Magyar Bancorp Q1 net income down 8.7% to $1.65M; declares $0.05 dividend

Magyar Bancorp, Inc.

2024-Q1 EPS reported $0.26

Net income of $1.65M ($0.26 diluted EPS) vs. $1.81M ($0.28) in prior-year quarter, down 8.7%.
Net interest margin compressed to 3.29% from 3.60% on higher deposit costs; net interest income rose 5.1% to $7.2M.
Loan portfolio grew 4.5% to $729.5M, driven by commercial real estate (+$19.1M) and construction (+$10.0M).
Non-performing loans fell 4.6% to $4.9M; allowance for credit losses as % of NPLs improved to 171.5%.
Quarterly cash dividend of $0.05 per share declared, payable Feb. 22, 2024 to holders of record Feb. 8, 2024.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Magyar Bancorp, Inc. reported three months ended December 31, 2023 results: net income $1.7 million, EPS $0.26.

Period: three months ended December 31, 2023
Net income: $1.7 million
EPS: $0.26
Result: reported results

Exact text from the filing

The Company reported net income for the three months ended December 31, 2023 of $1.7 million. Net income declined 8.7% from $1.8 million for the three months ended December 31, 2022. Basic and diluted earnings per share were $0.26 for the three months ended December 31, 2023 compared to $0.28 for the three months ended December 31, 2022.

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Source: SEC EDGAR

accession 0001174947-24-000121

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