Revenue during the quarter grew 7.41 percent to $4.57 million from $4.25 million in the previous year period. Net interest income for the quarter rose 10.46 percent over the prior year period to $4.53 million. Non-interest income for the quarter fell 0.45 percent over the last year period to $0.44 million.

Magyar Bancorp has made provision of $0.40 million for loan losses during the quarter, up 38.49 percent from $0.29 million in the same period last year.

Net interest margin improved 20 basis points to 3.40 percent in the quarter from 3.20 percent in the last year period.

“We are pleased to report a 69% increase in net income for the quarter compared with one year ago.”, stated John Fitzgerald, President and Chief Executive Officer. “Despite the significant headwinds presented by the sluggish economy and the stubbornly low interest rate environment, we continue to make significant progress in improving our balance sheet and expanding earnings. While loan growth during the quarter was tempered by prepayments, our pipeline was strong at March 31, 2017.”

Investments stood at $62.71 million as on Mar. 31, 2017. Shareholders equity was at $48.27 million as on Mar. 31, 2017.

Return on average assets moved up 7 basis points to 0.20 percent in the quarter from 0.13 percent in the last year period. At the same time, return on average equity increased 99 basis points to 2.51 percent in the quarter from 1.52 percent in the last year period.

Nonperforming assets stood at $17.69 million as on Mar. 31, 2017. Meanwhile, nonperforming assets to total assets was 3.04 percent in the quarter.

Book value per share was $8.29 for the quarter, up 2.22 percent or $0.18 compared to $8.11 for the same period last year.