Magyar Bancorp Files Q4 2024 10-Q

TL;DR

MGYR filed its 10-Q for 12/31/24. Check financials.

AI Summary

Magyar Bancorp, Inc. filed its quarterly report on Form 10-Q for the period ended December 31, 2024. The company, headquartered at 400 Somerset Street, New Brunswick, NJ, reported its financial status. Its common stock trades 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 position as of the end of the fourth quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information.

Key Players & Entities

• Magyar Bancorp, Inc. (company) — Registrant
• December 31, 2024 (date) — Quarterly period end date
• 400 Somerset Street, New Brunswick, NJ (location) — Principal Executive Office
• MGYR (company) — Trading symbol for Common Stock
• The NASDAQ Global Market (company) — Exchange where Common Stock is registered

FAQ

Filing Documents

• mgyr-20241231.htm (10-Q) — 1578KB
• 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
• 0001174947-25-000166.txt ( ) — 9457KB
• mgyr-20241231.xsd (EX-101.SCH) — 63KB
• mgyr-20241231_cal.xml (EX-101.CAL) — 67KB
• mgyr-20241231_def.xml (EX-101.DEF) — 300KB
• mgyr-20241231_lab.xml (EX-101.LAB) — 605KB
• mgyr-20241231_pre.xml (EX-101.PRE) — 325KB
• mgyr-20241231_htm.xml (XML) — 2130KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 27 Item 4.

Controls and Procedures

Controls and Procedures 27

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 28 Item 1A.

Risk Factors

Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 Item 3. Defaults Upon Senior Securities 28 Item 4. Mine Safety Disclosures 28 Item 5. Other Information 28 Item 6. Exhibits 29 Signature Pages 30

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) December 31, September 30, 2024 2024 (Unaudited) Assets Cash and due from banks $ 2,852 $ 1,577 Interest earning deposits with banks 55,680 24,019 Total cash and cash equivalents 58,532 25,596 Investment securities - available for sale, at fair value 17,346 15,616 Investment securities - held to maturity, at amortized cost (fair value of $ 71,812 and $ 72,617 at December 31, 2024 and September 30, 2024, respectively) 80,644 79,816 Federal Home Loan Bank of New York stock, at cost 2,433 2,349 Loans receivable 805,489 780,162 Allowance for credit losses-loans ( 7,860 ) ( 7,548 ) Bank owned life insurance 20,264 23,342 Accrued interest receivable 5,227 5,056 Premises and equipment, net 12,680 12,545 Other real estate owned ("OREO") 2,537 3,725 Other assets 11,116 11,259 Total assets $ 1,008,408 $ 951,918 Liabilities and Stockholders' Equity Liabilities Deposits $ 848,832 $ 796,674 Escrowed funds 5,021 4,310 Borrowings 30,424 28,568 Accrued interest payable 789 891 Accounts payable and other liabilities 11,666 10,927 Total liabilities 896,732 841,370 Stockholders' equity Preferred stock: $ .01 Par Value, 500,000 shares authorized; at December 31, 2024 and September 30, 2024, none issued — — Common stock: $ .01 Par Value, 14,000,000 shares authorized; 7,097,825 shares issued; 6,479,621 and 6,509,358 shares outstanding at December 31, 2024 and September 30, 2024, respectively, at cost 71 71 Additional paid-in capital 63,263 63,085 Treasury stock: 618,204 and 588,467 shares at December 31, 2024 and September 30, 2024, respectively, at cost ( 7,777 ) ( 7,364 ) Unearned Employee Stock Ownership Plan shares ( 2,946 ) ( 2,972 ) Retained earnings 60,160 58,644 Accumulated other comprehensive loss ( 1,095

Notes to Consolidated Financial Statements

Notes to Consolidated 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 three months ended December 31, 2024 are not necessarily indicative of the results that may be expected for the year ending September 30, 2025 or for any other period. The September 30, 2024 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 t

financial statements were issued

financial statements were issued. NOTE B - RECENT ACCOUNTING PRONOUNCEMENTS In connection with the preparation of quarterly and annual reports in accordance with the Securities Exchange Act of 1934, Securities and Exchange Commission ("SEC") Staff Accounting Bulletin Topic 11.M requires the disclosure of the impact that recently issued accounting standards will have on consolidated financial statements when they are adopted in the future. Accounting Standards Update ("ASU") 2023-07, " Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures " requires public entities to disclose detailed information about a reportable segment's expenses on both an annual and interim basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The amendments in ASU 2023-07 should be applied retrospectively to all periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is in the process of completing its analysis of ASU 2023-07 and expects to incorporate additional disclosures in the financial statements on adoption. NOTE C - CONTINGENCIES The Company, from time to time, is a party to routine litigation that arises in the normal course of business. In the opinion of management, the resolution of this litigation, if any, would not have a material adverse effect on the Company's consolidated financial position or results of operations as presented in this report. NOTE D - EARNINGS PER SHARE The following table presents a calculation of basic and diluted earnings per share for the three months ended December 31, 2024 and 2023. Basic and diluted earnings per share were calculated by dividing net income by the weighted-average number of shares outstanding for the

View Full Filing

View this 10-Q filing on SEC EDGAR