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0001337068
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2024-10-31
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October
31, 2024
Magyar Bancorp, Inc.
(Exact Name of Registrant as Specified in Charter)
| Delaware |
000-51726 |
20-4154978 |
| (State or Other Jurisdiction) |
(Commission File No.) |
(I.R.S. Employer |
| of Incorporation) |
|
Identification No.) |
| |
|
|
| |
|
|
| 400 Somerset Street, New Brunswick, New Jersey |
|
08901 |
| (Address of Principal Executive Offices) |
|
(Zip Code) |
Registrant's telephone number, including area code:
(732) 342-7600
Not Applicable
(Former name or former address, if changed since last
report)
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
| ☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class |
|
Trading Symbol(s) |
|
Name of Each Exchange
on Which Registered |
|
Common
Stock, par value $0.01 per share |
|
MGYR |
|
The NASDAQ Stock Market, LLC |
Indicate by check mark whether the registrant is
an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02. | Results of Operations and Financial Condition |
On October 31, 2024, Magyar Bancorp,
Inc. (the “Company”) issued a press release regarding its results of operations and financial condition at and for the three
and twelve months ended September 30, 2024. The text of the press release is included as Exhibit 99.1 to this report. The information
included in the press release text is considered to be “furnished” under the Securities Exchange Act of 1934. The Company
will include financial statements and additional analyses at and for the three and twelve months ended September 30, 2024, as part of
its Form 10-K for the period.
On October 31, 2024, the Company announced that its
Board of Directors has approved a quarterly cash dividend of $0.05 per common share to shareholders of record at the close of business
on November 14, 2024, payable on November 27, 2024.
The text of the press release, dated October 31, 2024,
announcing the dividend, and which also includes the Company’s quarterly earnings announcement, as stated above, is included as
Exhibit 99.1 to this report and is incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits |
SIGNATURES
Pursuant to the requirements of
the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto
duly authorized.
| |
|
MAGYAR BANCORP, INC. |
| |
|
|
| |
|
|
| DATE: October 31, 2024 |
By: |
/s/ John S. Fitzgerald |
| |
|
John S. Fitzgerald |
| |
|
President and Chief Executive Officer |
 |
News |
400 Somerset St., New Brunswick, NJ 08901
732.342.7600
MAGYAR BANCORP, INC. ANNOUNCES FISCAL FOURTH QUARTER
AND FISCAL YEAR END
FINANCIAL RESULTS, DECLARES QUARTERLY DIVIDEND
New Brunswick, New Jersey, October 31, 2024
– Magyar Bancorp (NASDAQ: MGYR) (the “Company”), parent company of Magyar Bank, reported today the results of its operations
for the three months and fiscal year ended September 30, 2024.
The Company reported $2.5 million in net income for
the three months ended September 30, 2024 compared with net income of $2.2 million for the three months ended September 30, 2023. The
Company also reported net income of $7.8 million for the year ended September 30, 2024 compared with $7.7 million for the year ended September
30, 2023.
The Company’s basic and diluted earnings per
share were $0.41 and $1.23 for the three months and year ended September 30, 2024, compared with basic and diluted earnings per share
for the three months and year ended September 30, 2023 of $0.34 and $1.20, respectively.
The Company also announced that its Board of
Directors declared a quarterly cash dividend of $0.05 per share, which will be paid on November 27, 2024 to stockholders of
record as of November 14, 2024.
“We are very pleased to report an increase in
our earnings during a year in which the prolonged inversion to the yield curve presented a very challenging environment for the banking
industry”, stated John Fitzgerald, President and Chief Executive Officer. “Prudent management of the regulatory lending ratios
has allowed Magyar Bank to continue providing credit to its communities, resulting in a 12% annual increase in our loan portfolio, helping
to offset industry-wide interest margin compression. On a linked quarter basis, our net-interest margin increased from 3.02% as of June
30, 2024 to 3.08% as of September 30. 2024. In addition, our diligent pursuit of collateral securing previously non-performing loans resulted
in record gains from other real estate owned, further helping to offset margin compression and the increasing costs of operations.”
Mr. Fitzgerald continued, “We are also excited
to announce the opening of our new branch office in Martinsville. The physical location will complement our digital product and service
offerings, while allowing us to generate loans and deposits from the desirable central New Jersey marketplace. As we look ahead to our
next fiscal year, we are encouraged by the strength of our local economy, our team of experienced employees furthering the success of
the Bank, and the continued demand for the Bank’s loan and deposit products.”
Results of Operations
Net income increased $357 thousand, or 16.3%, to $2.5
million during the three-month period ended September 30, 2024 from $2.2 million for the three-month period ended September 30, 2023 from
lower provisions for credit losses and higher other income, partially offset by higher income tax and other expenses. Net income increased
$74 thousand, or 1.0%, to $7.8 million during the year ended September 30, 2024 compared with $7.7 million for the year ended September
30, 2023 from higher net interest income, lower provision for credit losses and higher other income, partially offset by higher income
tax and other expenses.
Net interest and dividend income increased $16 thousand,
or 0.2%, to $7.0 million for the three months ended September 30, 2024 from the prior year period. Growth in the Company’s average
interest-earning assets more than offset margin compression between the periods due to market interest rate levels and the prolonged inversion
to the yield curve. The Company’s net interest margin decreased by 28 basis points to 3.08% for the quarter ended September 30,
2024 compared to 3.36% for the quarter ended September 30, 2023.
Interest and dividend income increased $2.2 million,
or 20.2%, to $12.8 million for the three months ended September 30, 2024 from $10.6 million for the three months ended September 30, 2023.
Between these periods the Company grew the average balance of its interest-earning assets by $78.2 million, or 9.5%, to $904.2 million,
while the yield on such assets increased 50 basis points to 5.60% for the three months ended September 30, 2024 from 5.10% for the prior
year period. The increase in yield on the Company’s assets was attributable to higher market interest rates between periods.
Interest expense increased $2.1 million, or 59.1%,
to $5.7 million for the three months ended September 30, 2024 from $3.6 million for the three months ended September 30, 2023. The average
balance of interest-bearing liabilities increased $130.9 million, or 23.3%, between the two periods while the cost of such liabilities
increased 74 basis points to 3.29% for the three months ended September 30, 2024 compared with 2.55% for the prior year period. Higher
market interest rates were primarily responsible for the rise in the cost of the Company’s interest-bearing liabilities.
During the year ended September 30, 2024, net interest
and dividend income increased $240 thousand, or 0.9%, to $28.0 million compared with $27.7 million for the year ended September 30, 2023.
Growth in the Company’s average interest-earning assets more than offset margin compression between periods due to market interest
rate levels and the prolonged inversion to the yield curve. The Company’s net interest margin decreased by 36 basis points to 3.14%
for the year ended September 30, 2024 compared to 3.50% for the year ended September 30, 2023.
The average balance of interest-earning assets increased
$99.4 million, or 12.6%, to $890.8 million from $791.4 million, while the yield on such assets increased 64 basis points to 5.45% for
the year ended September 30, 2024 compared with 4.81% for the prior year. Interest and dividend income increased $10.5 million, or 27.6%,
to $48.6 million for the year ended September 30, 2024 from $38.1 million for the year ended September 30, 2023. The increase in yield
on the Company’s assets was attributable to higher market interest rates.
Interest expense increased $10.3 million, or 99.3%,
to $20.6 million for the year ended September 30, 2024 from $10.3 million for the year ended September 30, 2023. The average balance of
interest-bearing liabilities increased $130.7 million, or 24.8%, between the two periods while the cost of such liabilities increased
117 basis points to 3.13% for the year ended September 30, 2024 compared with 1.96 % for the prior year. Higher market interest rates
were primarily responsible for the rise in the cost of the Company’s interest-bearing liabilities for the year ended September 30,
2024.
The Company recovered $351 thousand in credit loss
provisions during the three months ended September 30, 2024 compared with a recovery of $51 thousand for the three months ended September
30, 2023. Reductions in the expected credit loss during the quarter occurred from lower outstanding balances and commitments of construction
and commercial asset-backed loans as well as improving economic data affecting the expected credit loss on residential mortgage loans.
There were $2 thousand in loan recoveries and no charge-offs for the three months ended September 30, 2024 compared with $3 thousand in
loan recoveries and no loan charge-offs for the prior year period.
Non-interest income increased $1.1 million, or 137.1%,
to $2.0 million during the three months ended September 30, 2024 compared with $832 thousand for the prior year period. The Company’s
gains on other real estate and SBA loans were $1.3 million and $257 thousand, respectively, during the three months ended September 30,
2024 compared with $0 and $81 thousand, respectively, during the three months ended September 30, 2023. Service charges decreased $380
thousand to $256 thousand during the three months ended September 30, 2024 compared with $636 thousand for the three months ended September
30, 2023 from lower commercial loan prepayment fees.
Non-interest income increased $931 thousand, or 34.7%,
to $3.6 million during the year ended September 30, 2024 compared with the year ended September 30, 2023. The Company’s gains on
other real estate, SBA loans and premises were $1.3 million, $599 thousand and $60 thousand, respectively, during the year ended September
30, 2024 compared with $0, $565 thousand and $9 thousand, respectively, during the year ended September 30, 2023. Service charges decreased
$457 thousand to $1.1 million during the year ended September 30, 2024 compared with $1.6 million for the year ended September 30, 2023
from lower commercial loan prepayment fees.
Non-interest expenses increased $182 thousand, or
3.6%, to $5.2 million during the three months ended September 30, 2024 from $5.0 million compared with the prior year period due primarily
to higher compensation, marketing and business development expenses. Compensation and benefit expense increased $102 thousand, or 3.4%,
to $3.1 million for the three months ended September 30, 2024 compared with $3.0 million for the prior year period from annual merit increases
and higher medical insurance costs. Marketing and business development expenses increased $86 thousand, or 390.9%, to $108 thousand primarily
for the Company’s new Martinsville branch office that opened October 11, 2024.
During the year ended September 30, 2024, non-interest
expenses increased $1.1 million, or 5.7%, to $20.4 million compared to $19.3 million for the year ended September 30, 2023 due primarily
to higher compensation and benefit expenses, which increased $689 thousand, or 6.2%, due to fewer open positions between periods and the
additions of a commercial lender and a commercial credit analyst, as well as annual merit increases. Other expenses increased $202 thousand,
or 9.4%, from higher recruitment costs, loan origination and servicing costs and operating expenses. In addition, deposit insurance premiums
increased $81 thousand, or 23.8%, to $421 thousand from deposit growth and higher insurance assessment rates implemented by the FDIC for
all insured institutions effective January 1, 2023.
Income tax expense increased $918 thousand, or 134.6%,
to $1.6 million for the three-month period ended September 30, 2024 from $673 thousand for the three-month period ended September 30,
2023. The increase was attributable to higher pre-tax income, which increased $1.3 million, or 44.6%, to $4.1 million as well as a $456
thousand expense for taxable gains on surrendered bank-owned life insurance policies during the three months ended September 30, 2024.
Income tax expense increased $285 thousand, or 9.4%,
to $3.3 million for the year ended September 30, 2024 from $3.0 million for the year ended September 30, 2023. The increase was attributable
to higher pre-tax income and taxable gains on surrendered bank-owned life insurance policies during the year ended September 30, 2024.
Balance Sheet Comparison
Total assets increased $7.6 million, or 0.8%, to $951.9
million during the three months ended September 30, 2024 from $944.4 million at June 30, 2024, reflecting a $20.8 million increase in
loans receivable, a $5.1 million increase in bank-owned life insurance, and a $2.9 million increase in other real estate owned, offset
by a $23.4 million decrease in interest-earning deposits with banks.
During the year ended September 30, 2024, total assets
increased $44.6 million, or 4.9%, to $951.9 million compared with $907.3 million at September 30, 2023. The increase was attributable
to a $82.8 million increase in net loans receivable, a $5.3 million increase in bank-owned life insurance, and a $3.4 million increase
in other real estate owned. Offsetting these increases was a $46.9 million decrease in interest-earning deposits with banks.
Cash and interest-earning deposits with banks decreased
$23.4 million, or 47.8% to $25.6 million at September 30, 2024 from $49.0 million at June 30, 2024 and by $46.9 million, or 64.7%, during
the year ended September 30, 2024 to fund loan originations.
At September 30, 2024, investment securities totaled
$95.4 million, reflecting an $899 thousand, or 0.99%, increase from June 30, 2024 and a $528 thousand, or 0.6%, decrease from September
30, 2023. Investment securities at September 30, 2024 consisted of $65.8 million in mortgage-backed securities issued by U.S. government
agencies and U.S. government-sponsored enterprises, $19.0 million in U.S. government-sponsored enterprise debt securities, $7.0 million
in corporate notes, $3.4 million in municipal bonds and $190 thousand in “private-label” mortgage-backed securities.
Total loans receivable increased $20.9 million, or
2.7%, during the quarter ended September 30, 2024 and have increased $83.0 million, or 11.9%, to $781.2 million during the year ended
September 30, 2024 from $698.2 million at September 30, 2023. The growth for the year occurred in commercial real estate loans, which
increased $72.2 million, or 18.6%, to $461.3 million, in one-to four-family residential mortgage loans (including home equity lines of
credit), which increased $16.3 million, or 6.4%, to $270.9 million, and in construction and land loans, which increased $869 thousand,
or 4.0%, to $22.7 million. Offsetting these increases were declines in commercial business loans, which decreased $6.2 million, or 20.5%,
to $24.0 million and in other consumer loans, which decreased $124 thousand, or 5.3%, to $2.2 million.
During the quarter our total non-performing loans
decreased $4.4 million, or 94.9%, to $232 thousand at September 30, 2024 from $4.6 million at June 30, 2024 primarily due to the resolution
of loans through foreclosure. The ratio of non-performing loans to total loans was 0.03% at September 30, 2024 compared to 0.73% at September
30, 2023.
The allowance for credit losses decreased $333 thousand
to $8.0 million for the year ended September 30, 2024 compared to $8.3 million for the year ended September 30, 2023. The decrease was
attributable to the Company’s adoption of ASU 2016-13 on October 1, 2023, which resulted in a $492 thousand reduction in the allowance
for credit loss. Offsetting this reduction were provisions for credit loss totaling $90 thousand and net loan recoveries totaling $69
thousand during the year. For comparison, the Company recorded provisions for loan loss totaling $381 thousand and net loan charge-offs
totaling $484 thousand during the year ended September 30, 2023.
Other real estate owned increased $2.9 million to
$3.7 million during the three months ended September 30, 2024, and $3.4 million for the year ended September 30, 2024. The Company acquired
four properties totaling $4.4 million and sold two properties totaling $1.0 million during the year ended September 30, 2024. Of the three
remaining properties owned at September 30, 2024, two totaling $3.3 million are under contract of sale.
Bank owned life insurance (“BOLI”) increased
$5.1 million, or 27.8%, to $23.3 million during the three months ended September 30, 2024, slightly less than the $5.3 million increase
for the year, which also included an annual increase in cash surrender value of the policies. The Company was in the process of restructuring
$7.9 million of its BOLI portfolio at September 30, 2024. The restructure is expected to increase the crediting rate on the restructured
BOLI policies from 2.24% (3.20% tax-equivalent yield) to 4.93% (7.04% tax-equivalent yield).
Total deposits increased $7.5 million, or 0.9%, during
the three months ended September 30, 2024 to $796.7 million. Total deposits increased $41.2 million, or 5.5%, during the year ended September
30, 2024. The growth in deposits during the year occurred in certificates of deposit (including individual retirement accounts) which
increased $55.0 million, or 52.5%, to $159.7 million, in interest-bearing checking account balances, which increased $31.6 million, or
27.4% to $146.7 million, and in money market account balances, which increased $19.7 million, or 6.9%, to $304.6 million. Offsetting these
increases were declines in non-interest checking account balances, which decreased $55.7 million, or 29.6%, to $132.8 million and in savings
account balances, which decreased $9.3 million, or 15.0%, to $52.9 million.
Included in the Company’s total deposits was
an estimated $114.7 million that was not collateralized and exceeded the FDIC’s insurance coverage limit of $250,000 at September
30, 2024 compared to $109.3 million at September 30, 2023.
Borrowings were unchanged during the three months
ended September 30, 2024. During the year ended September 30, 2024, borrowings decreased $947 thousand, or 3.2%, to $28.6 million as long-term
advances from the Federal Home Loan Bank of New York were repaid from deposit inflows.
The Company repurchased 110,278 shares of its stock
at a $12.64 average price during the three months ended September 30, 2024 under its stock repurchase plan announced on December 8, 2022.
The plan allows for the repurchase of up to 5% of its outstanding shares, or up to 337,146 shares. The Company had repurchased 296,736
shares at an average price of $11.92 per share for the year ended September 30, 2024.
Total equity increased $5.7 million, or 5.5%, to $110.5
million at September 30, 2024 from $104.8 million at September 30, 2023. The increase was attributable to the Company’s net income
from operations totaling $7.8 million, partially offset by $1.7 million in dividends paid and $2.4 million in share repurchases. In addition,
other comprehensive income, stock-based compensation expense and the effect of adopting ASU 2016-13 increased the Company’s equity
by $2.1 million. The Company’s book value per share increased to $16.98 at September 30, 2024 from $15.70 at September 30, 2023.
About Magyar Bancorp
Magyar Bancorp is the parent company of Magyar Bank,
a community bank headquartered in New Brunswick, New Jersey. Magyar Bank has been serving families and businesses in Central New Jersey
since 1922 with a complete line of financial products and services. Today, Magyar operates branch locations in New Brunswick, North
Brunswick, South Brunswick, Branchburg, Bridgewater, Martinsville and Edison (2). Please visit us online at www.magbank.com.
Forward Looking Statements
This press release contains statements about future
events that constitute forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by reference to a future period or periods,
or by the use of forward- looking terminology, such as “may,” “will,” “believe,” “expect,”
or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks
and uncertainties, including, but not limited to, those risks previously disclosed in the Company’s filings with the SEC, general
economic conditions, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment
of qualified personnel, the COVID-19 or any other pandemic, and market acceptance of the Company’s pricing, products and services,
and with respect to the loans extended by the Bank and real estate owned, the following: risks related to the economic environment in
the market areas in which the Bank operates, particularly with respect to the real estate market in New Jersey; the risk that the value
of the real estate securing these loans may decline in value; and the risk that significant expense may be incurred by the Company in
connection with the resolution of these loans. The Company wishes to caution readers not to place undue reliance on any such forward-looking
statements, which speak only as of the date made. The Company does not undertake and specifically declines any obligation to publicly
release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date
of such statements or to reflect the occurrence of anticipated or unanticipated events.
Contact: John Reissner, 732.214.2083
MAGYAR BANCORP, INC. AND SUBSIDIARY
Selected Financial Data
(Dollars In Thousands,
Except for Per-Share Amounts)
| | |
Three Months Ended | | |
Years Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
|
|
|
| |
| |
| Income Statement Data: | |
| | | |
| | | |
| | | |
| | |
| Interest and dividend income | |
$ | 12,764 | | |
$ | 10,615 | | |
$ | 48,571 | | |
$ | 38,068 | |
| Interest expense | |
| 5,743 | | |
| 3,610 | | |
| 20,597 | | |
| 10,334 | |
| Net interest and dividend income | |
| 7,021 | | |
| 7,005 | | |
| 27,974 | | |
| 27,734 | |
| (Recovery) provision for credit losses | |
| (351 | ) | |
| (51 | ) | |
| 90 | | |
| 381 | |
| Net interest and dividend income after | |
| | | |
| | | |
| | | |
| | |
| provision (recovery) for credit losses | |
| 7,372 | | |
| 7,056 | | |
| 27,884 | | |
| 27,353 | |
| Other income | |
| 1,973 | | |
| 832 | | |
| 3,613 | | |
| 2,682 | |
| Other expense | |
| 5,212 | | |
| 5,030 | | |
| 20,397 | | |
| 19,294 | |
| Income before income tax expense | |
| 4,133 | | |
| 2,858 | | |
| 11,100 | | |
| 10,741 | |
| Income tax expense | |
| 1,591 | | |
| 673 | | |
| 3,317 | | |
| 3,032 | |
| Net income | |
$ | 2,542 | | |
$ | 2,185 | | |
$ | 7,783 | | |
$ | 7,709 | |
| | |
| | | |
| | | |
| | | |
| | |
| Per Share Data: | |
| | | |
| | | |
| | | |
| | |
| Net income per share-basic | |
$ | 0.41 | | |
$ | 0.34 | | |
$ | 1.23 | | |
$ | 1.20 | |
| Net income per share-diluted | |
$ | 0.41 | | |
$ | 0.34 | | |
$ | 1.23 | | |
$ | 1.20 | |
| Book value per share, at period end | |
$ | 16.98 | | |
$ | 15.70 | | |
$ | 16.98 | | |
$ | 15.70 | |
| | |
| | | |
| | | |
| | | |
| | |
| Selected Ratios (annualized): | |
| | | |
| | | |
| | | |
| | |
| Return on average assets | |
| 1.06% | | |
| 1.00% | | |
| 0.83% | | |
| 0.92% | |
| Return on average equity | |
| 9.63% | | |
| 8.81% | | |
| 6.96% | | |
| 7.31% | |
| Net interest margin | |
| 3.08% | | |
| 3.36% | | |
| 3.14% | | |
| 3.50% | |
| | |
September 30, | | |
September 30, | |
| | |
2024 | | |
2023 | |
| | |
| |
| | |
(Dollars in Thousands) | |
| Balance Sheet Data: | |
| | | |
| | |
| Assets | |
$ | 951,918 | | |
$ | 907,292 | |
| Total loans receivable | |
| 780,162 | | |
| 698,206 | |
| Allowance for credit losses- loans | |
| 7,548 | | |
| 8,330 | |
| Investment securities - available for sale, at fair value | |
| 15,616 | | |
| 10,125 | |
| Investment securities - held to maturity, at cost | |
| 79,816 | | |
| 85,835 | |
| Deposits | |
| 796,674 | | |
| 755,453 | |
| Borrowings | |
| 28,568 | | |
| 29,515 | |
| Shareholders' Equity | |
| 110,548 | | |
| 104,790 | |
| | |
| | | |
| | |
| Asset Quality Data: | |
| | | |
| | |
| Non-performing loans | |
$ | 232 | | |
$ | 5,084 | |
| Other real estate owned | |
| 3,725 | | |
| 328 | |
| Total non-performing assets | |
$ | 3,957 | | |
$ | 5,412 | |
| Allowance for credit losses to non-performing loans | |
| 3253.45% | | |
| 163.85% | |
| Allowance for credit losses to total loans receivable | |
| 0.97% | | |
| 1.19% | |
| Non-performing loans to total loans receivable | |
| 0.03% | | |
| 0.73% | |
| Non-performing assets to total assets | |
| 0.42% | | |
| 0.60% | |
| Non-performing assets to total equity | |
| 3.58% | | |
| 5.16% | |
v3.24.3
Cover
|
Oct. 31, 2024 |
| Cover [Abstract] |
|
| Document Type |
8-K
|
| Amendment Flag |
false
|
| Document Period End Date |
Oct. 31, 2024
|
| Entity File Number |
000-51726
|
| Entity Registrant Name |
Magyar Bancorp, Inc.
|
| Entity Central Index Key |
0001337068
|
| Entity Tax Identification Number |
20-4154978
|
| Entity Incorporation, State or Country Code |
DE
|
| Entity Address, Address Line One |
400 Somerset Street
|
| Entity Address, City or Town |
New Brunswick
|
| Entity Address, State or Province |
NJ
|
| Entity Address, Postal Zip Code |
08901
|
| City Area Code |
(732)
|
| Local Phone Number |
342-7600
|
| Written Communications |
false
|
| Soliciting Material |
false
|
| Pre-commencement Tender Offer |
false
|
| Pre-commencement Issuer Tender Offer |
false
|
| Title of 12(b) Security |
Common
Stock, par value $0.01 per share
|
| Trading Symbol |
MGYR
|
| Security Exchange Name |
NASDAQ
|
| Entity Emerging Growth Company |
false
|
| Entity Information, Former Legal or Registered Name |
Not Applicable
|
| X |
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dei_ |
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xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
| Name: |
dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:dateItemType |
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na |
| Period Type: |
duration |
|
| X |
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dei_DocumentType |
| Namespace Prefix: |
dei_ |
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| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
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duration |
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| X |
- Definition
+ References
+ Details
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| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
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duration |
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| X |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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dei_EntityCentralIndexKey |
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dei_ |
| Data Type: |
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na |
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duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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dei_ |
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na |
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duration |
|
| X |
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dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
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dei:fileNumberItemType |
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na |
| Period Type: |
duration |
|
| X |
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dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
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-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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| X |
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-Publisher SEC
-Name Exchange Act
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-Section 12
-Subsection b-2
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dei_ |
| Data Type: |
dei:employerIdItemType |
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na |
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duration |
|
| X |
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dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
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dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
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| Period Type: |
duration |
|
| X |
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-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
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-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
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dei_ |
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na |
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-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
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dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
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dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
Magyar Bancorp (NASDAQ:MGYR)
Graphique Historique de l'Action
De Jan 2025 à Fév 2025
Magyar Bancorp (NASDAQ:MGYR)
Graphique Historique de l'Action
De Fév 2024 à Fév 2025
