Magyar Bancorp(US:MGYR)2023-05-12 19:19Financial Position - Total assets increased by $41.3 million, or 5.2%, to $839.9 million at March 31, 2023, from $798.5 million at September 30, 2022[106]. - Total loans receivable rose by $48.0 million, or 7.6%, to $676.9 million at March 31, 2023, with commercial real estate loans increasing by $49.5 million, or 14.4%[109]. - Total deposits increased by $30.2 million, or 4.5%, to $697.9 million at March 31, 2023, driven by a $20.2 million increase in money market accounts[116]. - Stockholders' equity increased by $2.7 million, or 2.7%, to $101.2 million at March 31, 2023, with a book value per share rising to $15.12[119]. - The aggregate amount of deposit accounts of state and local municipalities increased to $201.6 million at March 31, 2023, compared to $140.6 million at September 30, 2022[117]. Loan Performance - Non-performing loans increased by $560,000, or 19.8%, to $3.4 million at March 31, 2023, with the ratio of non-performing loans to total loans rising to 0.50%[111]. - The allowance for loan losses increased by $411,000 to $8.8 million, with the allowance as a percentage of total loans at 1.31%[112][113]. - Provision for loan losses increased to $195,000 for the three months ended March 31, 2023, compared to $71,000 for the same period in 2022, reflecting growth in the loan portfolio and an increase in delinquent loans[136]. Income and Expenses - Net income increased by $117,000, or 7.0%, to $1.8 million for the three months ended March 31, 2023, compared to $1.7 million for the same period in 2022[127]. - Net interest and dividend income rose by $569,000, or 8.9%, to $6.9 million for the three months ended March 31, 2023, from $6.4 million in the prior year[128]. - Interest and dividend income increased by $2.3 million, or 32.9%, to $9.2 million for the three months ended March 31, 2023, compared to $6.9 million in the same period of 2022[129]. - Interest expense surged by $1.7 million, or 323.6%, to $2.2 million for the three months ended March 31, 2023, from $526,000 in the same period of 2022[132]. - Other income rose by $59,000, or 10.3%, to $631,000 during the three months ended March 31, 2023, driven by higher gains from the sale of Small Business Administration 7(a) loans[138]. Interest Rates and Margins - The yield on interest-earning assets increased by 113 basis points to 4.78% for the three months ended March 31, 2023, from 3.65% for the same period in 2022[129]. - The cost of interest-bearing liabilities increased by 133 basis points to 1.75% for the three months ended March 31, 2023, compared to 0.42% for the same period in 2022[132]. - Net interest and dividend income increased by $1.0 million, or 8.0%, to $13.8 million for the six months ended March 31, 2023, attributed to a 16 basis point increase in net interest margin to 3.61%[143]. - Interest and dividend income surged by $3.8 million, or 27.1%, to $17.7 million for the six months ended March 31, 2023, due to an 86 basis point increase in yield to 4.61%[144]. - Interest expense increased by $2.7 million, or 249.9%, to $3.8 million for the six months ended March 31, 2023, primarily due to higher costs of interest-bearing liabilities[147]. Borrowings and Commitments - Borrowings increased by $9.9 million, or 63.4%, to $25.5 million at March 31, 2023, to fund the growth in loans receivable[118]. - The Company had an aggregate borrowing capacity of $102.7 million based on eligible loan collateral pledged to the FHLBNY at March 31, 2023[157]. - Commitments to fund undisbursed balances of closed loans and unused lines of credit totaled $94.8 million as of March 31, 2023[158]. Tax and Capital Ratios - The Company's effective tax rate for the three months ended March 31, 2023, was 30.5%, compared to 29.1% for the same period in 2022[141]. - Total qualifying capital as a percentage of risk-weighted assets was 15.87% as of March 31, 2023[159].