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]

Financial Position - Total assets increased by $21.3 million, or 2.3%, to $928.6 million as of March 31, 2024, from $907.3 million at September 30, 2023[108]. - Total loans receivable rose by $44.3 million, or 6.4%, to $741.7 million at March 31, 2024, driven primarily by a $40.0 million increase in commercial real estate loans[110]. - Total deposits increased by $19.4 million, or 2.6%, to $774.9 million at March 31, 2024, with significant inflows in certificates of deposit and money market accounts[119]. - Stockholders' equity rose by $2.8 million, or 2.7%, to $107.6 million at March 31, 2024, primarily due to net income of $3.5 million[122]. - Investment securities totaled $95.4 million at March 31, 2024, reflecting a decrease of $609 thousand, or 0.6%, from $96.0 million at September 30, 2023[117]. - Interest-earning deposits with banks decreased by $22.5 million, or 31.1%, to $50.0 million at March 31, 2024, primarily due to deployment into loans receivable[109]. - The book value per share increased to $16.30 at March 31, 2024, from $15.70 at September 30, 2023[122]. - At March 31, 2024, the Bank's Tier 1 capital as a percentage of total assets was 10.88%[155]. Loan Performance - Non-performing loans decreased by $497 thousand, or 9.8%, to $4.6 million at March 31, 2024, resulting in a ratio of non-performing loans to total loans of 0.62%[114]. - The allowance for on-balance sheet loan losses as a percentage of non-performing loans increased to 167.7% at March 31, 2024, from 163.9% at September 30, 2023[116]. - Provision for credit losses decreased to $14 thousand for the three months ended March 31, 2024, from $195 thousand for the same period in 2023, attributed to lower net charge-offs and decreased construction loan balances[137]. - The allowance for credit losses increased by $69 thousand to $8.4 million during the six months ended March 31, 2024, with provisions for credit loss totaling $495 thousand[115]. Income and Expenses - Net income increased by $101 thousand, or 5.6%, to $1.9 million for the three-month period ended March 31, 2024, compared to $1.8 million for the same period in 2023[129]. - Net income decreased by $57 thousand, or 1.6%, to $3.5 million for the six months ended March 31, 2024, compared to $3.6 million for the same period in 2023, due to higher other expenses[141]. - Net interest and dividend income remained stable at $6.9 million for both the three months ended March 31, 2024, and 2023, despite a 44-basis point decrease in net interest margin to 3.17%[130]. - Net interest and dividend income increased by $330 thousand, or 2.4%, to $14.2 million for the six months ended March 31, 2024, attributed to a $109.9 million increase in the average balance of interest-earning assets[142]. - Other income decreased by $9 thousand, or 1.4%, to $622 thousand for the three months ended March 31, 2024, compared to $631 thousand for the same period in 2023, primarily due to lower loan prepayment fees[138]. - Other expenses increased by $312 thousand, or 6.5%, to $5.1 million for the three months ended March 31, 2024, driven by higher compensation and benefit expenses[139]. Interest Income and Expense - Interest and dividend income rose by $2.7 million, or 29.9%, to $11.9 million for the three months ended March 31, 2024, driven by a 67-basis point increase in yield on interest-earning assets to 5.45%[131]. - Interest earned on investment securities increased by $798 thousand, or 151.7%, to $1.3 million, with yield rising 148 basis points to 3.41%[133]. - Interest expense surged by $2.8 million, or 124.3%, to $5.0 million, with the cost of interest-bearing liabilities increasing 140 basis points to 3.15%[134]. - Interest expense increased by $5.5 million, or 142.6%, to $9.3 million for the six months ended March 31, 2024, resulting from higher market interest rates[146]. - Average balance of interest-bearing deposits rose by $123.5 million, or 25.2%, to $613.7 million, with the average cost increasing 150 basis points to 3.16%[135]. - Average balance of borrowings increased by $2.2 million to $28.8 million, while interest paid on borrowings rose by $3 thousand, or 1.4%, to $222 thousand[136]. Loan Yield and Balances - Average balance of loans receivable increased by $60.5 million to $726.8 million, with yield on loans rising 63 basis points to 5.88% for the three months ended March 31, 2024[132]. - The average balance of loans receivable increased by $60.3 million to $714.9 million for the six months ended March 31, 2024, with a yield increase to 5.79%[144]. Tax Rate - The Company's effective tax rate decreased to 21.7% for the three months ended March 31, 2024, compared to 30.5% for the same period in 2023[140].

Financial Performance - The Company reported a 6% increase in net income to $1,897,000 for the three months ended March 31, 2024, compared to $1,796,000 for the same period in 2023[3]. - Basic and diluted earnings per share increased to $0.30 for the three months ended March 31, 2024, up from $0.28 for the same period in 2023[4]. - Net income for the three months ended March 31, 2024, was $1.90 million, compared to $1.80 million for the same period in 2023, a 5.6% increase[38]. - Return on average assets was 0.81% for the three months ended March 31, 2024, compared to 0.87% for the same period in 2023[38]. - Return on average equity was 7.13% for the three months ended March 31, 2024, down from 7.22% in the same period of 2023[38]. Income and Expenses - Interest and dividend income rose by $2.7 million, or 29.9%, to $11.9 million for the three months ended March 31, 2024, driven by a 67-basis point increase in yield on interest-earning assets to 5.45%[8]. - Interest expense surged by $2.8 million, or 124.3%, to $5.0 million for the three months ended March 31, 2024, due to a 140-basis point increase in the cost of interest-bearing liabilities to 3.15%[9]. - Other expenses increased by $312,000, or 6.5%, to $5.1 million for the three months ended March 31, 2024, mainly due to higher compensation and benefit expenses[12]. - The effective tax rate decreased to 21.7% for the three months ended March 31, 2024, compared to 30.5% for the same period in 2023[13]. Asset and Loan Growth - Total assets increased by $21.3 million, or 2.3%, to $928.6 million at March 31, 2024, primarily due to higher balances of loans receivable[22]. - Total loans receivable increased by $44.5 million, or 6.4%, to $742.7 million at March 31, 2024, with significant growth in commercial real estate loans[25]. - Total loans receivable amounted to $741,712,698, up from $706,206,000, indicating a rise of about 5%[39]. - Non-performing loans decreased by $497,000, or 9.8%, to $4.6 million at March 31, 2024, resulting in a ratio of non-performing loans to total loans of 0.62%[26]. - Non-performing loans accounted for 0.62% of total loans receivable, slightly down from 0.73%[39]. - Non-performing assets represented 0.62% of total assets, consistent with the previous period[39]. Shareholder Equity and Dividends - The Company declared a quarterly cash dividend of $0.05 per share, payable on May 21, 2024[4]. - Total equity for shareholders reached $107,635,104, an increase from $79,000,000, showing significant growth[39]. - Book value per share rose to $16.30 at March 31, 2024, up from $15.70 at September 30, 2023[33]. Credit Losses and Allowances - Provision for credit losses was $14, significantly lower than $195 for the same period in 2023[38]. - Allowance for credit losses stood at $7,694,848, representing 1.04% of total loans receivable, compared to 1.19% previously[39]. - The allowance for credit losses on non-performing loans was reported at 16.73%[39]. Deposits and Securities - Total deposits included an estimated $118.0 million exceeding the FDIC insurance coverage limit of $250,000[31]. - Brokered deposits increased by $7.8 million to $21.6 million as of March 31, 2024, from $13.8 million at September 30, 2023[32]. - The company reported a total of $11,913,000 in investment securities available for sale[39]. Other Income - Other income for the three months ended March 31, 2024, was $622,000, slightly down from $631,000 in the same period of 2023[38]. Strategic Focus - The company is focusing on market expansion and new product development strategies to enhance growth[39].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Commission File Number 000-51726 Magyar Bancorp, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 20-4154978 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification Number) 400 Somerset Street, New Brunswick, New Jersey 08901 (Address of Principal Executive Office) (Zip Code) (732) 342-7600 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE A ...

Securities Portfolio - As of September 30, 2023, the fair value of the total securities portfolio was $83.9 million, with an unrealized net loss of $14.1 million on a pre-tax basis[195]. Interest Rates Impact - At September 30, 2023, a 200 basis point increase in interest rates is projected to result in a $391,000 (1.3%) increase in net interest income in the first year and a $1.8 million (5.3%) increase in the second year[196]. - The average life of loans and mortgage-backed securities may be affected by changes in interest rates, leading to reinvestment risk[194]. Loan Loss Allowance - The allowance for loan losses decreased by $103,000 to $8.3 million for the year ended September 30, 2023, with the allowance as a percentage of non-performing loans decreasing to 163.9%[200]. - The allowance for loan losses as a percentage of total loans was 1.19% at September 30, 2023, down from 1.34% a year earlier[200]. - The implementation of the Current Expected Credit Loss (CECL) standard is effective October 1, 2023, which may require an increase in the allowance for loan losses[203]. - Regulatory authorities may require an increase in the allowance for loan losses, which could adversely affect the company's financial condition[202]. Loan Portfolio Composition - The portfolio of commercial real estate and commercial business loans totaled $419.3 million, representing 60.1% of total loans as of September 30, 2023, up from 60.0% a year earlier[198]. - At September 30, 2023, there was one non-performing commercial real estate loan totaling $2.2 million, compared to no non-performing loans in the previous year[198]. - The company intends to continue emphasizing the origination of commercial business and commercial real estate loans, which generally carry more risk than residential mortgage loans[198]. Deposits and Liquidity - As of September 30, 2023, municipal deposits from local government entities amounted to $246.4 million, representing 32.6% of total deposits[221]. - The company faces strong competition for core deposits, which may lead to decreased deposit balances if customers find alternative investments more attractive[218]. - A lack of liquidity could result in increased regulatory scrutiny and potential restrictions on growth, interest rates on deposits, and dividend payments[220]. - If the company relies on more expensive funding sources, operating margins and profitability may be adversely affected[219]. - The company emphasizes low-cost core deposits but may need to resort to higher-cost funding sources if municipal deposits are not retained[222].

Financial Position - Total assets increased by $58.9 million, or 7.4%, to $857.4 million at June 30, 2023, from $798.5 million at September 30, 2022[99]. - Total loans receivable rose by $73.6 million, or 11.7%, to $702.5 million at June 30, 2023, driven by a $59.6 million increase in commercial real estate loans[103]. - Total deposits grew by $25.7 million, or 3.9%, to $693.5 million at June 30, 2023, with significant increases in money market accounts and certificates of deposit[109]. - Stockholders' equity increased by $4.3 million, or 4.3%, to $102.8 million at June 30, 2023, with a book value per share rising to $15.41[112]. - Cash and interest-earning deposits with banks decreased by $8.5 million, or 27.6%, to $22.4 million at June 30, 2023[100]. - Investment securities totaled $92.5 million at June 30, 2023, reflecting a decrease of $8.4 million, or 8.3%, from $100.9 million at September 30, 2022[100]. - At June 30, 2023, the Bank's Tier 1 capital as a percentage of total assets was 11.21%[149]. - The Company had an aggregate borrowing capacity of $112.2 million based on eligible loan collateral pledged to the FHLBNY at June 30, 2023[147]. Loan Performance - Non-performing loans increased by $725,000, or 25.6%, to $3.6 million at June 30, 2023, with the ratio of non-performing loans to total loans rising to 0.51%[105]. - The allowance for loan losses as a percentage of total loans decreased to 1.19% at June 30, 2023, from 1.34% at September 30, 2022[107]. - The provision for loan losses recorded a credit of $81,000 for the three months ended June 30, 2023, compared to a provision of $205,000 for the same period in 2022[127]. - Provision for loan losses increased to $432,000 for the nine months ended June 30, 2023, compared to $376,000 for the same period in 2022, reflecting growth in the loan portfolio and increased charge-offs[142]. Income and Expenses - Net income decreased by $199,000, or 9.4%, to $1.9 million for the three months ended June 30, 2023, compared to $2.1 million for the same period in 2022[118]. - Net interest and dividend income decreased by $74,000, or 1.1%, to $6.9 million for the three months ended June 30, 2023, from $7.0 million for the same period in 2022[119]. - Interest and dividend income increased by $2.3 million, or 30.8%, to $9.8 million for the three months ended June 30, 2023, compared to $7.5 million for the same period in 2022[120]. - Interest expense increased by $2.4 million, or 463.9%, to $2.9 million for the three months ended June 30, 2023, from $512,000 for the same period in 2022[123]. - Other income decreased by $55,000, or 8.1%, to $621,000 during the three months ended June 30, 2023, compared to $676,000 for the same period in 2022[129]. - Net interest and dividend income increased by $946,000, or 4.8%, to $20.7 million for the nine months ended June 30, 2023, from $19.8 million for the same period in 2022[133]. - Other expenses increased by $454,000, or 10.2%, to $4.9 million during the three months ended June 30, 2023, compared to $4.4 million for the same period in 2022[130]. - Interest and dividend income increased by $6.1 million, or 28.3%, to $27.5 million for the nine months ended June 30, 2023, compared to $21.4 million for the same period in 2022[134]. - Interest income on loans receivable increased by $5.3 million, or 26.3%, to $25.6 million for the nine months ended June 30, 2023, driven by a 61 basis point increase in yield to 5.18%[135]. - Interest earned on investment securities increased by $700,000, or 66.7%, to $1.8 million for the nine months ended June 30, 2023, despite a 23.4% decrease in the average balance of investment securities[137]. - Interest expense increased by $5.1 million, or 318.0%, to $6.7 million for the nine months ended June 30, 2023, primarily due to a 130 basis point increase in the cost of interest-bearing liabilities[138]. - Other income decreased by $46,000, or 2.4%, to $1.9 million during the nine months ended June 30, 2023, with no gains recorded on the sale of OREO[144]. - Other expenses increased by $701,000, or 5.2%, to $14.3 million during the nine months ended June 30, 2023, primarily due to higher compensation and benefit expenses[145]. - The effective tax rate for the nine months ended June 30, 2023, was 29.9%, compared to 29.1% for the same period in 2022[146]. Borrowings - Borrowings surged by $29.9 million, or 191.4%, to $45.5 million at June 30, 2023, primarily to fund loan growth[111]. - The cost of interest-bearing deposits increased by 176 basis points to 2.12% for the quarter ended June 30, 2023, from 0.36% for the same period in 2022[124]. - The average balance of loans receivable increased by $68.1 million during the nine months ended June 30, 2023[133].