secwatch.observer — SEC 8-K summary
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Issuer:     Magyar Bancorp, Inc. (MGYR)
CIK:        0001337068
Form:       8-K
Filed at:   2024-04-23T23:59:59+00:00
Accession:  0001174947-24-000571
Event type: earnings
Sentiment:  positive
Materiality: 0.55
Item codes: 2.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1337068/000117494724000571/0001174947-24-000571-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1337068/000117494724000571/form8k-32127_mgyr.htm
  HTML page:      https://secwatch.observer/filing/0001174947-24-000571

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