Magyar Bancorp reported earnings results for the first quarter ended December 31, 2015. For the quarter, the company reported Interest and dividend income was $5,002,000 against $4,812,000 for the same period a year ago. The increase was attributable to higher average balances of interest-earning assets, which increased $35.9 million, or 7.6%, offset by a lower yield on interest-earning assets, which declined 13 basis points to 3.88% for the quarter ended December 31, 2015 compared with the prior year period.

Net interest and dividend income was $4,110,000 against $3,991,000 for the same period a year ago. Net interest and dividend income after provision for loan losses was $3,932,000 against $3,571,000 for the same period a year ago. Income before income tax expense was $502,000 against $256,000 for the same period a year ago.

Net income was $309,000 or $0.05 basic and diluted earnings per share against $182,000 or $0.03 basic and diluted earnings per share for the same period a year ago. Net income increased $127,000, or 70%, compared with the three-month period ended December 31, 2014 due to higher net interest and dividend income, lower provisions for loan loss, and higher other income. Partially offsetting these items were higher other expenses and income tax expense.

Book value per share was $8.05 against $7.94 for the same period a year ago. Return on average assets was 0.22% against 0.14% for the same period a year ago. Return on average equity was 3.19% against 3.33% for the same period a year ago.