The company’s quarterly performance reflects a broader trend of growth for the nine-month period, which saw net income climb to $9.3 million, up from $7.2 million a year prior. Driving these results was a significant rise in net interest and dividend income, which reached $9.4 million for the quarter. This gain was supported by a $57 million increase in the average balance of interest-earning assets, offsetting higher provisions for credit losses and increased compensation expenses.
Magyar Bancorp Reports 25% Profit Jump as Dividend Declared
Magyar Bancorp, the parent company of Magyar Bank, posted a 25% increase in net income for the third fiscal quarter ending June 30, 2026. The New Brunswick-based institution earned $3.1 million during the period, bolstered by a 30-basis point expansion in its net interest margin despite broader inflationary pressures.
Following these results, the Board of Directors approved a quarterly cash dividend of $0.10 per share, payable on August 20, 2026, to stockholders of record as of August 6, 2026. President and CEO John Fitzgerald attributed the steady performance to the bank’s resilient strategy, noting that Keefe Bruyette & Woods recently included the firm on their 2026 Honor Roll for consistent decade-long earnings growth. While the bank reported higher provisions for credit losses due to commercial real estate loan volume, total non-performing assets dropped significantly to $359,000, down from $2.6 million at the end of the previous fiscal year.
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