---
schema_version: "secwatch.filing_event.v1"
accession: "0001174947-24-000571"
form_type: "8-K"
ticker: "MGYR"
cik: "0001337068"
company_name: "Magyar Bancorp, Inc."
filed_at: "2024-04-23T23:59:59+00:00"
generated_at: "2026-06-03T11:39:54.470099+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001174947-24-000571
- form_type: 8-K
- ticker: MGYR
- cik: 0001337068
- company_name: Magyar Bancorp, Inc.
- filed_at: 2024-04-23T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1337068/000117494724000571/0001174947-24-000571-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1337068/000117494724000571/form8k-32127_mgyr.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001174947-24-000571
- JSON: https://secwatch.observer/filing/0001174947-24-000571.json
- Plain text: https://secwatch.observer/filing/0001174947-24-000571.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1337068/000117494724000571/0001174947-24-000571-index.htm
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1337068/000117494724000571/0001174947-24-000571-index.htm

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