secwatch.observer — SEC 8-K summary
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Issuer:     Magyar Bancorp, Inc. (MGYR)
CIK:        0001337068
Form:       8-K
Filed at:   2023-10-30T23:59:59+00:00
Accession:  0001174947-23-001257
Event type: earnings
Sentiment:  neutral
Materiality: 0.55
Item codes: 2.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1337068/000117494723001257/0001174947-23-001257-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1337068/000117494723001257/form8k-30984_mgyr.htm
  HTML page:      https://secwatch.observer/filing/0001174947-23-001257

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