☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number 000-51726 Magyar Bancorp, Inc. (Exact Name of Registrant as Specified in Its Charter) aUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 (State or Other Jurisdiction of Incorp ...

News Results of Operations for the Three Months Ended June 30, 2025 Net income increased $779 thousand, or 46.1%, to $2.5 million during the three-month period ended June 30, 2025 compared with $1.7 million during the three-month period ended June 30, 2024, from higher net interest income and other income, partially offset by higher provisions for credit loss, other expenses and income tax expense. The Company's net interest and dividend income increased $1.4 million, or 20.5%, to $8.2 million for the quart ...

NEW BRUNSWICK, N.J., July 24, 2025 /PRNewswire/ -- Magyar Bancorp (NASDAQ: MGYR) ("Company"), parent company of Magyar Bank, reported today the results of its operations for the three and nine months ended June 30, 2025.The Company reported a 46% increase in its net income for the three months ended June 30, 2025, to $2.5 million compared with net income of $1.7 million for the three months ended June 30, 2024. Net income for the nine months ended June 30, 2025 was $7.2 million compared with net income of $ ...

Financial Position - Total assets increased by $69.9 million, or 7.3%, to $1.0 billion at March 31, 2025, from $951.9 million at September 30, 2024[90]. - Total deposits increased by $61.0 million, or 7.7%, to $857.7 million at March 31, 2025, from $796.7 million at September 30, 2024[104]. - Stockholders' equity rose by $3.7 million, or 3.4%, to $114.3 million at March 31, 2025, from $110.5 million at September 30, 2024[109]. - Total loans receivable increased by $28.8 million, or 3.7%, to $809.0 million at March 31, 2025, with commercial real estate loans growing by $33.9 million, or 7.4%[92]. - Investment securities totaled $94.0 million at March 31, 2025, reflecting a decrease of $1.4 million, or 1.5%, from $95.4 million at September 30, 2024[100]. - Borrowings increased by $5.3 million, or 18.7%, to $33.9 million at March 31, 2025, from $28.6 million at September 30, 2024[107]. Loan and Credit Quality - Non-performing loans decreased by $151 thousand, or 65.1%, to $81 thousand at March 31, 2025, from $232 thousand at September 30, 2024[97]. - The allowance for credit losses increased by $179 thousand to $8.2 million, or 0.98% of total loans receivable, during the six months ended March 31, 2025[98]. - The provision for credit losses recorded a net reduction of $30 thousand for the three months ended March 31, 2025, compared to a $14 thousand provision in the same period of 2024[124]. Income and Earnings - Net income increased by $784 thousand, or 41.3%, to $2.7 million for the three months ended March 31, 2025, compared to $1.9 million for the same period in 2024[116]. - Net income rose by $1.2 million, or 34.3%, to $4.8 million for the six months ended March 31, 2025, compared to $3.5 million for the same period in 2024[133]. - Net interest and dividend income rose by $953 thousand, or 13.8%, to $7.9 million for the three months ended March 31, 2025, from $6.9 million in the prior year[117]. - Net interest and dividend income increased by $1.1 million, or 8.1%, to $15.3 million for the six months ended March 31, 2025, from $14.2 million for the same period in 2024[134]. - Other income surged by $646 thousand, or 103.9%, to $1.3 million during the three months ended March 31, 2025, compared to $622 thousand for the same period in 2024[126]. - Other income increased by $994 thousand, or 80.7%, to $2.2 million during the six months ended March 31, 2025, compared to $1.2 million for the same period in 2024[142]. Interest and Expenses - Interest and dividend income increased by $1.6 million, or 13.5%, to $13.5 million for the three months ended March 31, 2025, compared to $11.9 million for the same period in 2024[118]. - Interest expense increased by $651 thousand, or 13.0%, to $5.6 million for the three months ended March 31, 2025, from $5.0 million in the prior year[121]. - Interest expense increased by $1.8 million, or 19.3%, to $11.1 million for the six months ended March 31, 2025, compared to $9.3 million for the same period in 2024[138]. - Compensation and benefit expense increased by $452 thousand, or 7.7%, to $6.3 million during the six months ended March 31, 2025, from $5.9 million for the same period in 2024[146]. Asset Management - The average balance of loans receivable increased by $76.6 million, or 10.5%, to $803.4 million during the three months ended March 31, 2025[119]. - The average balance of loans receivable increased by $79.7 million, or 11.1%, to $794.6 million during the six months ended March 31, 2025, from $714.9 million for the same period in 2024[136]. - The average balance of interest-bearing deposits rose by $113.0 million, or 18.4%, to $726.7 million for the three months ended March 31, 2025[122]. - The average balance of interest-bearing deposits increased by $105.9 million, or 17.7%, to $703.4 million for the six months ended March 31, 2025, from $597.5 million for the same period in 2024[139]. Taxation - The effective tax rate for the six months ended March 31, 2025 was 28.5%, compared to 25.7% for the same period in 2024[148]. Shareholder Value - The book value per share increased to $17.65 at March 31, 2025, from $16.98 at September 30, 2024[109]. - The yield on interest-earning assets increased by 23 basis points to 5.68% for the three months ended March 31, 2025, from 5.45% in the prior year[118]. - The net interest margin improved by 14 basis points to 3.31% for the three months ended March 31, 2025, from 3.17% in the previous year[117]. Service Charges - Service charges increased by $210 thousand, or 35.2%, to $807 thousand during the six months ended March 31, 2025, from $597 thousand for the same period in 2024[144]. Borrowing Capacity - The Company had an aggregate net borrowing capacity of $128.8 million based on eligible loan collateral pledged to the FHLBNY at March 31, 2025[149].

Financial Performance - The company reported a 41% increase in net income to $2.7 million for the three months ended March 31, 2025, compared to $1.9 million for the same period in 2024[3]. - Basic and diluted earnings per share rose to $0.43 for the three months ended March 31, 2025, up from $0.30 for the same period in 2024[4]. - Net income for the six months ended March 31, 2025, was $4,765,000, up from $3,549,000 in 2024, reflecting a year-over-year increase of 34.3%[35]. - Other income for the three months ended March 31, 2025, was $1,268,000, significantly higher than $622,000 in the same period of 2024, marking a 104.0% increase[35]. Income and Revenue - Net interest and dividend income increased by $953 thousand, or 13.8%, to $7.9 million for the quarter ended March 31, 2025[8]. - Interest and dividend income grew by $1.6 million, or 13.5%, to $13.5 million for the three months ended March 31, 2025[9]. - Interest and dividend income increased to $13,524,000 for the three months ended March 31, 2025, compared to $11,920,000 for the same period in 2024, representing a growth of 13.5%[35]. Assets and Loans - Total assets increased by $69.9 million, or 7.3%, to $1.0 billion at March 31, 2025[23]. - Total loans receivable rose by $29.0 million, or 3.7%, to $810.2 million at March 31, 2025[26]. - Total assets reached $1,021,863,000 as of March 31, 2025, compared to $951,918,000 in 2024, showing an increase of 7.3%[36]. - Total loans receivable amounted to $808,993,000, up from $780,162,000 in the previous year, reflecting a growth of 3.7%[36]. Deposits and Dividends - Total deposits increased by $61.0 million, or 7.7%, to $857.7 million at March 31, 2025[29]. - The company declared a quarterly cash dividend of $0.06 per share, payable on May 28, 2025[5]. Credit Losses and Allowances - The allowance for credit losses increased to $8.2 million, or 0.98% of total loans receivable, during the six months ended March 31, 2025[28]. - The allowance for credit losses on loans was reported at $(7,936,000) for the period, indicating a decrease in provisions compared to $(7,548,000) in the previous year[36]. Tax and Margins - The effective tax rate for the three months ended March 31, 2025 was 29.0%, compared to 21.7% for the same period in 2024[14]. - The net interest margin improved to 3.31% for the three months ended March 31, 2025, compared to 3.17% for the same period in 2024[35]. Returns and Book Value - Return on average assets increased to 1.05% for the three months ended March 31, 2025, up from 0.81% in 2024[35]. - Return on average equity rose to 9.55% for the three months ended March 31, 2025, compared to 7.13% in 2024[35]. - Book value per share at the end of the period was $17.65, an increase from $16.30 in the previous year[35].

Financial Performance - Net income increased by $443 thousand, or 26.2%, to $2.1 million for the three months ended December 31, 2024, compared to $1.7 million for the same period in 2023[107] - Net interest and dividend income rose by $200 thousand, or 2.8%, to $7.4 million for the three months ended December 31, 2024, from $7.2 million in the prior year[108] - Interest and dividend income increased by $1.3 million, or 11.7%, to $12.9 million for the three months ended December 31, 2024, driven by a 33-basis point increase in yield on earning assets to 5.59%[109] - Average balance of loans receivable increased by $82.8 million to $786.0 million, with yield on loans rising 30 basis points to 5.99% for the three months ended December 31, 2024[110] - Other income increased by $347 thousand, or 57.0%, to $956 thousand during the three months ended December 31, 2024, attributed to higher gains on the sale of other real estate owned and SBA loans[116] - Other expenses rose by $389 thousand, or 7.7%, to $5.4 million for the three months ended December 31, 2024, primarily due to higher compensation and occupancy expenses[117] - The effective tax rate for the three months ended December 31, 2024, was 27.9%, compared to 29.8% for the same period in 2023[120] Asset and Liability Management - Total assets increased by $56.5 million, or 5.9%, to $1.0 billion at December 31, 2024, from $951.9 million at September 30, 2024[90] - Total loans receivable rose by $25.3 million, or 3.2%, to $805.5 million at December 31, 2024, primarily driven by a $20.1 million increase in commercial real estate loans[92] - Total deposits increased by $52.2 million, or 6.5%, to $848.8 million at December 31, 2024, with significant inflows in money market accounts and interest-bearing checking accounts[101] - Borrowings increased by $1.9 million, or 6.5%, to $30.4 million at December 31, 2024, following additional borrowing from the Federal Home Loan Bank[102] - Investment securities totaled $98.0 million at December 31, 2024, reflecting a $2.6 million increase, primarily due to the purchase of mortgage-backed securities[99] Credit Quality - The allowance for credit losses increased by $204 thousand to $8.2 million, or 1.02% of total loans receivable, during the quarter ended December 31, 2024[97] - Non-performing loans rose by $107 thousand, or 46.1%, to $339 thousand at December 31, 2024, with the ratio of non-performing loans to total loans increasing to 0.04%[96] - The Company reported a decrease in non-performing commercial real estate loans from $116 thousand at September 30, 2024, to $0 at December 31, 2024[95] - Provision for credit losses decreased to $101 thousand for the three months ended December 31, 2024, compared to $481 thousand in the same period of 2023[115] Equity and Capital - Stockholders' equity grew by $1.1 million, or 1.0%, to $111.7 million at December 31, 2024, attributed to operational results and share repurchases[103] - The Company’s book value per share increased to $17.23 at December 31, 2024, from $16.98 at September 30, 2024[103] - At December 31, 2024, the Bank's Tier 1 capital as a percentage of total assets was 11.20%[123]

Financial Performance - The company reported a 26% increase in net income to $2.1 million for the three months ended December 31, 2024, compared to $1.7 million for the same period in 2023[3] - Basic and diluted earnings per share were $0.34 and $0.33, respectively, for the three months ended December 31, 2024, up from $0.26 for the same period in 2023[3] - Interest and dividend income increased by $1.3 million, or 11.7%, to $12.9 million for the three months ended December 31, 2024, compared to $11.6 million for the same period in 2023[8] - Other income increased by $347 thousand, or 57.0%, to $956 thousand, driven by higher gains on the sale of other real estate owned and SBA loans[11] Asset and Loan Growth - Total assets increased by $56.5 million, or 5.9%, to $1.0 billion at December 31, 2024, driven by higher interest-earning deposits and loan balances[14] - Total loans receivable rose by $25.3 million, or 3.2%, to $805.5 million, with commercial real estate loans increasing by $20.1 million, or 4.4%[17] - Total deposits increased by $52.2 million, or 6.5%, to $848.8 million at December 31, 2024, with significant inflows in money market and interest-bearing checking accounts[21] Credit Quality - The provision for credit losses decreased to $101 thousand for the three months ended December 31, 2024, down from $481 thousand for the same period in 2023[10] - Non-performing loans represented 0.98% of total loans receivable, showing a slight increase from 0.97%[28] - Non-performing assets accounted for 0.29% of total assets, up from 0.42%[28] - The allowance for credit losses on loans was reported at $78,607,548[28] - The company reported total non-performing assets of $2,876,000, compared to $3,957,000 previously[28] - The allowance for credit losses on non-performing loans was noted to be 0.98% of total loans receivable[28] - The allowance for credit losses on non-performing assets was 2.58% of total equity[28] Shareholder Equity - The company's book value per share increased to $17.23 at December 31, 2024, from $16.98 at September 30, 2024[22] - The total equity of shareholders reached $111,676,110[28] Strategic Focus - The company is focusing on market expansion and new product development strategies moving forward[28] Margin Analysis - The company's net interest margin decreased by 7 basis points to 3.22% for the three months ended December 31, 2024, from 3.29% for the same period in 2023[7]

Core Viewpoint - Magyar Bancorp reported a 26% increase in net income for the three months ended December 31, 2024, reaching $2.1 million compared to $1.7 million in the same period of 2023 [1][4]. Financial Performance - Basic and diluted earnings per share rose to $0.34 and $0.33, respectively, for the three months ended December 31, 2024, up from $0.26 in the same period of 2023 [2]. - The Company declared a quarterly cash dividend of $0.06 per share, payable on February 20, 2025 [2]. - Net interest and dividend income increased by $200 thousand, or 2.8%, to $7.4 million for the quarter ended December 31, 2024, from $7.2 million in the same quarter of 2023 [5]. - Interest and dividend income rose by $1.3 million, or 11.7%, to $12.9 million for the three months ended December 31, 2024, compared to $11.6 million in the same period of 2023 [6]. - Interest expense increased by $1.1 million, or 26.6%, to $5.5 million for the three months ended December 31, 2024, from $4.3 million in the same period of 2023 [7]. - The provision for credit losses decreased to $101 thousand for the three months ended December 31, 2024, compared to $481 thousand in the same period of 2023 [8]. - Other income increased by $347 thousand, or 57.0%, to $956 thousand during the three months ended December 31, 2024, compared to $609 thousand in the same period of 2023 [9][10]. - Other expenses rose by $389 thousand, or 7.7%, to $5.4 million during the three months ended December 31, 2024, compared to $5.0 million in the same period of 2023 [11]. Balance Sheet Highlights - Total assets increased by $56.5 million, or 5.9%, to $1.0 billion at December 31, 2024, from $951.9 million at September 30, 2024 [13]. - Total loans receivable increased by $25.3 million, or 3.2%, to $805.5 million at December 31, 2024, from $780.2 million at September 30, 2024 [16]. - Total deposits increased by $52.2 million, or 6.5%, to $848.8 million at December 31, 2024 [20]. - The Company's book value per share increased to $17.23 at December 31, 2024, from $16.98 at September 30, 2024 [22]. Asset Quality - Total non-performing loans increased by $107 thousand, or 46.1%, to $339 thousand at December 31, 2024, from $232 thousand at September 30, 2024 [17]. - The ratio of non-performing loans to total loans increased to 0.04% at December 31, 2024, from 0.03% at September 30, 2024 [17]. - The allowance for credit losses increased by $204 thousand to $8.2 million, or 1.02% of total loans receivable, during the three months ended December 31, 2024 [19].

Financial Performance - Net income for the three months ended September 30, 2024, increased by $357 thousand, or 16.3%, to $2.5 million compared to $2.2 million for the same period in 2023[5] - Basic and diluted earnings per share for the three months ended September 30, 2024, were $0.41 and $1.23, respectively, compared to $0.34 and $1.20 for the same period in 2023[3] - Net income for the three months ended September 30, 2024, was $2.542 million, compared to $2.185 million for the same period in 2023, reflecting a year-over-year increase of 16.4%[34] - The return on average assets was 1.06% for the three months ended September 30, 2024, compared to 1.00% for the same period in 2023[34] Loan and Asset Growth - The loan portfolio grew by 12% annually, with total loans receivable increasing by $20.9 million, or 2.7%, during the quarter and $83.0 million, or 11.9%, for the year[4][23] - Total assets increased by $44.6 million, or 4.9%, to $951.9 million during the year ended September 30, 2024, attributed to an $82.8 million increase in net loans receivable[20] - Non-performing loans decreased to $232 thousand, down from $5.084 million, indicating improved asset quality[35] Income and Revenue Sources - Interest and dividend income increased by $2.2 million, or 20.2%, to $12.8 million for the three months ended September 30, 2024, driven by a 9.5% growth in average interest-earning assets[7] - Non-interest income surged by $1.1 million, or 137.1%, to $2.0 million during the three months ended September 30, 2024, primarily from gains on other real estate and SBA loans[13] Deposits and Equity - Total deposits rose by $7.5 million, or 0.9%, to $796.7 million during the three months ended September 30, 2024, with a year-over-year increase of $41.2 million, or 5.5%[28] - Total equity increased by $5.7 million, or 5.5%, to $110.5 million at September 30, 2024, driven by net income of $7.8 million[31] Credit Quality and Risk Management - The allowance for credit losses decreased by $333 thousand to $8.0 million for the year ended September 30, 2024, due to the adoption of ASU 2016-13[25] - Non-performing loans decreased by $4.4 million, or 94.9%, to $232 thousand at September 30, 2024, resulting in a non-performing loan ratio of 0.03%[24] Branch Expansion and Strategic Initiatives - The company opened a new branch office in Martinsville to enhance its market presence and support loan and deposit generation[4] - The company is restructuring $7.9 million of its BOLI portfolio, expected to increase the crediting rate from 2.24% to 4.93%[27] Other Financial Metrics - Net interest margin decreased by 28 basis points to 3.08% for the quarter ended September 30, 2024, compared to 3.36% for the same quarter in 2023[6] - Bank owned life insurance (BOLI) increased by $5.1 million, or 27.8%, to $23.3 million for the three months ended September 30, 2024[27] - Certificates of deposit increased by $55.0 million, or 52.5%, to $159.7 million, while interest-bearing checking accounts rose by $31.6 million, or 27.4%, to $146.7 million[28] - The book value per share increased to $16.98 at September 30, 2024, up from $15.70 at September 30, 2023[31] - The company repurchased 110,278 shares at an average price of $12.64 during the three months ended September 30, 2024[30]

Financial Performance - The Company's net income for the three months ended June 30, 2024 was $1.7 million, a decrease of $227 thousand or 11.8% compared to $1.9 million for the same period in 2023[3] - Net income for the nine months ended June 30, 2024, was $5.240 million, down from $5.524 million for the same period in 2023[42] - Net interest and dividend income for the three months ended June 30, 2024, was $6.784 million, compared to $6.890 million for the same period in 2023[42] - The return on average assets was 0.71% for the three months ended June 30, 2024, compared to 0.90% for the same period in 2023[42] Income and Expenses - Interest and dividend income increased by $2.5 million, or 26.1%, to $12.3 million for the three months ended June 30, 2024, driven by a 59-basis point increase in the average yield on interest-earning assets to 5.50%[4] - Interest expense surged by $8.1 million, or 120.8%, to $14.8 million for the nine months ended June 30, 2024, primarily due to higher market interest rates[9] - Other expenses increased by $920 thousand, or 6.4%, to $15.2 million during the nine months ended June 30, 2024, mainly due to higher compensation and benefit expenses[31] Assets and Loans - Total assets increased by $37.1 million, or 4.1%, to $944.4 million at June 30, 2024, attributed to higher balances of loans receivable[12] - Total loans receivable increased to $759.41 million at June 30, 2024, from $698.21 million at September 30, 2023[40] - Total assets reached $944.35 million at June 30, 2024, compared to $907.29 million at September 30, 2023[40] Deposits - Total deposits rose by $33.7 million, or 4.5%, to $789.2 million at June 30, 2024, with significant inflows in certificates of deposit and interest-bearing checking accounts[16] - Brokered deposits increased by $7.8 million to $21.6 million at June 30, 2024, from $13.8 million at September 30, 2023[37] Credit Quality - The provision for credit losses was $441 thousand for the nine months ended June 30, 2024, reflecting growth in the Company's loan portfolio[30] - Non-performing loans decreased by $532 thousand, or 10.5%, to $4.6 million at June 30, 2024, with the ratio of non-performing loans to total loans decreasing to 0.60%[14] - The allowance for credit losses increased by $16 thousand to $8.3 million during the nine months ended June 30, 2024, with additional provisions totaling $441 thousand due to growth in loans receivable[35] - The allowance for credit losses to total loans receivable ratio decreased to 1.02% at June 30, 2024, from 1.19% at September 30, 2023[40] Shareholder Returns - The Company's book value per share increased to $16.55 at June 30, 2024, up from $15.70 at September 30, 2023[17] - The Company declared a quarterly cash dividend of $0.05 per share, payable on August 22, 2024[22] Other Real Estate - Other real estate owned increased by $514 thousand, or 156.7%, to $842 thousand at June 30, 2024, from the addition of one single-family property[36]