Magyar Bancorp(MGYR) - 2026 Q1 - Quarterly Results

Financial Performance - Net income increased by 50% to $3.1 million for the three months ended December 31, 2025, compared to $2.1 million for the same period in 2024[3] - Basic and diluted earnings per share rose to $0.51 and $0.50, respectively, from $0.34 for the three months ended December 31, 2024[3] Interest and Income - Net interest margin increased by 37 basis points to 3.59% for the quarter ended December 31, 2025, up from 3.22% for the same quarter in 2024[5] - Net interest and dividend income rose by 19.0% to $8.9 million for the quarter ended December 31, 2025, from $7.4 million for the same period in 2024[7] Assets and Loans - Total assets increased by 4.8% to $1.045 billion at December 31, 2025, from $997.7 million at September 30, 2025[14] - Total loans receivable increased by 2.2% to $877.8 million at December 31, 2025, with commercial real estate loans rising by 2.9% to $548.9 million[17] Deposits - Total deposits increased by 5.5% to $859.1 million at December 31, 2025, with significant inflows in non-interest bearing checking accounts, which rose by 22.0% to $143.0 million[21] Credit Losses - The allowance for credit losses increased to $8.4 million, or 0.96% of total loans receivable, during the three months ended December 31, 2025[20] - Allowance for credit losses on loans was $8,423,000, slightly up from $8,350,000[28] - The allowance for credit losses on non-performing loans was 0.96% of total loans receivable, compared to 0.97% previously[28] Dividends and Book Value - The Company declared a quarterly cash dividend of $0.10 per share, payable on February 26, 2026[4] - Book value per share increased to $18.79 at December 31, 2025, from $18.34 at September 30, 2025[22] Non-Performing Loans and Assets - Total non-performing loans stood at $361,000, a decrease from $451,000[28] - Non-performing assets decreased to $361,000 from $261,800[28] - Non-performing loans as a percentage of total loans receivable was 0.04%, down from 0.05%[28] - Non-performing assets as a percentage of total assets was 0.03%, a decrease from 0.26%[28] - Non-performing assets as a percentage of total equity was 0.30%, down from 2.20%[28]