10q10k10q10k.net

What changed in Magyar Bancorp, Inc.'s 10-K — 2024 vs 2025

vs

Paragraph-level year-over-year comparison of Magyar Bancorp, Inc.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+203 added−200 removedSource: 10-K (2025-12-19) vs 10-K (2024-12-19)

Top changes in Magyar Bancorp, Inc.'s 2025 10-K

203 paragraphs added · 200 removed · 169 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

90 edited+9 added−9 removed128 unchanged
Biggest changeAt of For the Year Ended September 30, 2024 At of For the Year Ended September 30, 2023 % of Net Charge- % of Net Charge- Loans Net off to Average Loans Net off to Average to Total Charge-off Loans to Total Charge-off Loans Amount Loans (Recovery) Outstanding Amount Loans (Recovery) Outstanding (Dollars in thousands) One-to four-family residential $ 755 31.5% $ (1 ) —% $ 1,259 34.1% $ (3 ) -% Commercial real estate 5,334 59.1% — —% 5,277 55.8% — -% Construction and land 624 2.9% (65 ) -0.3% 472 3.1% — -% Home equity loans and lines of credit 30 3.2% — —% 207 2.4% (1 ) -% Commercial business 805 3.1% (2 ) -0.01% 939 4.3% 488 1.5% Other — 0.3% — —% 2 0.3% — -% Unallocated — —% — —% 174 —% — -% Total allowance for credit losses $ 7,548 100.0% $ (68 ) 0.0% $ 8,330 100.0% $ 484 0.1% Investments Our Board of Directors has adopted our Investment Policy.
Biggest changeSeptember 30, 2025 September 30, 2024 Net Charge-off Net Charge-off % of (Recovery) % of (Recovery) Loans Net to Average Loans Net to Average to Total Charge-off Loans to Total Charge-off Loans Amount Loans (Recovery) Outstanding Amount Loans (Recovery) Outstanding (Dollars in thousands) One-to four-family residential $ 838 28.2 % $ (34 ) -0.01 % $ 755 31.5 % $ (1 ) - % Commercial real estate 5,975 62.1 % - - % 5,334 59.1 % - - % Construction and land 754 3.4 % - - % 624 2.9 % (65 ) -0.3 % Home equity loans and lines of credit 40 3.7 % - - % 30 3.2 % - - % Commercial business 742 2.3 % (115 ) -0.5 % 805 3.1 % (2 ) 0.0 % Other 2 0.2 % - - % - 0.3 % - - % Unallocated (1 ) - % - - % - - % - - % Total allowance for credit losses 8,350 100.0 % (149 ) 0.0 % $ 7,548 100.0 % $ (68 ) 0.0 % Investments Our Board of Directors has adopted our Investment Policy, which determines the types of securities in which we may invest.
Magyar Bancorp, Inc., as a bank holding company controlling Magyar Bank, is subject to the Bank Holding Company Act of 1956, as amended (“BHCA”), the rules and regulations of the Federal Reserve Bank (the “FRB”) under the BHCA the provisions of the New Jersey Banking Act of 1948 (the “New Jersey Banking Act”), and to the regulations of the Commissioner under the New Jersey Banking Act applicable to bank holding companies.
Magyar Bancorp, Inc., as a bank holding company controlling Magyar Bank, is subject to the Bank Holding Company Act of 1956, as amended (“BHCA”), the rules and regulations of the Federal Reserve Bank (the “FRB”) under the BHCA the provisions of the New Jersey Banking Act of 1948 (the “New Jersey Banking Act”), and the regulations of the Commissioner under the New Jersey Banking Act applicable to bank holding companies.
An institution is deemed to be “significantly undercapitalized” if it has a total risk-based capital ratio of less than 6.0%, a Tier 1 risk-based capital ratio of less than 4.0%, a leverage ratio of less than 3.0% or a common equity Tier 1 ratio of less than 3.0%.
An institution is deemed to be “significantly undercapitalized” if it has a total risk-based capital ratio of less than 6.0%, a Tier 1 risk-based capital ratio of less than 4.0%, a leverage ratio of less than 3.0% or a common equity Tier 1 capital ratio of less than 3.0%.
See “Federal Banking Regulation—Prompt Corrective Action.” If the undercapitalized bank fails to file an acceptable capital restoration plan or fails to implement an accepted plan, the FRB may prohibit the bank holding company parent of the undercapitalized bank from paying any dividend or making any other form of capital distribution without the prior approval of the FRB.
See “Federal Banking Regulation—Prompt Corrective Action.” If an undercapitalized bank fails to file an acceptable capital restoration plan or fails to implement an accepted plan, the FRB may prohibit the bank holding company parent of the undercapitalized bank from paying any dividend or making any other form of capital distribution without the prior approval of the FRB.
In connection with the mutual-to-stock conversion of Magyar Bancorp, MHC, “eligible account holders” and “supplemental eligible account holders” received an interest in liquidation accounts maintained by the Company and the Bank in an aggregate amount equal to (a) Magyar Bancorp, MHC’s ownership interest in the Company’s total stockholders’ equity as of the date of the latest Statement of Balance Sheet included in the offering prospectus for the conversion, plus (b) the value of the net assets of Magyar Bancorp, MHC as of the date of the latest Statement of Balance Sheet of Magyar Bancorp, MHC before the consummation of the conversion (excluding its ownership of the Company).
In connection with the mutual-to-stock conversion of Magyar Bancorp, MHC, “eligible account holders” and “supplemental eligible account holders” received an interest in liquidation accounts maintained by the Company and Magyar Bank in an aggregate amount equal to (a) Magyar Bancorp, MHC’s ownership interest in the Company’s total stockholders’ equity as of the date of the latest Statement of Balance Sheet included in the offering prospectus for the conversion plus; (b) the value of the net assets of Magyar Bancorp, MHC as of the date of the latest Statement of Balance Sheet of Magyar Bancorp, MHC before the consummation of the conversion (excluding its ownership of the Company).
A summary report of all loans 30 days or more past due is provided to the Board of Directors on a monthly basis. If no repayment plan is in process, the file is referred to counsel for the commencement of foreclosure and/or other collection efforts. 6 Non-Performing Assets. Non-accrual loans are loans on which the accrual of interest has ceased.
A summary report of all loans 30 days or more past due is provided to the Board of Directors on a monthly basis. If no repayment plan is in process, the file is referred to counsel for the commencement of foreclosure and/or other collection efforts. Non-Performing Assets. Non-accrual loans are loans on which the accrual of interest has ceased.
Commercial real estate loans are generally secured by five-or-more-unit apartment buildings, industrial properties and properties used for business purposes such as small office buildings, warehouses and retail facilities. We generally originate adjustable-rate commercial real estate loans with a maximum term of 25 years with 4 adjustable-rate periods every five years.
Commercial real estate loans are generally secured by five-or-more-unit apartment buildings, industrial properties and properties used for business purposes such as small office buildings, warehouses and retail facilities. We generally originate adjustable-rate commercial real estate loans with a maximum term of 25 years with adjustable-rate periods every five years.
Service providers are required under the rule to notify affected banking organization customers as soon as possible when the 15 provider determines that it has experienced a computer-security incident that has materially affected or is reasonably likely to materially affect the banking organization’s customers for four or more hours. Consumer Protection .
Service providers are required under the rule to notify affected banking organization customers as soon as possible when the provider determines that it has experienced a computer-security incident that has materially affected or is reasonably likely to materially affect the banking organization’s customers for four or more hours. Consumer Protection .
Undercapitalized institutions are subject to a variety of mandatory supervisory measures including the requirement to file a capital plan for the FDIC’s approval and dividend restrictions as well as other discretionary actions by the regulator. Federal Home Loan Bank System.
Undercapitalized institutions are subject to a variety of mandatory supervisory measures including the requirement to file a capital plan for the FDIC’s approval and dividend restrictions as well as other discretionary actions by the regulator. 14 Federal Home Loan Bank System.
While general investment strategies are developed by the Asset and Liability Committee, the execution of specific actions rests primarily with our President and our Chief Financial Officer. They are responsible for ensuring the guidelines and requirements included in the Investment Policy are followed.
While general investment strategies are developed by the Board Asset and Liability Committee, the execution of specific actions rests primarily with our President and our Chief Financial Officer. They are responsible for ensuring the guidelines and requirements included in the Investment Policy are followed.
A savings bank may lend an additional 10% of the bank’s capital funds if secured 12 by collateral meeting the requirements of the New Jersey Banking Act. Magyar Bank currently complies with applicable loans-to-one-borrower limitations. Dividends.
A savings bank may lend an additional 10% of the bank’s capital funds if secured by collateral meeting the requirements of the New Jersey Banking Act. Magyar Bank currently complies with applicable loans-to-one-borrower limitations. Dividends.
Insurance of deposits may be terminated by the FDIC upon a finding that an institution has engaged in unsafe or unsound practices, is in an unsafe or unsound condition to continue operations or has violated any applicable law, regulation, rule, order or condition imposed by the FDIC.
Insurance of deposits may be terminated by the FDIC upon a finding that an institution has engaged in unsafe or unsound practices, is in an unsafe or unsound condition to continue operations or has violated any applicable law, regulation, order or condition imposed by the FDIC.
Specifically, the new rules require a banking organization to notify its primary federal regulator as soon as possible, and no later than 36 hours after, the banking organization determines that a “computer-security incident” rising to the level of a “notification incident” has occurred.
Specifically, the rules require a banking organization to notify its primary federal regulator as soon as possible, and no later than 36 hours after, the banking organization determines that a “computer-security incident” rising to the level of a “notification incident” has occurred.
Accordingly, the nature of these loans makes them more difficult for management to monitor and evaluate. Construction and Land Loans. We also originate construction and land acquisition loans for the development of one-to four-family homes, apartment buildings and commercial properties.
Accordingly, the nature of these loans makes them more difficult for management to monitor and evaluate. 5 Construction and Land Loans. We also originate construction and land acquisition loans for the development of one-to four-family homes, apartment buildings and commercial properties.
Under the prompt corrective action provisions of the Dodd-Frank Act, a bank holding company parent of an undercapitalized subsidiary bank would be directed to guarantee, within limitations, the capital restoration plan that is required of such an undercapitalized bank.
Under the prompt corrective action provisions of the Dodd-Frank Act, a bank holding company parent of an undercapitalized subsidiary bank would be directed to guarantee, within limitations, the capital restoration plan that is required of an undercapitalized bank.
The Commissioner also has authority to appoint a conservator or receiver for a savings bank under certain circumstances such as insolvency or unsafe or unsound condition to transact business. Federal Banking Regulation Capital Requirements.
The Commissioner also has authority to appoint a conservator or receiver for a savings bank under certain circumstances such as insolvency or unsafe or unsound condition to transact business. 13 Federal Banking Regulation Capital Requirements.
Under the New Jersey Banking Act, a company owning or controlling a savings bank is regulated as a bank holding company. The New Jersey Banking Act defines the terms “company” and “bank holding company” as such terms are defined under the BHCA.
New Jersey Regulation. Under the New Jersey Banking Act, a company owning or controlling a savings bank is regulated as a bank holding company. The New Jersey Banking Act defines the terms “company” and “bank holding company” as such terms are defined under the BHCA.
Magyar Bank is currently in compliance with these requirements. Prohibitions Against Tying Arrangements. Banks are subject to the prohibitions of 12 U.S.C. Section 1972 on certain tying arrangements.
Magyar Bank is currently in compliance with these requirements. Prohibitions Against Tying Arrangements. Banks are subject to the prohibitions of 12 U.S.C. § 1972 on certain tying arrangements.
The New Jersey Banking Act also provides that 16 a savings bank that is in compliance with federal law is deemed to be in compliance with such provisions of the New Jersey Banking Act.
The New Jersey Banking Act also provides that a savings bank that is in compliance with federal law is deemed to be in compliance with such provisions of the New Jersey Banking Act.
The Company and the Bank hold the liquidation accounts for the benefit of eligible account holders and supplemental eligible account holders who continue to maintain deposits in the Bank after the conversion.
The Company and Magyar Bank hold the liquidation accounts for the benefit of eligible account holders and supplemental eligible account holders who continue to maintain deposits in Magyar Bank after the conversion.
These summaries do not purport to be complete and are qualified in their entirety by reference to such laws and regulations. New Jersey Banking Regulation Activity Powers. Magyar Bank derives its lending, investment and other activity powers primarily from the applicable provisions of the New Jersey Banking Act and its related regulations. Loans-to-One-Borrower Limitations.
These summaries do not purport to be complete and are qualified in their entirety by reference to such laws and regulations. New Jersey Banking Regulation Activity Powers. Magyar Bank derives its lending, investment and other activity powers primarily from the applicable provisions of the New Jersey Banking Act and its implementing regulations. Loans-to-One-Borrower Limitations.
The federal banking agencies have adopted rules providing for new notification requirements for banking organizations and their service providers for significant cybersecurity incidents.
The federal banking agencies have adopted rules providing for notification requirements for banking organizations and their service providers for significant cybersecurity incidents.
Magyar Bank, as a member of the FHLBNY, is required to purchase and hold shares of capital stock in the FHLBNY in specified amounts. As of September 30, 2024, Magyar Bank was in compliance with these requirements. Enforcement. The FDIC has extensive enforcement authority over insured savings banks, including Magyar Bank.
Magyar Bank, as a member of the FHLBNY, is required to purchase and hold shares of capital stock in the FHLBNY in specified amounts. As of September 30, 2025, Magyar Bank was in compliance with these requirements. Enforcement. The FDIC has extensive enforcement authority over insured savings banks, including Magyar Bank.
Bank holding companies are subject to examination, regulation and periodic reporting under the BHCA, as administered by the FRB. Bank holding companies are generally subject to consolidated capital requirements established by the FRB. Bank holding companies under $3.0 billion in consolidated assets remain exempt from consolidated regulatory capital requirements, unless the FRB determines otherwise in particular cases.
Bank holding companies are subject to examination, regulation and periodic reporting under the BHCA, as administered by the FRB. Bank holding companies are generally subject to consolidated capital requirements established by the FRB, but those under $3.0 billion in consolidated assets remain exempt from consolidated regulatory capital requirements, unless the FRB determines otherwise in particular cases.
In addition, Magyar Bank and Magyar Bancorp are subject to other federal and state laws designed to protect consumers and prohibit unfair, deceptive or abusive business practices, including the Home Ownership Protection Act, Fair Credit Reporting Act, as amended by the Fair and Accurate Credit Transactions Act of 2003, the Gramm-Leach Bliley Act, the Truth in Lending Act, the Home Mortgage Disclosure Act, the Real Estate Settlement Procedures Act, the National Flood Insurance Act and various state law counterparts.
In addition, Magyar Bank is subject to other federal and state laws designed to protect consumers and prohibit unfair, deceptive or abusive business practices, including the Home Ownership Protection Act, Fair Credit Reporting Act, as amended by the Fair and Accurate Credit Transactions Act of 2003, the Gramm-Leach Bliley Act, the Truth in Lending Act, the Home Mortgage Disclosure Act, the Real Estate Settlement Procedures Act, the National Flood Insurance Act and various state law counterparts.
Adverse changes in economic and business conditions in the Bank’s markets could adversely affect the Bank’s borrowers, their ability to repay their loans and to borrow additional funds, and consequently the Bank’s financial condition and performance. The majority of the Bank’s loans are secured by real estate located in New Jersey.
Adverse changes in economic and business conditions in the Bank’s markets could adversely affect the Bank’s borrowers, their ability to repay their loans and to borrow additional funds, and consequently the Bank’s financial condition and performance. Most of the Bank’s loans are secured by real estate located in New Jersey.
The following table summarizes the scheduled repayments of our loan portfolio at September 30, 2024. Demand loans, loans having no stated repayment schedule or maturity, and overdraft loans are reported as being due in one year or less.
The following table summarizes the scheduled repayments of our loan portfolio at September 30, 2025. Demand loans, loans having no stated repayment schedule or maturity, and overdraft loans are reported as being due in one year or less.
If the estimate of construction cost is inaccurate, we may be required to advance funds beyond the amount originally committed in order to protect the value of the property. Additionally, if our estimate of the value of the completed property is inaccurate, our construction and land loan may exceed the value of the collateral.
If the estimate of construction cost is inaccurate, we may be required to advance funds beyond the amount originally committed to protect the value of the property. Additionally, if our estimate of the value of the completed property is inaccurate, our construction and land loan may exceed the value of the collateral.
An institution is considered to be “critically undercapitalized” if it has a ratio of tangible equity (as defined in the regulations) to total assets that is equal to or less than 2.0%.
An institution is deemed to be “critically undercapitalized” if it has a ratio of tangible equity (as defined in the regulations) to total assets that is equal to or less than 2.0%.
Accordingly, if we engage in a merger or other acquisition, our controls designed to combat money laundering would be considered as part of the application process. We have established policies, procedures and systems designed to comply with the BSA, USA PATRIOT Act, and regulations implemented thereunder. Cyber Security .
Accordingly, if we engage in a merger or other acquisition, our controls designed to combat money laundering would be considered as part of the application process. We have established policies, procedures and systems designed to comply with the BSA, USA PATRIOT Act, and regulations implemented thereunder. Cybersecurity .
Generally, residential mortgage loans are originated in amounts up to 80% of the lesser of the appraised value or purchase price of the property, with private mortgage insurance required on loans with a loan-to-value ratio in excess of 80%. Generally, all residential mortgage loans are underwritten according to Federal Home Loan Mortgage Corporation (“Freddie Mac”) guidelines, policies and procedures.
Generally, residential mortgage loans are originated in amounts up to 80% of the lesser of the appraised value or purchase price of the property, with private mortgage insurance required on loans with a loan-to-value ratio more than 80%. Generally, all residential mortgage loans are underwritten according to Federal Home Loan Mortgage Corporation (“Freddie Mac”) guidelines, policies and procedures.
The analysis must consider the effect of an investment or sale on our risk-based capital and prospects for yield and appreciation. Portfolio Maturities and Yields. The maturities and weighted average yields of the investment debt securities portfolio and the mortgage-backed securities portfolio at September 30, 2024 are summarized in the following table.
The analysis must consider the effect of an investment or sale on our risk-based capital and prospects for yield and appreciation. Portfolio Maturities and Yields. The maturities and weighted average yields of the investment debt securities portfolio and the mortgage-backed securities portfolio at September 30, 2025 and 2024 are summarized in the following tables.
Magyar Bank is a New Jersey-chartered savings bank headquartered in New Brunswick, New Jersey that was originally founded in 1922. We conduct business from our main office located at 400 Somerset Street, New Brunswick, New Jersey, and our eight branch offices located in New Brunswick, North Brunswick, South Brunswick, Branchburg, Bridgewater, Edison and Martinsville, New Jersey.
Magyar Bank is a New Jersey-chartered savings bank headquartered in New Brunswick, New Jersey that was originally founded in 1922. We conduct business from our main office located at 400 Somerset Street, New Brunswick, New Jersey, and our seven branch offices located in New Brunswick, North Brunswick, South Brunswick, Branchburg, Edison and Martinsville, New Jersey.
Magyar Bank and Magyar Bancorp are subject to federal and state fair lending laws. The Equal Credit Opportunity Act and the Fair Housing Act prohibit lenders from discriminating in their lending practices on the basis of characteristics specified in those statutes.
Magyar Bank is subject to federal and state fair lending laws. The federal Equal Credit Opportunity Act and the Fair Housing Act prohibit lenders from discriminating in their lending practices on the basis of characteristics specified in those statutes.
The median household income in Middlesex and Somerset Counties ranks among the highest in the nation. Most of the Bank’s customers are individuals and small to medium-sized businesses which are dependent upon the regional economy.
The median household income in Middlesex and Somerset Counties ranks among the highest in the nation. 3 Most of our customers are individuals and small to medium-sized businesses which are dependent upon the regional economy.
An institution is “adequately capitalized” if it has a total risk-based capital ratio of 8.0% or greater, a Tier 1 risk-based capital ratio of 6.0% or greater, a leverage ratio of 4.0% or greater and a common equity Tier 1 ratio of 4.5% or greater.
An institution is deemed to be “adequately capitalized” if it has a total risk-based capital ratio of 8.0% or greater, a Tier 1 risk-based capital ratio of 6.0% or greater, a leverage ratio of 4.0% or greater and a common equity Tier 1 capital ratio of 4.5% or greater.
An institution is “undercapitalized” if it has a total risk-based capital ratio of less than 8.0%, a Tier 1 risk-based capital ratio of less than 6.0%, a leverage ratio of less than 4.0% or a common equity Tier 1 ratio of less than 4.5%.
An institution is deemed to be “undercapitalized” if it has a total risk-based capital ratio of less than 8.0%, a Tier 1 risk-based capital ratio of less than 6.0%, a leverage ratio of less than 4.0% or a common equity Tier 1 capital ratio of less than 4.5%.
Included in commercial business loans are Small Business Administration (“SBA”) 7(a) loans, on which the SBA provides guarantees of up to 75% of the principal balance (85% for loans under $150,000).
Included in commercial business loans are SBA 7(a) loans, on which the SBA provides guarantees of up to 75% of the principal balance (85% for loans under $150,000).
The loan amount is not to exceed 70% of the value of the stock securing the loan at any time. At September 30, 2024, stock-secured and other loans totaled $2.1 million, or 0.3% of our total net loan portfolio. Commercial Business Loans.
The loan amount is not to exceed 70% of the value of the stock securing the loan at any time. At September 30, 2025, stock-secured and other loans totaled $1.6 million, or 0.2% of our total net loan portfolio. Commercial Business Loans.
We try to minimize these risks through our underwriting standards. Loans to One Borrower and Concentration of Loans. The maximum amount of loans to one borrower is limited by our Board-established loans-to-one-borrower limit, which is currently 15% of Magyar Bank’s capital, or $17.2 million.
We try to minimize these risks through our underwriting standards. Loans to One Borrower and Concentration of Loans. The maximum amount of loans to one borrower is limited by our Board-established loans-to-one-borrower limit, which is currently 15% of Magyar Bank’s capital, or $18.6 million.
The liquidation accounts are intended to preserve for eligible account holders and supplemental eligible account holders who continue to maintain their deposit accounts with the Bank a liquidation interest in the residual net worth, if any, of the Bank (after the payment of all creditors, including depositors to the full extent of their deposit accounts) in the event of a liquidation of (a) the Company and the Bank or (b) the Bank . 17 New Jersey Regulation.
The liquidation accounts are intended to preserve for eligible account holders and supplemental eligible account holders who continue to maintain their deposit accounts with Magyar Bank a liquidation interest in the residual net worth, if any, of Magyar Bank (after the payment of all creditors, including depositors to the full extent of their deposit accounts) in the event of a liquidation of (a) the Company and Magyar Bank or (b) Magyar Bank.
Under the limited exception, qualified banks are able to exempt from treatment as “brokered” deposits up to $5 billion or 20% of the institution’s total liabilities in reciprocal deposits. 14 Transactions with Affiliates of Magyar Bank.
Under the limited exception, qualified banks can exempt from treatment as “brokered” deposits up to $5 billion or 20% of the institution’s total liabilities in reciprocal deposits. Transactions with Affiliates of Magyar Bank.
They are authorized to execute transactions that fall within the scope of the established Investment Policy up to $5.0 million per transaction individually or $10.0 million per transaction jointly. Investment transactions in excess of $10.0 million must be approved by the Asset and Liability Committee.
They are authorized to execute transactions that fall within the scope of the established Investment Policy up to $5.0 million per transaction individually or $10.0 million per transaction jointly. Investment transactions more than $10.0 million must be approved by the Board Asset and Liability Committee.
These laws and regulations mandate certain disclosure requirements and regulate the manner in which financial institutions must interact with clients when taking deposits, making loans, collecting and servicing loans and providing other services.
These laws and regulations mandate certain disclosure requirements and regulate the way financial institutions must interact with clients when taking deposits, making loans, collecting and servicing loans and providing other services.
We received an “Outstanding” CRA rating in our most recently completed federal examination, which was conducted by the FDIC in 2022. The Bank Secrecy Act and USA PATRIOT Act .
We received an “Satisfactory” CRA rating in our most recently completed federal examination, which was conducted by the FDIC in 2025. The Bank Secrecy Act and USA PATRIOT Act .
Magyar Service Corporation offers Magyar Bank customers and others a complete range of non-deposit investment products and 11 financial planning services, including insurance products, fixed and variable annuities, and retirement planning for individual and commercial customers. Employees and Human Capital Resources At September 30, 2024 we employed 91 full-time employees and 10 part-time employees.
Magyar Service Corporation offers Magyar Bank customers and others a complete range of non-deposit investment products and financial planning services, including insurance products, fixed and variable annuities, and retirement planning for individual and commercial customers. Employees and Human Capital Resources On September 30, 2025 we employed 91 full-time employees and seven part-time employees.
Deposits, including certificates of deposit, demand, savings, NOW and money market accounts, have traditionally been the primary source of funds used for our lending and investment activities. We obtain certificates of deposit primarily through our branch network and to a lesser extent via the brokered CD market.
Deposits have traditionally been the primary source of funds used for our lending and investment activities. We obtain certificates of deposit primarily through our branch network and to a lesser extent via the brokered CD market.
We originate residential mortgage loans, most of which are secured by properties located in our primary market area and most of which we hold in portfolio. At September 30, 2024, $246.2 million, or 31.5% of our total loan portfolio, consisted of residential mortgage loans.
We originate residential mortgage loans, most of which are secured by properties located in our primary market area and most of which we hold in portfolio. At September 30, 2025, $242.5 million, or 28.2% of our total loan portfolio, consisted of residential mortgage loans.
At September 30, 2024, our largest loan was $13.2 million commercial real estate loan to finance the purchase and operation of a nursing and rehabilitation home in Edison, New Jersey. The loan was performing in accordance with its terms at September 30, 2024.
At September 30, 2025, our largest loan was a $12.8 million commercial real estate loan to finance the purchase and operation of a nursing and rehabilitation home in Edison, New Jersey. The loan was performing in accordance with its terms at September 30, 2025.
We make commercial business loans primarily in our market area to a variety of professionals, sole proprietorships and small and mid-sized businesses. Our commercial business loans include term loans 5 and revolving lines of credit. At September 30, 2024, our commercial business loans totaled $24.0 million, or 3.1% of total loans.
We make commercial business loans primarily in our market area to a variety of professionals, sole proprietorships and small and mid-sized businesses. Our commercial business loans include term loans and revolving lines of credit. At September 30, 2025, our commercial business loans totaled $20.0 million, or 2.3% of total loans.
According to the Federal Deposit Insurance Corporation’s annual Summary of Deposit report, at June 30, 2024, our market share of deposits was 1.52% and 0.38% in Middlesex and Somerset Counties, respectively. Our market share of deposits was 1.26% and 0.38%, respectively, at June 30, 2023.
According to the Federal Deposit Insurance Corporation’s annual Summary of Deposit report, on June 30, 2025, our market share of deposits was 1.39% and 0.69% in Middlesex and Somerset Counties, respectively. Our market share of deposits was 1.52% and 0.38%, respectively, at June 30, 2024.
Home Equity Loans and Lines of Credit and Other Loans. We originate home equity lines of credit secured by residences located in our market area. At September 30, 2024, these loans totaled $24.7 million, or 3.2% of our total loan portfolio.
Home Equity Loans and Lines of Credit and Other Loans. We originate home equity lines of credit secured by residences located in our market area. At September 30, 2025, these loans totaled $31.8 million, or 3.7% of our total loan portfolio.
In addition, many SBA 7(a) loans are for start-up businesses where there is no history of financial information. Finally, many SBA borrowers do not have an ongoing and continuous banking relationship with the Bank, but merely work with the Bank on a single transaction. We generally sell the guaranteed portions of these SBA loans in the secondary market.
In addition, many SBA 7(a) loans are for start-up businesses where there is no history of financial information. Finally, many SBA borrowers do not have an ongoing and continuous banking relationship with the Bank, but merely work with the Bank on a single transaction.
We also accept brokered deposits when attractive rates and terms are available. At September 30, 2024, we had $29.6 million in brokered deposits. The flow of deposits is influenced significantly by general economic conditions, changes in money market and other prevailing interest rates and competition.
We also accept brokered deposits when attractive rates and terms are available. At September 30, 2025, we had $57.3 million in brokered certificate of deposits. The flow of deposits is influenced significantly by general economic conditions, changes in money market and other prevailing interest rates and competition.
The DIF of the FDIC insures deposits at Federal Deposit Insurance Corporation insured financial institutions such as Magyar Bank generally up to a maximum of $250 thousand per separately insured depositor. Under the FDIC’s risk-based assessment system, insured institutions are assigned to one of four risk categories based on supervisory evaluations, regulatory capital levels and certain other risk factors.
The DIF insures deposits at FDIC-insured financial institutions such as Magyar Bank generally up to a maximum of $250 thousand per separately insured depositor for each account ownership category. Under the FDIC’s risk-based assessment system, insured institutions are assigned to one of four risk categories based on supervisory evaluations, regulatory capital levels and certain other risk factors.
The following table sets forth the ACL on loans allocated by loan category and the percent of the allowance to the total allowance at the dates indicated, as well as additional information with respect to net loan charge-offs by category.
The following table sets forth the ACL on loans allocated by loan category and the percent of the allowance to the total allowance at September 30, 2025 and 2024, as well as additional information with respect to net loan charge-offs by category.
Construction and land loans are generally offered to experienced local developers operating in our primary market area and to individuals for the construction of their personal residences. At September 30, 2024, our construction and land loans totaled $22.7 million, or 2.9% of total loans. Construction and land loans generally have a maximum term of 24 months.
Construction and land loans are generally offered to experienced local developers operating in our primary market area and to individuals for the construction of their personal residences. At September 30, 2025, our construction and land loans totaled $29.3 million, or 3.4% of total loans. Construction and land loans generally have a maximum term of 24 months.
We also originate commercial real estate loans, most of which are secured by properties located in our primary market area. At September 30, 2024, $461.3 million, or 59.1%, of our total loan portfolio consisted of these types of loans.
We also originate commercial real estate loans, most of which are secured by properties located in our primary market area. At September 30, 2025, $533.2 million, or 62.1%, of our total loan portfolio consisted of these types of loans.
These loans are made for the purposes of providing working capital and financing the purchase of equipment, inventory or commercial real estate, and may be made inside or outside the State of New Jersey. At September 30, 2024, $14.9 million, or 95.2% of the Company’s SBA loan balances, were to businesses located in the State of New Jersey.
These loans are made for the purposes of providing working capital and financing the purchase of equipment, inventory or commercial real estate, and may be made inside or outside the State of New Jersey. At September 30, 2025, $17.6 million, or 96.0% of the Company’s SBA loan balances, were to businesses located in the State of New Jersey.
At September 30, 2024, we had $144.0 million of fixed-rate residential mortgage loans, which represented 58.5% of our total residential mortgage loan portfolio. At September 30, 2024, our largest fixed-rate residential mortgage loan was $9.9 million. The loan was performing in accordance with its contractual repayment terms at September 30, 2024.
At September 30, 2025, we had $145.0 million of fixed-rate residential mortgage loans, which represented 59.8% of our total residential mortgage loan portfolio. At September 30, 2025, our largest fixed-rate residential mortgage loan was $9.8 million. The loan was performing in accordance with its contractual repayment terms at September 30, 2025.
Our primary lending market area is broader than our deposit market area and includes all of New Jersey. The economy of our primary market area is largely urban and suburban with a broad economic base that is typical for counties surrounding the New York metropolitan area.
The economy of our primary market area is largely urban and suburban with a broad economic base that is typical for counties surrounding the New York metropolitan area.
At September 30, 2024, adjustable-rate residential mortgage loans totaled $102.2 million, or 41.5% of our total residential mortgage loan portfolio. The largest adjustable-rate residential mortgage loan was for $2.2 million. The loan was performing in accordance with its contractual repayment terms at September 30, 2024. Commercial Real Estate Loans.
At September 30, 2025, adjustable-rate residential mortgage loans totaled $97.4 million, or 40.2% of our total residential mortgage loan portfolio. The largest adjustable-rate residential mortgage loan was for $2.6 million. The loan was performing in accordance with its contractual repayment terms at September 30, 2025. Commercial Real Estate Loans.
At September 30, 2023, Magyar Bank’s common equity Tier 1 capital to risk-based assets ratio was 14.97%, total capital to risk-based assets ratio was 16.22%, and Tier 1 capital to total assets leverage ratio was 11.11%. Prompt Corrective Action.
At September 30, 2024, Magyar Bank’s common equity Tier 1 capital to risk-based assets ratio was 14.75%, total capital to risk-based assets ratio was 15.85%, and Tier 1 capital to total assets leverage ratio was 11.11%. Prompt Corrective Action.
We primarily originate commercial real estate loans and residential mortgage loans, and to a lesser extent home equity lines of credit, commercial business and construction and land loans. Loan Portfolio Composition. The following table sets forth the composition of our loan portfolio by type of loan, at the dates indicated.
We primarily originate commercial and residential real estate loans, and to a lesser extent home equity lines of credit, commercial business and construction and land loans. Loan Portfolio Composition. The following table sets forth the composition of our loan portfolio by type of loan, for the years ended September 30, 2025 and 2024.
In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a “capital conservation buffer” consisting of 2.5% of common equity Tier 1 capital to risk-weighted asset above the amount necessary to meet its minimum risk-based capital requirements. 13 At September 30, 2024, Magyar Bank’s common equity Tier 1 capital to risk-based assets ratio was 14.75%, total capital to risk-based assets ratio was 15.85%, and Tier 1 capital to total assets leverage ratio was 11.11%.
In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a “capital conservation buffer” consisting of 2.5% of common equity Tier 1 capital to risk-weighted assets above the amount necessary to meet its minimum risk-based capital requirements.
Loans are returned to an accrual status when the borrower’s ability to make periodic principal and interest payments has returned to normal (i.e., brought current with respect to principal or interest or restructured) and the paying capacity of the borrower and/or the underlying collateral is deemed sufficient to cover principal and interest.
Loans are returned to an accrual status when the borrower’s ability to make periodic principal and interest payments has returned to normal (i.e., brought current with respect to principal or interest or restructured) and the paying capacity of the borrower and/or the underlying collateral is deemed sufficient to cover principal and interest. 7 The following table sets forth the amounts and categories of our non-accrual assets at September 30, 2025 and 2024.
(the “Company”) is a Delaware-chartered corporation which owns 100% of the outstanding shares of common stock of Magyar Bank. At September 30, 2024, Magyar Bancorp, Inc. had consolidated assets of $951.9 million, total deposits of $796.7 million and stockholders’ equity of $110.5 million.
(the “Company”) is a Delaware-chartered corporation which owns 100% of the outstanding shares of common stock of Magyar Bank (the “Bank”). At September 30, 2025, Magyar Bancorp, Inc. had consolidated assets of $997.7 million, total deposits of $814.3 million and stockholders’ equity of $118.8 million.
In addition, we may invest in equity securities subject to certain limitations and not in excess of Magyar Bank’s Tier 1 capital. 9 The Investment Policy requires that securities transactions be conducted in a safe and sound manner, and purchase and sale decisions be based upon a thorough analysis of each security to determine its quality and inherent risks and fit within our overall asset/liability management objectives.
The Investment Policy requires that securities transactions be conducted in a safe and sound manner, and purchase and sale decisions be based upon a thorough analysis of each security to determine its quality and inherent risks and fit within our overall asset/liability management objectives.
In addition, nearly all of our employees are stockholders of the Company through participation in our Employee Stock Ownership Plan, which aligns associate and stockholder interests by providing stock ownership on a tax-deferred basis at no investment cost to our associates. At September 30, 2024, 35% of our current staff had been with us for ten years or more.
In addition, nearly all of our employees are stockholders of the Company through participation in our Employee Stock Ownership Plan, which aligns associate and stockholder interests by providing stock ownership on a tax-deferred basis at no investment cost to our associates.
We record cash receipts on individually evaluated loans that are non-performing as a reduction to principal before applying amounts to interest or late charges unless specifically directed by the Bankruptcy Court to apply payments otherwise. Delinquent Loans . The following table sets forth certain information with respect to our loan portfolio delinquencies at the dates indicated.
We record cash receipts on individually evaluated loans that are non-performing as a reduction to principal before applying amounts to interest or late charges unless specifically directed by the Bankruptcy Court to apply payments otherwise. Delinquent Loans .
September 30, 2024 2023 (Dollars in thousands) Non-accrual loans: One-to four-family residential $ 116 $ 386 Commercial real estate 116 2,224 Construction and land — 2,474 Total non-accrual loans $ 232 $ 5,084 Allowance for credit losses: $ 7,548 $ 8,330 Ratios: Total non-accrual loans to total loans 0.03% 0.67% Allowance for credit loss to total non-accrual loans 3253.45% 163.85% Allowance for credit loss to total loan receivable 0.97% 1.19% A loan is considered individually evaluated when it has been modified for a borrower in financial distress or when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement.
Years Ended September 30, 2025 2024 (Dollars in thousands) Non-accrual loans: One-to four-family residential $ 303 $ 116 Commercial real estate - 116 Home equity lines of credit 148 - Total non-accrual loans $ 451 $ 232 Allowance for credit losses: $ 8,350 $ 7,548 Ratios: Total non-accrual loans to total loans 0.05 % 0.03 % Allowance for credit losses to total non-accrual loans* NM * NM * Allowance for credit losses to total loan receivable 0.97 % 0.97 % * Not meaningful A loan is considered individually evaluated when it has been modified for a borrower in financial distress or when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement.
More Than One More Than Five One Year Year Through Years Through More Than September 30, 2024 or Less Five Years Ten Years Ten Years Yield Yield Yield Yield Obligations of U.S. government agencies: Mortgage backed securities - residential —% —% —% 3.40% Mortgage backed securities - commercial —% —% 5.82% 5.38% Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities-residential —% 4.22% 1.89% 1.84% Debt securities 0.82% 1.99% 1.00% —% Private label mortgage-backed securities-residential —% —% 7.05% —% Obligations of U.S. states and political subdivisions —% 1.59% 1.78% —% Corporate securities —% 2.98% 9.00% —% Sources of Funds General.
More Than More Than One Year One Year Through Five Years Through More Than or Less Five Years Ten Years Ten Years September 30, 2025 Yield Yield Yield Yield Obligations of U.S. government agencies: Mortgage backed securities - residential - % - % - % 3.44 % Mortgage backed securities - commercial - % 4.82 % - % 4.89 % Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities-residential 3.00 % 3.09 % 1.90 % 2.52 % Debt securities 0.84 % 1.72 % - % - % Private label mortgage-backed securities-residential - % - % 6.98 % - % Obligations of U.S. states and political subdivisions - % 1.78 % 1.51 % - % Corporate securities - % 3.63 % 8.66 % - % 10 Sources of Funds General.
Together, the BSA and USA PATRIOT Act require Magyar Bank to implement internal controls, conduct customer due diligence, maintain records, and file reports. The USA PATRIOT Act also required the federal banking agencies to take into consideration the effectiveness of controls designed to combat money laundering activities in determining whether to approve a merger or other acquisition application.
The USA PATRIOT Act also required the federal banking agencies to take into consideration the effectiveness of controls designed to combat money laundering activities in determining whether to approve a merger or other acquisition application.
Loans Delinquent For 60-89 Days 90 Days and Over Total Number Amount Number Amount Number Amount (Dollars in thousands) At September 30, 2024 One-to four-family residential 2 $ 627 2 $ 116 4 $ 743 Commercial real estate — — 1 116 1 116 Home equity loans and lines of credit 1 236 — — 1 236 Total 3 $ 863 3 $ 232 6 $ 1,095 At September 30, 2023 One-to four-family residential 4 $ 568 2 $ 386 6 $ 954 Commercial real estate 1 116 1 2,224 2 2,340 Construction and land — — 2 2,474 2 2,474 Total 5 $ 684 5 $ 5,084 10 $ 5,768 7 Real Estate Owned .
Loans Delinquent For 60-89 Days 90 Days and Over Total Number Amount Number Amount Number Amount (Dollars in thousands) September 30, 2025 One-to four-family residential 1 $ 160 2 $ 303 3 $ 463 Commercial real estate 2 346 - - 2 346 Home equity loans and lines of credit - - 2 148 2 148 Total 3 $ 506 4 $ 451 7 $ 957 September 30, 2024 One-to four-family residential 2 $ 627 2 $ 116 4 $ 743 Commercial real estate - - 1 116 1 116 Home equity loans and lines of credit 1 236 - - 1 236 Total 3 $ 863 3 $ 232 6 $ 1,095 Real Estate Owned .
All FDIC-insured institutions have a responsibility under the Community Reinvestment Act (“CRA”) and related regulations to help meet the credit needs of their communities, including low-and moderate-income neighborhoods. In connection with its examination of a state chartered savings bank, the FDIC is required to assess the institution’s record of compliance with the CRA.
All FDIC-insured institutions have a responsibility under the Community Reinvestment Act (“CRA”) and related regulations to help meet the credit needs of their communities, including low-and moderate-income neighborhoods.
The following table sets forth activity in our allowance for credit losses on loans for the years indicated. 8 September 30, 2024 2023 (Dollars in thousands) Balance at beginning of year $ 8,330 $ 8,433 Effect of adopting ASU 2016-13 (1,032 ) — Net charge-offs (recoveries): One-to four-family residential (68 ) (4 ) Commercial business — 488 Total net charge-offs (recoveries) (68 ) 484 Provision for credit losses 182 381 Balance at end of year $ 7,548 $ 8,330 Ratios: Net charge-offs (recoveries) to average loans outstanding -0.01% 0.07% Allowance for credit loss to total loans receivable 0.97% 1.10% Allocation of ACL on Loans.
Years Ended September 30, 2025 2024 (Dollars in thousands) Balance at beginning of year $ 7,548 $ 8,330 Effect of adopting ASU 2016-13 - (1,032 ) Net recoveries: One-to four-family residential (34 ) (1 ) Construction and land - (65 ) Commercial business (115 ) (2 ) Total net recoveries (149 ) (68 ) Provision for credit losses 653 182 Balance at end of year $ 8,350 $ 7,548 Ratios: Net recoveries to average loans outstanding -0.02 % -0.01 % Allowance for credit loss to total loans receivable 0.97 % 0.97 % 9 Allocation of ACL on Loans.
SUPERVISION AND REGULATION General Magyar Bank is a New Jersey-chartered savings bank, and its deposit accounts are insured up to applicable limits by the Federal Deposit Insurance Corporation (“FDIC”) under the Deposit Insurance Fund (“DIF”).
At September 30, 2025, 36% of our current staff had been with us for ten years or more. 12 SUPERVISION AND REGULATION General Magyar Bank is a New Jersey-chartered savings bank, and its deposit accounts are insured up to applicable limits by the Federal Deposit Insurance Corporation (“FDIC”) under the Deposit Insurance Fund (“DIF”).
The estimate includes consideration of the likelihood that funding will occur, the amount of funding that will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life.
The estimate includes consideration of the likelihood that funding will occur, the amount of funding that will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The following table sets forth activity in our ACL on loans for the years ended September 30, 2025 and 2024.
Prior FRB approval is required for Magyar Bancorp, Inc. to acquire direct or indirect ownership or control of any voting securities of any bank or bank holding company if, after giving effect to such acquisition, it would, directly or indirectly, own or control more than 5% of any class of voting shares of such bank or bank holding company.
Prior FRB approval is required for Magyar Bancorp, Inc. to acquire direct or indirect ownership or control of any voting securities of any bank or bank holding company if, after giving effect to such acquisition, it would, directly or indirectly, own or control more than 5% of any class of voting shares of such bank or bank holding company. 17 Under federal law, depository institutions are liable to the FDIC for losses suffered or anticipated by the FDIC in connection with the default of a commonly controlled depository institution or any assistance provided by the FDIC to such an institution in danger of default.
September 30, 2024 2023 Amount Percent Amount Percent (Dollars in thousands) One-to four-family residential $ 246,201 31.5% $ 237,683 34.1% Commercial real estate 461,319 59.1% 389,134 55.8% Construction and land 22,722 2.9% 21,853 3.1% Home equity loans and lines of credit 24,728 3.2% 16,983 2.4% Commercial business 24,011 3.1% 30,194 4.3% Other 2,235 0.3% 2,359 0.3% Total loans receivable $ 781,216 100.0% $ 698,206 100.0% Net deferred loan costs (1,054 ) (806 ) Total loans receivable, net $ 780,162 $ 697,400 3 Loan Portfolio Maturities and Yields.
Years Ended September 30, 2025 2024 Amount Percent Amount Percent (Dollars in thousands) One-to four-family residential $ 242,454 28.2 % $ 246,201 31.5 % Commercial real estate 533,213 62.1 % 461,319 59.1 % Construction and land 29,287 3.4 % 22,722 2.9 % Home equity loans and lines of credit 31,778 3.7 % 24,728 3.2 % Commercial business 20,048 2.3 % 24,011 3.1 % Other 2,119 0.2 % 2,235 0.3 % Total loans receivable $ 858,899 100.0 % $ 781,216 100.0 % Net deferred loan costs (1,546 ) (1,054 ) Total loans receivable, net $ 857,353 $ 780,162 Loan Portfolio Maturities.

… 28 more changes not shown on this page.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

2 edited+1 added−1 removed6 unchanged
Biggest changeOnce the Incident Response Team has determined that unauthorized access, manipulation of data or theft of any item identified under GLBA Inventory and Asset Classification has occurred, Executive Management, the Information Security Officer, the Compliance Officer and the Information Technology Management must be contacted immediately.
Biggest changeThe documentation of the suspected or actual incident includes the following: (a) Identify the nature and scope of the incident; (b) Identify the information systems affected; (c) Identify the types of customer information potentially affected. 18 Once the Incident Response Team has determined that unauthorized access, manipulation of data or theft of any item identified under GLBA Inventory and Asset Classification has occurred, Executive Management, the Information Security Officer, the Compliance Officer and the Information Technology Management must be contacted immediately.
If Management declares an incident or if there is a confirmed theft or loss of customer information, appropriate regulatory authorities, law enforcement, and legal counsel are notified. 18 During the fiscal year ended September 30, 2024, the risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected the Company, its business strategy, results of operations, or financial condition.
During the fiscal year ended September 30, 2025, the risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected the Company, its business strategy, results of operations, or financial condition.
Removed
The documentation of the suspected or actual incident includes the following: (a) Identify the nature and scope of the incident; (b) Identify the information systems affected; (c) Identify the types of customer information potentially affected.
Added
If Management declares an incident or if there is a confirmed theft or loss of customer information, appropriate regulatory authorities, law enforcement, and legal counsel are notified.

Item 2. Properties

Properties — owned and leased real estate

1 edited+0 added−0 removed1 unchanged
Biggest changeProperties The following table provides certain information with respect to our offices as of September 30, 2024: Leased or Original Year Year of Location Owned Leased or Acquired Lease Expiration Main Office: 400 Somerset Street Owned 2005 — New Brunswick, New Jersey, 08901 Full - Service Branches: 3050 State Route 27 Owned 1969 — Kendall Park, New Jersey, 08824 596 Milltown Road Leased 2002 2031 North Brunswick, New Jersey, 08902 1000 Route 202 South Leased 2006 2031 Branchburg, New Jersey, 08876 475 North Bridge Street Leased 2010 2024 Bridgewater, New Jersey, 08807 1167 Inman Avenue Leased 2011 2026 Edison, New Jersey, 08820 1199 Amboy Avenue Leased 2017 2027 Edison, New Jersey, 08837 1990 Washington Valley Road Leased 2024 2029 Martinsville, New Jersey, 08836 The net book value of our premises, land and equipment was approximately $12.5 million and $13.3 million at September 30, 2024 and 2023, respectively.
Biggest changeProperties The following table provides certain information with respect to our offices as of September 30, 2025: Leased or Original Year Year of Office Locations Owned Leased or Acquired Lease Expiration Main Office: 400 Somerset Street Owned 2005 - New Brunswick, New Jersey, 08901 Full - Service Branches: 3050 State Route 27 Owned 1969 - Kendall Park, New Jersey, 08824 596 Milltown Road Leased 2002 2031 North Brunswick, New Jersey, 08902 1000 Route 202 South Leased 2006 2031 Branchburg, New Jersey, 08876 1167 Inman Avenue Leased 2011 2026 Edison, New Jersey, 08820 1199 Amboy Avenue Leased 2017 2027 Edison, New Jersey, 08837 1990 Washington Valley Road Leased 2024 2029 Martinsville, New Jersey, 08836 The net book value of our premises, land and equipment was approximately $12.2 million and $12.5 million at September 30, 2025 and 2024, respectively.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

1 edited+0 added−0 removed1 unchanged
Biggest changeAlthough the ultimate outcome and amount of liability, if any, with respect to these legal actions cannot presently be ascertained with certainty, in the opinion of management, based upon information currently available to us, any resulting liability as of September 30, 2024 is believed to be immaterial to our consolidated financial position, results of operations and cash flows.
Biggest changeAlthough the ultimate outcome and amount of liability, if any, with respect to these legal actions cannot presently be ascertained with certainty, in the opinion of management, based upon information currently available to us, any resulting liability as of September 30, 2025 is believed to be immaterial to our consolidated financial position, results of operations and cash flows.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

6 edited+1 added−2 removed2 unchanged
Biggest changeNumber of securities to Number of be issued upon exercise Weighted securities remaining of outstanding options average exercise available for September 30, 2024 and rights price* issuance under plan Stock options 293,200 $ 12.58 92,719 Shares of restricted stock 93,240 — — Total 386,440 $ 12.58 92,719 * Reflects exercise price of stock options only. (b) Not applicable.
Biggest changeSeptember 30, 2025 Number of securities to be issued upon exercise of outstanding options and rights Weighted average exercise price* Number of securities remaining available for issuance under plan Stock options 285,200 $ 12.58 103,800 Shares of restricted stock 58,160 - 6,000 Total $ 343,360 $ 12.58 $ 109,800 * Reflects exercise price of stock options only. (b) Not applicable.
Certain shares of Magyar Bancorp, Inc. are held in “nominee” or “street” name and accordingly, the number of beneficial owners of such shares is not known or included in the foregoing number. The Company declared five dividends totaling $0.26 per share paid to common shareholders during the year ended September 30, 2024.
Certain shares of Magyar Bancorp, Inc. are held in “nominee” or “street” name and accordingly, the number of beneficial owners of such shares is not known or included in the foregoing number. The Company declared five dividends totaling $0.29 per share paid to common shareholders during the year ended September 30, 2025.
ITEM 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities (a) Our shares of common stock are traded on the NASDAQ Stock Market LLC under the symbol “MGYR.” The approximate number of holders of record of Magyar Bancorp, Inc.’s common stock as of September 30, 2024 was 575.
ITEM 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities (a) Our shares of common stock are traded on the NASDAQ Stock Market LLC under the symbol “MGYR.” The approximate number of holders of record of Magyar Bancorp, Inc.’s common stock as of September 30, 2025 was 503.
In the future, the Company intends to continue to pay a regular cash dividend. In determining whether and in what amount to pay a cash dividend, the Board will continue to take into account a number of factors, including capital requirements, our consolidated financial condition and results of operations, tax considerations, statutory and regulatory limitations and general economic conditions.
In the future, the Company intends to continue to pay a regular quarterly cash dividend. In determining whether and in what amount to pay a cash dividend, the Board will continue to consider several factors, including capital requirements, our consolidated financial condition and results of operations, tax considerations, statutory and regulatory limitations and general economic conditions.
The timing of the repurchases will depend on certain factors including, but not limited to, market conditions and prices, the Company’s liquidity requirements and alternative uses of capital. The following table reports information regarding repurchases of our common stock during the three months ended September 30, 2024.
The timing of the repurchases will depend on certain factors including, but not limited to, market conditions and prices, the Company’s liquidity requirements and alternative uses of capital. The Company held 617,797 shares of treasury stock at September 30, 2025. The Company did not repurchase any shares of its common stock during the three months ended September 30, 2025. 20
(c) Share repurchases. On December 8, 2022, the Company announced an additional stock repurchase plan pursuant to which the Company intends to repurchase up to an additional 5% of its outstanding shares, or up to 337,146 shares.
(c) Share repurchases. On April 17, 2025 the Company completed its fourth stock repurchase program announced December 8, 2022, with all 337,146 shares repurchased at an average price of $12.23.
Removed
The Company had repurchased 296,736 shares at an average price of $11.92 per share through September 30, 2024, leaving 40,410 shares remaining available for repurchase. The Company’s intended use of the repurchased shares is for general corporate purposes.
Added
On May 22, 2025 the Company announced the authorization of its fifth stock repurchase program pursuant to which the Company intends to repurchase up to 5% of its outstanding shares, or up to 323,547 shares. The Company’s intended use of the repurchased shares is for general corporate purposes.
Removed
Remaining Number Total Number Average of Shares That of Shares Price Paid May be Purchased Periods Purchased Per Share Under the Plan July 1, 2024 through July 31, 2024 98,388 $ 12.67 52,300 August 1, 2024 through August 31, 2024 7,550 $ 12.36 44,750 September 1, 2024 through September 30, 2024 4,340 $ 12.37 40,410 20

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

69 edited+23 added−19 removed27 unchanged
Biggest changeGiven the significance of commercial real estate (“CRE”) loans to our total loan portfolio, the following table further disaggregates these loans by occupied status and by collateral type as of September 30, 2024: 21 September 30 2024 Amount Percent (In thousands) Owner-occupied Retail $ 41,718 9.0% Hotel/Motel 42,438 9.2% Professional 35,341 7.7% Office 10,934 2.4% Restaurant 18,743 4.1% Other 28,243 6.1% Total owner-occupied $ 177,417 38.5% Non-owner occupied Retail $ 84,435 18.3% Multi-family 86,676 18.8% Professional 18,972 4.1% Office 39,064 8.5% Restaurant 8,060 1.7% Hotel/Motel 2,566 0.6% Other 44,129 9.6% Total non-owner occupied $ 283,902 61.5% Total commercial real estate loans $ 461,319 100.0% The Company obtains an appraisal of the real estate collateral securing a CRE loan prior to originating the loan.
Biggest changeOffsetting these increases were declines in commercial business loans, which decreased $4.0 million, or 16.5%, to $20.1 million and in other consumer loans, which decreased $116 thousand, or 5.2%, to $2.1 million. 21 Given the significance of commercial real estate (“CRE”) loans to our total loan portfolio, the following table further disaggregates these loans by occupied status and by collateral type as of September 30, 2025 and 2024: September 30, 2025 September 30, 2024 Amount Percent Amount Percent (Dollars in thousands) Owner-occupied Retail $ 43,440 8.1 % $ 41,718 9.0 % Hotel/Motel 75,380 14.1 % 42,438 9.2 % Professional 34,328 6.4 % 35,341 7.7 % Office 17,563 3.3 % 10,934 2.4 % Restaurant 23,409 4.4 % 18,743 4.1 % Other 39,722 7.4 % 28,243 6.1 % Total owner-occupied $ 233,842 43.9 % $ 177,417 38.5 % Non-owner occupied Retail $ 85,574 16.0 % $ 84,435 18.3 % Multi-family 95,794 18.0 % 86,676 18.8 % Professional 17,514 3.3 % 18,972 4.1 % Office 36,053 6.8 % 39,064 8.5 % Restaurant 7,943 1.5 % 8,060 1.7 % Hotel/Motel 2,526 0.5 % 2,566 0.6 % Other 53,967 10.1 % 44,129 9.6 % Total non-owner occupied $ 299,371 56.1 % $ 283,902 61.5 % Total commercial real estate loans $ 533,213 100.0 % $ 461,319 100.0 % The Company obtains an appraisal of the real estate collateral securing a CRE loan prior to originating the loan.
Management believes that Magyar Bank has implemented appropriate risk management practices, including risk assessments, board-approved underwriting policies and related procedures, which include monitoring loan portfolio performance and stressing of the commercial real estate portfolio under adverse economic conditions. Our asset quality with respect to commercial real estate loans has remained strong despite recent economic and market conditions.
Management believes that Magyar Bank has implemented appropriate risk management practices, including risk assessments, board-approved underwriting policies and related procedures, which include monitoring loan portfolio performance and stressing of the commercial real estate portfolio under adverse economic conditions. 22 Our asset quality with respect to commercial real estate loans has remained strong despite recent economic and market conditions.
Senior management monitors the level of interest rate risk on a regular basis and the Asset and Liability Committee meets at least on a quarterly basis to review our asset/liability policies and interest rate risk position.
Senior management monitors the level of interest rate risk on a regular basis, and the Board Asset and Liability Committee meets at least on a quarterly basis to review our asset/liability policies and interest rate risk position.
There continues to be various other risks and uncertainties that could impact the Company’s businesses and future results, such as changes to the U.S. economic condition, market interest rates, the Federal Reserve Board's monetary policy, other government policies, and actions of regulatory agencies. Comparison of Financial Condition at September 30, 2024 and 2023 Total Assets.
There continues to be various other risks and uncertainties that could impact the Company’s businesses and future results, such as changes to the U.S. economic condition, market interest rates, the Federal Reserve Board’s monetary policy, other government policies, and actions of regulatory agencies. Comparison of Financial Condition at September 30, 2025 and 2024 Total Assets.
By following these strategies, we believe that we are well-positioned to react to changes in market interest rates. Net Interest Income Analysis. The table below sets forth, as of September 30, 2024, the estimated changes in our Net Interest Income (“NII”) for each of the next two years that would result from the designated instantaneous changes in interest rates.
By following these strategies, we believe that we are well-positioned to react to changes in market interest rates. Net Interest Income Analysis. The table below sets forth, as of September 30, 2025, the estimated changes in our Net Interest Income (“NII”) for each of the next two years that would result from the designated instantaneous changes in interest rates.
Depending on market conditions, we may be required to pay higher rates on such deposits or other borrowings than we currently pay on the certificates of deposit (including individual retirement accounts and brokered certificate deposit accounts) due on or before September 30, 2025.
Depending on market conditions, we may be required to pay higher rates on such deposits or other borrowings than we currently pay on the certificates of deposit (including individual retirement accounts and brokered certificate deposit accounts) due on or before September 30, 2026.
Throughout fiscal 2025, we expect to continue increasing our commercial real estate and commercial business loans while managing non-interest expenses in an effort to increase profitability of the Company. Our business operations are subject to risks and uncertainties that could materially affect our operating results. The extent of such impact will depend on future developments, which are highly uncertain.
Throughout fiscal year 2026, we expect to continue increasing our commercial real estate and commercial business loans while managing non-interest expenses in an effort to increase profitability of the Company. Our business operations are subject to risks and uncertainties that could materially affect our operating results. The extent of such impact will depend on future developments, which are highly uncertain.
Accordingly, our Board of Directors has established an Asset and Liability Management Committee which is responsible for evaluating the interest rate risk inherent in our assets and liabilities, for determining the level of risk that is appropriate, given our business strategy, operating environment, capital, liquidity and performance objectives, and for managing this risk consistent with the guidelines approved by the Board of Directors.
Accordingly, our Board of Directors has established a Board Asset and Liability Committee which is responsible for evaluating the interest rate risk inherent in our assets and liabilities, for determining the level of risk that is appropriate, given our business strategy, operating environment, capital, liquidity and performance objectives, and for managing this risk consistent with the guidelines approved by the Board of Directors.
The following table presents certain information regarding our financial condition and net interest income for the years ended September 30, 2024 and 2023. The table presents the average yield on interest-earning assets and the average cost of interest-bearing liabilities.
The following table presents certain information regarding our financial condition and net interest income for the years ended September 30, 2025 and 2024. The table presents the average yield on interest-earning assets and the average cost of interest-bearing liabilities.
We regularly adjust our investments in liquid assets based upon our assessment of expected loan demand, expected deposit flows, yields available on interest-earning deposits and securities, and the objectives of our asset/liability management program. Excess liquid assets are invested generally in interest-earning deposits and short-and intermediate-term securities. Our most liquid assets are cash and cash equivalents.
We regularly adjust our investments in liquid assets based upon our assessment of expected loan demand, expected deposit flows, yields available on interest-earning deposits and securities, and the objectives of our asset/liability management program. Excess liquid assets are invested generally in interest-earning deposits and short-and intermediate-term securities.
Modeling changes in net interest income require making certain assumptions that may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates.
Modeling changes in net interest income requires making certain assumptions that may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates.
The appraised value is used to calculate the ratio of the outstanding loan balance to the value of the real estate collateral, or loan-to-value ratio ("LTV").
The appraised value is used to calculate the ratio of the outstanding loan balance to the value of the real estate collateral, or loan-to-value ratio (“LTV”).
As of September 30, 2024, Magyar Bank’s Tier 1 capital as a percentage of the Bank’s average assets was 11.11% and the total qualifying capital as a percentage of risk-weighted assets was 15.85%. Bank-owned life insurance is a tax-advantaged financing transaction that is used to offset employee benefit plan costs.
As of September 30, 2025, Magyar Bank’s Tier 1 capital as a percentage of the Bank’s average assets was 11.41% and the total qualifying capital as a percentage of risk-weighted assets was 15.79%. Bank-owned life insurance is a tax-advantaged financing transaction that is used to offset employee benefit plan costs.
However, the Bank’s Federal and State regulators generally require that the specific reserve against impaired collateral-dependent loans be charged-off, reducing the carrying balance of the loan and allowance for loan loss. The general component is determined by segregating the remaining loans into homogenous categories.
Specific impairment allowances are established as required by this analysis. However, the Bank’s Federal and State regulators generally require that the specific reserve against impaired collateral-dependent loans be charged-off, reducing the carrying balance of the loan and allowance for loan loss. The general component is determined by segregating the remaining loans into homogenous categories.
The Company’s book value per share increased to $16.98 at September 30, 2024 from $15.70 at September 30, 2023. Comparison of Operating Results for the Years Ended September 30, 2024 and 2023 Net Income.
The Company’s book value per share increased to $18.34 at September 30, 2025 from $16.98 at September 30, 2024. Comparison of Operating Results for the Years Ended September 30, 2025 and 2024 Net Income.
(2) Includes passbook savings, money market passbook and club accounts. (3) Includes interest-bearing checking and money market accounts. (4) Includes certificates of deposits and individual retirement accounts. Interest and Dividend Income. Interest and dividend income increased $10.5 million, or 27.6%, to $48.6 million for the year ended September 30, 2024 from $38.1 million for the year ended September 30, 2023.
(2) Includes passbook savings, money market passbook and club accounts. (3) Includes interest-bearing checking and money market accounts. (4) Includes certificates of deposits and individual retirement accounts. Interest and Dividend Income. Interest and dividend income increased $6.1 million, or 12.6%, to $54.7 million for the year ended September 30, 2025 from $48.6 million for the year ended September 30, 2024.
We originated $161.1 million in loans and purchased $12.5 million of investment securities during the year ended September 30, 2024. Comparatively, we originated $188.5 million in loans and purchased $6.6 million of investment securities during the year ended September 30, 2023. Financing activities consist primarily of activity in deposit accounts and FHLBNY advances.
We originated $162.7 million in loans and purchased $11.3 million of investment securities during the year ended September 30, 2025. Comparatively, we originated $161.1 million in loans and purchased $12.5 million of investment securities during the year ended September 30, 2024. Financing activities consist primarily of activity in deposit accounts and FHLBNY advances.
The average cost of borrowings decreased 29 basis points to 3.02% for the year ended September 30, 2024 from 3.31% for the year ended September 30, 2023 while the average balance of those borrowings increased $3.3 million to $28.9 million for the year ended September 30, 2024 from $25.6 million the prior year. Provision for Credit Losses.
The average cost of borrowings decreased 2 basis points to 3.00% for the year ended September 30, 2025 from 3.02% for the year ended September 30, 2024 while the average balance of those borrowings increased $6.3 million to $35.2 million for the year ended September 30, 2025 from $28.9 million the prior year. Provision for Credit Losses.
The following table presents the ranges in the LTVs of our CRE loans at September 30, 2024: Number of LTV range Loans Amount (Dollars in thousands) 0%-25.0% 114 $ 45,522 25.01%-50.0% 120 111,699 50.01%-60.0% 71 123,684 60.01%-70.0% 94 118,379 70.01%-75.0% 32 47,611 75.01%-80.0% 7 13,188 > 80.0% 1 1,236 Totals 439 $ 461,319 As of September 30, 2024 and 2023, non-owner occupied commercial real estate loans (as defined by regulatory guidance) to total risk-based capital were estimated at approximately 270% and 262%, respectively.
The following table presents the ranges in the LTVs of our CRE loans at September 30, 2025 and 2024: September 30, 2025 September 30, 2024 Number of Number of LTV range Loans Amount Loans Amount (Dollars in thousands) 0%-25.0% 129 $ 54,594 114 $ 45,522 25.01%-50.0% 129 163,280 120 111,699 50.01%-60.0% 79 114,311 71 123,684 60.01%-70.0% 109 147,882 94 118,379 70.01%-75.0% 24 33,244 32 47,611 75.01%-80.0% 8 17,856 7 13,188 > 80.0% 2 2,046 1 1,236 Totals 480 $ 533,213 439 $ 461,319 As of September 30, 2025 and 2024, non-owner occupied commercial real estate loans (as defined by regulatory guidance) to total risk-based capital were estimated at approximately 267% and 270%, respectively.
Other income increased $931 thousand, or 34.7%, to $3.6 million during the year ended September 30, 2024 compared with $2.7 million the year ended September 30, 2023.
Other income increased $100 thousand, or 2.8%, to $3.7 million during the year ended September 30, 2025 compared with $3.6 million for the year ended September 30, 2024.
The specific component relates to loans that are delinquent or otherwise identified as impaired through the application of our loan review process and our loan grading system. All such loans are evaluated individually, with principal consideration given to the value of the collateral securing the loan and discounted cash flows. Specific impairment allowances are established as required by this analysis.
The specific component relates to loans that are delinquent or otherwise identified as having increased non-performance risk through the application of our loan review process and our loan grading system. All such loans are evaluated individually, with principal consideration given to the value of the collateral securing the loan and discounted cash flows.
The Company’s gains on other real estate, SBA loans and premises were $1.3 million, $599 thousand and $60 thousand, respectively, during the year ended September 30, 2024 compared with $0, $565 thousand and $9 thousand, respectively, during the year ended September 30, 2023.
The Company’s gains on other real estate and SBA loans were $229 thousand and $1.1 million, respectively, during the year ended September 30, 2025 compared with $1.3 million and $599 thousand, respectively, during the year ended September 30, 2024. Other Expenses.
The increase was attributable to the Company’s net income from operations totaling $7.8 million, partially offset by $1.7 million in dividends paid and $2.4 million in share repurchases. In addition, other comprehensive income, stock-based compensation expense and the effect of adopting ASU 2016-13 increased the 23 Company’s equity by $2.1 million.
The increase was attributable to the Company’s net income from operations totaling $9.8 million, partially offset by $1.8 million in dividends paid and $844 thousand in share repurchases. In addition, other comprehensive income and stock-based compensation expense increased the Company’s equity by $1.2 million.
We experienced a net increase in total deposits of $41.2 million, or 5.46%, to $796.7 million for the year ended September 30, 2024 compared with a net increase in total deposits of $87.7 million, or 13.1%, to $755.5 million for the year ended September 30, 2023.
We experienced a net increase in total deposits of $17.6 million, or 2.2%, to $814.3 million for the year ended September 30, 2025 compared with a net increase in total deposits of $41.2 million, or 5.46%, to $796.7 million for the year ended September 30, 2024.
While maturities and scheduled amortization of loans and securities are predictable sources of funds, deposit flows and mortgage prepayments are greatly influenced by general interest rates, economic conditions and competition.
Our primary sources of funds consist of deposit inflows, loan repayments, FHLBNY borrowings and maturities and sales of investment securities. While maturities and scheduled amortization of loans and securities are predictable sources of funds, deposit flows and mortgage prepayments are greatly influenced by general interest rates, economic conditions and competition.
Earnings per share increased to $1.23 for the year ended September 30, 2024 from $1.20 for the year ended September 30, 2023. Net Interest and Dividend Income. Net interest and dividend income increased $240 thousand, or 0.9%, to $28.0 million during the year ended September 30, 2024 compared to $27.7 million for the year ended September 30, 2023.
Earnings per share increased to $1.57 for the year ended September 30, 2025 from $1.23 for the year ended September 30, 2024. Net Interest and Dividend Income. Net interest and dividend income increased $3.9 million, or 14.0%, to $31.9 million during the year ended September 30, 2025 compared to $28.0 million for the year ended September 30, 2024.
Critical Accounting Policies The Company’s accounting policies are more fully described in Note B - Summary of Significant Accounting Policies in the notes to the Consolidated Financial Statements.
Such obligations include operating leases for premises and equipment. Critical Accounting Policies The Company’s accounting policies are more fully described in Note B - Summary of Significant Accounting Policies in the notes to the Consolidated Financial Statements.
Our Asset/Liability Management Committee is responsible for establishing and monitoring our liquidity targets and strategies in order to ensure that sufficient liquidity exists for meeting the borrowing needs of our customers as well as unanticipated contingencies. We seek to maintain a liquidity ratio of 5.0% of assets or greater.
Our Asset and Liability Committee is responsible for establishing and monitoring our liquidity targets and strategies to ensure that sufficient liquidity exists for meeting the borrowing needs of our customers as well as unanticipated contingencies.
The Company’s net income increased $74 thousand, or 1.0%, to $7.8 million during the year ended September 30, 2024 compared with net income of $7.7 million for the year ended September 30, 2023 from higher net interest income, lower provision for credit losses and higher other income, partially offset by higher income tax and other expenses.
The Company’s net income increased $2.0 million, or 25.4%, to $9.8 million during the year ended September 30, 2025 compared with net income of $7.8 million for the year ended September 30, 2024 from higher net interest income, partially offset by higher provisions for credit loss, other expenses and income tax expense.
Interest expense increased $10.3 million, or 99.3%, to $20.6 million for the year ended September 30, 2024 from $10.3 million for the year ended September 30, 2023.
Interest expense increased $2.2 million, or 10.7%, to $22.8 million for the year ended September 30, 2025 from $20.6 million for the year ended September 30, 2024.
Higher market interest rates were primarily responsible for the increase in the cost of the Company’s interest-bearing liabilities for the year ended September 30, 2024.
Lower short-term market interest rates were primarily responsible for the lower cost of the Company’s interest-bearing liabilities for the year ended September 30, 2025.
Our assets, consisting primarily of mortgage loans, have longer maturities than our 27 liabilities, consisting primarily of deposits. As a result, a principal part of our business strategy is to manage interest rate risk and reduce the exposure of our net interest income to changes in market interest rates.
As a result, a principal part of our business strategy is to manage interest rate risk and reduce the exposure of our net interest income to changes in market interest rates.
The Company’s net income increased $74 thousand, or 1.0%, to $7.8 million during the year ended September 30, 2024 compared with $7.7 million for the year ended September 30, 2023 from higher net interest income, lower provision for credit losses and higher other income, partially offset by higher income tax and other expenses.
The Company’s net income increased $2.0 million, or 25.4%, to $9.8 million during the year ended September 30, 2025 compared with $7.8 million for the year ended September 30, 2024 from higher net interest income, partially offset by higher provisions for credit loss, other expenses and income tax expense.
At September 30, 2024, we had an aggregate of $28.6 million in advances outstanding and $120.0 million in municipal letters of credit outstanding with the FHLBNY leaving $164.9 million as our remaining borrowing capacity.
At September 30, 2025, we had the ability to borrow $319.9 million from the FHLBNY compared with $272.3 million at September 30 2024. At September 30, 2025, we had an aggregate of $49.1 million in advances outstanding and $135.0 million in municipal letters of credit outstanding with the FHLBNY leaving $164.1 million as our remaining borrowing capacity.
Interest income on loans increased $7.9 million, or 22.4%, to $43.1 million for the year ended September 30, 2024 from $35.2 million for the year ended September 30, 2023, while the average balance of loans increased $65.5 million, or 9.8%, to $734.4 million from $668.9 million.
Interest income on loans increased $6.8 million, or 15.8%, to $49.9 million for the year ended September 30, 2025 from $43.1 million for the year ended September 30, 2024, while the average balance of loans increased $79.1 million, or 10.8%, to $813.5 million from $734.4 million.
The increase was attributable to a 116 basis point increase in the average yield on investment securities and interest earned on deposits to 3.41% from 2.25%, and $33.6 million increase in the average balance of investment securities and interest earning deposits to $154.1 million from $120.5 million during the year ended September 30, 2023. Interest Expense.
The decrease was attributable to a nine-basis point decrease in the average yield on investment securities and interest earned on deposits to 3.32% from 3.41%, and $15.7 million decrease in the average balance of investment securities and interest earning deposits to $138.4 million from $154.1 million during the year ended September 30, 2025. Interest Expense.
For additional information, see Note O, “Commitments,” and Note P “Financial Instruments with Off-Balance-Sheet Risk” to our consolidated financial statements. 29 Contractual Obligations. In the ordinary course of our operations, we enter into certain contractual obligations. Such obligations include operating leases for premises and equipment.
Such commitments are subject to the same credit policies and approval process accorded to loans made by us. For additional information, see Note O “Commitments,” and Note P “Financial Instruments with Off-Balance-Sheet Risk” to our consolidated financial statements. Contractual Obligations. In the ordinary course of our operations, we enter into certain contractual obligations.
The average balance of interest-earnings assets between the two periods increased $99.4 million, or 12.6%, to $890.8 million from $791.4 million, while the yield on such assets increased 64 basis point to 5.45% for the year ended September 30, 2024 from 4.81% for the year ended September 30, 2023.
The average balance of interest-earnings assets between the two periods increased $63.9 million, or 7.2%, to $954.6 million from $890.8 million, while the yield on such assets increased 28 basis points to 5.73% for the year ended September 30, 2025 from 5.45% for the year ended September 30, 2024.
The average balance of interest-bearing deposits increased $127.4 million, or 25.4%, to $629.1 million for the year ended September 30, 2024 from $501.7 million for the year ended September 30, 2023 while the average cost on such interest-bearing deposits increased 125 basis points to 3.14% from 1.89%.
The average balance of interest-bearing deposits increased $84.6 million, or 13.5%, to $713.7 million for the year ended September 30, 2025 from $629.1 million for the year ended September 30, 2024 while the average cost on such interest-bearing deposits decreased nine basis points to 3.05% from 3.14%.
In addition to borrowings, the Bank has the ability to raise deposits on the brokered market or through deposit listing services. At September 30, 2024, the Bank held $29.6 million in brokered deposits and $20.0 million from deposit listing services. Magyar Bank is subject to various regulatory capital requirements, (see “Supervision and Regulation-Federal Banking Regulation-Capital Requirements”).
At September 30, 2025, the Bank held $57.3 million in brokered deposits and $24.0 million from national deposit listing services. Magyar Bank is subject to various regulatory capital requirements, (see “Supervision and Regulation-Federal Banking Regulation-Capital Requirements”).
The growth occurred in commercial real estate loans, which increased $72.2 million, or 18.6%, to $461.3 million, in one-to four-family residential mortgage loans (including home equity lines of credit), which increased $16.3 million, or 6.4%, to $270.9 million, and in construction and land loans, which increased $869 thousand, or 4.0%, to $22.7 million.
The growth during the year occurred in commercial real estate loans, which increased $71.9 million, or 15.6%, to $533.2 million, in construction and land loans, which increased $6.6 million, or 28.9%, to $29.3 million, and in one-to four-family residential mortgage loans (including home equity lines of credit), which increased $3.3 million, or 1.2%, to $274.2 million.
As of September 30, 2024 and 2023, we had $116 thousand and $2.2 million of non-performing commercial real estate loans, respectively.
As of September 30, 2025 and 2024, we had $0 and $116 thousand of non-performing commercial real estate loans, respectively. Such amounts totaled 0.00% and 0.03% of total commercial real estate loans as of September 30, 2025 and 2024, respectively.
The average balance of interest-bearing liabilities increased $130.7 million, or 24.8%, to $657.9 million from $527.3 million between the two periods while the average cost on such interest-bearing liabilities increased 117 basis points to 3.13% for the year ended September 30, 2024 from 1.96% for the year ended September 30, 2023.
The average balance of interest-bearing liabilities increased $91.0 million, or 13.8%, to $748.9 million for the year ended September 30, 2025 from $657.9 million for the year ended September 30, 2024, while the average cost on such interest-bearing liabilities decreased eight basis points to 3.05% for the year ended September 30, 2025 compared with 3.13% for the year ended September 30, 2024.
Interest income on loans includes loan fees, but such amounts were not material for the years ended September 30, 2024 or 2023. 24 Years Ended September 30, 2024 2023 Average Balance Interest Income/ Expense Yield/Cost Average Balance Interest Income/ Expense Yield/Cost (Dollars In Thousands) Interest-earning assets: Interest-earning deposits $ 58,557 $ 3,037 5.19% $ 22,616 $ 1,040 4.60% Loans receivable, net (1) 734,402 43,107 5.87% 668,870 35,229 5.27% Securities Taxable 92,147 2,149 2.33% 94,519 1,602 1.69% Tax-exempt (2) 3,370 73 2.17% 3,370 73 2.17% FHLBNY stock 2,306 220 9.52% 2,020 139 6.89% Total interest-earning assets 890,782 48,586 5.45% 791,395 38,083 4.81% Noninterest-earning assets 49,938 48,514 Total assets $ 940,720 $ 839,909 Interest-bearing liabilities: Savings accounts (3) $ 57,147 $ 352 0.62% $ 71,148 $ 342 0.48% NOW accounts (4) 441,853 14,700 3.33% 340,126 7,332 2.16% Time deposits (5) 130,061 4,673 3.59% 90,385 1,814 2.01% Total interest-bearing deposits 629,061 19,725 3.14% 501,659 9,488 1.89% Borrowings 28,871 872 3.02% 25,604 846 3.31% Total interest-bearing liabilities 657,932 20,597 3.13% 527,263 10,334 1.96% Noninterest-bearing liabilities 170,923 207,255 Total liabilities 828,855 734,518 Retained earnings 111,865 105,391 Total liabilities and retained earnings $ 940,720 $ 839,909 Tax-equivalent basis adjustment (15 ) (15 ) Net interest and dividend income $ 27,974 $ 27,734 Interest rate spread 2.32% 2.85% Net interest-earning assets $ 232,850 $ 264,132 Net interest margin (6) 3.14% 3.50% Average interest-earning assets to average interest-bearing liabilities 135.39% 150.09% (1) The average balance of loans receivable, net includes non-accrual loans.
Interest income on loans includes loan fees, but such amounts were not material for the years ended September 30, 2025 or 2024. 24 Years Ended September 30, 2025 2024 Average Balance Interest Income/ Expense Yield/Cost (Annualized) Average Balance Interest Income/ Expense Yield/Cost (Annualized) (Dollars In Thousands) Interest-earning assets: Interest-earning deposits $ 45,078 $ 1,920 4.26 % $ 58,557 $ 3,037 5.19 % Loans receivable, net (1) 813,509 49,920 6.14 % 734,402 43,107 5.87 % Securities Taxable 89,957 2,597 2.89 % 92,147 2,149 2.33 % Tax-exempt (2) 3,370 73 2.17 % 3,370 73 2.17 % FHLBNY stock 2,718 211 7.78 % 2,306 220 9.52 % Total interest-earning assets 954,632 54,721 5.73 % 890,782 48,586 5.45 % Noninterest-earning assets 52,373 49,938 Total assets $ 1,007,005 $ 940,720 Interest-bearing liabilities: Savings accounts (3) $ 53,750 $ 372 0.69 % $ 57,147 $ 352 0.62 % NOW accounts (4) 487,643 14,733 3.02 % 441,853 14,700 3.33 % Time deposits (5) 172,295 6,651 3.86 % 130,061 4,673 3.59 % Total interest-bearing deposits 713,688 21,756 3.05 % 629,061 19,725 3.14 % Borrowings 35,202 1,054 3.00 % 28,871 872 3.02 % Total interest-bearing liabilities 748,890 22,810 3.05 % 657,932 20,597 3.13 % Noninterest-bearing liabilities 138,805 170,923 Total liabilities 887,695 828,855 Retained earnings 119,310 111,865 Total liabilities and retained earnings $ 1,007,005 $ 940,720 Tax-equivalent basis adjustment (15 ) (15 ) Net interest and dividend income $ 31,896 $ 27,974 Interest rate spread 2.68 % 2.32 % Net interest-earning assets $ 205,742 $ 232,850 Net interest margin (6) 3.34 % 3.14 % Average interest-earning assets to average interest-bearing liabilities 127.47 % 135.39 % (1) The average balance of loans receivable, net includes non-accrual loans.
Policies are purchased insuring directors and officers of Magyar Bank using a single premium method of payment. Magyar Bank is the owner and beneficiary of the policies and records tax-free income through cash surrender value accumulation. We have minimized our credit exposure by choosing carriers that are highly rated and limiting the concentration of any one carrier.
Policies are purchased to insure the lives of directors and officers of Magyar Bank using a single premium method of payment. Magyar Bank is the owner and beneficiary of the policies and records tax-free income through cash surrender value accumulation.
Certificates of deposit due within one year of September 30, 2024 totaled $99.2 million, or 12.45% of total deposits. If these deposits do not remain with us, we will be required to seek other sources of funds, including other deposits and FHLBNY advances.
If these deposits do not remain with us, we will be required to seek other sources of funds, including replacement deposits and FHLBNY advances.
The growth in deposits occurred in certificates of deposit (including individual retirement accounts) which increased $55.0 million, or 52.5%, to $159.7 million, in interest-bearing checking account balances, which increased $31.6 million, or 27.4% to $146.7 million, and in money market account balances, which increased $19.7 million, or 6.9%, to $304.6 million.
The growth in deposits during the year occurred in certificates of deposit (including individual retirement accounts) which increased $50.3 million, or 31.5%, to $210.0 million, in interest-bearing checking account balances, which increased $17.0 million, or 11.6% to $163.8 million, and in savings account balances, which increased $1.6 million, or 3.0%, to $54.4 million.
Securities classified as available-for-sale, which provide additional sources of liquidity from sales, totaled $15.6 million at September 30, 2024 compared with $10.1 million at September 30, 2023. At September 30, 2024, we also had the ability to borrow $272.3 million from the FHLBNY compared with $230.1 million at September 30 2023.
At September 30, 2025, cash and cash equivalents totaled $7.1 million compared with $25.6 million at September 30, 2024. Securities classified as available-for-sale, which provide additional sources of liquidity from sales, totaled $21.2 million at September 30, 2025 compared with $15.6 million at September 30, 2024.
The Company was in the process of restructuring $7.9 million of its BOLI portfolio at September 30, 2024 that is expected to increase the crediting rate on the restructured BOLI policies from 2.24% (3.20% tax-equivalent yield) to 4.93% (7.04% tax-equivalent yield).
The Company began restructuring $7.9 million of its BOLI portfolio in August 2024 to increase the yield on the portfolio to higher market interest rates. The portfolio restructure increased the crediting rate on the restructured BOLI policies from 2.24% (3.20% tax-equivalent yield) to 4.67% (6.67% tax-equivalent yield). Other Real Estate Owned.
The investment in bank-owned life insurance has no significant impact on our capital and liquidity. Off-Balance Sheet Arrangements and Aggregate Contractual Obligations Commitments. As a financial services provider, we routinely are a party to various financial instruments with off-balance-sheet risks, such as commitments to extend credit, standby letters of credit and unused lines of credit.
As a financial services provider, we routinely are a party to various financial instruments with off-balance-sheet risks, such as commitments to extend credit, standby letters of credit and unused lines of credit. While these contractual obligations represent our future cash requirements, a significant portion of commitments to extend credit may expire without being drawn upon.
Offsetting these increases was a $46.9 million decrease in interest-earning deposits with banks. Total deposits increased $41.2 million, or 5.5%, to $796.7 million and stockholders’ equity increased $5.8 million, or 5.5%, to $110.5 million during the year ended September 30, 2024.
Total deposits increased $17.6 million, or 2.2%, to $814.3 million and stockholders’ equity increased $8.3 million, or 7.5%, to $118.8 million during the year ended September 30, 2025 compared with $796.7 million and $110.5 million for the year ended September 30, 2024, respectively.
In addition, service charges decreased $457 thousand to $1.1 million during the year ended September 30, 2024 compared with $1.6 million for the year ended September 30, 2023 from lower commercial loan prepayment fees. Other Expenses.
The Company’s service charges increased $304 thousand, or 26.8%, to $1.4 million during the year ended September 30, 2025 compared with $1.1 million for the year ended September 30, 2024 from higher commercial loan prepayment fees, loans fees earned and late charges.
Other expenses increased $1.1 million, or 5.7%, to $20.4 million during the year ended September 30, 2024 compared to $19.3 million for the year ended September 30, 2023 due primarily to higher compensation benefit expenses, which increased $689 thousand, or 6.2%, to $11.8 million for the year ended September 30, 2024 from $11.1 million for the year ended September 30, 2023.
Other expenses increased $1.0 million, or 4.9%, to $21.4 million from $20.4 million for the year ended September 30, 2024 due primarily to higher compensation and occupancy expenses. Compensation and employee benefit expenses increased $893 thousand, or 7.6%, due to annual merit increases, higher medical insurance costs and higher incentive plan accruals.
Average expense on interest-bearing deposits increased $10.2 million, or 107.9%, to 19.7 million at September 30, 2024 compared with $9.5 million at September 30, 2023. Interest expense on advances increased $26 thousand, or 3.1%, to $872 thousand for the year ended September 30, 2024 from $846 thousand for the year ended September 30, 2023.
As a result, the cost of interest-bearing deposits increased $2.0 million, or 10.3%, to $21.7 million for the year ended September 30, 2025 compared with $19.7 million for the year ended September 30, 2024.
There were no out-of-period adjustments excluded from the table below September 30, 2024 vs. 2023 Increase (decrease) due to Volume Rate Net (In thousands) Interest-earning assets: Interest-earning deposits $ 1,848 $ 149 $ 1,997 Loans 3,644 4,234 7,878 Securities Taxable (41 ) 588 547 Tax-exempt (1) — — — FHLBNY stock 22 59 81 Total interest-earning assets 5,472 5,031 10,503 Interest-bearing liabilities: Savings accounts (2) (76 ) 86 10 NOW accounts (3) 2,620 4,748 7,368 Time deposits (4) 1,024 1,835 2,859 Total interest-bearing deposits 3,568 6,669 10,237 Borrowings 103 (77 ) 26 Total interest-bearing liabilities 3,672 6,591 10,263 Increase (decrease) in tax equivalent net interest income $ 1,801 $ (1,561 ) $ 240 Change in tax-equivalent basis adjustment — Increase in net interest income $ 240 (1) Calculated using the Company's 21% federal tax rate.
There were no out-of-period adjustments excluded from the table below September 30, 2025 vs. 2024 Increase (decrease) due to Volume Rate Net (In thousands) Interest-earning assets: Interest-earning deposits $ (628 ) $ (489 ) $ (1,117 ) Loans 4,773 2,040 6,813 Securities Taxable (53 ) 501 448 Tax-exempt (1) - - - FHLBNY stock 35 (44 ) (9 ) Total interest-earning assets 4,128 2,007 6,135 Interest-bearing liabilities: Savings accounts (2) (22 ) 41 19 NOW accounts (3) 1,461 (1,427 ) 34 Time deposits (4) 1,606 372 1,978 Total interest-bearing deposits 3,045 (1,014 ) 2,031 Borrowings 188 (6 ) 182 Total interest-bearing liabilities 3,233 (1,020 ) 2,213 Increase (decrease) in tax equivalent net interest income $ 895 $ 3,027 $ 3,922 Increase in net interest income $ 3,922 (1) Calculated using the Company’s 21% federal tax rate.
Interest earned on investment securities, including interest earned on deposits but excluding FHLBNY stock, increased $2.5 million, or 94.3%, to $5.2 million for the year ended September 30, 2024 from $2.7 million for the year ended 26 2023.
The average yield on such loans increased 27 basis points to 6.14% at September 30, 2025 from 5.87% for the year ended September 30, 2024 from higher interest income on loan originations and on adjustable-rate commercial term loans repricing higher. 26 Interest earned on investment securities, including interest earned on deposits but excluding FHLBNY stock, decreased $670 thousand, or 12.8%, to $4.6 million for the year ended September 30, 2025 from $5.2 million for the year ended 2024.
The levels of these assets are dependent on our operating, financing, lending and investing activities during any given period. At September 30, 2024, cash and cash equivalents totaled 28 $25.6 million compared with $72.5 million at September 30, 2023.
Our cash flows are derived from operating activities, investing activities and financing activities as reported in our consolidated Statements of Cash Flows included in our consolidated Financial Statements. Our most liquid assets are cash and cash equivalents. The levels of these assets are dependent on our operating, financing, lending and investing activities during any given period.
Offsetting these increases were declines in non-interest checking account balances, which decreased $55.7 million, or 29.6%, to $132.8 million and in savings account balances, which decreased $9.3 million, or 15.0%, to $52.9 million. Customers sought higher-yielding deposit products during a period of increased interest rates.
Offsetting these increases were declines in money market account balances, which decreased $35.6 million, or 11.7%, to $268.9 million and in non-interest checking account balances, which decreased $15.6 million, or 11.7%, to $117.2 million.
The decrease was the attributable to principal repayments totaling $12.5 million and partially offset by purchases totaling $6.5 million. Bank-Owned Life Insurance. The cash surrender value of life insurance held for directors and executive officers of Magyar Bank increased $5.3 million, or 29.5%, to $23.3 million at September 30, 2024 from $18.0 million at September 30, 2023.
Bank owned life insurance (“BOLI”) decreased $4.3 million, or 18.4%, to $19.0 million at September 30, 2025 from the surrender of policies totaling $5.0 million, partially offset by increases in the cash surrender value of the retained policies totaling $673 thousand.
During the year ended September 30, 2024, the Company recorded $69 thousand in net loan recoveries compared with $484 thousand in net charge-offs for the year ended September 30, 2023.
The provision for credit losses increased $312 thousand, or 346.7%, to $402 thousand for the year ended September 30, 2025 compared with $90 thousand for the year ended September 30, 2024. In addition to the provisions, the Company recorded $149 thousand and $69 thousand in net loan recoveries for the year ended September 30, 2025 and 2024, respectively.
Income tax expense increased $285 thousand, or 9.4%, to $3.3 million for the year ended September 30, 2024 from $3.0 million for the year ended September 30, 2023. The increase was attributable to higher pre-tax income and a $456 thousand expense for taxable gains on surrendered bank-owned life insurance policies during the year ended September 30, 2024.
Income on bank owned life insurance increased $240 thousand, or 55.4% to $673 thousand during the year ended September 30, 2025 compared with $433 thousand for the year ended September 30, 2024 from the restructure of $7.9 million in policies beginning in the 2024 fiscal year.
The Company’s effective income tax rate was 29.9% for the year ended September 30, 2024 and 28.2% for the year ended September 30, 2023. Management of Market Risk General . The majority of our assets and liabilities are monetary in nature. Consequently, our most significant form of market risk is interest rate risk.
The increase was attributable to higher pre-tax income, which increased $2.7 million, or 24.4%, to $13.8 million during the year ended September 30, 2025 compared with $11.1 million for the year ended September 30, 2024. Management of Market Risk General . The majority of our assets and liabilities are monetary in nature.
In addition to lower net charge-offs, the provision for credit losses on loans decreased in amount and as a percentage of gross loans during the year from higher balances of lower risk loans and lower balances of higher risk loans in addition to lower adjustments to the historical loss for all loan categories for improving economic conditions. Other Income.
While total loan growth was lower for the current fiscal year period compared to our 2024 fiscal year, the provisions increased comparatively, due to higher balances of lower risk loans and lower balances of higher risk loans in addition to lower adjustments to the historical loss for all loan categories for improving economic conditions during the prior year period.
During the year ended September 30, 2024, the Company’s total assets grew $44.6 million, or 4.9%, to $951.9 million compared with $907.3 million at September 30, 2023. The increase was attributable to an $82.8 million increase in net loans receivable, a $5.3 million increase in bank-owned life insurance, and a $3.4 million increase in other real estate owned.
The increase was attributable to a $77.2 million increase in loans receivable, offset by an $18.5 million decrease in total cash and cash equivalents, a $7.0 million decrease in investment securities, a $4.3 million decrease in bank owned life insurance and a $1.6 million decrease in other real estate owned.
If we require funds beyond our ability to generate them internally, borrowing agreements exist with the FHLBNY, which provide an additional source of funds. FHLBNY advances totaled $28.6 million and $29.5 million at September 30, 2024 and 2023, respectively. FHLBNY advances have primarily been used to fund loan demand.
If we require funds beyond our ability to generate them internally, borrowing agreements exist with the FHLBNY and FRBNY, which provide an additional source of funds. In addition to borrowings, the Bank has ability to raise deposits on the brokered market or through deposit listing services.
The surrender of BOLI policies also impacted income tax expense during the year ended September 30, 2024 as discussed below. Other Real Estate Owned. Other real estate owned increased $3.4 million to $3.7 million for the year ended September 30, 2024.
Income Tax Expense. Income tax expense increased $732 thousand, or 22.1%, to $4.0 million for the year ended September 30, 2025 from $3.3 million for the year ended September 30, 2024.
The average yield on such loans increased 60 basis points to 5.87% at September 30, 2024 from 5.27% for the year ended September 30, 2023 from higher market interest rates.
The Company’s net interest margin increased 20 basis points to 3.34% for the year ended September 30, 2025 from 3.14% for the year ended September 30, 2024.
The Company acquired four properties totaling $4.4 million and sold two properties totaling $1.0 million during the year ended September 30, 2024. Of the three remaining properties owned at September 30, 2024, two totaling $3.3 million were under contract of sale. Deposits. Total deposits increased $41.2 million, or 5.5%, during the year ended September 30, 2024.
Other real estate owned decreased $1.6 million, or 41.8%, to $2.2 million at September 30, 2025. The Company sold two properties totaling $1.8 million for a net gain of $229 thousand and reduced the carrying value on its remaining property through a $57 thousand write down during the year ended September 30, 2025. Deposits.
Total assets increased $44.6 million, or 4.9%, to $951.9 million during the year ended September 30, 2024 compared with $907.3 million at September 30, 2023. The increase was attributable to higher loans receivable, bank-owned life insurance and other real estate owned.
Total assets increased $45.8 million, or 4.8%, to $997.7 million compared with $951.9 million at September 30, 2024.
Removed
Partially offsetting these increases were lower interest-earning deposits with banks, as we used cash and cash equivalents to fund loan growth. Loans Receivable. Total loans receivable increased $83.0 million, or 11.9%, to $781.2 million at September 30, 2024 from $698.2 million at September 30, 2023.
Added
During the year ended September 30, 2025, the Company’s total assets grew $45.8 million, or 4.8%, to $997.7 million from $951.9 million at September 30, 2024.
Removed
Offsetting these increases were declines in commercial business loans, which decreased $6.2 million, or 20.5%, to $24.0 million and in other consumer loans, which decreased $124 thousand, or 5.3%, to $2.2 million.
Added
The increase was attributable to a $77.2 million increase in loans receivable, net of deferred loan costs, offset by an $18.5 million decrease in total cash and cash equivalents, a $7.0 million decrease in investment securities, a $4.3 million decrease in bank owned life insurance and a $1.6 million decrease in other real estate owned. Loans Receivable.
Removed
Such amounts totaled 0.03% and 0.60% of total commercial real estate loans as of September 30, 2024 and 2023, respectively. 22 In 2024, the Company adopted ASU 2016-13, Financial Instruments - Credit Losses , and subsequent related updates, using the modified retrospective approach for all financial assets measured at amortized cost, including loans, held-to-maturity debt securities, and unfunded commitments.
Added
Total loans receivable increased $77.7 million, or 9.9%, to $858.9 million during the year ended September 30, 2025 from $781.2 million at September 30, 2024.
Removed
On October 1, 2023, the Company recorded a cumulative effect increase to retained earnings of $354 thousand, net of tax, which consisted of a $743 thousand reduction related to loans, and a $389 thousand increase related to unfunded commitments. There were no such charges for investment securities held by the Company at the date of adoption. Investment Securities.
Added
Total non-performing loans increased $219 thousand, or 94.4%, to $451 thousand at September 30, 2025 from $232 thousand at September 30, 2024. Non-performing loans consisted of four loans secured by one-to four family properties totaling $451 thousand. The ratio of non-performing loans to total loans was 0.05% at September 30, 2025 compared to 0.03% at September 30, 2024.
Removed
Investment securities decreased $528 thousand, or 0.6%, to $95.4 million at September 30, 2024 from $96.0 million at September 30, 2023. Securities available-for-sale increased $5.5 million, or 54.2%, to $15.6 million at September 30, 2024 from $10.1 million at September 30, 2023.
Added
Allowance for Credit Losses. The allowance for credit losses on loans increased $802 thousand to $8.4 million at September 30, 2025 compared to $7.5 million at September 30, 2024. The increase was attributable to provisions for credit loss totaling $653 thousand and net loan recoveries totaling $149 thousand during the year.
Removed
The increase was attributable to purchases totaling $6.0 million, unrealized gain of $834 thousand partially offset by principal repayments totaling $1.3 million. Securities held-to-maturity decreased $6.0 million, or 7.0%, to $79.8 million at September 30, 2024 from $85.8 million at September 30, 2023.

… 31 more changes not shown on this page.

Other MGYR 10-K year-over-year comparisons