Magyar Bancorp reported a 26% increase in net income for the three months ended December 31, 2024, reaching $2.1 million, up from $1.7 million in the prior year's first quarter. Basic and diluted earnings per share for the quarter were $0.34 and $0.33, respectively, compared to $0.26 in the same period of 2023.
Total assets surpassed the $1 billion mark during the quarter, driven by a 6.5% increase in total deposits. The company's net interest margin improved by 14 basis points from the prior quarter to 3.22%, reflecting benefits from recent Federal Reserve rate cuts. Other income also saw a substantial 57.0% increase to $956 thousand, primarily due to gains on the sale of other real estate owned and SBA loans.
The Board of Directors declared an increased quarterly cash dividend of $0.06 per share, up from $0.05, payable on February 20, 2025, to stockholders of record as of February 6, 2025. Additionally, the company closed its Bridgewater office during the quarter, incurring lease termination expenses, and repurchased 31,737 shares at an average price of $13.75.
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