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Magyar Bancorp Inc. (MGYR-1.23%) has submitted its Form 10-K filing for the fiscal year ended September 30, 2024.
The filing includes financial statements showing an increase in total assets to $951.9 million from $907.3 million in the previous year. This growth was driven by an increase in loans receivable and bank-owned life insurance.
Total deposits rose to $796.7 million, up from $755.5 million the previous year. The increase was primarily in certificates of deposit and NOW accounts.
The company reported net income of $7.8 million for the year, a slight increase from $7.7 million in the previous year. This was attributed to higher net interest income and lower provision for credit losses.
Net interest margin decreased to 3.14% from 3.50% due to changes in market interest rates and the yield curve.
Magyar Bancorp's total stockholders' equity increased to $110.5 million, with book value per share rising to $16.98.
The company declared dividends totaling $0.26 per share during the year and repurchased 195,906 shares at an average price of $12.37 per share.
Magyar Bancorp continues to focus on expanding its commercial real estate and business loan portfolios while managing non-interest expenses.
The company maintains a strong capital position with a Tier 1 leverage ratio of 11.11% and a total risk-based capital ratio of 15.85%.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Magyar Bancorp Inc. annual 10-K report dated December 19, 2024. To report an error, please email earnings@qz.com.