Magyar Bancorp's Q1 net income rises
Overview
U.S. community bank's fiscal Q1 net income rose 50% yr/yr to $3.1 mln
Net interest margin increased by 37 basis points to 3.59%
Company declared quarterly dividend of $0.10 per share
Outlook
Magyar Bancorp expects net interest margin trend to continue throughout the year
Result Drivers
NET INTEREST INCOME - Co reported higher net interest income due to increased interest-earning assets and improved net interest margin
RATE CUTS AND LOAN REPRICING - Federal Reserve rate cuts and repricing of commercial term loans increased net interest margin
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q1 Dividend |
| $0.10 |
|
Press Release: ID:nPn1v5czja
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