Magyar Bancorp (MGYR) Q4 2024 earnings summary

Executive summary

• Net income for Q4 2024 was $2.5 million, up from $2.2 million in Q4 2023.

• Fiscal year 2024 net income reached $7.8 million, compared to $7.7 million in fiscal 2023.

• Earnings per share were $0.41 for Q4 and $1.23 for the year, both higher than the prior year.

• A quarterly cash dividend of $0.05 per share was declared, payable November 27, 2024.

Financial highlights

• Loan portfolio grew 12% year-over-year, offsetting industry-wide interest margin compression.

• Net interest margin increased sequentially from 3.02% in Q3 2024 to 3.08% in Q4 2024.

• Record gains from other real estate owned contributed to results.

Outlook and guidance

• Management is encouraged by the strength of the local economy and continued demand for loan and deposit products.

• New branch opening in Martinsville expected to support growth in loans and deposits.