secwatch.observer — SEC 8-K summary
======================================

Issuer:     Magyar Bancorp, Inc. (MGYR)
CIK:        0001337068
Form:       8-K
Filed at:   2024-07-25T23:59:59+00:00
Accession:  0001174947-24-000906
Event type: earnings
Sentiment:  negative
Materiality: 0.55
Item codes: 2.02, 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1337068/000117494724000906/0001174947-24-000906-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1337068/000117494724000906/form8k-32632_mgyr.htm
  HTML page:      https://secwatch.observer/filing/0001174947-24-000906

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer