secwatch.observer — SEC 8-K summary
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Issuer:     Magyar Bancorp, Inc. (MGYR)
CIK:        0001337068
Form:       8-K
Filed at:   2024-01-25T23:59:59+00:00
Accession:  0001174947-24-000121
Event type: earnings
Sentiment:  negative
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1337068/000117494724000121/0001174947-24-000121-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1337068/000117494724000121/form8k-31391_mgyr.htm
  HTML page:      https://secwatch.observer/filing/0001174947-24-000121

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