Magyar Bancorp, Inc. reported a solid financial performance for the fiscal year ending September 30, 2025, with total assets reaching $997.7 million, an increase of $45.8 million, or 4.8%, from the previous year. The company's net income rose to $9.8 million, reflecting a 25.4% increase compared to $7.8 million in the prior year. This growth was primarily driven by a $3.9 million increase in net interest income, which totaled $31.9 million, alongside a rise in total loans receivable, which increased by $77.7 million, or 9.9%, to $858.9 million.
In terms of operational changes, Magyar Bancorp experienced a notable shift in its loan portfolio composition. Commercial real estate loans surged by $71.9 million, or 15.6%, to $533.2 million, while construction and land loans also saw a significant increase of $6.6 million, or 28.9%. However, commercial business loans decreased by $4.0 million, or 16.5%, to $20.1 million. The company’s total deposits increased by $17.6 million, or 2.2%, to $814.3 million, with a significant rise in certificates of deposit, which grew by 31.5% to $210.0 million.
Magyar Bancorp's strategic initiatives included the closure of its Bridgewater branch and the opening of a new retail branch in Martinsville, New Jersey, aimed at optimizing its branch network. The company also continued to focus on enhancing its commercial real estate and business loan offerings while managing non-interest expenses to improve profitability. As of September 30, 2025, the company employed 91 full-time and 7 part-time employees, maintaining a stable workforce.
The company’s asset quality remained strong, with non-performing loans increasing to $451,000 from $232,000 in the previous year, representing 0.05% of total loans. The allowance for credit losses on loans increased to $8.4 million, reflecting the growth in the loan portfolio and the associated risks. Looking ahead, Magyar Bancorp anticipates continued growth in its commercial lending activities while navigating potential economic uncertainties and market conditions. The company remains committed to maintaining its capital ratios, with a common equity Tier 1 capital ratio of 14.70% as of September 30, 2025, well above regulatory requirements.
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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