Magyar Bancorp reports Q3 EPS 27c

“The challenging interest rate environment continues to impact our net interest margin,” stated John Fitzgerald, President and Chief Executive Officer. “During the past quarter our cost of funds increased as deposit acquisition and retention becomes more rate sensitive, however our continued loan growth has helped mitigate some of its impact and we anticipate that our margin will begin to stabilize during the second half of the calendar year. We are pleased with the continued strength of our loan portfolio during this era of high inflation, with our non-performing loans declining to 0.60% of total loans during the quarter. In addition, we are pleased to announce that we have entered into a lease for a new branch office in Martinsville, New Jersey, which will further strengthen our ability to serve customers in the Somerset County market.”