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].

Financial Position - Total assets increased by $41.3 million, or 5.2%, to $839.9 million at March 31, 2023, from $798.5 million at September 30, 2022[106]. - Total loans receivable rose by $48.0 million, or 7.6%, to $676.9 million at March 31, 2023, with commercial real estate loans increasing by $49.5 million, or 14.4%[109]. - Total deposits increased by $30.2 million, or 4.5%, to $697.9 million at March 31, 2023, driven by a $20.2 million increase in money market accounts[116]. - Stockholders' equity increased by $2.7 million, or 2.7%, to $101.2 million at March 31, 2023, with a book value per share rising to $15.12[119]. - The aggregate amount of deposit accounts of state and local municipalities increased to $201.6 million at March 31, 2023, compared to $140.6 million at September 30, 2022[117]. Loan Performance - Non-performing loans increased by $560,000, or 19.8%, to $3.4 million at March 31, 2023, with the ratio of non-performing loans to total loans rising to 0.50%[111]. - The allowance for loan losses increased by $411,000 to $8.8 million, with the allowance as a percentage of total loans at 1.31%[112][113]. - Provision for loan losses increased to $195,000 for the three months ended March 31, 2023, compared to $71,000 for the same period in 2022, reflecting growth in the loan portfolio and an increase in delinquent loans[136]. Income and Expenses - Net income increased by $117,000, or 7.0%, to $1.8 million for the three months ended March 31, 2023, compared to $1.7 million for the same period in 2022[127]. - Net interest and dividend income rose by $569,000, or 8.9%, to $6.9 million for the three months ended March 31, 2023, from $6.4 million in the prior year[128]. - Interest and dividend income increased by $2.3 million, or 32.9%, to $9.2 million for the three months ended March 31, 2023, compared to $6.9 million in the same period of 2022[129]. - Interest expense surged by $1.7 million, or 323.6%, to $2.2 million for the three months ended March 31, 2023, from $526,000 in the same period of 2022[132]. - Other income rose by $59,000, or 10.3%, to $631,000 during the three months ended March 31, 2023, driven by higher gains from the sale of Small Business Administration 7(a) loans[138]. Interest Rates and Margins - The yield on interest-earning assets increased by 113 basis points to 4.78% for the three months ended March 31, 2023, from 3.65% for the same period in 2022[129]. - The cost of interest-bearing liabilities increased by 133 basis points to 1.75% for the three months ended March 31, 2023, compared to 0.42% for the same period in 2022[132]. - Net interest and dividend income increased by $1.0 million, or 8.0%, to $13.8 million for the six months ended March 31, 2023, attributed to a 16 basis point increase in net interest margin to 3.61%[143]. - Interest and dividend income surged by $3.8 million, or 27.1%, to $17.7 million for the six months ended March 31, 2023, due to an 86 basis point increase in yield to 4.61%[144]. - Interest expense increased by $2.7 million, or 249.9%, to $3.8 million for the six months ended March 31, 2023, primarily due to higher costs of interest-bearing liabilities[147]. Borrowings and Commitments - Borrowings increased by $9.9 million, or 63.4%, to $25.5 million at March 31, 2023, to fund the growth in loans receivable[118]. - The Company had an aggregate borrowing capacity of $102.7 million based on eligible loan collateral pledged to the FHLBNY at March 31, 2023[157]. - Commitments to fund undisbursed balances of closed loans and unused lines of credit totaled $94.8 million as of March 31, 2023[158]. Tax and Capital Ratios - The Company's effective tax rate for the three months ended March 31, 2023, was 30.5%, compared to 29.1% for the same period in 2022[141]. - Total qualifying capital as a percentage of risk-weighted assets was 15.87% as of March 31, 2023[159].

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 ...

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, 2022 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 Jurisdiction of Incorpor ...

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 ...

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, 2021 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 Jurisdiction of Incorpor ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 Commission File Number 000-51726 Magyar Bancorp, Inc. (Exact Name of Registrant as Specified in Its Charter) (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 Offi ...