# EDGAR Filing Document

**Accession Number:** 0001337068
**File Stem:** 0001174947-25-001014
**Filing Date:** 2025-7
**Character Count:** 26168
**Document Hash:** b3570b0f842e0786f990187c6c6692cf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001174947-25-001014.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0001174947-25-001014

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250724

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Magyar Bancorp, Inc.
- **CENTRAL INDEX KEY:** 0001337068
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 204154978
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-51726
- **FILM NUMBER:** 251146842

**BUSINESS ADDRESS:**
- **STREET 1:** 400 SOMERSET STREET
- **CITY:** NEW BRUNSWICK
- **STATE:** NJ
- **ZIP:** 08901
- **BUSINESS PHONE:** 732-249-2438

**MAIL ADDRESS:**
- **STREET 1:** 400 SOMERSET STREET
- **CITY:** NEW BRUNSWICK
- **STATE:** NJ
- **ZIP:** 08901

?xml version='1.0' encoding='ASCII'? MGYR

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 24, 2025

**<u>Magyar Bancorp, Inc.</u>**

(Exact Name of Registrant as Specified in Charter)

---

| | | |
|:---|:---|:---|
| Delaware | 000-51726 | 20-4154978 |
| (State or Other Jurisdiction) | (Commission File No.) | (I.R.S. Employer |
| of Incorporation) |  | Identification No.) |
| **400 Somerset Street, New Brunswick, New Jersey** |  | **08901** |
| (Address of Principal Executive Offices) |  | (Zip Code) |

---

Registrant's telephone number, including area code: <u>(732) 342-7600</u>

<u>Not Applicable</u>

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of Each Class** | &nbsp;&nbsp;**Trading Symbol(s)** | &nbsp;&nbsp;**Name of Each Exchange on Which Registered** |
| &nbsp;&nbsp; Common Stock, par value $0.01 per share | &nbsp;&nbsp;MGYR | &nbsp;&nbsp;The NASDAQ Stock Market, LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

---

| | |
|:---|:---|
| **Item 2.02.** | **<u>Results of Operations and Financial Condition</u>** |

---

On July 24, 2025, Magyar Bancorp, Inc. (the "Company") issued a press release regarding its results of operations and financial condition at and for the three and nine months ended June 30, 2025. The text of the press release is included as Exhibit 99.1 to this report. The information included in the press release text is considered to be "furnished" under the Securities Exchange Act of 1934. The Company will include financial statements and additional analyses at and for the three and nine months ended June 30, 2025, as part of its Form 10-Q for the period.

---

| | |
|:---|:---|
| **Item 8.01.** | **<u>Other Events</u>** |

---

On July 24, 2025, the Company announced that its Board of Directors has approved a quarterly cash dividend of $0.08 per common share to shareholders of record at the close of business on August 7, 2025, payable on August 21, 2025.

The text of the press release, dated July 24, 2025, announcing the dividend, and which also includes the Company's quarterly earnings announcement, as stated above, is included as Exhibit 99.1 to this report and is incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

---

| | |
|:---|:---|
| **<u>Exhibit</u>** | **<u>Description</u>** |
| 99.1 | [Press Release Dated July 24, 2025](ex99-1.htm) |
| 104 | The cover page for this Current Report on Form 8-K, formatted in Inline XBRL |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | **MAGYAR BANCORP, INC.** |
| DATE: July 24, 2025 | By: | /s/ John S. Fitzgerald |
|  |  | John S. Fitzgerald |
|  |  | President and Chief Executive Officer |

---

## Ex-99

**News**

**400 Somerset St., New Brunswick, NJ 08901**

**732.342.7600** **MAGYAR BANCORP, INC. ANNOUNCES THIRD QUARTER FINANCIAL RESULTS**

**AND DECLARES DIVIDEND**

**New Brunswick, New Jersey, July 24, 2025** – Magyar Bancorp (NASDAQ: MGYR) ("Company"), parent company of Magyar Bank, reported today the results of its operations for the three and nine months ended June 30, 2025.

The Company reported a 46% increase in its net income for the three months ended June 30, 2025, to $2.5 million compared with net income of $1.7 million for the three months ended June 30, 2024. Net income for the nine months ended June 30, 2025 was $7.2 million compared with net income of $5.2 million for the nine months ended June 30, 2024.

Basic and diluted earnings per share were $0.40 for the three months ended June 30, 2025 compared with $0.27 for the three months ended June 30, 2024. Basic and diluted earnings per share were $1.16 for the nine months ended June 30, 2025 compared with $0.82 for the nine months ended June 30, 2024.

The Company also announced that its Board of Directors declared an increase in its quarterly cash dividend to $0.08 per share, which will be paid on August 21, 2025 to stockholders of record as of August 7, 2025.

"Our Community Banking strategy continues to produce strong financial results," stated John Fitzgerald, President and Chief Executive Officer of Magyar Bancorp. "Solid loan growth for the first nine months of our fiscal year, combined with prudent balance sheet management produced a 46% increase in net income year over year, and further expansion of our net interest margin on a linked quarter basis. Despite the market volatility during the April through June timeframe, our stock price increased over 17% during the quarter, and our performance was recognized by Keefe Bruyette & Woods who included us in their 2025 Honor Roll, comprised of elite, high performing banks with consistent earnings growth over the past decade. We are proud of this accomplishment, and feel Magyar is well positioned to continue to produce solid results as we head into the final quarter of our fiscal year."

**Results of Operations for the Three Months Ended June 30, 2025**

Net income increased $779 thousand, or 46.1%, to $2.5 million during the three-month period ended June 30, 2025 compared with $1.7 million during the three-month period ended June 30, 2024, from higher net interest income and other income, partially offset by higher provisions for credit loss, other expenses and income tax expense.

The Company's net interest and dividend income increased $1.4 million, or 20.5%, to $8.2 million for the quarter ended June 30, 2025 from the quarter ended June 30, 2024. The increase was attributable to a 33-basis point increase in the Company's net interest margin to 3.35% for the three months ended June 30, 2025 from 3.02% for the three months ended June 30, 2024, as well as a $78.4 million increase in the average balance of interest-earning assets between the periods.

Interest and dividend income increased $1.7 million, or 13.5%, to $14.0 million for the three months ended June 30, 2025 compared with $12.3 million for the three months ended June 30, 2024. The increase was attributable to a 24-basis point increase in the yield on interest-earning assets to 5.74% for the three months ended June 30, 2025 from 5.50% for the three months ended June 30, 2024, as well as a $77.6 million, or 10.4%, increase in the average balance of net loans receivable between the periods.

Interest expense increased $267 thousand, or 4.8%, to $5.8 million for the three months ended June 30, 2025 from $5.5 million for the three months ended June 30, 2024. An $85.5 million, or 12.4%, increase in the average balance of interest-bearing liabilities accounted for the increase in interest expense between the periods. Partially offsetting the higher balance was a 22-basis point decrease in the cost of such liabilities to 3.02% for the three months ended June 30, 2025 compared with 3.24% for the three months ended June 30, 2024.

The Company recorded a net provision for credit losses totaling $101 thousand for the three months ended June 30, 2025 compared with a net recovery of credit losses totaling $54 thousand for the three months ended June 30, 2024. The higher provision for credit losses resulted from growth in commercial real estate, residential mortgage and commercial business loans, partially offset by lower construction loan balances, which require higher provisions for credit loss. The Company recorded $3 thousand in net loan recoveries during the three months ended June 30, 2025 compared with $1 thousand in net loan recoveries during the three months ended June 30, 2024.

Other income increased $227 thousand, or 55.5%, to $636 thousand during the three months ended June 30, 2025 compared with $409 thousand for the three months ended June 30, 2024. The increase was primarily due to higher income on bank owned life insurance, which increased $79 thousand, or 84.9%, to $172 thousand for the three months ended June 30, 2025 from $93 thousand for the three months ended June 30, 2024 resulting from the restructure of policies totaling $7.9 million during the current fiscal year. In addition, the Company recorded higher service fee income, which increased $58 thousand, or 20.6%, to $340 thousand for the three months ended June 30, 2025 from $282 thousand for the three months ended June 30, 2024 primarily from higher commercial loan prepayment charges and late charges on loans.

Other expenses increased $184 thousand, or 3.6%, to $5.2 million during the three months ended June 30, 2025 compared with $5.0 million for the three months ended June 30, 2024. The increase was primarily attributable to higher compensation and benefit expense, which increased $211 thousand, or 7.3%, to $3.1 million, due to higher medical benefits and incentive accruals as well as annual merit increases.

The Company recorded tax expense of $1.0 million on pre-tax income of $3.5 million for the three months ended June 30, 2025, compared with $501 thousand on pre-tax income of $2.2 million for the three months ended June 30, 2024. The increase in income tax expense was driven by higher pre-tax income as well as changes in deferred tax items that lowered the Company's tax expense during the three months ended June 30, 2024. The Company's effective tax rate for the three months ended June 30, 2025 was 28.9% compared with 22.9% for the three months ended June 30, 2024.

**Results from Operations for the Nine Months Ended June 30, 2025**

Net income increased $2.0 million, or 38.1%, to $7.2 million during the nine-month period ended June 30, 2025 compared with $5.2 million for the nine-month period ended June 30, 2024 due to higher net interest income, lower provisions for credit loss, and higher other income, partially offset by higher other expenses and income tax expense.

The Company's net interest and dividend income increased $2.5 million, or 12.2%, to $23.5 million for the nine months ended June 30, 2025 from $21.0 million for the nine months ended June 30, 2024. The increase was attributable to a $67.0 million, or 7.6%, increase in the average balance of interest-earning assets between the periods as well as a 14-basis point increase in the Company's net interest margin to 3.30% for the nine months ended June 30, 2025 from 3.16% for the nine months ended June 30, 2024.

Interest and dividend income increased $4.6 million, or 12.9%, to $40.4 million for the nine months ended June 30, 2025 from $35.8 million for the nine months ended June 30, 2024. The increase was attributable to a 27-basis point increase in the yield on interest-earning assets to 5.67% for the nine months ended June 30, 2025 from 5.40% for the nine months ended June 30, 2024, as well as a $79.0 million, or 10.9%, increase in the average balance of net loans receivable.

Interest expense increased $2.1 million, or 13.9%, to $16.9 million for the nine months ended June 30, 2025 from $14.8 million for the nine months ended June 30, 2024. The average balance of interest-bearing liabilities increased $100.2 million, or 15.5%, to $746.9 million from higher money market account and time deposit account balances. Despite the growth in interest-bearing liabilities, the average cost decreased by four basis points to 3.03% for the nine months ended June 30, 2025 compared with 3.07% for the nine months ended June 30, 2024. A 29-basis point decrease in the cost of the Company's $494.2 million average balance in money market and interest-bearing checking account balances more than offset a 43-basis point increase in the Company's $166.7 million average balance of time deposits.

The Company's provision for credit losses was $172 thousand for the nine months ended June 30, 2025 compared with $441 thousand for the nine months ended June 30, 2024. The lower provision for credit losses resulted from lower construction loan commitments, which require higher provisions for credit loss, that more than offset growth in commercial real estate, residential mortgage and commercial business loans. The Company recorded $111 thousand in net loan recoveries during the nine months ended June 30, 2025 compared with $67 thousand in net loan recoveries during the nine months ended June 30, 2024.

Other income increased $1.3 million, or 74.5%, to $2.9 million during the nine months ended June 30, 2025 compared with $1.6 million for the nine months ended June 30, 2024. The increase was primarily due to higher gains from the sale of Small Business Administration 7(a) loans, which increased $506 thousand to $848 thousand for the nine months ended June 30, 2025 from $342 thousand for the nine months ended June 30, 2024. In addition, the Company recorded higher gains from the sale of OREO, commercial loan prepayment charges, late charges on loans and income from its bank-owned life insurance policies.

Other expenses increased $863 thousand, or 5.7%, to $16.0 million during the nine months ended June 30, 2025 from $15.2 million during the nine months ended June 30, 2024. The increase was primarily attributable to higher compensation and benefit expense, which increased $663 thousand, or 7.6%, to $9.4 million, due to higher medical benefits and incentive accruals as well as annual merit increases. In addition, occupancy expense increased $222 thousand, or 9.2%, to $2.6 million, due to lease termination expenses related to the closure of the Bank's Bridgewater office in the Company's first fiscal quarter.

The Company recorded tax expense of $2.9 million on pre-tax income of $10.1 million for the nine months ended June 30, 2025, compared with $1.7 million on pre-tax income of $7.0 million for the nine months ended June 30, 2024. The Company's effective tax rate for the nine months ended June 30, 2025 was 28.6% compared with 24.8% for the nine months ended June 30, 2024.

**Balance Sheet Comparison**

Total assets increased $35.6 million, or 3.7%, to $987.5 million at June 30, 2025 from $951.9 million at September 30, 2024. The increase was attributable to higher loans receivable, partially offset by lower cash and investment securities.

Cash and interest-earning deposits with banks decreased $18.5 million, or 72.5% to $7.1 million at June 30, 2025 from $25.6 million at September 30, 2024 resulting from deployment of these funds into loans receivable during the nine months ended June 30, 2025. The Company's cash balance reflects seasonal deposit outflows from municipal accounts that historically return the following calendar quarter.

At June 30, 2025, investment securities totaled $91.1 million, reflecting a decrease of $4.3 million, or 4.5%, from September 30, 2024. The decrease resulted from matured and called bonds totaling $8.5 million and payments from mortgage-backed securities totaling $5.2 million during the nine months ended June 30, 2025. Offsetting these decreases were purchases of mortgage-backed securities totaling $6.9 million and corporate notes totaling $2.5 million. There were no credit losses recorded for the Company's investment securities during the nine months ended June 30, 2025 and June 30, 2024.

Total loans receivable increased $64.2 million, or 8.2%, to $845.4 million at June 30, 2025 from $781.2 million at September 30, 2024. The increase in total loans receivable during the nine months ended June 30, 2025 occurred in commercial real estate loans, which increased $62.7 million, in one-to four-family residential real estate loans (including home equity lines of credit), which increased $3.7 million, and in construction and land loans, which increased $3.2 million. Partially offsetting these increases were commercial business loans, which decreased $4.9 million and other loans, which decreased $530 thousand.

Total non-performing loans increased $688 thousand to $920 thousand at June 30, 2025 from $232 thousand at September 30, 2024. The ratio of non-performing loans to total loans increased to 0.11% at June 30, 2025 from 0.03% at September 30, 2024.

The allowance for credit losses increased $283 thousand to $8.3 million, or 0.98% of total loans receivable, during the nine months ended June 30, 2025. Growth in loans receivable during the nine months ended June 30, 2025 resulted in additional provisions for credit losses totaling $172 thousand and the Company recorded $111 thousand in net loan recoveries. The Company's allowance for on-balance sheet credit losses increased to $8.1 million at June 30, 2025 from $7.5 million at September 30, 2024 while its reserve for off-balance sheet commitments decreased to $222 thousand at June 30, 2025 from $449 thousand at September 30, 2024.

Total deposits increased $23.3 million, or 2.9%, to $820.0 million at June 30, 2025. The inflow in deposits occurred in money market accounts, which increased $26.3 million, or 8.6%, to $330.9 million, in certificates of deposit (including individual retirement accounts), which increased $20.9 million, or 13.1%, to $180.5 million, and in savings accounts, which increased $424 thousand, or 0.8%, to $53.3 million. Partially offsetting these increases were a $16.5 million, or 12.4%, decrease in non-interest bearing checking accounts to $116.3 million, and a $7.8 million, or 5.3%, decrease in interest-bearing checking accounts to $138.9 million.

The Company's book value per share increased to $18.03 at June 30, 2025 from $16.98 at September 30, 2024. The increase was due to the Company's results from operations, partially offset by $0.21 in dividends paid and 60,410 shares repurchased during the nine months ended Juen 30, 2025 at an average price per share of $14.84.

**About Magyar Bancorp** 

Magyar Bancorp is the parent company of Magyar Bank, a community bank headquartered in New Brunswick, New Jersey. Magyar Bank has been serving families and businesses in Central New Jersey since 1922 with a complete line of financial products and services. Magyar operates seven branch locations in New Brunswick, North Brunswick, South Brunswick, Branchburg, Martinsville, and Edison (2). Please visit us online at www.magbank.com.

**Forward Looking Statements**

This press release contains statements about future events that constitute forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward- looking terminology, such as "may," "will," "believe," "expect," or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those risks previously disclosed in the Company's filings with the SEC, general economic conditions, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, the imposition of tariffs or other domestic or international governmental policies, and market acceptance of the Company's pricing, products and services, and with respect to the loans extended by the Bank and real estate owned, the following: risks related to the economic environment in the market areas in which the Bank operates, particularly with respect to the real estate market in New Jersey; the risk that the value of the real estate securing these loans may decline in value; and the risk that significant expense may be incurred by the Company in connection with the resolution of non-performing loans. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Contact: John Reissner, 732.214.2083

**MAGYAR BANCORP, INC. AND SUBSIDIARY**

**Selected Financial Data**

(Dollars In Thousands, Except for Per-Share Amounts)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **<u>Income Statement Data:</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest and dividend income | $13988 | $12327 | $40417 | $35805 |
| &nbsp;&nbsp;&nbsp;Interest expense | 5810 | 5543 | 16919 | 14853 |
| &nbsp;&nbsp;&nbsp;Net interest and dividend income | 8178 | 6784 | 23498 | 20952 |
| &nbsp;&nbsp;&nbsp;Provision for credit losses | 101 | (54) | 172 | 441 |
| &nbsp;&nbsp;&nbsp;Net interest and dividend income after |  |  |  |  |
| &nbsp;&nbsp;&nbsp; provision for credit losses | 8077 | 6838 | 23326 | 20511 |
| &nbsp;&nbsp;&nbsp;Other income | 636 | 409 | 2860 | 1639 |
| &nbsp;&nbsp;&nbsp;Other expense | 5239 | 5055 | 16047 | 15184 |
| &nbsp;&nbsp;&nbsp;Income before income tax expense | 3474 | 2192 | 10139 | 6966 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 1004 | 501 | 2904 | 1726 |
| &nbsp;&nbsp;&nbsp;Net income | $2470 | $1691 | $7235 | $5240 |
| **<u>Per Share Data:</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income per share-basic | $0.40 | $0.27 | $1.16 | $0.82 |
| &nbsp;&nbsp;&nbsp;Net income per share-diluted | $0.40 | $0.27 | $1.16 | $0.82 |
| &nbsp;&nbsp;&nbsp;Book value per share, at period end | $18.03 | $16.55 | $18.03 | $16.55 |
| **<u>Selected Ratios (annualized):</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return on average assets | 0.96% | 0.71% | 0.96% | 0.75% |
| &nbsp;&nbsp;&nbsp;Return on average equity | 8.84% | 6.41% | 8.25% | 6.37% |
| &nbsp;&nbsp;&nbsp;Net interest margin | 3.35% | 3.02% | 3.30% | 3.16% |

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| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **September 30,**<br>**2024** |
|  | (Dollars in Thousands) | (Dollars in Thousands) |
| **<u>Balance Sheet Data:</u>** |  |  |
| &nbsp;&nbsp;&nbsp;Assets | $987488 | $951918 |
| &nbsp;&nbsp;&nbsp;Total loans receivable | 843991 | 780162 |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses- loans | (8059) | (7548) |
| &nbsp;&nbsp;&nbsp;Investment securities - available for sale, at fair value | 21604 | 15616 |
| &nbsp;&nbsp;&nbsp;Investment securities - held to maturity, at cost | 69520 | 79816 |
| &nbsp;&nbsp;&nbsp;Deposits | 819962 | 796674 |
| &nbsp;&nbsp;&nbsp;Borrowings | 36054 | 28568 |
| &nbsp;&nbsp;&nbsp;Shareholders' Equity | 116323 | 110548 |
| **<u>Asset Quality Data:</u>** |  |  |
| &nbsp;&nbsp;&nbsp;Non-performing loans | $920 | $232 |
| &nbsp;&nbsp;&nbsp;Other real estate owned | 2167 | 3725 |
| &nbsp;&nbsp;&nbsp;Total non-performing assets | $3087 | $3957 |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses to non-performing loans | NM\* | NM\* |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses to total loans receivable | 0.95% | 0.97% |
| &nbsp;&nbsp;&nbsp;Non-performing loans to total loans receivable | 0.11% | 0.03% |
| &nbsp;&nbsp;&nbsp;Non-performing assets to total assets | 0.31% | 0.42% |
| &nbsp;&nbsp;&nbsp;Non-performing assets to total equity | 2.65% | 3.58% |
| &nbsp;&nbsp;&nbsp;\* Not meaningful |  |  |

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