Magyar Bancorp Q3 FY26 net income rises 25.2% to $3.1 million
MGYR•Balance sheet growth continues
Total assets grew 5.1% to $1.05 billion since Sept. 30, 2025; loans receivable rose 3.6% to $890 million, led by commercial real estate.
Deposits increased 4.9% to $853.9 million, aided by a short-term CD digital marketing campaign.
Q3 net income and margin improve
Magyar Bancorp posted Q3 net income of $3.1 million, up 25.2% from a year earlier.
Net interest and dividend income climbed 15.2% to $9.4 million; net interest margin widened 30 basis points to 3.65%.
Credit losses and charge-offs increase
Provision for credit losses rose to $351,000 from $101,000; net loan charge-offs totaled $295,000, including a $300,000 construction-loan charge-off.
Non-performing loans fell to $359,000.
