Magyar Bancorp Q3 Net Income Jumps 25% to $3.1M, Declares $0.10 Dividend
MGYR is trading near its 52-week low of $15.813 (11% above the low) on light trading volume (0.3× avg).
Summary
Magyar Bancorp reported a strong fiscal third quarter, with net income rising 25% year-over-year to $3.1 million, driven by a 30-basis-point expansion in net interest margin to 3.65% and a 15% increase in net interest income. Earnings per share reached $0.50, up from $0.40 a year ago. The board also declared a quarterly cash dividend of $0.10 per share, payable August 20. This follows a robust second quarter that saw a 13% net income increase, indicating sustained momentum. The results reflect effective margin management amid market volatility, though higher credit provisions and a $300,000 construction loan charge-off warrant attention. The company's recognition in KBW's Honor Roll for the third consecutive year underscores its consistent performance.
At the time of this announcement, MGYR was trading at $17.48 on NASDAQ in the Finance sector, with a market capitalization of approximately $113M. The 52-week trading range was $15.81 to $20.00. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: PR Newswire.