Magyar Bancorp, Inc. - MGYR STOCK NEWS

Magyar Bancorp (NASDAQ: MGYR) reported Q4 and fiscal year 2024 financial results. Net income reached $2.5 million for Q4 2024, up from $2.2 million in Q4 2023, and $7.8 million for FY2024, compared to $7.7 million in FY2023. Earnings per share were $0.41 for Q4 and $1.23 for FY2024. The company declared a quarterly dividend of $0.05 per share. Notable achievements include a 12% annual increase in loan portfolio and net-interest margin improvement from 3.02% to 3.08% on a linked quarter basis. Magyar also announced the opening of a new branch office in Martinsville.

Magyar Bancorp (NASDAQ: MGYR) reported financial results for Q3 2024. The company's net income was $1.7 million for the quarter and $5.2 million for the nine months ended June 30, 2024. Basic and diluted earnings per share were $0.27 for Q3 and $0.83 for the nine-month period. The Board declared a quarterly cash dividend of $0.05 per share, payable on August 22, 2024.

Michael R. Lombardi was elected as a Director. The company faced challenges due to the interest rate environment, impacting net interest margin. However, continued loan growth helped mitigate some effects. Non-performing loans decreased to 0.60% of total loans. Magyar Bancorp also announced plans to open a new branch office in Martinsville, New Jersey.

Magyar Bancorp, Inc. reported a 6% increase in net income for the three months ended March 31, 2024, compared to the same period last year. The company's net income for the six months ended March 31, 2024, was $3,549,000. Basic and diluted earnings per share increased to $0.30 for the three months ended March 31, 2024. The Board of Directors declared a quarterly cash dividend of $0.05 per share, payable on May 21, 2024.

Magyar Bancorp (NASDAQ: MGYR) reported a net income of $1.7 million for the three months ended December 31, 2023, marking an 8.7% decline from the same period in 2022. The company's basic and diluted earnings per share were $0.26 for the three months ended December 31, 2023, compared to $0.28 for the same period in 2022. Despite challenges such as an inverted yield curve and pressure on net interest margin, the company was able to grow its loan portfolio by 4.5%. Magyar Bancorp's Board of Directors declared a quarterly cash dividend of $0.05 per share, payable on February 22, 2024, to stockholders of record as of February 8, 2024.

Magyar Bancorp, Inc. (NASDAQ: MGYR) Declares Special Cash Dividend of $0.07

Magyar Bancorp reported net income of $2,185,000 for the three months ended September 30, 2023, compared to $2,430,000 for the same period in 2022. For the fiscal year ended September 30, 2023, the company reported net income of $7,709,000, a decrease from $7,919,000 in the previous year. The basic and diluted earnings per share for the three months and year ended September 30, 2023, were $0.34 and $1.20, respectively. The company also declared a quarterly cash dividend of $0.04 per share.

Magyar Bancorp reports Q2 2023 net income of $1.9M, declares $0.03 dividend per share

Magyar Bancorp (NASDAQ: MGYR) reported a net income of $1,796,000 for the three months ended March 31, 2023, marking a 7% increase from $1,679,000 in the same period of 2022. For the six months ended March 31, 2023, net income rose to $3,606,000 up from $3,372,000 year-over-year. The earnings per share improved to $0.28 for the latest quarter, compared to $0.25 previously. The company declared a cash dividend of $0.03 per share, payable on May 18, 2023, to shareholders on record as of May 4, 2023. President John Fitzgerald stated strong performance was driven by a robust loan growth amidst a challenging banking environment, with a 5% deposit increase. The company remains cautious of inflation and macroeconomic conditions but is positioned well for the remainder of the fiscal year.

Magyar Bancorp (NASDAQ: MGYR) reported a 6.9% increase in net income for Q1 2023, reaching $1.8 million compared to $1.7 million in Q1 2022. Basic and diluted earnings per share rose to $0.28, up from $0.25 year-over-year. The company declared a quarterly cash dividend of $0.03 per share, payable on February 23, 2023. Strong loan demand was noted with a 7.4% quarterly increase, while net interest margin improved by 14 basis points to 3.60%. CEO John Fitzgerald indicated a robust pipeline for commercial loans despite inflationary pressures.