Magyar Bancorp Declares $0.10 Quarterly Dividend, Reports 13% Earnings Growth
Magyar Bancorp, Inc. (NASDAQ: MGYR), the parent company of Magyar Bank, declared a quarterly cash dividend of $0.10 per share payable May 21. The New Brunswick-based bank also reported net income jumped 13% to $3.0 million for the quarter ended March 31, 2026.
Magyar Bancorp, Inc. (NASDAQ: MGYR), the parent company of Magyar Bank, declared a quarterly cash dividend of $0.10 per share on April 23, 2026. The dividend will be paid May 21 to shareholders of record as of May 7. Read more dividend announcements.
The New Brunswick, New Jersey-based bank announced the dividend alongside its second-quarter financial results, which showed net income of $3.0 million for the three months ended March 31, 2026, up 13% from $2.7 million in the year-earlier period.
| Dividend Details | Date |
|---|---|
| Amount per Share | $0.10 |
| Record Date | May 7, 2026 |
| Payment Date | May 21, 2026 |
| Declaration Date | April 23, 2026 |
Second Quarter Financial Performance
Basic and diluted earnings per share reached $0.49 and $0.48, respectively, for the three months ended March 31, 2026, compared with $0.43 per share in both categories for the same period in 2025.
For the six months ended March 31, 2026, net income increased 29% to $6.2 million from $4.8 million in the prior year. Basic earnings per share climbed to $0.99 from $0.77, while diluted earnings per share rose to $0.98 from $0.76.
Net interest and dividend income grew $1.4 million, or 17.2%, to $9.2 million for the quarter. The company's net interest margin expanded 35 basis points to 3.66% from 3.31% in the year-earlier quarter.
President and Chief Executive Officer John Fitzgerald attributed the earnings growth to strong loan growth coupled with rigorous credit underwriting. The margin expansion came on top of $56.6 million in balance sheet growth.