Magyar Bancorp announced strong financial results for the three and nine months ended June 30, 2025. Net income for the third quarter increased by 46% to $2.5 million, up from $1.7 million in the same period of 2024. For the first nine months of fiscal year 2025, net income rose 38.1% to $7.2 million, compared to $5.2 million in the prior year.
Basic and diluted earnings per share for the third quarter were $0.40, an increase from $0.27 in Q3 2024. The company's net interest margin expanded by 33 basis points to 3.35% for the quarter. Other income increased by 55.5% to $636 thousand, driven by higher income from bank-owned life insurance and service fee income.
The Board of Directors declared an increased quarterly cash dividend of $0.08 per share, up from $0.06, payable on August 21, 2025, to stockholders of record as of August 7, 2025. Total loans receivable increased by 8.2% to $845.4 million at June 30, 2025, from $781.2 million at September 30, 2024. However, total non-performing loans increased to $920 thousand from $232 thousand at September 30, 2024, raising the ratio of non-performing loans to total loans to 0.11%.
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