Net interest income grew to $9.2 million in 2026Q2 from $7.0 million in 2024Q4, though net interest margins remain constrained between 0.7% and 0.9% over the last ten quarters.
Magyar Bancorp, Inc. (MGYR) annual income statement — 24-year revenue, gross profit & net income history
| Metric | Sep'26 | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 |
|---|
| Net Interest Income | 37.46M | 31.9M | 27.97M | 27.73M | 27.02M | 25.59M | 21.41M | 20.39M | 19.7M | 18.2M | 16.92M | 16.24M | 16.07M | 15.32M | 15M | 14.83M | 15.81M | 14.15M | 14.53M | 13.68M | 13.21M | 9.56M | 8.32M | 8.16M |
| NII Growth % | 17.45% | 14.02% | 0.87% | 2.65% | 5.6% | 19.49% | 5.01% | 3.51% | 8.22% | 7.6% | 4.17% | 1.06% | 4.88% | 2.17% | 1.14% | -6.24% | 11.76% | -2.6% | 6.2% | 3.57% | 38.2% | 14.8% | 1.98% | - |
| Net Interest Margin % | - | 3.2% | 2.94% | 3.06% | 3.38% | 3.31% | 2.84% | 3.24% | 3.16% | 3.02% | 2.9% | 2.95% | 3.03% | 2.85% | 2.95% | 2.83% | 2.94% | 2.5% | 2.82% | 2.89% | 3.04% | 2.66% | 2.9% | 2.98% |
| Interest Income | 60.47M | 54.71M | 48.57M | 38.07M | 29.5M | 28.53M | 26.93M | 27.1M | 24.35M | 21.98M | 20.45M | 19.44M | 19.53M | 19.67M | 20.8M | 22.23M | 25.13M | 26.34M | 28.82M | 29.23M | 23.59M | 15.51M | 12.58M | 13.37M |
| Interest Expense | 23M | 22.81M | 20.6M | 10.33M | 2.48M | 2.94M | 5.51M | 6.71M | 4.65M | 3.77M | 3.53M | 3.2M | 3.46M | 4.35M | 5.81M | 7.41M | 9.31M | 12.19M | 14.29M | 15.55M | 10.39M | 6.02M | 4.26M | 5.21M |
| Loan Loss Provision | 946K | 402K | 90K | 381K | 304K | 1.63M | 1.67M | 668K | 997K | 1.34M | 1.37M | 1.26M | 1.39M | 2.11M | 1.46M | 1.75M | 2.73M | 8.21M | 4.25M | 398K | 961K | 891K | 202K | 230K |
| Non-Interest Income | 3.14M | 3.71M | 3.55M | 2.67M | 2.71M | 3.09M | 1.41M | 1.85M | 1.8M | 1.73M | 1.93M | 1.71M | 947K | 1.54M | 1.82M | 2.5M | 2.29M | 3.08M | 1.46M | 1.45M | 978K | 3.72M | -7.33M | -6.96M |
| Non-Interest Income % | 7.73% | 10.43% | 11.27% | 8.79% | 9.13% | 10.78% | 6.17% | 8.32% | 8.37% | 8.68% | 10.22% | 9.55% | 5.57% | 9.14% | 10.84% | 14.42% | 12.65% | 17.87% | 9.15% | 9.61% | 6.89% | 28.01% | -734.17% | -580.25% |
| Total Net Revenue | 40.6M | 35.61M | 31.53M | 30.41M | 29.73M | 28.68M | 22.82M | 22.24M | 21.5M | 19.93M | 18.84M | 17.95M | 17.02M | 16.86M | 16.82M | 17.33M | 18.1M | 17.23M | 15.99M | 15.13M | 14.19M | 13.28M | 998K | 1.2M |
| Revenue Growth % | 14.01% | 12.95% | 3.68% | 2.26% | 3.68% | 25.66% | 2.6% | 3.46% | 7.85% | 5.79% | 4.95% | 5.51% | 0.91% | 0.26% | -2.92% | -4.3% | 5.08% | 7.74% | 5.67% | 6.68% | 6.86% | 1230.16% | -16.83% | - |
| Non-Interest Expense | 22M | 21.4M | 20.34M | 19.29M | 18.26M | 18.32M | 18.05M | 17.31M | 17M | 16.18M | 15.72M | 15.38M | 14.87M | 14.47M | 14.73M | 15.78M | 15.17M | 15.08M | 14.6M | 13.76M | 13.35M | 9.81M | -73K | -1.18M |
| Efficiency Ratio | 54.18% | 60.09% | 64.51% | 63.42% | 61.41% | 63.9% | 79.07% | 77.84% | 79.08% | 81.14% | 83.44% | 85.66% | 87.39% | 85.8% | 87.57% | 91.1% | 83.82% | 87.54% | 91.28% | 90.94% | 94.09% | 73.87% | -7.31% | -98.42% |
| Operating Income | 17.66M | 13.81M | 11.1M | 10.74M | 11.17M | 8.72M | 3.11M | 4.26M | 3.5M | 2.42M | 1.75M | 1.31M | 759K | 283K | 630K | -206K | 201K | -6.07M | -2.86M | 973K | -123K | 2.51M | 869K | 2.15M |
| Operating Margin % | 43.49% | 38.78% | 35.21% | 35.32% | 37.56% | 30.42% | 13.63% | 19.16% | 16.28% | 12.12% | 9.31% | 7.3% | 4.46% | 1.68% | 3.75% | -1.19% | 1.11% | -35.2% | -17.89% | 6.43% | -0.87% | 18.92% | 87.07% | 179.25% |
| Operating Income Growth % | 27.85% | 24.41% | 3.34% | -3.83% | 28.01% | 180.46% | -26.99% | 21.71% | 44.85% | 37.72% | 33.97% | 72.6% | 168.2% | -55.08% | 405.83% | -202.49% | 103.31% | -111.99% | -394.04% | 891.06% | -104.9% | 188.95% | -59.6% | - |
| Pretax Income | 17.66M | 13.81M | 11.1M | 10.74M | 11.17M | 8.72M | 3.11M | 4.26M | 3.5M | 2.42M | 1.75M | 1.31M | 759K | 283K | 630K | -206K | 201K | -6.07M | -2.86M | 973K | -123K | 2.51M | 869K | 2.15M |
| Pretax Margin % | 43.49% | 38.78% | 35.21% | 35.32% | 37.56% | 30.42% | 13.63% | 19.16% | 16.28% | 12.12% | 9.31% | 7.3% | 4.46% | 1.68% | 3.75% | -1.19% | 1.11% | -35.2% | -17.89% | 6.43% | -0.87% | 18.92% | 87.07% | 179.25% |
| Income Tax | 5.09M | 4.05M | 3.32M | 3.03M | 3.25M | 2.6M | 921K | 1.26M | 1.47M | 994K | 664K | 413K | 185K | 21K | 121K | 43K | -3.74M | 55K | 82K | 257K | -128K | 951K | 257K | 624K |
| Effective Tax Rate % | 28.85% | 29.32% | 29.88% | 28.23% | 29.1% | 29.86% | 29.6% | 29.69% | 42.02% | 41.13% | 37.83% | 31.53% | 24.37% | 7.42% | 19.21% | -20.87% | -1861.19% | -0.91% | -2.87% | 26.41% | 104.07% | 37.87% | 29.57% | 29.01% |
| Net Income | 12.56M | 9.76M | 7.78M | 7.71M | 7.92M | 6.12M | 2.19M | 3M | 2.03M | 1.42M | 1.09M | 897K | 574K | 262K | 509K | -249K | 3.94M | -6.12M | -2.94M | 716K | 5K | 1.56M | 612K | 1.53M |
| Net Margin % | 30.94% | 27.41% | 24.69% | 25.35% | 26.63% | 21.34% | 9.6% | 13.47% | 9.44% | 7.14% | 5.79% | 5% | 3.37% | 1.55% | 3.03% | -1.44% | 21.77% | -35.52% | -18.4% | 4.73% | 0.04% | 11.75% | 61.32% | 127.25% |
| Net Income Growth % | 28.7% | 25.4% | 0.96% | -2.65% | 29.4% | 179.45% | -26.9% | 47.59% | 42.66% | 30.43% | 21.63% | 56.27% | 119.08% | -48.53% | 304.42% | -106.32% | 164.41% | -107.95% | -511.03% | 14220% | -99.68% | 154.9% | -59.92% | - |
| Net Income (Continuing) | 12.56M | 9.76M | 7.78M | 7.71M | 7.92M | 6.12M | 2.19M | 3M | 2.03M | 1.42M | 1.09M | 897K | 574K | 262K | 509K | -249K | 3.94M | -6.12M | -2.94M | 716K | 5K | 1.56M | 612K | 1.53M |
| EPS (Diluted) | 1.99 | 1.56 | 1.23 | 1.20 | 1.17 | 1.01 | 0.38 | 0.51 | 0.35 | 0.24 | 0.19 | 0.15 | 0.10 | 0.05 | 0.09 | -0.04 | 0.68 | -1.06 | -0.51 | 0.12 | 0.00 | 0.30 | 0.12 | 0.30 |
| EPS Growth % | 27.56% | 26.83% | 2.5% | 2.56% | 15.84% | 165.79% | -25.49% | 45.71% | 45.83% | 26.32% | 26.67% | 50% | 100% | -44.44% | 325% | -105.88% | 164.15% | -107.84% | -525% | - | -99.73% | 150% | -60% | - |
| EPS (Basic) | 2.02 | 1.57 | 1.23 | 1.20 | 1.17 | 1.01 | 0.38 | 0.51 | 0.35 | 0.24 | 0.19 | 0.15 | 0.10 | 0.05 | 0.09 | -0.04 | 0.68 | -1.06 | -0.51 | 0.12 | 0.00 | 0.30 | 0.12 | 0.30 |
| Diluted Shares Outstanding | 6.31M | 6.23M | 6.34M | 6.42M | 6.78M | 6.04M | 5.76M | 5.87M | 5.8M | 5.93M | 5.74M | 5.98M | 5.74M | 5.24M | 5.66M | 5.8M | 5.78M | 5.77M | 5.77M | 5.97M | 5.92M | 5.15M | 5.15M | 5.15M |
Quick answers to the most common questions about buying MGYR stock.
For fiscal year 2026, Magyar Bancorp, Inc. (MGYR) reported total revenue of $40.6M. This represents a 3283.3% increase compared to $1.2M in 2003.
Magyar Bancorp, Inc. (MGYR) is profitable, generating $12.6M in net income for the fiscal year ending 2026 with a net profit margin of 30.9%.
Magyar Bancorp, Inc. (MGYR) reported an operating income of $17.7M, resulting in an operating profit margin of 43.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Magyar Bancorp, Inc. (MGYR) generated $39.7M in gross profit for the year, representing a gross profit margin of 97.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Geographic concentration in NJ
Metrics are mathematically derived from official filings.
Sustained Net Interest Income Expansion
According to the provided quarterly data, Magyar Bancorp has demonstrated a consistent upward trajectory in net interest income, which grew to $9.2 million in 2026Q2 from $7.0 million in 2024Q4, reflecting an effective repricing of the loan portfolio amidst a challenging interest rate environment.
The steady growth in NII suggests that the bank is successfully navigating the interest rate cycle by managing its funding costs relative to asset yields. Investors should monitor whether this momentum can be maintained if deposit competition in the New Brunswick-Edison corridor intensifies further.
Net Interest Margin Stability Challenges
As reported in financial statements, the net interest margin has remained relatively compressed, hovering between 0.7% and 0.9% over the last ten quarters, which indicates that asset yields are struggling to outpace the rising cost of funding within the bank's highly localized deposit base.
The narrow NIM range suggests that the bank's profitability is highly sensitive to deposit betas. While revenue growth is positive, the lack of significant margin expansion warrants investigation into whether the bank's loan pricing power is sufficient to offset potential future increases in interest expense.
Efficiency Ratio Reflects Operational Discipline
Based on the reported figures, Magyar Bancorp has successfully improved its efficiency ratio from 41.0% in 2024Q1 to 35.2% in 2026Q2, suggesting that management is effectively controlling non-interest expenses relative to the bank's total revenue generation capacity during this period of growth.
This trend toward improved operating leverage appears to be a positive indicator of management's ability to scale the business without proportional increases in overhead. However, maintaining this efficiency level will be critical as the bank continues to operate its fixed-cost, branch-heavy model in a competitive market.
Provisioning Volatility Masks Credit Quality
Data from the income statement reveals significant fluctuations in provision expense, ranging from a high of $481,000 in 2024Q1 to a net recovery of $351,000 in 2024Q4, which complicates the assessment of the bank's underlying credit risk and long-term loan loss expectations.
The volatility in provision expense may reflect the inherent lumpiness of the CECL accounting model or specific adjustments to the multi-family and CRE portfolio. Analysts should scrutinize whether these swings are indicative of shifting credit quality or merely accounting adjustments related to the bank's localized loan concentration.