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Magyar Bancorp Inc. (MGYR-0.03%) has submitted its Form 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports an increase in total assets to $1.0 billion, up from $951.9 million at the end of the previous quarter. This increase is attributed to higher interest-earning deposits and loans receivable.
Total loans receivable grew by $25.3 million, reaching $805.5 million. The growth was primarily in commercial real estate loans, which rose by $20.1 million, and construction loans, which increased by $3.3 million.
Deposits increased by $52.2 million to $848.8 million, driven by growth in money market accounts and interest-bearing checking accounts.
Net income for the quarter was $2.1 million, an increase from $1.7 million in the same quarter of the previous year. This rise was due to higher net interest income, lower provisions for credit losses, and increased other income.
Net interest and dividend income increased by $200 thousand to $7.4 million, despite a slight decrease in the net interest margin to 3.22%.
The allowance for credit losses increased by $204 thousand to $8.2 million, reflecting growth in loans receivable.
Investment securities totaled $98.0 million, up by $2.6 million from the previous quarter, with purchases of mortgage-backed securities contributing to this increase.
Borrowings rose by $1.9 million to $30.4 million, with additional funds drawn from the Federal Home Loan Bank of New York.
Stockholders' equity increased by $1.1 million to $111.7 million, with the company's book value per share rising to $17.23.
The filing also includes information on the company's liquidity and capital resources, indicating no material adverse changes in the ability to fund operations.
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. quarterly 10-Q report dated February 13, 2025. To report an error, please email earnings@qz.com.