Magyar Bancorp, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended June 30, 2023
July 20, 2023 at 04:00 pm EDT
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Magyar Bancorp, Inc. reported earnings results for the third quarter and nine months ended June 30, 2023. For the third quarter, the company reported net interest income was USD 6.89 million compared to USD 6.96 million a year ago. Net income was USD 1.92 million compared to USD 2.12 million a year ago. Basic earnings per share from continuing operations was USD 0.3 compared to USD 0.31 a year ago. Diluted earnings per share from continuing operations was USD 0.3 compared to USD 0.31 a year ago.
For the nine months, net interest income was USD 20.73 million compared to USD 19.78 million a year ago. Net income was USD 5.52 million compared to USD 5.49 million a year ago. Basic earnings per share from continuing operations was USD 0.86 compared to USD 0.81 a year ago. Diluted earnings per share from continuing operations was USD 0.86 compared to USD 0.81 a year ago.
Magyar Bancorp, Inc. is a bank holding company of Magyar Bank (the Bank). It acts as an independent, community, financial services provider, and offers traditional banking and related financial services to individual, business, and government customers. It offers commercial and retail financial services, including the taking of time, savings, and demand deposits; the making of commercial, consumer and home equity loans; and the provision of other financial services. The Bank invests its deposits, together with funds generated from operations and wholesale funding, in residential mortgage loans, home equity loans, home equity lines of credit, commercial real estate loans, commercial business loans, small business administration (SBA) loans, construction loans and investment securities. It originates consumer loans, which consist primarily of secured demand loans. Its primary sources of funds are deposits, borrowings and principal and interest payments on loans and securities.