Magyar Bancorp, Inc. Debt Disclosure
NOTE I - BORROWINGS
1. Federal Home Loan Bank of New York Advances
Long term FHLBNY advances at September 30, 2025 and 2024 totaled $49.1 million and $28.6 million, respectively. The weighted average interest rates on advances outstanding at September 30, 2025 and 2024 were 3.26% and 2.90%, respectively. The advances were collateralized by unencumbered qualified assets consisting of one-to-four family residential and commercial real estate mortgage loans. Advances are made pursuant to several different credit programs offered from time to time by the FHLBNY.
Long term FHLBNY advances as of September 30, 2025 mature as follows (in thousands):
| Years Ending September 30, | ||||
| 2026 | $ | 1,631 | ||
| 2027 | 9,437 | |||
| 2028 | 17,986 | |||
| 2029 | 10,000 | |||
| 2030 | 10,000 | |||
| Thereafter | ||||
| Total | $ | 49,054 | ||
Additionally, the Company has established an Overnight Line of Credit arrangement with the FHLBNY. The total amount available under the line of credit is based on the amount of eligible collateral pledged to the FHLBNY. At September 30, 2025 and 2024, the Company had available credit from the FHLBNY totaling $135.9 million and $123.7 million, respectively. Information concerning short-term arrangement with the FHLBNY is summarized as follows:
| Years Ended September 30, | ||||||||
| 2025 | 2024 | |||||||
| (Dollars in thousands) | ||||||||
| Balance at end of year | $ | $ | ||||||
| Weighted average balance during the year | $ | 976 | $ | |||||
| Maximum month-end balance during the year | $ | 34,200 | $ | |||||
| Average interest rate during the year | 4.55 | % | ||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Dec 19, 2025 | Showing above |
| 2024 | Dec 19, 2024 | |
| 2023 | Dec 15, 2023 | |
| 2022 | Dec 22, 2022 | |
| 2021 | Dec 20, 2021 | |
| 2020 | Dec 18, 2020 | |
| 2019 | Dec 19, 2019 | |
| 2018 | Dec 20, 2018 | |
| 2017 | Dec 21, 2017 | |
| 2016 | Dec 16, 2016 | |
| 2015 | Dec 18, 2015 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.