Magyar Bancorp Reports Record Annual Net Income and Increases Quarterly Dividend
Magyar Bancorp (NASDAQ: MGYR) has announced strong financial results for the fiscal year ended September 30, 2026, highlighted by a 29% increase in annual net income to $12.6 million. The company's quarterly performance also saw significant growth, with net income rising 31% to $3.3 million compared to the same period last year. This growth was primarily driven by higher net interest income and an expansion of the net interest margin. In response to these record earnings, the Board of Directors declared a quarterly cash dividend of $0.12 per share, marking the second dividend increase within this fiscal year. CEO John Fitzgerald attributed the success to strong loan and deposit growth alongside prudent balance sheet management, even amidst a volatile interest rate environment. The company remains optimistic about its positioning heading into 2027.
Tickers: $MGYR
Topics: Dividend Increase Earnings Per Share Financial Results Net Income Growth
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