Magyar Bancorp(US:MGYR) Prnewswireยท2025-01-23 21:01Core Viewpoint - Magyar Bancorp reported a 26% increase in net income for the three months ended December 31, 2024, reaching $2.1 million compared to $1.7 million in the same period of 2023 [1][4]. Financial Performance - Basic and diluted earnings per share rose to $0.34 and $0.33, respectively, for the three months ended December 31, 2024, up from $0.26 in the same period of 2023 [2]. - The Company declared a quarterly cash dividend of $0.06 per share, payable on February 20, 2025 [2]. - Net interest and dividend income increased by $200 thousand, or 2.8%, to $7.4 million for the quarter ended December 31, 2024, from $7.2 million in the same quarter of 2023 [5]. - Interest and dividend income rose by $1.3 million, or 11.7%, to $12.9 million for the three months ended December 31, 2024, compared to $11.6 million in the same period of 2023 [6]. - Interest expense increased by $1.1 million, or 26.6%, to $5.5 million for the three months ended December 31, 2024, from $4.3 million in the same period of 2023 [7]. - The provision for credit losses decreased to $101 thousand for the three months ended December 31, 2024, compared to $481 thousand in the same period of 2023 [8]. - Other income increased by $347 thousand, or 57.0%, to $956 thousand during the three months ended December 31, 2024, compared to $609 thousand in the same period of 2023 [9][10]. - Other expenses rose by $389 thousand, or 7.7%, to $5.4 million during the three months ended December 31, 2024, compared to $5.0 million in the same period of 2023 [11]. Balance Sheet Highlights - Total assets increased by $56.5 million, or 5.9%, to $1.0 billion at December 31, 2024, from $951.9 million at September 30, 2024 [13]. - Total loans receivable increased by $25.3 million, or 3.2%, to $805.5 million at December 31, 2024, from $780.2 million at September 30, 2024 [16]. - Total deposits increased by $52.2 million, or 6.5%, to $848.8 million at December 31, 2024 [20]. - The Company's book value per share increased to $17.23 at December 31, 2024, from $16.98 at September 30, 2024 [22]. Asset Quality - Total non-performing loans increased by $107 thousand, or 46.1%, to $339 thousand at December 31, 2024, from $232 thousand at September 30, 2024 [17]. - The ratio of non-performing loans to total loans increased to 0.04% at December 31, 2024, from 0.03% at September 30, 2024 [17]. - The allowance for credit losses increased by $204 thousand to $8.2 million, or 1.02% of total loans receivable, during the three months ended December 31, 2024 [19].