Magyar Bancorp Q2 net income up 5.6% to $1.9M; declares $0.05 dividend

Magyar Bancorp, Inc.

2024-Q2 EPS reported $0.56

Q2 net income $1.897M ($0.30 EPS) vs $1.796M ($0.28 EPS) a year ago; 6-month EPS unchanged at $0.56.
Net interest margin compressed to 3.17% from 3.61% due to higher deposit costs; loan growth $44.5M offset impact.
Non-performing loans declined to 0.62% of total loans from 0.73%; allowance coverage 167.7%.
Dividend of $0.05/share declared, payable May 21 to holders of record May 7.
Book value per share rose to $16.30 from $15.70; 71,745 shares repurchased at avg $11.14.

item 2.02 item 8.01 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 and six months ended March 31, 2024 results: net income Net income for the six months ended March 31, 2024 was $3,549,000 compared with net income of $3,606,000 for the six mon, EPS Basic and diluted earnings per share were unchanged at $0.56 for the six months ended March 31, 2024 compared with the s.

Period: three and six months ended March 31, 2024
Net income: Net income for the six months ended March 31, 2024 was $3,549,000 compared with net income of $3,606,000 for the six mon
EPS: Basic and diluted earnings per share were unchanged at $0.56 for the six months ended March 31, 2024 compared with the s
Result: reported results

Exact text from the filing

Magyar Bancorp (NASDAQ: MGYR) (“Company”), parent company of Magyar Bank, reported today the results of its operations for the three and six months ended March 31, 2024. The Company reported a 6% increase in its net income for the three months ended March 31, 2024, to $1,897,000 compared with net income of $1,796,000 for the three months ended March 31, 2023. Net income for the six months ended March 31, 2024 was $3,549,000 compared with net income of $3,606,000 for the six months ended March 31, 2023. Basic and diluted earnings per share were $0.30 for the three months ended March 31, 2024 compared with $0.28 for the three months ended March 31, 2023.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Period: three and six months ended March 31, 2024
Net income: Net income for the six months ended March 31, 2024 was $3,549,000 compared with net income of $3,606,000 for the six mon
EPS: Basic and diluted earnings per share were unchanged at $0.56 for the six months ended March 31, 2024 compared with the s
Result: reported results

Exact text from the filing

Basic and diluted earnings per share were unchanged at $0.56 for the six months ended March 31, 2024 compared with the six months ended March 31, 2023.

View on SEC.gov

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Magyar Bancorp, Inc. filing history →

Source: SEC EDGAR

accession 0001174947-24-000571

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