Magyar Bancorp(MGYR) - 2024 Q3 - Quarterly Results

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]