Magyar Bancorp, Inc..
MGYR.US | Other monetary intermediation
Magyar Bancorp, Inc. operates as the holding company for Magyar Bank that provides various banking products and services in Central New Jersey. It accepts various deposit products, including checking, savings, and money market accounts, as well as certificates of deposit. The company also offers loa...Show More
Better Health for All
0
Magyar Bancorp, Inc. operates as a bank, providing financial products and services. Its core business activities do not inherently have a direct positive or negative impact on health outcomes, nor do they involve health products, services, or data that would require specific health-related disclosures, safety records, or R&D. Therefore, most health-related KPIs are not applicable to its principal goods or services. During a public health emergency, Magyar Bank provided $100,000 in financial assistance through the Small Business Recovery Grant Program to COVID-19 impacted organizations, including Elijah’s Promise, a soup kitchen that serves 170,000 meals annually.
1
The Magyar Charitable Foundation, a separate entity, supports health and human services programs, including initiatives for physical and mental wellness, affordable housing, and general education.
2
Fair Money & Economic Opportunity
20
Magyar Bancorp received an 'Outstanding' rating for its Community Reinvestment Act (CRA) performance in 2022, indicating strong compliance with federal and state banking regulations.
1
The bank also engages in SBA loan participation and loan originations to low-income borrowers.
2
Fair Pay & Worker Respect
0
No specific, concrete data points were found in the provided articles to assess MGYR.US against any of the Fair Pay & Worker Respect KPIs.
1
All articles explicitly state that they contain no relevant information for the company or the specified metrics.
2
Fair Trade & Ethical Sourcing
0
Magyar Bancorp, Inc. operates as a financial institution, providing banking products and services. Its business model does not involve the procurement or trade of physical commodities, nor does it have a traditional supply chain for physical goods that would necessitate fair trade certifications, sourcing audits, traceability, or remediation processes related to upstream labor practices.
1
Therefore, all KPIs related to these aspects are scored as N/A. While mentions MBH Bank includes ethical clauses in 'most' model contracts,
2
this information cannot be definitively attributed to MGYR.US (Magyar Bancorp, Inc.) and lacks the specific quantitative percentage required by the rubric for 'ethical_clause_coverage'.
Honest & Fair Business
0
No specific, quantifiable evidence was found for Magyar Bancorp, Inc. (MGYR.US) across any of the KPIs. Articles
1
and
2
refer to "MBH Bank" and Hungarian Forint (HUF) figures, which are not relevant to MGYR.US. Articles
3
,
4
, and
5
mention MGYR.US but do not provide sufficient detail or quantitative data to score any KPI against the rubric's thresholds. For example, while a "Code of Ethics" is mentioned as available,
6
there is no information on its strength, enforcement, or specific anti-corruption measures to map it to a tier.
Kind to Animals
0
No evidence available to assess Magyar Bancorp, Inc. on Kind to Animals.
No War, No Weapons
0
No evidence available to assess Magyar Bancorp, Inc. on No War, No Weapons.
Planet-Friendly Business
-60
Magyar Bancorp, Inc. reported 100% compliance with environmental regulations in 2023.
1
The company conducted a climate risk assessment in 2023, identifying $37.2 million in physical climate risks and $26.5 million in transition risks, but this is considered partial TCFD mapping without scenario analysis.
2
The company also invested $1.8 million in energy efficiency initiatives in 2023, resulting in a 22.6% energy reduction, and allocated $2.5 million to CSR environmental initiatives.
3
Its green loan portfolio amounted to $47.3 million in 2023, representing 6.8% of its total lending assets.
4
Respect for Cultures & Communities
0
No evidence available to assess Magyar Bancorp, Inc. on Respect for Cultures & Communities.
Safe & Smart Tech
-30
Magyar Bancorp, Inc. reported no data breach incidents for the fiscal year ending September 30, 2024, and no incidents of unauthorized data use.
1
The company invested $1.9 million in cybersecurity in 2023, representing 3.2% of its budget, and achieved a 99.7% intrusion prevention rate.
2
The company uses AI for 85% of loan application processing but has no formal AI ethics policy or governance mentioned.
3
Its privacy policy, effective November 2022, states it collects only necessary data, but retention schedules are not specified.
4
The policy also indicates that customers can limit some, but not all, sharing of personal information.
5
The company mentions compliance with federal law, the New Jersey Electronic Funds Transfer Privacy Act, and relevant banking regulations.
6
Zero Waste & Sustainable Products
0
No specific, concrete data points for MGYR.US related to Zero Waste & Sustainable Products were found in the provided articles. The articles either focused on a different entity (MBH Bank, Magyar Nemzeti Bank) or discussed MGYR.US's financial performance without addressing waste management, product sustainability, or related initiatives. Information from SEC filings was unavailable due to throttling.
1