Magyar Bancorp Reports Strong 2024 Financial Performance

The latest announcement is out from Magyar Bancorp ( (MGYR) ).

Magyar Bancorp, Inc. announced a strong financial performance for 2024, highlighting a 5.5% increase in deposits, 12% loan growth, and a rise in earnings per share to $1.23. The company also reported enhanced shareholder returns through increased dividend payments and an active stock buyback program, while being recognized as a high-performing bank with a 5-star Bauer Financial rating and inclusion in the 2024 KBW Honor Roll. The company’s commitment to growth and enhanced liquidity is underscored by strategic expansions, such as opening a new branch in Martinsville and closing its Bridgewater office.

More about Magyar Bancorp

Magyar Bancorp, Inc. is a New Jersey-based financial institution that operates through its subsidiary, Magyar Bank, a chartered savings bank founded in 1922. The company, listed on NASDAQ under the symbol MGYR, offers community banking services through a network of branches in New Jersey, managing $1 billion in assets, $805 million in loans, and $849 million in deposits as of December 31, 2024.

YTD Price Performance: 1.31%

Average Trading Volume: 4,012

Technical Sentiment Consensus Rating: Sell

Current Market Cap: $94.6M

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