$MGYR

Magyar Bancorp, Inc.

CIK:0001337068|SEC Filings

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest and dividend income
Loans, including fees	$ 13,847	$ 12,608	$ 40,968	$ 36,603
Investment securities and interest earning deposits
Taxable	1,329	1,317	3,562	3,611
Tax-exempt	14	14	43	43
Federal Home Loan Bank of New York stock	62	49	189	160
Total interest and dividend income	15,252	13,988	44,762	40,417
Interest expense
Deposits	5,432	5,548	16,050	16,226
Borrowings	401	262	1,204	693
Total interest expense	5,833	5,810	17,254	16,919
Net interest and dividend income	9,419	8,178	27,508	23,498
Provision for credit losses- loans	184	120	426	399
Provision (recovery) for credit losses- unfunded commitments	167	(19)	204	(227)
Total provision for credit losses	351	101	630	172
Net interest and dividend income after provision (recovery) for credit losses	9,068	8,077	26,878	23,326
Other income
Service charges	258	340	981	1,147
Income on bank owned life insurance	170	172	506	501
Interest rate swap fees	78	110	109	110
Other operating income	8	8	23	25
Gains on SBA loans	303		830	848
Net gains on OREO		6		229
Total other income	817	636	2,449	2,860
Other expenses
Compensation and employee benefits	3,360	3,104	9,890	9,411
Occupancy expenses	837	800	2,499	2,640
Professional fees	134	194	481	592
Director fees and benefits	190	186	593	553
Data processing expenses	157	120	476	333
Marketing and business development	132	114	368	362
FDIC deposit insurance premiums	121	115	356	338
Other expenses	601	606	1,766	1,818
Total other expenses	5,532	5,239	16,429	16,047
Income before income tax expense	4,353	3,474	12,898	10,139
Income tax expense	1,260	1,004	3,639	2,904
Net income	$ 3,093	$ 2,470	$ 9,259	$ 7,235
Earnings per share - basic (in Dollars per share)	$ 0.5	$ 0.4	$ 1.49	$ 1.16
Earnings per share - diluted (in Dollars per share)	$ 0.49	$ 0.4	$ 1.47	$ 1.16
Weighted average shares outstanding - basic (in Shares)	6,216,821	6,217,639	6,217,377	6,224,253
Weighted average shares outstanding - diluted (in Shares)	6,287,533	6,232,247	6,285,508	6,232,173

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 9,259	$ 7,235
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	644	710
Discount on investment securities, net	(67)	(6)
Provision for credit losses	630	172
Provision for loss on other real estate owned		58
Originations of SBA loans held for sale	(8,893)	(8,941)
Proceeds from the sales of SBA loans	9,722	9,790
Gains on sale of SBA loans	(830)	(848)
Loss (gain) on the sales of other real estate owned	14	(287)
ESOP compensation expense	161	134
Stock-based compensation expense	465	466
Deferred income tax benefit	(185)	(229)
Decrease (increase) in accrued interest receivable	39	(318)
Income on bank owned life insurance	(506)	(501)
(Increase) decrease in other assets	(1,149)	1,393
Increase (decrease) in accrued interest payable	514	(143)
Increase (decrease) in accounts payable and other liabilities	2,312	(1,142)
Net cash provided by operating activities	12,130	7,543
Investing activities
Net increase in loans receivable	(31,385)	(63,490)
Purchases of investment securities held-to-maturity	(3,179)	(2,446)
Purchases of investment securities available-for-sale	(18,695)	(6,915)
Proceeds from maturities of investment securities held-to-maturity		8,500
Principal repayments on investment securities held-to-maturity	3,548	4,232
Principal repayments on investment securities available-for-sale	2,644	1,084
Redemption of bank owned life insurance		3,245
Purchases of premises and equipment, net	(795)	(522)
Proceeds from the sale of other real estate owned	2,131	1,788
Purchase of Federal Home Loan Bank stock	(150)	(545)
Redemption of Federal Home Loan Bank stock	86	68
Net cash used in investing activities	(45,795)	(55,001)
Financing activities
Net increase in deposits	39,562	23,288
Net increase in escrowed funds	670	306
Proceeds from long-term advances		8,986
Repayments of long-term advances		(1,500)
Proceeds from exercise of stock options	38	24
Dividends paid on common stock	(1,766)	(1,322)
Purchase of treasury stock	(454)	(869)
Net cash provided by financing activities	38,050	28,913
Net increase in cash and cash equivalents	4,385	(18,545)
Cash and cash equivalents, beginning of period	7,086	25,596
Cash and cash equivalents, end of period	11,471	7,051
Cash paid for
Interest	16,740	17,062
Income taxes	2,800	3,925
Non-cash operating activities
Initial recognition of lease liability and right-of-use asset	175
Change in fair value of swap asset/liability	$ (226)	$ (428)

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Sep. 30, 2025
Assets
Cash and due from banks	$ 2,034	$ 1,430
Interest earning deposits with banks	9,437	5,656
Total cash and cash equivalents	11,471	7,086
Investment securities - available for sale, at fair value	37,380	21,182
Investment securities - held to maturity, at amortized cost (fair value of $60,924 and $61,160 at June 30, 2026 and September 30, 2025, respectively)	66,923	67,266
Federal Home Loan Bank of New York stock, at cost	3,463	3,399
Loans receivable	888,244	857,353
Allowance for credit losses-loans	(8,487)	(8,350)
Bank owned life insurance	19,543	19,037
Accrued interest receivable	5,759	5,798
Premises and equipment, net	12,334	12,182
Other real estate owned ("OREO")		2,167
Other assets	11,870	10,540
Total assets	1,048,500	997,660
Liabilities
Deposits	853,869	814,307
Escrowed funds	4,879	4,209
Borrowings	49,054	49,054
Accrued interest payable	1,483	969
Accounts payable and other liabilities	12,591	10,279
Total liabilities	921,876	878,818
Stockholders' equity
Preferred stock: $.01 Par Value, 500,000 shares authorized; at June 30, 2026 and September 30, 2025, none issued
Common stock: $.01 Par Value, 14,000,000 shares authorized; 7,097,825 shares issued; 6,457,203 and 6,480,028 shares outstanding at June 30, 2026 and September 30, 2025, respectively, at cost	71	71
Additional paid-in capital	63,967	63,421
Treasury stock: 640,622 and 617,797 shares at June 30, 2026 and September 30, 2025, respectively, at cost	(8,256)	(7,840)
Unearned Employee Stock Ownership Plan shares	(2,788)	(2,868)
Retained earnings	74,073	66,581
Accumulated other comprehensive loss	(443)	(523)
Total stockholders' equity	126,624	118,842
Total liabilities and stockholders' equity	$ 1,048,500	$ 997,660