Magyar Bancorp announced its financial results for the three months and fiscal year ended September 30, 2024. The company reported net income of $2.5 million for the fourth quarter, an increase from $2.2 million in the same period of 2023. For the full fiscal year, net income reached $7.8 million, up from $7.7 million in fiscal year 2023.
Basic and diluted earnings per share for the fourth quarter stood at $0.41, compared to $0.34 in the prior year's quarter. Full-year basic and diluted earnings per share were $1.23, an increase from $1.20 in fiscal year 2023. The company's loan portfolio experienced a 12% annual increase, contributing to these positive results.
The Board of Directors also declared a quarterly cash dividend of $0.05 per share, payable on November 27, 2024, to stockholders of record as of November 14, 2024. Furthermore, Magyar Bank opened a new branch office in Martinsville, New Jersey, which is expected to complement its digital offerings and generate new loans and deposits in the central New Jersey market.
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