Magyar Bancorp (Magyar Bancorp) Credit Losses Provision

: $0.54 Mil (As of Dec. 2023)

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Magyar Bancorp's credit losses provision for the three months ended in Dec. 2023 was $0.48 Mil. Its credit losses provision for the trailing twelve months (TTM) ended in Dec. 2023 was $0.54 Mil.

Magyar Bancorp's quarterly credit losses provision increased from Jun. 2023 ($-0.08 Mil) to Sep. 2023 ($-0.05 Mil) and increased from Sep. 2023 ($-0.05 Mil) to Dec. 2023 ($0.48 Mil).

Magyar Bancorp's annual credit losses provision declined from Sep. 2021 ($1.63 Mil) to Sep. 2022 ($0.30 Mil) but then increased from Sep. 2022 ($0.30 Mil) to Sep. 2023 ($0.38 Mil).

Magyar Bancorp Credit Losses Provision Historical Data

The historical data trend for Magyar Bancorp's Credit Losses Provision can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Magyar Bancorp Annual Data

Trend

Sep14

Sep15

Sep16

Sep17

Sep18

Sep19

Sep20

Sep21

Sep22

Sep23

Credit Losses Provision

0.67

1.67

1.63

0.30

0.38

Magyar Bancorp Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Credit Losses Provision																0.32	0.20	-0.08	-0.05	0.48

Magyar Bancorp Credit Losses Provision Calculation

For each period of operations, banks may reserve a portion of their income to cover the possible non-performing loans. The amount of the Credit Losses Provision is dependent on the management's estimate of the load quality they have. The higher Credit Losses Provision is, the lower banks' reported income in. This does not affect banks' cash flow statement.

Credit Losses Provision for the trailing twelve months (TTM) ended in Dec. 2023 adds up the quarterly data reported by the company within the most recent 12 months, which was $0.54 Mil.

Magyar Bancorp (Magyar Bancorp) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Banks » Magyar Bancorp Inc (NAS:MGYR) » Definitions » Credit Losses Provision

Comparable Companies

Traded in Other Exchanges

N/A

Address

400 Somerset Street, New Brunswick, NJ, USA, 08901

Website

https://www.magbank.com

Magyar Bancorp Inc is a mid-tier stock holding company. The Company offers a full array of commercial and retail financial services, including the taking of time, savings and demand deposits; the making of commercial, consumer and home equity loans; and the provision of other financial services. The business consists of getting retail deposits from the general public in the areas surrounding the main office in New Brunswick, New Jersey and branch offices located in Middlesex and Somerset Counties, New Jersey, and investing those deposits, together with funds generated from operations and wholesale funding, in residential mortgage loans, home equity loans, home equity lines of credit, commercial real estate loans, commercial business loans, Small Business Administration loans.

Executives

Michael F Lombardi	director	1862 OAK TREE RD., C/O LOMBARDI & LOMBARDI, EDISNO NJ 08818
Maureen Ruane	director	400 SOMERSET STREET, NEW BRUNSWICK NJ 08901
Susan Eisenhauer	director	400 SOMERSET STREET, NEW BRUNSWICK NJ 08901
Peter Mcintyre Brown	officer: SVP and CLO	400 SOMERSET STREET, NEW BRUNSWICK NJ 08901
Joseph A Yelencsics	director	400 SOMERSET STREET, NEW BRUNSWICK NJ 08903
Jon Ansari	officer: Senior Vice President, C.F.O.	400 SOMERSET STREET, NEW BRUNSWICK NJ 08903
John S Fitzgerald	officer: EVP and Chief Lending Officer	400 SOMERSET STREET, NEW BRUNSWICK NJ 08903
Lukacs Joseph J Jr	director, other: Chairman of the Board	400 SOMERSET STREET, NEW BRUNSWICK NJ 08903
Stokes Edward C Iii	director	400 SOMERSET STREET, NEW BRUNSWICK NJ 08903
Brian Stanley	officer: SVP and Chief Lending Officer	400 SOMERSET STREET, NEW BRUNSWICK NJ 08903
Elizabeth E Hance	director, officer: President and CEO	400 SOMERSET STREET, NEW BRUNSWICK NJ 08903
Salvatore J Romano	director	400 SOMERSET STREET, NEW BRUNSWICK NJ 08903
Thomas Lankey	director, other: Vice Chairman of the Board	400 SOMERSET STREET, NEW BRUNSWICK NJ 08903
Andrew G Hodulik	director	400 SOMERSET STREET, NEW BRUNSWICK NJ 08903
Martin A Lukacs	director	400 SOMERSET STREET, NEW BRUNSWICK NJ 08903