MGYR News & Events

Reports Q2 net income $3.0M vs. $2.7M last year. Reports Q2 net interest margin 3.66 % vs. 3.31% last year. Book value per share increased to $19.19 at March 31, 2026 from $18.34 at September 30, 2025. "We are very pleased to continue to produce double digit growth in earnings, reporting a 13% increase in net income for the quarter ended March 31, 2026", stated John Fitzgerald, CEO. "Our net interest margin expanded 35 basis points compared to the same period last year on the strength of strong loan growth with continued emphasis on strong credit underwriting. We expect this trend to continue, positioning Magyar to navigate the current market volatility and produce solid results during the second half of our fiscal year."

Book value per share increased to $17.23 at December 31, 2024 from $16.98 at September 30, 2024."We are very pleased to report a 26% increase in earnings over last year's first quarter," stated John Fitzgerald, CEO. "Total assets eclipsed the $1B mark during the quarter thanks to a 6.5% increase in total deposits. Our liquidity position will continue to fund the Bank's strong loan pipeline in our 2025 fiscal year. In addition, our net interest margin increased 14 basis points from the prior quarter as the Bank begins to see the benefits of the Federal Reserve's rate cuts that occurred in the last few months of 2024."

Magyar Bancorp announced that its board of directors has declared a special cash dividend of 4c, payable December 20 to shareholders of record on December 6.