---
schema_version: "secwatch.filing_event.v1"
accession: "0001174947-24-000906"
form_type: "8-K"
ticker: "MGYR"
cik: "0001337068"
company_name: "Magyar Bancorp, Inc."
filed_at: "2024-07-25T23:59:59+00:00"
generated_at: "2026-05-31T16:13:44.702524+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Magyar Bancorp Q3 net income $1.7M ($0.27 EPS), down 11.8% YoY; NPL ratio improves to 0.60%

## Summary
- Q3 net income $1.7M ($0.27 EPS), down 11.8% YoY; nine-month net income $5.2M ($0.83 EPS).
- Net interest margin narrowed 44 bps to 3.02%; interest expense rose 92% to $5.5M on higher deposit costs.
- Non-performing loans declined to 0.60% of total loans from 0.73%; allowance covers 170% of NPLs.
- Board declared $0.05/share quarterly dividend, payable Aug 22 to holders of record Aug 8.
- Michael R. Lombardi elected to Board; Company also signed lease for new branch in Martinsville, NJ.

## SEC filing metadata
- accession: 0001174947-24-000906
- form_type: 8-K
- ticker: MGYR
- cik: 0001337068
- company_name: Magyar Bancorp, Inc.
- filed_at: 2024-07-25T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 2.02, 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1337068/000117494724000906/0001174947-24-000906-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1337068/000117494724000906/form8k-32632_mgyr.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001174947-24-000906
- JSON: https://secwatch.observer/filing/0001174947-24-000906.json
- Plain text: https://secwatch.observer/filing/0001174947-24-000906.txt

## Key facts
- Executive change
  Michael R. Lombardi was elected as Director at Magyar Bancorp, Inc..
  - Action: elected
  - Role: Director
  source text: On July 25, 2024, the Board of Directors of the Company elected Michael R. Lombardi. to serve as a Director of the Company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1337068/000117494724000906/0001174947-24-000906-index.htm

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