Magyar Bancorp Reports 50% Increase in Net Income, Declares Dividend

Magyar Bancorp reported a 50% increase in net income to $3.1 million for Q1 2026, compared to $2.1 million in Q1 2024. The company's net interest margin increased by 37 basis points to 3.59%, driven by Federal Reserve rate cuts and commercial term loans repricing higher. Magyar Bancorp declared a quarterly cash dividend of $0.10 per share and reported a 19% increase in net interest and dividend income to $8.9 million.