Magyar Bancorp, Inc. reported a significant increase in its financial performance for the third quarter and nine months ended June 30, 2026, with net income rising to $3.1 million, a 25.2% increase from $2.5 million in the same period last year. For the nine-month period, net income reached $9.3 million, up 28.0% from $7.2 million in the prior year. This growth was primarily driven by an increase in net interest income, which rose by 15.2% to $9.4 million for the quarter and by 17.1% to $27.5 million for the nine months, attributed to a higher net interest margin and an increase in the average balance of interest-earning assets.
Total assets for Magyar Bancorp increased by $50.8 million, or 5.1%, to $1.048 billion as of June 30, 2026, compared to $997.7 million at the end of the previous fiscal year. This growth was fueled by a $31.1 million increase in loans receivable, which totaled $890 million, and a $15.9 million rise in investment securities, totaling $104.3 million. The company also saw a notable increase in cash and cash equivalents, which rose by 61.9% to $11.5 million, reflecting strong deposit inflows.
In terms of operational developments, total deposits increased by $39.6 million, or 4.9%, to $853.9 million, with significant contributions from certificates of deposit and non-interest-bearing checking accounts. The company implemented a digital marketing campaign targeting prospective customers, which positively impacted deposit growth. Additionally, the allowance for credit losses increased to $8.5 million, reflecting the growth in the loan portfolio and the need for additional provisions due to higher commercial real estate loans.
Magyar Bancorp's strategic focus on commercial real estate has shown positive results, with these loans increasing by $56.6 million during the nine months. The company reported no non-performing commercial real estate loans, indicating strong asset quality. The overall ratio of non-performing loans to total loans decreased to 0.04% from 0.05% year-over-year, demonstrating effective risk management practices. Looking ahead, the company remains optimistic about its growth trajectory, supported by its strong capital position and ongoing strategic initiatives aimed at enhancing customer engagement and expanding its market presence.
About Magyar Bancorp, Inc.
Magyar Bancorp, Inc. is a Delaware holding company that owns Magyar Bank, a community savings bank in New Jersey. The bank offers retail deposit products and originates loans primarily in residential, commercial real estate, small business, and consumer segments. It serves individuals and small to medium-sized businesses, focusing on local markets with competitive interest rates, regulated by federal and state authorities, emphasizing asset quality, risk management, and community development.
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