.1M during Q4; allowance as % of NPLs dropped to 163.8%.
- Board declared quarterly cash dividend of $0.04 per share, paid Nov 24 to record Nov 9; stock repurchased 25,468 shares at avg $10.91 in Q4.

## SEC filing metadata
- accession: 0001174947-23-001257
- form_type: 8-K
- ticker: MGYR
- cik: 0001337068
- company_name: Magyar Bancorp, Inc.
- filed_at: 2023-10-30T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1337068/000117494723001257/0001174947-23-001257-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1337068/000117494723001257/form8k-30984_mgyr.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001174947-23-001257
- JSON: https://secwatch.observer/filing/0001174947-23-001257.json
- Plain text: https://secwatch.observer/filing/0001174947-23-001257.txt

## Key facts
- Earnings Releases
  Magyar Bancorp, Inc. reported the three months ended September 30, 2023 results: net income $2,185,000, EPS $0.34.
  - Period: the three months ended September 30, 2023
  - Net income: $2,185,000
  - EPS: $0.34
  - Result: reported results
  source text: The Company reported $2,185,000 in net income for the three months ended September 30, 2023 compared with net income of $2,430,000 for the three months ended September 30, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1337068/000117494723001257/0001174947-23-001257-index.htm
- Earnings Releases
  Magyar Bancorp, Inc. reported the year ended September 30, 2023 results: net income $7,709,000, EPS $1.20.
  - Period: the year ended September 30, 2023
  - Net income: $7,709,000
  - EPS: $1.20
  - Result: reported results
  source text: The Company also reported net income of $7,709,000 for the year ended September 30, 2023 compared with $7,919,000 for the year ended September 30, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1337068/000117494723001257/0001174947-23-001257-index.htm

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