Magyar Bancorp fiscal Q4 net income stable, FY net income up 25%
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Magyar Bancorp reported stable net income of $2.5 million for fiscal Q4, with a 25% increase in FY net income. The company declared a quarterly dividend of $0.08 per share. The net interest margin rose by 39 basis points in Q4, driven by higher interest income and a 10% growth in the loan portfolio. Increased provisions for credit loss were noted due to growth in commercial real estate and construction loans. No specific guidance for future quarters was provided.
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