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 AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended September 30, 2023 OR ☐ TRANSITION REPORT UNDER 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) Delaware 20-4154978 (State or Other Juri ...

UNITED 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, 2023 Magyar Bancorp, Inc. (Exact Name of Registrant as Specified in Its Charter) (732) 342-7600 (Issuer's Telephone Number including area code) Commission File Number 000-51726 Delaware 20-4154978 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification Number) ...

UNITED 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 March 31, 2023 ☐ 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. (Address of Principal Executive Office) (Zip Code) (732) 342-7600 (Issuer's Telephone N ...

UNITED 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 December 31, 2022 ☐ 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) Delaware 20-4154978 (State or Other ...

UNITED 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, 2022 ☐ 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) Delaware 20-4154978 (State or Other Juri ...

UNITED 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 March 31, 2022 ☐ 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) Delaware 20-4154978 (State or Other Ju ...

UNITED 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 December 31, 2021 ☐ 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) Delaware 20-4154978 (Stat ...