Magyar Bancorp(MGYR) - 2025 Q2 - Quarterly Results

Financial Performance - The company reported a 41% increase in net income to $2.7 million for the three months ended March 31, 2025, compared to $1.9 million for the same period in 2024[3]. - Basic and diluted earnings per share rose to $0.43 for the three months ended March 31, 2025, up from $0.30 for the same period in 2024[4]. - Net income for the six months ended March 31, 2025, was $4,765,000, up from $3,549,000 in 2024, reflecting a year-over-year increase of 34.3%[35]. - Other income for the three months ended March 31, 2025, was $1,268,000, significantly higher than $622,000 in the same period of 2024, marking a 104.0% increase[35]. Income and Revenue - Net interest and dividend income increased by $953 thousand, or 13.8%, to $7.9 million for the quarter ended March 31, 2025[8]. - Interest and dividend income grew by $1.6 million, or 13.5%, to $13.5 million for the three months ended March 31, 2025[9]. - Interest and dividend income increased to $13,524,000 for the three months ended March 31, 2025, compared to $11,920,000 for the same period in 2024, representing a growth of 13.5%[35]. Assets and Loans - Total assets increased by $69.9 million, or 7.3%, to $1.0 billion at March 31, 2025[23]. - Total loans receivable rose by $29.0 million, or 3.7%, to $810.2 million at March 31, 2025[26]. - Total assets reached $1,021,863,000 as of March 31, 2025, compared to $951,918,000 in 2024, showing an increase of 7.3%[36]. - Total loans receivable amounted to $808,993,000, up from $780,162,000 in the previous year, reflecting a growth of 3.7%[36]. Deposits and Dividends - Total deposits increased by $61.0 million, or 7.7%, to $857.7 million at March 31, 2025[29]. - The company declared a quarterly cash dividend of $0.06 per share, payable on May 28, 2025[5]. Credit Losses and Allowances - The allowance for credit losses increased to $8.2 million, or 0.98% of total loans receivable, during the six months ended March 31, 2025[28]. - The allowance for credit losses on loans was reported at $(7,936,000) for the period, indicating a decrease in provisions compared to $(7,548,000) in the previous year[36]. Tax and Margins - The effective tax rate for the three months ended March 31, 2025 was 29.0%, compared to 21.7% for the same period in 2024[14]. - The net interest margin improved to 3.31% for the three months ended March 31, 2025, compared to 3.17% for the same period in 2024[35]. Returns and Book Value - Return on average assets increased to 1.05% for the three months ended March 31, 2025, up from 0.81% in 2024[35]. - Return on average equity rose to 9.55% for the three months ended March 31, 2025, compared to 7.13% in 2024[35]. - Book value per share at the end of the period was $17.65, an increase from $16.30 in the previous year[35].