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Magyar Bancorp, Inc.
MGYRCIK 0001337068NasdaqNon-AcceleratedSmaller ReportingSavings Institution, Federally CharteredFY ends Sep 30
Period
FY 2025
Revenue
—
Net Income
$9.76M
Total Assets
$997.66M
Equity
$118.84M
Shares Out
6.48M
Op. Cash Flow
$10.39M
Business
Magyar Bancorp, Inc. is a bank holding company that owns and controls Magyar Bank and engages primarily in banking activities. The company offers deposit accounts, commercial and residential mortgage lending, construction and land loans, SBA and commercial business loans, home equity products, investment securities and fee-based services, and through subsidiaries provides investment and insurance products and property ownership services. Its operating structure consists of the holding company, Magyar Bank and subsidiaries including Magyar Investment Company, Hungaria Urban Renewal LLC and Magyar Service Corporation. The company conducts retail banking through branch offices and targets deposit and lending markets in Middlesex and Somerset Counties and the broader New Jersey market.
Summary from filing dated 2025-12-19
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-09-30 | FY 2024 2024-09-30 | FY 2023 2023-09-30 | FY 2022 2022-09-30 | FY 2021 2021-09-30 |
|---|---|---|---|---|---|---|
| Loans, including fees | 50 | 43 | 35 | 28 | 28 | |
| Taxable | 5 | 5 | 3 | 2 | 877,000 | |
| Tax-exempt | 58,000 | 58,000 | 58,000 | 41,000 | 5,000 | |
| Federal Home Loan Bank of New York stock | 211,000 | 220,000 | 139,000 | 78,000 | 95,000 | |
| Total interest and dividend income | 55 | 49 | 38 | 30 | 29 | |
| Deposits | 22 | 20 | 9 | 2 | 2 | |
| Borrowings | 1 | 872,000 | 846,000 | 414,000 | 654,000 | |
| Total interest expense | 23 | 21 | 10 | — | — | |
| Net interest and dividend income | 32 | 28 | 28 | 27 | 26 | |
| Provision for credit losses-loans | 653,000 | 182,000 | 381,000 | — | — | |
| Recovery for credit losses-unfunded commitments | −251,000 | −92,000 | — | — | — | |
| Total provision for credit losses | 402,000 | 90,000 | 381,000 | — | — | |
| Net interest and dividend income after provision for credit losses | 31 | 28 | 27 | 27 | 24 | |
| Service charges | 1 | 1 | 2 | 1 | 1 | |
| Income on bank owned life insurance | 673,000 | 433,000 | 370,000 | 372,000 | 317,000 | |
| Interest rate swap fees | 179,000 | — | 57,000 | 76,000 | 313,000 | |
| Other operating income | 58,000 | 81,000 | 89,000 | 87,000 | 110,000 | |
| Gains on premises and equipment | — | 60,000 | 9,000 | — | — | |
| Gains on SBA loans | 1 | 599,000 | 565,000 | 925,000 | 749,000 | |
| Net gains on OREO | 229,000 | 1 | — | — | — | |
| Total other income | 4 | 4 | 3 | — | — | |
| Compensation and employee benefits | 13 | 12 | 784,000 | 546,000 | 11 | |
| Occupancy expenses | 3 | 3 | 3 | 3 | 3 | |
| Professional fees | 705,000 | 794,000 | 755,000 | 1 | 2 | |
| Director fees and benefits | 787,000 | 789,000 | — | — | — | |
| Data processing expenses | 471,000 | 542,000 | 579,000 | 556,000 | 528,000 | |
| Marketing and business development | 438,000 | 402,000 | 366,000 | 447,000 | 226,000 | |
| FDIC deposit insurance premiums | 451,000 | 421,000 | 340,000 | 215,000 | 422,000 | |
| Other expenses | 2 | 2 | 2 | 2 | 2 | |
| Total other expenses | 21 | 20 | — | — | — | |
| Income before income tax expense | 14 | 11 | 11 | 11 | 9 | |
| Income tax expense | 4 | 3 | 3 | 3 | 3 | |
| Net income | 10 | 8 | 8 | 8 | 6 | |
| Earnings per share - basic (in Dollars per share) | 1.57 | 1.23 | 1.2 | 1.17 | 1.01 | |
| Earnings per share - diluted (in Dollars per share) | 1.56 | 1.23 | 1.2 | 1.17 | 1.01 | |
| Weighted average shares outstanding - basic (in Shares) | 6 | 6 | 6 | 7 | 6 | |
| Weighted average shares outstanding - diluted (in Shares) | 6 | 6 | 6 | 7 | 6 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-09-30 | FY 2024 2024-09-30 | FY 2023 2023-09-30 | FY 2022 2022-09-30 | FY 2021 2021-09-30 |
|---|---|---|---|---|---|---|
| Cash and due from banks | 1 | 2 | 3 | — | — | |
| Interest earning deposits with banks | 6 | 24 | 69 | 28 | 73 | |
| Total cash and cash equivalents | 7 | 26 | 73 | 31 | 75 | |
| Investment securities - available for sale, at fair value | 21 | 16 | 10 | 9 | 13 | |
| Investment securities - held to maturity, at amortized cost (fair value of $61,160 and $72,617 at September 30, 2025 and 2024, respectively) | 67 | 80 | 86 | 92 | — | |
| Federal Home Loan Bank of New York stock, at cost | 3 | 2 | 2 | 1 | 2 | |
| Loans receivable | 857 | 780 | 697 | 620 | — | |
| Allowance for credit losses-loans | −8 | −8 | — | — | — | |
| Bank owned life insurance | 19 | 23 | 18 | 18 | 14 | |
| Accrued interest receivable | 6 | 5 | 4 | 3 | 4 | |
| Premises and equipment, net | 12 | 13 | 13 | 14 | 14 | |
| Other real estate owned (OREO) | 2 | 4 | 328,000 | 281,000 | 636,000 | |
| Other assets | 11 | 11 | 11 | 10 | 8 | |
| Total assets | 998 | 952 | 907 | 799 | 774 | |
| Deposits | 814 | 797 | 755 | 668 | 640 | |
| Escrowed funds | 4 | 4 | 3 | — | — | |
| Borrowings | 49 | 29 | 30 | — | — | |
| Accrued interest payable | 969,000 | 891,000 | 443,000 | 85,000 | 85,000 | |
| Accounts payable and other liabilities | 10 | 11 | 14 | 13 | 10 | |
| Total liabilities | 879 | 841 | 803 | 700 | 676 | |
| Preferred stock: $.01 Par Value, 500,000 shares authorized; at September 30, 2025 and 2024, none issued | — | — | — | — | — | |
| Common stock: $.01 Par Value, 14,000,000 shares authorized; 7,097,825 shares issued; 6,480,028 and 6,509,358 shares outstanding at September 30, 2025 and 2024, respectively, at cost | 71,000 | 71,000 | 71,000 | 71,000 | 71,000 | |
| Additional paid-in capital | 63 | 63 | 63 | 64 | — | |
| Treasury stock: 617,797 and 588,467 shares at September 30, 2025 and 2024, respectively, at cost | −8 | −7 | −5 | −6 | −1 | |
| Unearned Employee Stock Ownership Plan shares | −3 | −3 | −3 | — | — | |
| Retained earnings | 67 | 59 | 52 | 46 | 39 | |
| Accumulated other comprehensive loss | −523,000 | −916,000 | −2 | −2 | −947,000 | |
| Total stockholders equity | 119 | 111 | 105 | 99 | 98 | |
| Total liabilities and stockholders equity | 998 | 952 | 907 | 799 | 774 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-09-30 | FY 2024 2024-09-30 | FY 2023 2023-09-30 | FY 2022 2022-09-30 | FY 2021 2021-09-30 |
|---|---|---|---|---|---|---|
| Depreciation expense | 937,000 | 890,000 | 840,000 | 839,000 | 835,000 | |
| (Discount) premium (accretion) amortization on investment securities, net | −18,000 | 63,000 | 137,000 | 191,000 | 167,000 | |
| Provision for loss on other real estate owned | 57,000 | — | — | — | 337,000 | |
| Originations of SBA loans held for sale | −12 | −6 | −6 | −10 | −6 | |
| Proceeds from the sales of SBA loans | 13 | 7 | 7 | 10 | 7 | |
| Gains on sale of SBA loans | −1 | −599,000 | −565,000 | −925,000 | −749,000 | |
| Gains on the sales of other real estate owned | −286,000 | −1 | — | — | — | |
| ESOP compensation expense | 187,000 | 155,000 | — | — | 107,000 | |
| Stock-based compensation expense | 621,000 | 646,000 | 664,000 | 6,000 | — | |
| Deferred income tax (benefit) expense | −348,000 | 33,000 | −615,000 | 152,000 | −178,000 | |
| Increase in accrued interest receivable | −742,000 | −719,000 | −859,000 | 55,000 | 497,000 | |
| Income on bank owned life insurance | −673,000 | −433,000 | −370,000 | −372,000 | −317,000 | |
| Decrease in other assets | 1 | 1 | −795,000 | −2 | −2 | |
| Increase in accrued interest payable | 78,000 | 448,000 | 358,000 | — | −106,000 | |
| Decrease in accounts payable and other liabilities | −648,000 | −3 | 921,000 | 4 | 2 | |
| Net cash provided by operating activities | 10 | 6 | 8 | 11 | 9 | |
| Net increase in loans receivable | −84 | −87 | — | — | — | |
| Purchases of loans receivable | — | −1 | −13 | — | −4 | |
| Proceeds from the sale of loans receivable | 7 | — | — | 2 | 2 | |
| Purchases of investment securities held-to-maturity | −4 | −7 | −5 | −41 | −39 | |
| Purchases of investment securities available-for-sale | −7 | −6 | −2 | — | −11 | |
| Proceeds from maturities of investment securities held-to-maturity | 12 | — | — | — | — | |
| Principal repayments on investment securities held-to-maturity | 5 | 12 | 10 | 7 | 10 | |
| Principal repayments on investment securities available-for-sale | 2 | 1 | — | — | — | |
| Purchase of bank owned life insurance | — | −7 | — | — | — | |
| Redemption of bank owned life insurance | 5 | 2 | — | — | — | |
| Purchases of premises and equipment, net | −574,000 | −812,000 | — | −3 | — | |
| Proceeds from the sale of premises and land | — | 776,000 | — | — | — | |
| Proceeds from the sale of other real estate owned | 2 | 1 | — | — | — | |
| Purchase of Federal Home Loan Bank stock | −3 | −286,000 | −6 | −466,000 | — | |
| Redemption of Federal Home Loan Bank stock | 2 | 222,000 | 5 | 757,000 | — | |
| Net cash used in investing activities | −64 | −90 | −66 | −70 | −8 | |
| Net increase in deposits | 18 | 41 | 88 | 28 | 21 | |
| Net (decrease) increase in escrowed funds | −101,000 | 816,000 | 87,000 | 165,000 | 829,000 | |
| Proceeds from long-term advances | 24 | 3 | 19 | 3 | — | |
| Repayments of long-term advances | −4 | −4 | −5 | −11 | −44 | |
| Dividends paid on common stock | −2 | −2 | — | — | — | |
| Purchase of treasury stock | −844,000 | −2 | −1 | −5 | — | |
| Net cash provided by financing activities | 35 | 37 | 99 | 14 | 12 | |
| Net decrease in cash and cash equivalents | −19 | −47 | — | — | 13 | |
| Interest | 23 | 20 | 10 | 2 | 3 | |
| Income taxes | 6 | 3 | 3 | 3 | 3 | |
| Real estate acquired in full satisfaction of loans in foreclosure | — | 4 | — | — | — | |
| Adoption of ASU 2016-13 | — | 354,000 | — | — | — | |
| Change in fair value of swap asset/liability | −494,000 | −1 | 92,000 | — | — |
Filings
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