Magyar Bancorp Files Q2 2024 10-Q Report

TL;DR

MGYR filed its 10-Q for Q2 2024. All good.

AI Summary

Magyar Bancorp, Inc. filed its 10-Q report for the quarterly period ended June 30, 2024. The company, headquartered in New Brunswick, NJ, reported its financial status and operations. Magyar Bancorp's common stock is traded on The NASDAQ Global Market under the symbol MGYR.

Why It Matters

This filing provides investors with an update on Magyar Bancorp's financial performance and operational status for the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks indicated.

Key Players & Entities

• Magyar Bancorp, Inc. (company) — Registrant
• June 30, 2024 (date) — Quarterly period end date
• New Brunswick, New Jersey (location) — Principal executive office location
• MGYR (company) — Trading symbol for Common Stock
• The NASDAQ Global Market (company) — Exchange where Common Stock is registered

FAQ

Filing Documents

• mgyr-20240630.htm (10-Q) — 1880KB
• ex31-1.htm (EX-31.1) — 10KB
• ex31-2.htm (EX-31.2) — 10KB
• ex32-1.htm (EX-32.1) — 4KB
• ex32-2.htm (EX-32.2) — 5KB
• 0001174947-24-001002.txt ( ) — 10734KB
• mgyr-20240630.xsd (EX-101.SCH) — 94KB
• mgyr-20240630_cal.xml (EX-101.CAL) — 58KB
• mgyr-20240630_def.xml (EX-101.DEF) — 395KB
• mgyr-20240630_lab.xml (EX-101.LAB) — 738KB
• mgyr-20240630_pre.xml (EX-101.PRE) — 395KB
• mgyr-20240630_htm.xml (XML) — 2224KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Page Number Item 1. Consolidated Financial Statements 1 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 4.

Controls and Procedures

Controls and Procedures 36

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 37 Item 6. Exhibits 38 Signature Pages 39

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Consolidated Financial Statements

Item 1. Consolidated Financial Statements MAGYAR BANCORP, INC. AND SUBSIDIARY Consolidated Balance Sheets (In Thousands, Except Share and Per Share Data) June 30, September 30, 2024 2023 (Unaudited) Assets Cash and due from banks $ 3,271 $ 3,179 Interest earning deposits with banks 45,776 69,353 Total cash and cash equivalents 49,047 72,532 Investment securities - available for sale, at fair value 15,584 10,125 Investment securities - held to maturity, at amortized cost (fair value of $ 69,500 and $ 73,728 at June 30, 2024 and September 30, 2023, respectively) 78,917 85,835 Federal Home Loan Bank of New York stock, at cost 2,349 2,286 Loans receivable 759,409 697,400 Allowance for credit losses-loans ( 7,744 ) ( 8,330 ) Bank owned life insurance 18,258 18,030 Accrued interest receivable 4,815 4,337 Premises and equipment, net 12,354 13,339 Other real estate owned ("OREO") 842 328 Other assets 10,523 11,410 Total assets $ 944,354 $ 907,292 Liabilities and Stockholders' Equity Liabilities Deposits $ 789,193 $ 755,453 Escrowed funds 4,985 3,494 Borrowings 28,568 29,515 Accrued interest payable 845 443 Accounts payable and other liabilities 11,724 13,597 Total liabilities 835,315 802,502 Stockholders' equity Preferred stock: $ .01 Par Value, 500,000 shares authorized; at June 30, 2024 and September 30, 2023, none issued — — Common stock: $.01 Par Value, 14,000,000 shares authorized; 7,097,825 shares issued; 6,588,556 and 6,674,184 shares outstanding at June 30, 2024 and September 30, 2023, respectively, at cost 71 71 Additional paid-in capital 63,303 62,801 Treasury stock: 509,269 and 423,641 shares at June 30, 2024 and September 30, 2023, respectively, at cost ( 6,315 ) ( 5,362 ) Unearned Employee Stock Ownership Plan shares ( 2,997 ) ( 3,097 ) Retained earnings 56,399 52,166 Accumulated other comprehensive loss ( 1,422 ) ( 1,789 ) Total stockh

Financial Statements

Financial Statements (Unaudited) NOTE A – BASIS OF PRESENTATION The consolidated financial statements include the accounts of Magyar Bancorp, Inc. (the "Company"), its wholly owned subsidiary, Magyar Bank (the "Bank"), and the Bank's wholly owned subsidiaries Magyar Service Corporation, Hungaria Urban Renewal, LLC, and Magyar Investment Company. All material intercompany transactions and balances have been eliminated. The Company prepares its consolidated financial statements on the accrual basis and in conformity with accounting principles generally accepted in the United States of America ("US GAAP"). The unaudited information furnished herein reflects all adjustments (consisting of normal recurring accruals) that are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Operating results for the nine months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending September 30, 2024. The September 30, 2023 information has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by US GAAP for complete consolidated financial statements. The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses, the valuation of available-for-sale investment securities, the valuation of other real estate owned ("OREO"), and the assessment of realizability of deferred income t

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View this 10-Q filing on SEC EDGAR