Magyar Bancorp (NASDAQ:MGYR) released its earnings results for the three months and fiscal year ended September 30, 2026, reporting record annual net income and a dividend increase, according to a press release filed October 28, 2026.

Key Highlights

  • Record annual net income: Net income for the fiscal year ended September 30, 2026 rose 29% to $12.6 million, compared with $9.8 million for the prior fiscal year.
  • Fourth-quarter net income: Net income for the three months ended September 30, 2026 increased 31% to $3.3 million from $2.5 million in the same quarter of the prior year.
  • Full-year earnings per share: Basic and diluted EPS for fiscal year 2026 were $2.02 and $1.99, respectively, versus $1.57 and $1.56 for fiscal year 2025.
  • Net interest margin expansion: The Company's net interest margin increased 35 basis points to 3.69% for fiscal year 2026, compared with 3.34% for fiscal year 2025.
  • Dividend declared: The Board of Directors declared a quarterly cash dividend of $0.12 per share, payable November 24, 2026 to stockholders of record as of November 10, 2026.
  • Credit loss provisions rose: Provisions for credit loss totaled $946 thousand for the full fiscal year 2026, compared with $402 thousand for fiscal year 2025.
  • New branch opened: The Company relocated and opened a new Inman Avenue branch location in Edison, New Jersey in September 2026.

Magyar Bancorp Reports Fiscal Year 2026 Earnings and Dividend Increase

Magyar Bancorp, the parent company of Magyar Bank, reported what it characterized as "another year of record earnings" in its October 28, 2026 results announcement, according to the filing. For the fiscal year ended September 30, 2026, net income reached $12.6 million, a $2.8 million increase, or 28.7%, over the $9.8 million reported for fiscal year 2025. The filing attributed this increase primarily to higher net interest income, partially offset by higher provisions for credit loss, lower other income, higher other expenses, and higher income tax expense.

Net interest and dividend income for the full year increased $5.6 million, or 17.5%, to $37.5 million, compared with $31.9 million for fiscal year 2025, the filing disclosed. The average balance of interest-earning assets grew $61.6 million, or 6.5%, to $1.016 billion, while the yield on those assets increased 22 basis points to 5.95%. Interest expense for the year increased modestly by $193 thousand, or 0.8%, to $23.0 million, as the cost of interest-bearing liabilities fell 12 basis points to 2.93%, which the filing attributed to lower short-term market interest rates.

Non-interest income decreased $576 thousand, or 15.5%, to $3.1 million for fiscal year 2026, driven primarily by lower gains on asset sales. Non-interest expenses for the full year increased $600 thousand, or 2.8%, to $22.0 million, largely reflecting higher compensation and benefit expenses including annual merit increases, higher medical insurance costs, and higher incentive plan accruals. The Company's defined benefit pension plan termination resulted in a net settlement credit of $139 thousand, according to the filing. John Fitzgerald, President and Chief Executive Officer, stated that the $0.12 quarterly dividend represents "Magyar Bancorp's second increase in the dividend this fiscal year." The filing also noted that the forward-looking statements made by management are subject to the Company's own cautionary language.

What Was Disclosed

Magyar Bancorp disclosed fiscal year and fourth-quarter 2026 earnings results, including a 29% annual net income increase to $12.6 million, a 35-basis-point net interest margin expansion to 3.69%, and a quarterly dividend of $0.12 per share payable November 24, 2026.