Magyar Bancorp announced robust financial results for the three and six months ended March 31, 2025. Net income for the second quarter increased by 41% to $2.7 million, up from $1.9 million in the same period of 2024. For the first six months of fiscal year 2025, net income rose 34.3% to $4.8 million, compared to $3.5 million in the prior year.
Basic and diluted earnings per share for the second quarter were $0.43, an increase from $0.30 in Q2 2024. The company's net interest margin expanded by 14 basis points to 3.31% for the quarter. Other income saw a significant 103.9% increase to $1.3 million, primarily driven by higher gains from the sale of Small Business Administration 7(a) loans, totaling $612 thousand.
Total assets grew by 7.3% to $1.02 billion at March 31, 2025, from $951.9 million at September 30, 2024. Asset quality showed notable improvement, with total non-performing loans decreasing by 65.1% to $81 thousand, reducing the ratio of non-performing loans to total loans to a low 0.01%. The Board of Directors declared a quarterly cash dividend of $0.06 per share, consistent with the previous quarter.
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