Magyar Bancorp reports Q1 EPS 33c vs. 26c last year

Book value per share increased to $17.23 at December 31, 2024 from $16.98 at September 30, 2024.”We are very pleased to report a 26% increase in earnings over last year’s first quarter,” stated John Fitzgerald, CEO. “Total assets eclipsed the $1B mark during the quarter thanks to a 6.5% increase in total deposits. Our liquidity position will continue to fund the Bank’s strong loan pipeline in our 2025 fiscal year. In addition, our net interest margin increased 14 basis points from the prior quarter as the Bank begins to see the benefits of the Federal Reserve’s rate cuts that occurred in the last few months of 2024.”