---
schema_version: "secwatch.filing_event.v1"
accession: "0001174947-24-000121"
form_type: "8-K"
ticker: "MGYR"
cik: "0001337068"
company_name: "Magyar Bancorp, Inc."
filed_at: "2024-01-25T23:59:59+00:00"
generated_at: "2026-06-06T18:00:57.148585+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001174947-24-000121
- form_type: 8-K
- ticker: MGYR
- cik: 0001337068
- company_name: Magyar Bancorp, Inc.
- filed_at: 2024-01-25T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1337068/000117494724000121/0001174947-24-000121-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1337068/000117494724000121/form8k-31391_mgyr.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001174947-24-000121
- JSON: https://secwatch.observer/filing/0001174947-24-000121.json
- Plain text: https://secwatch.observer/filing/0001174947-24-000121.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1337068/000117494724000121/0001174947-24-000121-index.htm

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