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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 20, 2023
Magyar Bancorp, Inc.
(Exact Name of Registrant as Specified in Charter)
| Delaware |
|
000-51726 |
|
20-4154978 |
(State or Other Jurisdiction
of Incorporation) |
|
(Commission
File No.) |
|
(I.R.S.
Employer
Identification No.) |
| |
|
|
| 400 Somerset Street, New Brunswick, New Jersey |
|
|
|
08901 |
| (Address of Principal Executive Offices) |
|
|
|
(Zip Code) |
Registrant’s telephone number, including
area code: (732) 342-7600
Not Applicable
(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:
| Common stock, $0.01 par value per share |
|
MGYR |
|
The Nasdaq Stock Market LLC |
| Title
of Each Class |
|
Trading
Symbol(s) |
|
Name
of Each Exchange on Which Registered |
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. | Results of Operations and Financial Condition |
On July 20, 2023, 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, 2023. 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, 2023, as part of its Form 10-Q for the
period.
On July 20, 2023, the Company announced that its
Board of Directors has approved a quarterly cash dividend of $0.03 per common share to shareholders of record at the close of business
on August 3, 2023, payable on August 17, 2023.
The text of the press release, dated July 20,
2023, 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. |
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 20, 2023 |
By: |
/s/ John S. Fitzgerald |
| |
|
John S. Fitzgerald |
| |
|
President and Chief Executive Officer |
Exhibit 99.1
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 20, 2023
– 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, 2023.
The Company reported $1,918,000 in net income
for the three months ended June 30, 2023 compared with net income of $2,117,000 for the three months ended June 30, 2022. Net income for
the nine months ended June 30, 2023 was $5,524,000 compared with net income of $5,489,000 for the nine months ended June 30, 2022.
Basic and diluted earnings per share were $0.30
for the three months ended June 30, 2023 compared with $0.31 for the three months ended June 30, 2022. Basic and diluted earnings per
share were $0.86 for the nine months ended June 30, 2023 compared with $0.81 for the nine months ended June 30, 2022.
The Company also announced that its Board
of Directors declared a quarterly cash dividend of $0.03 per share, which will be paid on August 17, 2023 to stockholders of
record as of August 3, 2023.
“We are pleased to announce another strong
quarter for Magyar Bancorp,” stated John Fitzgerald, President and Chief Executive Officer of the Company. “While the competitive
New Jersey deposit market resulted in some margin compression this quarter, year over year we have essentially maintained our net interest
margin for the first nine months of the fiscal year. Mr. Fitzgerald added, “We continue to see a strong loan pipeline and while
inflationary pressure and concern over macro-economic conditions remain, we believe Magyar is well positioned for the final quarter of
our fiscal year.”
Results of Operations for the Three Months
Ended June 30, 2023
Net income decreased $199,000, or 9.4%, to $1.9
million during the three-month period ended June 30, 2023 compared with $2.1 million during the three-month period ended June 30, 2022,
due to lower net interest and dividend income, lower other income, and higher other expenses, partially offset by lower provisions for
loan loss.
The Company’s net interest and dividend
income decreased $74,000, or 1.1%, to $6.9 million for the quarter ended June 30, 2023 from $7.0 million for the quarter ended June 30,
2022. The decrease was attributable to a 26 basis point decrease in the Company’s net interest margin to 3.46% for the three months
ended June 30, 2023 from 3.72% for the three months ended June 30, 2022, partially offset by a $59.4 million increase in the average balance
of loans receivable, net, between the periods.
Interest and dividend income increased $2.3 million,
or 30.8%, to $9.8 million for the three months ended June 30, 2023 compared with $7.5 million for the three months ended June 30, 2022.
The increase was attributable to a 92 basis point increase in the yield on interest-earning assets to 4.91% for the three months ended
June 30, 2023 from 3.99% for the three months ended June 30, 2022 as well as a $48.5 million, or 6.5%, increase in the average balance
of interest-earning assets. Higher balances of higher-yielding loans receivable funded with lower yielding interest-earning deposits with
the Federal Reserve Bank as well as higher market interest rates contributed to the increase in the Company’s interest and dividend
income between periods. Partially offsetting the increases were no Paycheck Protection Program loan fees included in interest income on
loans receivable for the three months ended June 30, 2023, compared with $98,000 for the three months ended June 30, 2022.
Interest expense increased $2.4 million, or 463.9%,
to $2.9 million for the three months ended June 30, 2023 from $512,000 for the three months ended June 30, 2022. The average cost of interest-bearing
liabilities increased 177 basis points to 2.19% for the three months ended June 30, 2023 compared with 0.42% for the three months ended
June 30, 2022 resulting primarily from higher market interest rates. In addition, the average balance of interest-bearing liabilities
increased $42.9 million, or 8.8%, to $529.3 million for the 2023 quarter, from higher money market deposit account balances.
The Company recorded an $81,000 credit for loan
loss for the three months ended June 30, 2023 compared with a $205,000 provision for loan losses for the three months ended June 30, 2022.
The lower provision for loan losses resulted from improving economic conditions. The Company recorded
$385,000 in net loan charge-offs during the three months ended June 30, 2023 compared with no charge-offs or recoveries during the three
months ended June 30, 2022.
Other income decreased $55,000, or 8.1%, to $621,000
during the three months ended June 30, 2023 compared with $676,000 for the three months ended June 30, 2022. The Company did not record
any interest rate swap fees or gains on the sale of OREO during the three months ended June 30, 2023, compared with $76,000 and $67,000,
respectively, for the three months ended June 30, 2022. In addition, there were lower gains from the sale of Small Business Administration
7(a) loans, which decreased $31,000 to $103,000 for the three months ended June 30, 2023 from $134,000 for the three months ended June
30, 2022. Offsetting the decline was higher service charge income, which increased $108,000 to $392,000 for the three months ended June
30, 2023 from higher loan prepayment penalties.
Other expenses increased $454,000, or 10.2%, to
$4.9 million during the three months ended June 30, 2023 compared with $4.4 million for the three months ended June 30, 2022. The increase
was primarily attributable to higher compensation and benefit expense, which increased $265,000, or 9.8%, to $3.0 million, due to stock
award and stock option expenses related to the Company’s 2022 Equity Incentive Plan and increased director fees resulting from the
addition of three new Directors on September 22, 2022. Higher FDIC deposit insurance premiums, loan servicing expenses, occupancy expenses
and other expenses were partially offset by lower marketing and business development expenses.
The Company recorded tax expense of $788,000 on
pre-tax income of $2.7 million for the three months ended June 30, 2023, compared with $886,000 on pre-tax income of $3.0 million for
the three months ended June 30, 2022. The Company’s effective tax rate for the three months ended June 30, 2023 was 29.1% compared
with 29.5% for the three months ended June 30, 2022.
Results from Operations for the Nine Months
Ended June 30, 2023
Net income increased $35,000, or 0.6%, to $5.5
million during the nine-month period ended June 30, 2023 compared with the nine-month period ended June 30, 2022 due to higher net interest
and dividend income, partially offset by higher provisions for loan loss, lower other income and higher other expenses.
The Company’s net interest and dividend
income increased $946,000, or 4.8%, to $20.7 million for the nine months ended June 30, 2023 from $19.8 million for the nine months ended
June 30, 2022. The increase was attributable to a $68.1 million increase in the average balance of loans receivable, net, as well as a
one basis point increase in the Company’s net interest margin to 3.55% for the nine months ended June 30, 2023 from 3.54% for the
nine months ended June 30, 2022.
Interest and dividend income increased $6.1 million,
or 28.3%, to $27.5 million for the nine months ended June 30, 2023 from $21.4 million for the nine months ended June 30, 2022. The increase
was attributable to an 88 basis point increase in the yield on interest-earning assets, as well as a $32.8 million, or 4.4%, increase
in the average balance of interest-earning assets. Higher balances of higher-yielding loans receivable funded by lower yielding interest-earning
deposits with the Federal Reserve Bank as well as higher market interest rates contributed to the increase in the Company’s interest
and dividend income between periods. Partially offsetting the increases were no Paycheck Protection Program loan fees included in interest
income on loans receivable for the nine months ended June 30, 2023, compared with $828,000 for the nine months ended June 30, 2022.
Interest expense increased $5.1 million, or 318.0%,
to $6.7 million for the nine months ended June 30, 2023 from $1.6 million for the nine months ended June 30, 2022. The cost of interest-bearing
liabilities increased 130 basis points to 1.74% for the nine months ended June 30, 2023 compared with 0.44% for the nine months ended
June 30, 2022 resulting primarily from higher market interest rates between periods. In addition, the average balance of interest-bearing
liabilities increased $29.1 million, or 6.0%, to $516.0 million from higher money market account deposit account balances.
The Company’s provision for loan losses
was $432,000 for the nine months ended June 30, 2023 compared with $376,000 for the nine months ended June 30, 2022. The higher provision
for loan losses resulted from growth in the Company’s loan portfolio. The Company recorded $487,000 in net loan charge-offs during
the nine months ended June 30, 2023 compared with $54,000 in net recoveries during the nine months ended June 30, 2022. The Company charged
off two commercial business loans totaling $488,000 during the nine months ended June 30, 2023 and is pursuing the guarantors on the loans
for collection.
Other income decreased $47,000, or 2.5%, to $1.9
million during the nine months ended June 30, 2023 and June 30, 2022. The Company did not record any gains on the sale of OREO during
the nine months ended June 30, 2023, compared with $67,000 for the nine months ended June 30, 2022. In addition, there were lower gains
from the sale of Small Business Administration 7(a) loans, which decreased $68,000 to $485,000 for the nine months ended June 30, 2023
from $553,000 for the nine months ended June 30, 2022. Offsetting the decline was higher service charge income, which increased $97,000
to $957,000 for the nine months ended June 30, 2023 from higher loan prepayment penalties.
Other expenses increased $701,000, or 5.2%, to
$14.3 million during the nine months ended June 30, 2023 from $13.6 million during the nine months ended June 30, 2022. The increase was
primarily attributable to higher compensation and benefit expense, which increased $677,000, or 8.4%, to $8.8 million, due to stock award
and stock option expenses related to the Company’s 2022 Equity Incentive Plan and increased director fees resulting from the addition
of three new Directors on September 22, 2022. Higher occupancy expenses, FDIC deposit insurance premiums, loan servicing expenses and
other expenses were partially offset by lower professional fees.
The Company recorded tax expense of $2.4 million
on pre-tax income of $7.9 million for the nine months ended June 30, 2023, compared with $2.3 million on pre-tax income of $7.7 million
for the nine months ended June 30, 2022. The Company’s effective tax rate for the nine months ended June 30, 2023 was 29.9% compared
with 29.1% for the nine months ended June 30, 2022.
Balance Sheet Comparison
Total assets increased $58.9 million, or 7.4%,
to $857.4 million at June 30, 2023 from $798.5 million at September 30, 2022. The increase was attributable to higher balances of loans
receivable, net of allowance for loan loss, partially offset by lower interest-earning deposits with banks and investment securities.
Cash and interest-earning deposits with banks
decreased $8.5 million, or 27.6% to $22.4 million at June 30, 2023 from $30.9 million at September 30, 2022 resulting primarily from deployment
of these funds into loans receivable during the nine months ended June 30, 2023.
At June 30, 2023, investment securities totaled
$92.5 million, reflecting a decrease of $8.4 million, or 8.3%, from September 30, 2022. The Company did not purchase or sell any new investment
securities during the nine months ended June 30, 2023. The decrease resulted from the maturity of a $5.0 million corporate note and payments
from mortgage-backed securities totaling $3.7 million during the nine months while the market value of the Company’s available-for-sale
investment securities increased by $247,000. There were no other-than-temporary-impairment charges for the Company’s investment
securities for the nine months ended June 30, 2023.
Total loans receivable increased $73.6 million,
or 11.7%, to $702.5 million at June 30, 2023 from $628.9 million at September 30, 2022. The increase in total loans receivable during
the nine months ended June 30, 2023 occurred in commercial real estate loans, which increased $59.6 million, one-to four-family residential
real estate loans (including home equity lines of credit), which increased $22.2 million, and construction loans, which increased $4.0
million. Partially offsetting these increases were commercial business loans, which decreased $11.5 million and other loans, which decreased
$697,000 during the period.
Total non-performing loans increased $165,000,
or 4.9%, during the quarter and by $725,000, or 25.6%, during the nine months ended June 30, 2023 to $3.6 million. The quarterly increase
was attributable to a $2.2 million commercial real estate loan that was 90 days delinquent at June 30, 2023, partially offset by repayments
totaling $2.1 million. The ratio of non-performing loans to total loans increased to 0.51% at June 30, 2023 from 0.45% at September 30,
2022.
The allowance for loan losses decreased $55,000
during the nine months ended June 30, 2023 to $8.4 million. The Company provisioned $432,000 for loan losses and recorded $487,000 in
net loan charge-offs during the nine months ended June 30, 2023. Higher provisions for growth in the Company’s loan portfolio were
largely offset by a lower risk profile in the loan composition (specifically lower commercial business loan and home equity line of credit
balances) and improving economic data used to determine the allowance for loan losses.
The allowance for loan losses as a percentage
of non-performing loans decreased to 235.3% at June 30, 2023 from 297.5% at September 30, 2022. The Company’s allowance for loan
losses as a percentage of total loans was 1.19% at June 30, 2023 compared with 1.34% at September 30, 2022. Future increases in the allowance
for loan losses may be necessary based on possible future increases in non-performing loans and charge-offs, the possible deterioration
of collateral values, and the possible deterioration of the current economic environment.
Total deposits increased $25.7 million, or 3.9%,
to $693.5 million at June 30, 2023 from $667.7 million at September 30, 2022. The inflow in deposits occurred in money market accounts,
which increased $25.6 million, or 11.6%, to $247.9 million, in certificates of deposit (including individual retirement accounts), which
increased $20.8 million, or 25.1%, to $103.4 million, and in non-interest bearing checking accounts, which increased $507,000, or 0.3%,
to $182.9 million. Partially offsetting these increases were decreases in savings accounts, which decreased $16.4 million, or 20.0%, to
$65.5 million and in interest-bearing checking accounts (NOW), which decreased $4.8 million, or 4.9%, to $93.8 million. Included in the
Company’s total deposits was an estimated $95.4 million that exceeded the Federal Deposit Insurance Corporation’s insurance
coverage limit of $250,000 at June 30, 2023 compared to $129.4 million at September 30, 2022.
Borrowings increased $29.9 million, or 191.4%,
to $45.5 million at June 30, 2023 from $15.6 million at September 30, 2022. The Company borrowed $17.0 million in long-term advances,
borrowed $16 million in overnight line of credit advances and repaid $3.1 million in matured advances from the Federal Home Loan Bank
of New York.
The Company’s book value per share increased
to $15.41 at June 30, 2023 from $14.60 at September 30, 2022. The increase was due to the Company’s results from operations, partially
offset by $0.17 per share in dividends paid and 77,556 shares repurchased during the nine months ended June 30, 2023 at an average share
price of $12.12.
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, Bridgewater, 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, 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)
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
June 30, | | |
June 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| Income Statement Data: | |
| | | |
| | | |
| | | |
| | |
| Interest and dividend income | |
$ | 9,777 | | |
$ | 7,476 | | |
$ | 27,452 | | |
$ | 21,389 | |
| Interest expense | |
| 2,887 | | |
| 512 | | |
| 6,726 | | |
| 1,609 | |
| Net interest and dividend income | |
| 6,890 | | |
| 6,964 | | |
| 20,726 | | |
| 19,780 | |
| Provision (credit) for loan losses | |
| (81 | ) | |
| 205 | | |
| 432 | | |
| 376 | |
| Net interest and dividend income after provision (credit) for loan losses | |
| 6,971 | | |
| 6,759 | | |
| 20,294 | | |
| 19,404 | |
| Other income | |
| 621 | | |
| 676 | | |
| 1,852 | | |
| 1,898 | |
| Other expense | |
| 4,886 | | |
| 4,432 | | |
| 14,264 | | |
| 13,563 | |
| Income before income tax expense | |
| 2,706 | | |
| 3,003 | | |
| 7,882 | | |
| 7,739 | |
| Income tax expense | |
| 788 | | |
| 886 | | |
| 2,358 | | |
| 2,250 | |
| Net income | |
$ | 1,918 | | |
$ | 2,117 | | |
$ | 5,524 | | |
$ | 5,489 | |
| | |
| | | |
| | | |
| | | |
| | |
| Per Share Data: | |
| | | |
| | | |
| | | |
| | |
| Net income per share-basic | |
$ | 0.30 | | |
$ | 0.31 | | |
$ | 0.86 | | |
$ | 0.81 | |
| Net income per share-diluted | |
$ | 0.30 | | |
$ | 0.31 | | |
$ | 0.86 | | |
$ | 0.81 | |
| Book value per share, at period end | |
$ | 15.41 | | |
$ | 14.23 | | |
$ | 15.41 | | |
$ | 14.23 | |
| | |
| | | |
| | | |
| | | |
| | |
| Selected Ratios (annualized): | |
| | | |
| | | |
| | | |
| | |
| Return on average assets | |
| 0.90 | % | |
| 1.06 | % | |
| 0.89 | % | |
| 0.92 | % |
| Return on average equity | |
| 7.72 | % | |
| 8.65 | % | |
| 7.12 | % | |
| 7.17 | % |
| Net interest margin | |
| 3.46 | % | |
| 3.72 | % | |
| 3.55 | % | |
| 3.54 | % |
| | |
June 30, | | |
September 30, | |
| | |
2023 | | |
2022 | |
| | |
(Dollars in Thousands) | |
| Balance Sheet Data: | |
| | | |
| | |
| Assets | |
$ | 857,449 | | |
$ | 798,543 | |
| Total loans receivable | |
| 702,530 | | |
| 628,904 | |
| Allowance for loan losses | |
| 8,378 | | |
| 8,433 | |
| Investment securities - available for sale, at fair value | |
| 8,734 | | |
| 9,229 | |
| Investment securities - held to maturity, at cost | |
| 83,720 | | |
| 91,646 | |
| Deposits | |
| 693,472 | | |
| 667,733 | |
| Borrowings | |
| 45,534 | | |
| 15,625 | |
| Shareholders' Equity | |
| 102,757 | | |
| 98,502 | |
| | |
| | | |
| | |
| Asset Quality Data: | |
| | | |
| | |
| Non-performing loans | |
$ | 3,560 | | |
$ | 2,835 | |
| Other real estate owned | |
| 291 | | |
| 281 | |
| Total non-performing assets | |
$ | 3,851 | | |
$ | 3,116 | |
| Allowance for loan losses to non-performing loans | |
| 235.34 | % | |
| 297.46 | % |
| Allowance for loan losses to total loans receivable | |
| 1.19 | % | |
| 1.34 | % |
| Non-performing loans to total loans receivable | |
| 0.51 | % | |
| 0.45 | % |
| Non-performing assets to total assets | |
| 0.45 | % | |
| 0.39 | % |
| Non-performing assets to total equity | |
| 3.75 | % | |
| 3.16 | % |
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| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
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