Magyar Bancorp, Inc. filed its Annual Report on Form 10-K for the fiscal year ended September 30, 2024. The report detailed consolidated assets of $951.9 million, total deposits of $796.7 million, and stockholders' equity of $110.5 million at the fiscal year-end. These figures provide a comprehensive overview of the company's financial standing.
The report highlighted the composition of the loan portfolio, with commercial real estate loans accounting for $461.3 million, or 59.1% of total loans, and residential mortgage loans at $246.2 million, or 31.5%. Magyar Bank's market share of deposits in Middlesex County was 1.52% and 0.38% in Somerset County as of June 30, 2024, showing an increase in Middlesex County from 1.26% in the prior year.
The company confirmed its operational footprint, including eight branch offices across New Brunswick, North Brunswick, South Brunswick, Branchburg, Bridgewater, Edison (2), and Martinsville, New Jersey. The Martinsville branch was noted as a recent addition, expanding the bank's presence in central New Jersey.
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