Magyar Bancorp Files 2024 Annual Report

TL;DR

MGYR filed its 2024 10-K. All good.

AI Summary

Magyar Bancorp, Inc. filed its annual report on Form 10-K for the fiscal year ended September 30, 2024. The company, headquartered at 400 Somerset Street, New Brunswick, New Jersey, is a federally chartered savings institution. Its common stock trades on The NASDAQ Stock Market LLC under the ticker symbol MGYR.

Why It Matters

This filing provides a comprehensive overview of Magyar Bancorp's financial performance and business operations for the past fiscal year, offering insights for investors and stakeholders.

Risk Assessment

Risk Level: low — This is a standard annual financial filing with no immediate red flags.

Key Numbers

• 0930 — Fiscal Year End (Indicates the end of the reporting period for the fiscal year.)
• 000-51726 — Commission File Number (Unique identifier for the company's filings with the SEC.)

Key Players & Entities

• Magyar Bancorp, Inc. (company) — Registrant
• September 30, 2024 (date) — Fiscal Year End
• 400 Somerset Street, New Brunswick, New Jersey (location) — Principal Executive Office
• MGYR (company) — Trading Symbol
• The NASDAQ Stock Market LLC (company) — Exchange

FAQ

Key Financial Figures

• $0.01 — ich Registered Common Stock, par value $0.01 per share MGYR The NASDAQ Stock Market
• $951.9 m — ancorp, Inc. had consolidated assets of $951.9 million, total deposits of $796.7 million
• $796.7 million — ts of $951.9 million, total deposits of $796.7 million and stockholders' equity of $110.5 mill
• $110.5 million — 6.7 million and stockholders' equity of $110.5 million. Magyar Bancorp, Inc. has not engaged i
• $246.2 m — ld in portfolio. At September 30, 2024, $246.2 million, or 31.5% of our total loan portf
• $144.0 million — he loan. At September 30, 2024, we had $144.0 million of fixed-rate residential mortgage loan
• $9.9 million — ixed-rate residential mortgage loan was $9.9 million. The loan was performing in accordance
• $102.2 m — rate residential mortgage loans totaled $102.2 million, or 41.5% of our total residentia
• $2.2 million — -rate residential mortgage loan was for $2.2 million. The loan was performing in accordance
• $461.3 m — ary market area. At September 30, 2024, $461.3 million, or 59.1%, of our total loan port
• $22.7 m — our construction and land loans totaled $22.7 million, or 2.9% of total loans. Constru
• $24.7 m — September 30, 2024, these loans totaled $24.7 million, or 3.2% of our total loan portfo
• $2.1 m — , stock-secured and other loans totaled $2.1 million, or 0.3% of our total net loan po
• $24.0 m — , our commercial business loans totaled $24.0 million, or 3.1% of total loans. The max
• $150,000 — principal balance (85% for loans under $150,000). These loans are made for the purposes

Filing Documents

• mgyr-20240930.htm (10-K) — 2258KB
• ex19.htm (EX-19) — 32KB
• ex23-1.htm (EX-23.1) — 3KB
• ex31-1.htm (EX-31.1) — 10KB
• ex31-2.htm (EX-31.2) — 10KB
• ex32-1.htm (EX-32.1) — 7KB
• ex97.htm (EX-97) — 26KB
• 0001174947-24-001365.txt ( ) — 13065KB
• mgyr-20240930.xsd (EX-101.SCH) — 105KB
• mgyr-20240930_cal.xml (EX-101.CAL) — 91KB
• mgyr-20240930_def.xml (EX-101.DEF) — 496KB
• mgyr-20240930_lab.xml (EX-101.LAB) — 941KB
• mgyr-20240930_pre.xml (EX-101.PRE) — 512KB
• mgyr-20240930_htm.xml (XML) — 2498KB

Business

Business 2 ITEM 1A.

Risk Factors

Risk Factors 18 ITEM 1B. Unresolved Staff Comments 18 ITEM 1C. Cybersecurity 18 ITEM 2.

Properties

Properties 19 ITEM 3.

Legal Proceedings

Legal Proceedings 19 ITEM 4. Mine Safety Disclosures 19 PART II ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 20 ITEM 6. [Reserved] 21 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 ITEM 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 31 ITEM 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 74 ITEM 9A.

Controls and Procedures

Controls and Procedures 74 ITEM 9B. Other Information 74 ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 74 PART III ITEM 10. Directors, Executive Officers, and Corporate Governance 75 ITEM 11.

Executive Compensation

Executive Compensation 75 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 75 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 75 ITEM 14. Principal Accountant Fees and Services 75 PART IV ITEM 15. Exhibits and Financial Statement Schedules 76 ITEM 16. Form 10-K Summary 77

SIGNATURES

SIGNATURES 78 1 PART I

Forward Looking Statements

Forward Looking Statements We have included or incorporated by reference in this Annual Report on Form 10-K, and from time to time our management may make, statements that may constitute "forward-looking inherently uncertain and outside our control. These statements include statements other than historical information or statements of current condition and may relate to our future plans and objectives and results, as well as statements about the objective and effectiveness of our risk management and liquidity policies, statements about trends in or growth opportunities for our business, statements about our future status, and activities or reporting under U.S. banking and financial regulation. Forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. By identifying these statements for you in this manner, we are alerting you to the possibility that our actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking on Form 10-K. General Magyar Bancorp, Inc. (the "Company") is a Delaware-chartered corporation which owns 100% of the outstanding shares of common stock of Magyar Bank. At September 30, 2024, Magyar Ba

Business

Business Other Total (In thousands) One year or less $ 1,895 $ 25,196 $ 21,072 $ 2,619 $ 13,608 $ 4 $ 64,394 After one year through five years 2,307 52,820 458 763 1,914 58 58,320 After five years through fifteen years 37,162 91,846 148 4,292 4,739 20 138,207 After fifteen years 204,837 291,457 1,044 17,054 3,750 2,153 520,295 Total $ 246,201 $ 461,319 $ 22,722 $ 24,728 $ 24,011 $ 2,235 $ 781,216 The following table sets forth the scheduled repayments of fixed- and adjustable-rate loans at September 30, 2024 that are contractually due after September 30, 2025. Due After September 30, 2025 Fixed Adjustable Total (In thousands) One-to-four-family residential $ 142,900 $ 101,406 $ 244,306 Commercial real estate 55,131 380,992 436,123 Construction and land 104 1,546 1,650 Home equity loans and lines of credit 5,474 16,635 22,109 Commercial business 4,302 6,101 10,403 Other 63 2,168 2,231 Total $ 207,974 $ 508,848 $ 716,822 One-to Four-Family Residential Loans. We originate residential mortgage loans, most of which are secured by properties located in our primary market area and most of which we hold in portfolio. At September 30, 2024, $246.2 million, or 31.5% of our total loan portfolio, consisted of residential mortgage loans. Generally, residential mortgage loans are originated in amounts up to 80% of the lesser of the appraised value or purchase price of the property, with private mortgage insurance required on loans with a loan-to-value ratio in excess of 80%. Generally, all residential mortgage loans are underwritten according to Federal Home Loan Mortgage Corporation ("Freddie Mac") guidelines, policies and procedures. Historically, we have not originated a significant number of loans for the purpose of reselling them in the secondary market. We also originate home equity loans secured by residences located in our market area. The underwriting standards we use for hom

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View this 10-K filing on SEC EDGAR