Magyar Bancorp Q3 net income rises 25% on higher net interest income

Overview

• US community bank's fiscal Q3 net income rose 25% yr/yr on higher net interest income

• EPS for fiscal Q3 increased to $0.50 from $0.40 a year earlier

• Company declared a quarterly dividend of $0.10 per share

Outlook

• Company says it is well positioned to continue to produce solid results in final fiscal qtr

Result Drivers

• NET INTEREST MARGIN - Higher net interest margin and increased average interest-earning assets drove net interest income growth

• OTHER INCOME - Gains on the sale of SBA loans contributed to higher other income, partly offset by lower service charge and swap fee income

• CREDIT LOSS PROVISION - Higher provision for credit losses due to growth in commercial real estate loans, partly offset by lower mortgage and construction loan activity and improving economic data

Company press release: ID:nPn2bsCxsa

Key Details

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)