Magyar Bancorp(MGYR) - 2026 Q1 - Quarterly Report

Financial Position - Total assets increased by $47.8 million, or 4.8%, to $1.045 billion at December 31, 2025, from $997.7 million at September 30, 2025[87]. - Total cash and cash equivalents rose by $27.0 million, or 381.4%, to $34.1 million at December 31, 2025, from $7.1 million at September 30, 2025[88]. - Total loans receivable increased by $18.9 million, or 2.2%, to $877.8 million during the three months ended December 31, 2025[89]. - Total deposits increased by $44.8 million, or 5.5%, to $859.1 million at December 31, 2025[96]. - Stockholders' equity rose by $2.9 million, or 2.4%, to $121.7 million at December 31, 2025, from $118.8 million at September 30, 2025[97]. - Investment securities increased by $4.7 million, or 5.3%, to $93.1 million at December 31, 2025[94]. - At December 31, 2025, the Bank's Tier 1 capital as a percentage of total assets was 11.42%[117]. Loan Performance - The allowance for credit losses increased by $73 thousand to $8.4 million, or 0.96% of total loans receivable[93]. - Total non-performing loans decreased by $90 thousand, or 20.0%, to $361 thousand at December 31, 2025[92]. - The ratio of non-performing loans to total loans decreased to 0.04% at December 31, 2025, from 0.05% at September 30, 2025[92]. - Commercial real estate loans increased by $15.7 million, or 2.9%, to $548.9 million, representing 62.5% of total loans[89]. Income and Expenses - Net income increased by $1.1 million, or 50.4%, to $3.1 million for the three months ended December 31, 2025, compared to $2.1 million for the same period in 2024[101]. - Net interest and dividend income rose by $1.5 million, or 19.0%, to $8.9 million for the three months ended December 31, 2025, from $7.4 million in 2024[102]. - Interest and dividend income increased by $1.7 million, or 12.8%, to $14.6 million for the three months ended December 31, 2025, compared to $12.9 million in 2024[103]. - Interest expense increased by $238 thousand, or 4.4%, to $5.7 million for the three months ended December 31, 2025, from $5.5 million in 2024[106]. - Provision for credit losses decreased by $79 thousand, or 78.2%, to $23 thousand for the three months ended December 31, 2025, compared to $101 thousand in 2024[109]. - Other income decreased by $159 thousand, or 16.6%, to $797 thousand during the three months ended December 31, 2025, compared to $956 thousand in 2024[110]. - Other expenses decreased by $54 thousand, or 1.0%, to $5.4 million for the three months ended December 31, 2025[112]. - The effective tax rate for the three months ended December 31, 2025, was 26.7%, compared to 27.9% for the same period in 2024[114]. Loan Portfolio - The average balance of loans receivable increased by $70.3 million, or 8.9%, to $856.3 million during the three months ended December 31, 2025[104].