Magyar Bancorp Inc (MGYR) has reported a 12.30 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $0.35 million, or $0.06 a share in the quarter, compared with $0.31 million, or $0.05 a share for the same period last year. Revenue during the quarter went up marginally by 1.49 percent to $4.62 million from $4.55 million in the previous year period. Net interest income for the quarter rose 9.15 percent over the prior year period to $4.49 million. Non-interest income for the quarter fell 25.12 percent over the last year period to $0.46 million.
Magyar Bancorp Inc has made provision of $0.33 million for loan losses during the quarter, up 85.39 percent from $0.18 million in the same period last year.
Net interest margin improved 11 basis points to 3.30 percent in the quarter from 3.19 percent in the last year period.
“We are pleased to report a 12% increase in net income for the first quarter of 2017 compared to the same period last year”, stated John Fitzgerald, president and chief executive officer. “The continued improvement in our balance sheet, combined with identifying new, prudent lending opportunities has driven Magyar’s income growth over the past year, and we expect this momentum to continue throughout the remainder of our fiscal year.”
Assets outpace liabilities growth
Total assets stood at $587.69 million as on Dec. 31, 2016, up 2.83 percent compared with $571.51 million on Dec. 31, 2015. On the other hand, total liabilities stood at $533.86 million as on Dec. 31, 2016, up 1.76 percent from $524.64 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $461.70 million as on Dec. 31, 2016, up 10.86 percent compared with $416.46 million on Dec. 31, 2015. Deposits stood at $499.82 million as on Dec. 31, 2016, up 2.60 percent compared with $487.16 million on Dec. 31, 2015. Investments stood at $62.67 million as on Dec. 31, 2016, down 3.80 percent or $2.48 million from year-ago. Shareholders equity stood at $47.91 million as on Dec. 31, 2016, up 2.21 percent or $1.03 million from year-ago.
Return on average assets moved up 2 basis points to 0.24 percent in the quarter from 0.22 percent in the last year period. At the same time, return on average equity increased 26 basis points to 2.89 percent in the quarter from 2.63 percent in the last year period.
Nonperforming assets stood at $16.11 million as on Dec. 31, 2016. Meanwhile, nonperforming assets to total assets was 2.74 percent in the quarter.
Book value per share was $8.23 for the quarter, up 2.24 percent or $0.18 compared to $8.05 for the same period last year.
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