Magyar Bancorp(US:MGYR) Prnewswireยท2025-07-24 20:01Core Viewpoint - Magyar Bancorp reported a significant increase in net income for both the three and nine months ended June 30, 2025, driven by strong loan growth and improved net interest margins [2][4][13]. Financial Performance - Net income for the three months ended June 30, 2025, rose by 46% to $2.5 million from $1.7 million in the same period of 2024 [2][5]. - For the nine months ended June 30, 2025, net income increased by 38.1% to $7.2 million compared to $5.2 million for the same period in 2024 [13]. - Basic and diluted earnings per share for the three months ended June 30, 2025, were $0.40, up from $0.27 in 2024, while for the nine months, they were $1.16 compared to $0.82 in 2024 [3][33]. Revenue and Income Sources - Net interest and dividend income for the three months ended June 30, 2025, increased by 20.5% to $8.2 million, attributed to a 33-basis point rise in net interest margin to 3.35% [6][33]. - Interest and dividend income for the nine months ended June 30, 2025, rose by 12.9% to $40.4 million, driven by a 27-basis point increase in yield on interest-earning assets [15][33]. - Other income for the three months ended June 30, 2025, increased by 55.5% to $636 thousand, primarily due to higher income from bank-owned life insurance [10][33]. Expenses and Provisions - Other expenses for the three months ended June 30, 2025, increased by 3.6% to $5.2 million, mainly due to higher compensation and benefit expenses [11][33]. - The provision for credit losses for the three months ended June 30, 2025, was $101 thousand, compared to a net recovery of $54 thousand in 2024 [9][33]. - For the nine months ended June 30, 2025, the provision for credit losses was $172 thousand, down from $441 thousand in 2024 [17][33]. Balance Sheet Highlights - Total assets increased by 3.7% to $987.5 million as of June 30, 2025, driven by higher loans receivable [22][33]. - Total loans receivable rose by 8.2% to $845.4 million, with significant increases in commercial real estate and residential real estate loans [25][33]. - Total deposits increased by 2.9% to $820.0 million, with notable inflows in money market accounts and certificates of deposit [28][33]. Stockholder Returns - The Board of Directors declared an increase in the quarterly cash dividend to $0.08 per share, payable on August 21, 2025 [3]. - The book value per share increased to $18.03 at June 30, 2025, from $16.98 at September 30, 2024 [29][33].