Magyar Bancorp Raises Net Income 25% to $3.1 Million in Third Quarter of 2026
Key Facts
Magyar Bancorp, the parent company of Magyar Bank, reported net income of $3.1 million for the quarter ended June 30, 2026, up 25% from $2.5 million in the same period a year earlier, according to an earnings statement attached to the company’s filing with the U.S. Securities and Exchange Commission. Net income was $9.3 million for the nine months ended June 30, compared with $7.2 million in the same period of 2025. The results put the bank’s performance ahead of the end of its fiscal year on September 30, 2026. The bank reported annual net income of $9.8 million for the year ended September 30, 2025, compared with $7.8 million in the prior year. The latest available periodic filing did not include results for the fiscal year ended in September 2026.
Income growth in the first nine months of the fiscal year came alongside a widening in net interest margin to 3.63%, from 3.30% in the same period of 2025, an increase of 33 basis points. The margin measures the difference between the return an institution earns on its interest-earning assets and its funding costs, and its expansion reflects an improvement in that spread over the period. Chief Executive John Fitzgerald said net interest margin rose 20 basis points year over year in fiscal 2025. He added that 10% growth in the loan portfolio, alongside balance-sheet management, contributed to a 25% increase in annual net income that year. The 2026 figures show income continuing to rise through the period ended in June, while Fitzgerald’s explanation of the 2025 growth relates to the prior year.
The company’s total assets rose to $1.048 billion on June 30, 2026, from $997.7 million on September 30, 2025, an increase of 5.1%. The change reflects balance-sheet growth in the first nine months of the fiscal year. Annual net income in 2025 had risen to $9.8 million from $7.8 million in 2024. Basic earnings per share also rose to $1.57 and diluted earnings per share to $1.56 for the year ended September 30, 2025, compared with $1.23 for each in the prior year. This comparison puts fiscal 2025 results in the context of the profitability gains that preceded the quarter ended in June 2026.
In fiscal 2025, the board approved a quarterly cash dividend of $0.08 per share, payable to shareholders of record on November 13, 2025, and paid on November 25 of the same year. The documented facts here do not include details that would establish the amount or timing of a new dividend tied to 2026 results. The available information also does not establish that the 2025 dividend announcement coincided with the end of the fiscal year. In July 2026, Fitzgerald said the company had been included for the third consecutive year on KBW’s list of banks that recorded consistent earnings growth over the previous decade. He also cited a 40% rise in Magyar’s share price between September 30, 2024, and September 30, 2025, as reflecting the company’s market performance over that period.
Magyar Bancorp is the holding company for Magyar Bank, a New Jersey-chartered savings bank insured by the Federal Deposit Insurance Corporation, according to the company’s 2025 annual report filed with the U.S. Securities and Exchange Commission. The latest periodic report listed on the company’s filings page was a 10-Q filed on August 13, 2026, for the quarter ended June 30. No earnings statement for the fiscal year ended September 30, 2026, appeared on the page. The results for the nine months ended in June therefore remain the latest financial performance figures in the filings specified here. No documented details were available on when full-year results would be announced or on a new cash dividend.