Magyar Bancorp Q3 net income up 46%

Overview

• Magyar Bancorp Q3 net income rises 46% to $2.5 mln

• EPS for Q3 increases to $0.40

• Co raises quarterly dividend to $0.08 per share

Outlook

• Magyar Bancorp expects continued "solid" results into the final quarter of fiscal year

Result Drivers

• NET INTEREST INCOME - Increased due to higher net interest margin and larger average balance of interest-earning assets

• LOAN GROWTH - Solid loan growth in commercial real estate and residential mortgage loans contributed to higher net income

• OTHER INCOME - Rise in other income driven by higher income from bank-owned life insurance and service fees

Key Details

Press Release: ID:nPn5GDBSMa