Magyar Bancorp(MGYR) - 2025 Q1 - Quarterly Results

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]