Quarterly ResultMay 13, 2026, 01:26 PM
Magyar Bancorp Q2 Net Income $3.03M, EPS $0.49
AI Summary
Magyar Bancorp reported a strong second quarter with net income increasing to $3.03 million, or $0.49 per basic share, for the three months ended March 31, 2026, up from $2.68 million, or $0.43 per basic share, in the prior year. For the six-month period, net income rose to $6.17 million, or $0.99 per basic share. The company also saw growth in total assets, loans, and deposits, and entered a new lease agreement for expansion.
Key Highlights
- Net income for Q2 2026 increased to $3.03 million, up from $2.68 million in Q2 2025.
- Basic EPS for Q2 2026 rose to $0.49, compared to $0.43 in Q2 2025.
- Six-month net income reached $6.17 million, up from $4.77 million in the prior year.
- Six-month basic EPS was $0.99, an increase from $0.77 in the prior year.
- Total assets grew to $1.07 billion at March 31, 2026, from $997.66 million at September 30, 2025.
- Loans receivable increased to $878.22 million from $857.35 million over the same period.
- Deposits increased to $878.44 million from $814.31 million.
- A new operating lease liability and right-of-use asset of $175 thousand was recognized for a new retail office space.