Magyar Bancorp, Inc. reported its second‑quarter 2026 results, posting net income of $3.0 million—an increase of 13% from $2.7 million in the same period a year earlier. The figure is slightly lower than the $3.1 million earned in Q1 2026, indicating a modest sequential slowdown while maintaining year‑over‑year growth.
Net interest margin expanded to 3.66% from 3.31% year‑ago, driven by a 35‑basis‑point rise in loan yields and a 17.2% increase in net interest income to $9.2 million. The margin lift reflects pricing power in the loan portfolio and effective cost management of interest‑bearing liabilities.
Deposits grew to $859 million, supported by a 22% jump in non‑interest‑bearing checking accounts. One source reported total deposits of $878.4 million at March 31, 2026, up from $814.3 million at September 30, 2025, underscoring strong retail deposit acquisition.
The balance sheet remained robust, with total assets of $1.068 billion and a Tier 1 capital ratio of 11.42%. The capital position provides a cushion for future growth and regulatory compliance.
The bank declared a quarterly cash dividend of $0.10 per share, payable on May 21, 2026 to shareholders of record as of May 7, 2026, continuing its commitment to returning value to investors.
Management highlighted the results, noting, “We are very pleased to continue to produce double‑digit growth in earnings, reporting a 13% increase in net income for the quarter ended March 31, 2026.” CEO John Fitzgerald added, “Our net interest margin expanded 35 basis points compared to the same period last year on the strength of strong loan growth with continued emphasis on strong credit underwriting.” He also said, “We expect this trend to continue, positioning Magyar to navigate the current market volatility and produce solid results during the second half of our fiscal year.”
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