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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap-ebp_EbpRiskAndUncertaintyAbstract" xlink:to="us-gaap-ebp_EbpRiskAndUncertaintyAbstract_lbl" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap-ebp_EbpRiskAndUncertaintyTable" xlink:to="us-gaap-ebp_EbpRiskAndUncertaintyTable_lbl" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap-ebp_EbpRiskAndUncertaintyLineItems" xlink:to="us-gaap-ebp_EbpRiskAndUncertaintyLineItems_lbl" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap-ebp_EmployeeBenefitPlanRiskAndUncertaintyTextBlock" xlink:to="us-gaap-ebp_EmployeeBenefitPlanRiskAndUncertaintyTextBlock_lbl" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap-ebp_EbpSubsequentEventAbstract" xlink:to="us-gaap-ebp_EbpSubsequentEventAbstract_lbl" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap-ebp_EbpSubsequentEventTable" xlink:to="us-gaap-ebp_EbpSubsequentEventTable_lbl" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap-ebp_EbpSubsequentEventLineItems" xlink:to="us-gaap-ebp_EbpSubsequentEventLineItems_lbl" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap-ebp_EmployeeBenefitPlanSubsequentEventTextBlock" xlink:to="us-gaap-ebp_EmployeeBenefitPlanSubsequentEventTextBlock_lbl" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="mgyr_EBPScheduleOfProfitSharingPlanTextBlock" xlink:to="mgyr_EBPScheduleOfProfitSharingPlanTextBlock_lbl" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap-ebp_EmployeeBenefitPlanInvestmentFairValue" xlink:to="us-gaap-ebp_EmployeeBenefitPlanInvestmentFairValue_lbl" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="mgyr_InvestmentsFairValue" xlink:to="mgyr_InvestmentsFairValue_lbl" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap-ebp_EmployeeBenefitPlanPlanNumber" xlink:to="us-gaap-ebp_EmployeeBenefitPlanPlanNumber_lbl" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap-ebp_EbpPlanName" xlink:to="us-gaap-ebp_EbpPlanName_lbl" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap-ebp_EmployeeBenefitPlanInvestmentInterestRate" xlink:to="us-gaap-ebp_EmployeeBenefitPlanInvestmentInterestRate_lbl" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap-ebp_EmployeeBenefitPlanInvestmentEmployerCommonStockToTotalAssetPercentage" xlink:to="us-gaap-ebp_EmployeeBenefitPlanInvestmentEmployerCommonStockToTotalAssetPercentage_lbl" />
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Central Index Key</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity [Domain]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityRegistrantName_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Registrant Name</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_LegalEntityAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Legal Entity [Axis]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EBP002Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">EBP 002</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EBP002Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP 002 [Member]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitIncrease_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total additions</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitIncrease_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Change in Net Asset Available for Benefit, Increase, Total</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitDecreaseForPaymentToParticipant_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Distributions to participants</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitDecreaseForPaymentToParticipant_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Change in Net Asset Available for Benefit, Decrease from Payment to Participant</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitDecreaseForAdministrativeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Administrative expenses</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitDecreaseForAdministrativeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Change in Net Asset Available for Benefit, Decrease from Administrative Expense</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitDecrease_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total deductions</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitDecrease_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Change in Net Asset Available for Benefit, Decrease, Total</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitIncreaseDecrease_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net increase in net assets</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitIncreaseDecrease_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Change in Net Asset Available for Benefit, Increase (Decrease), Total</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitIncreaseDecreaseAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Additions:</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitIncreaseDecreaseAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Change in Net Asset Available for Benefit, Increase (Decrease) [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitDecreaseAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Deductions:</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitDecreaseAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Change in Net Asset Available for Benefit, Decrease [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanStatementOfNetAssetAvailableForBenefitAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statements of Net Assets Available for Benefits [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanStatementOfNetAssetAvailableForBenefitTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Statements of Net Assets Available for Benefits [Table]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanStatementOfNetAssetAvailableForBenefitTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Statement of Net Asset Available for Benefit [Table]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanStatementOfNetAssetAvailableForBenefitLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Statements of Net Assets Available for Benefits [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanStatementOfNetAssetAvailableForBenefitLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Statement of Net Asset Available for Benefit [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentExcludingPlanInterestInMasterTrustFairAndContractValue_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total investments</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentExcludingPlanInterestInMasterTrustFairAndContractValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Investment, Excluding Plan Interest in Master Trust, Fair and Contract Value</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentFairValueAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investments:</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentFairValueAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Investment, Fair Value [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanReceivableAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Receivables:</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanReceivableAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Receivable [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanParticipantContributionReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Notes receivable from participants</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanParticipantContributionReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Participant Contribution, Receivable</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total receivables</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanReceivable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Receivable, Total</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanNetAssetAvailableForBenefit_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Net assets available for benefits</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanNetAssetAvailableForBenefit_lbl" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel">Net assets available for benefits, beginning of year</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanNetAssetAvailableForBenefit_lbl" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel">Net assets available for benefits, end of year</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanNetAssetAvailableForBenefit_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Net Asset Available for Benefit, Total</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitIncreaseDecreaseForGainLossOnInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Net appreciation in fair value of investments</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitIncreaseDecreaseForGainLossOnInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Change in Net Asset Available for Benefit, Increase (Decrease) from Gain (Loss) on Investment, Total</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentExcludingPlanInterestInMasterTrustFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Pooled separate account, at fair value</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentExcludingPlanInterestInMasterTrustFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Pooled separate account</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentExcludingPlanInterestInMasterTrustFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Investment, Excluding Plan Interest in Master Trust, Fair Value</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentPlanInterestInMasterTrustContractValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Insurance co. general account, at contract value</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentPlanInterestInMasterTrustContractValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Investment, Plan Interest in Master Trust, Contract Value</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EmployeeBenefitPlanInvestmentRegisteredInvestmentCompaniesAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Registered investment companies, at fair value</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EmployeeBenefitPlanInvestmentRegisteredInvestmentCompaniesAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Registered investment companies</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EmployeeBenefitPlanInvestmentRegisteredInvestmentCompaniesAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Employee Benefit Plan Investment Registered Investment Companies, at Fair Value</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EmployeeBenefitPlanInvestmentRegisteredInvestmentCompaniesAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Fair value of investment, registered investment companies.</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EmployeeBenefitPlanInvestmentEmployerStockAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Employer stock, at fair value</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EmployeeBenefitPlanInvestmentEmployerStockAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Employer securities</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EmployeeBenefitPlanInvestmentEmployerStockAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Employee Benefit Plan Investment Employer stock, at fair value</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EmployeeBenefitPlanInvestmentEmployerStockAtFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Fair value of investment, of employer stock.</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitIncreaseDecreaseForIncomeLossOnInvestmentAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investment income:</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitIncreaseDecreaseForIncomeLossOnInvestmentAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Change in Net Asset Available for Benefit, Increase (Decrease) from Income (Loss) on Investment [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitIncreaseForInterestIncomeOnInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Other interest</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitIncreaseForInterestIncomeOnInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Change in Net Asset Available for Benefit, Increase from Interest Income on Investment</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitIncreaseForContributionAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Contributions:</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitIncreaseForContributionAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Change in Net Asset Available for Benefit, Increase from Contribution [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanDescriptionOfPlanAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">General Description of the Plan [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanDescriptionOfPlanTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Description of Plan [Table]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanDescriptionOfPlanLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">General Description of the Plan [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanDescriptionOfPlanLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Description of Plan [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanDescriptionOfPlanTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">General Description of the Plan</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanDescriptionOfPlanTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Description of Plan [Text Block]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanBasisOfAccountingPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Basis of accounting</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanBasisOfAccountingPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Basis of Accounting [Policy Text Block]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanUseOfEstimatePolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Use of estimates</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanUseOfEstimatePolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Use of Estimate [Policy Text Block]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investment valuation and income recognition</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Investment [Policy Text Block]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanContributionPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Contributions</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanContributionPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Contribution [Policy Text Block]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanNoteReceivableFromParticipantPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Notes receivable from participants</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanNoteReceivableFromParticipantPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Note Receivable from Participant [Policy Text Block]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanExpensePolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Administrative expenses</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanExpensePolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Expense [Policy Text Block]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EmployeeBenefitPlanDistributionsPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Distributions</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EmployeeBenefitPlanDistributionsPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Employee Benefit Plan Distributions [Policy Text Block]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EmployeeBenefitPlanDistributionsPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Disclosure of accounting policy for distributions.</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EmployeeBenefitPlanRecentAccountingPronouncementsPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Recent accounting pronouncements</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EmployeeBenefitPlanRecentAccountingPronouncementsPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Employee Benefit Plan Recent accounting pronouncements [Policy Text Block]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EmployeeBenefitPlanRecentAccountingPronouncementsPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Disclosure of accounting policy for recent accounting pronouncements.</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanFullyBenefitResponsiveInvestmentContractAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investment Contract with Insurance Company [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanFullyBenefitResponsiveInvestmentContractTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investment Contract with Insurance Company [Table]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanFullyBenefitResponsiveInvestmentContractTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Fully Benefit-Responsive Investment Contract [Table]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanFullyBenefitResponsiveInvestmentContractLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investment Contract with Insurance Company [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanFullyBenefitResponsiveInvestmentContractLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Fully Benefit-Responsive Investment Contract [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanFullyBenefitResponsiveInvestmentContractTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Investment Contract with Insurance Company</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanFullyBenefitResponsiveInvestmentContractTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Fully Benefit-Responsive Investment Contract [Text Block]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentFairValueAndNavAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Measurements [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentFairValueAndNavTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair Value Measurements [Table]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentFairValueAndNavTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Investment, Fair Value and NAV [Table]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentFairValueAndNavLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair Value Measurements [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentFairValueAndNavLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Schedule of Fair Value Hierarchy, the Plan&#8217;s Assets at Fair Value [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentFairValueAndNavLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Investment, Fair Value and NAV [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentFairValueAndNavTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair Value Measurements [Text Block]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentFairValueAndNavTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Investment, Fair Value and NAV [Text Block]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentFairValueAndNavTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Fair Value Hierarchy, the Plan&#8217;s Assets at Fair Value</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentFairValueAndNavTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Investment, Fair Value and NAV [Table Text Block]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Hierarchy and NAV [Axis]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value Hierarchy and NAV [Domain]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueInputsLevel1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair Value, Inputs, Level 1</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueInputsLevel1Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value, Inputs, Level 1 [Member]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueInputsLevel2Member_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Fair Value, Inputs, Level 2</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_FairValueInputsLevel2Member_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Fair Value, Inputs, Level 2 [Member]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanRelatedPartyAndPartyInInterestTransactionsAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Party in Interest Transactions [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanRelatedPartyAndPartyInInterestTransactionsTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Party in Interest Transactions [Table]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanRelatedPartyAndPartyInInterestTransactionsTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Related Party and Party-in-Interest Transactions [Table]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanRelatedPartyAndPartyInInterestTransactionsLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Party in Interest Transactions [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanRelatedPartyAndPartyInInterestTransactionsLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Related Party and Party-in-Interest Transactions [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanRelatedPartyAndPartyInInterestTransactionsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Party in Interest Transactions</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanRelatedPartyAndPartyInInterestTransactionsTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Related Party and Party-in-Interest Transactions [Text Block]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanScheduleOfAssetHeldForInvestmentLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Magyar Bank 401(k) Profit Sharing Plan [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanScheduleOfAssetHeldForInvestmentLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Schedule of Asset Held for Investment [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanScheduleOfAssetHeldForInvestmentAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Magyar Bank 401(k) Profit Sharing Plan [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanScheduleOfAssetHeldForInvestmentTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Schedule of Asset Held for Investment [Table]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanScheduleOfAssetHeldForInvestmentTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Schedule of Profit Sharing Plan</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanScheduleOfAssetHeldForInvestmentTableTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Schedule of Asset Held for Investment [Text Block]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_ScheduleOfProfitSharingPlanLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Schedule of Profit Sharing Plan [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentIssuerNameExtensibleEnumeration_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Investment, Issuer Name [Extensible Enumeration]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentTypeExtensibleEnumeration_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Investment, Current Value, Type [Extensible Enumeration]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanAssetHeldForInvestmentInvestmentExcludingPlanInterestInMasterTrustCurrentValue_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Current Value</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanAssetHeldForInvestmentInvestmentExcludingPlanInterestInMasterTrustCurrentValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Asset Held for Investment, Investment, Excluding Plan Interest in Master Trust, Current Value</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentIdentifierAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investment, Identifier [Axis]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanAssetHeldForInvestmentPlanInterestInMasterTrustCurrentValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Asset Held for Investment, Plan Interest in Master Trust, Current Value</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanAssetHeldForInvestmentParticipantLoanAfterDeemedDistribution_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Asset Held for Investment, Participant Loan, after Deemed Distribution</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanAssetHeldForInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">EBP, Asset Held for Investment, Total</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanAssetHeldForInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Asset Held for Investment, Total</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanAssetHeldForInvestmentPartyInInterest_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Asset Held for Investment, Party-in-Interest [true false]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanParticipantLoanInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Asset Held for Investment, Participant Loan, Interest Rate</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanParticipantLoanInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest rates on loans percentage</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RangeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statistical Measurement [Axis]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_RangeMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Statistical Measurement [Domain]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MaximumMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Maximum</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MaximumMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Maximum [Member]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MinimumMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Minimum</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="srt_MinimumMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Minimum [Member]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Entity Tax Identification Number</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_AmendmentFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Amendment Flag</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_CoverAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Cover [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentInformationLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Information [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentInformationTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Information [Table]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentPeriodEndDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Period End Date</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentTitle_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Title</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="dei_DocumentType_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Document Type</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanEmployerContributionParticipantCompensationMatchedPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Eligible compensation</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanEmployerContributionParticipantCompensationMatchedPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Employer Contribution, Participant Compensation Matched, Percentage</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanEmployerContributionMatchingPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Discretionary matching contributions percentage</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanEmployerContributionMatchingPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Employer Contribution, Matching Percentage</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EmployeeBenefitPlanEmployerElectiveContributionsParticipantCompensationMatchedPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Employees&#8217; elective contributions</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EmployeeBenefitPlanEmployerElectiveContributionsParticipantCompensationMatchedPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Employee Benefit Plan Employer Elective Contributions Participant Compensation Matched Percentage</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EmployeeBenefitPlanEmployerElectiveContributionsParticipantCompensationMatchedPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Percentage of Employee Benefit Plan Employer Elective Contributions Participant Compensation Matched.</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitIncreaseForParticipantContributionRollover_lbl" xlink:role="http://www.xbrl.org/2003/role/verboseLabel">Employer contributions</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitIncreaseForParticipantContributionRollover_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Employer</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitIncreaseForParticipantContributionRollover_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Change in Net Asset Available for Benefit, Increase from Participant Contribution, Rollover</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanNoteReceivableFromParticipantAccountMaximumBorrowingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Participant accounts, value</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanNoteReceivableFromParticipantAccountMaximumBorrowingAmount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Note Receivable from Participant, Account, Maximum Borrowing, Amount</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanNoteReceivableFromParticipantAccountMaximumBorrowingToTotalAccountPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Individual participant accounts</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanNoteReceivableFromParticipantAccountMaximumBorrowingToTotalAccountPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Note Receivable from Participant, Account, Maximum Borrowing, to Total Account, Percentage</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EBPDefinedContributionPlanEmployerMatchingContributionVestingPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Contribution vested percentage</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EBPDefinedContributionPlanEmployerMatchingContributionVestingPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP Defined Contribution Plan Employer Matching Contribution Vesting Percentage</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EBPDefinedContributionPlanEmployerMatchingContributionVestingPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">EBP Defined Contribution Plan Employer Matching Contribution Vesting Percentage.</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EmployeeBenefitPlanVestingPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vesting percentage</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EmployeeBenefitPlanVestingPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Employee Benefit Plan Vesting Percentage</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EmployeeBenefitPlanVestingPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Employee Benefit Plan Vesting Percentage.</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanForfeitedNonvestedAccountDecreaseForAdministrativeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Forfeited amounts to fund plan administration expenses</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanForfeitedNonvestedAccountDecreaseForAdministrativeExpense_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Forfeited Nonvested Account, Decrease from Administrative Expense</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanForfeitedNonvestedAccountDecreaseForEmployerContribution_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Forfeited funds held by the plan, value</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanForfeitedNonvestedAccountDecreaseForEmployerContribution_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Forfeited Nonvested Account, Decrease from Employer Contribution</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanForfeitedNonvestedAccount_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Forfeitures amounted, value</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanForfeitedNonvestedAccount_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Forfeited Nonvested Account</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EmployeeBenefitPlanPlanTerminationVestingPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Vested accounts and assets, percentage</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EmployeeBenefitPlanPlanTerminationVestingPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Employee Benefit Plan, Plan Termination Vesting Percentage</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EmployeeBenefitPlanPlanTerminationVestingPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Employee Benefit Plan, Plan Termination Vesting Percentage.</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanAccountingPolicyAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Summary of Significant Accounting Policies [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanAccountingPolicyTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Summary of Significant Accounting Policies [Table]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanAccountingPolicyTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Accounting Policy [Table]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanAccountingPolicyLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Summary of Significant Accounting Policies [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanAccountingPolicyLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Accounting Policy [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanSummaryOfAccountingPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Summary of significant accounting policies</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanSummaryOfAccountingPolicyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Summary of Accounting Policy [Text Block]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanStatementOfChangeInNetAssetAvailableForBenefitAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Statement of Change in Net Asset Available for Benefit [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanStatementOfChangeInNetAssetAvailableForBenefitTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Statement of Changes in Net Assets Available for Benefits [Table]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanStatementOfChangeInNetAssetAvailableForBenefitTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Statement of Change in Net Asset Available for Benefit [Table]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanStatementOfChangeInNetAssetAvailableForBenefitLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Statement of Changes in Net Assets Available for Benefits [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanStatementOfChangeInNetAssetAvailableForBenefitLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Statement of Change in Net Asset Available for Benefit [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitIncreaseForDividendIncomeOnInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Dividend income</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitIncreaseForDividendIncomeOnInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Change in Net Asset Available for Benefit, Increase from Dividend Income on Investment</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitIncreaseDecreaseForIncomeLossOnInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total investment gain</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitIncreaseDecreaseForIncomeLossOnInvestment_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Change in Net Asset Available for Benefit, Increase (Decrease) from Income (Loss) on Investment, Total</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitIncreaseForEmployerContributionCash_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Employee</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitIncreaseForEmployerContributionCash_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Change in Net Asset Available for Benefit, Increase from Employer Contribution, Cash</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitIncreaseForParticipantContributionExcludingRollover_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Rollover</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitIncreaseForParticipantContributionExcludingRollover_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Change in Net Asset Available for Benefit, Increase from Participant Contribution, Excluding Rollover</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitIncreaseForContribution_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total contributions</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitIncreaseForContribution_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Change in Net Asset Available for Benefit, Increase from Contribution, Total</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitIncreaseForInterestIncomeOnNoteReceivableFromParticipant_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Interest on notes receivable from participants</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanChangeInNetAssetAvailableForBenefitIncreaseForInterestIncomeOnNoteReceivableFromParticipant_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Change in Net Asset Available for Benefit, Increase from Interest Income on Note Receivable from Participant</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentExcludingPlanInterestInMasterTrustCost_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common stock, value</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentExcludingPlanInterestInMasterTrustCost_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Investment, Excluding Plan Interest in Master Trust, Cost</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentTypeAxis_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investment Type [Axis]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap_InvestmentTypeCategorizationMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investments [Domain]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanEmployerCommonStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Common Stock</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanEmployerCommonStockMember_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Employer, Common Stock [Member]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanTaxStatusAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Tax Status of the Plan [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanTaxStatusTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Tax Status of the Plan [Table]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanTaxStatusTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Tax Status [Table]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanTaxStatusLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Tax Status of the Plan [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanTaxStatusLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Tax Status [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanTaxStatusTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Tax status of the Plan</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanTaxStatusTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Tax Status [Text Block]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanTaxDeterminationLetterDate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Tax determination letter, date</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanTaxDeterminationLetterDate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Tax Determination Letter, Date</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanTaxDeterminationLetterObtained_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Tax determination letter, adopted</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanTaxDeterminationLetterObtained_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Tax Determination Letter, Obtained [true false]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EbpRiskAndUncertaintyAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Concentration of Risks and Uncertainties [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EbpRiskAndUncertaintyTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Concentration of Risks and Uncertainties [Table]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EbpRiskAndUncertaintyTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Risk and Uncertainty [Table]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EbpRiskAndUncertaintyLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Concentration of Risks and Uncertainties [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EbpRiskAndUncertaintyLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Risk and Uncertainty [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanRiskAndUncertaintyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Concentration of risks and uncertainties</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanRiskAndUncertaintyTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Risk and Uncertainty [Text Block]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EbpSubsequentEventAbstract_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Subsequent Events [Abstract]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EbpSubsequentEventTable_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Subsequent Events [Table]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EbpSubsequentEventTable_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Subsequent Event [Table]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EbpSubsequentEventLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Subsequent Events [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EbpSubsequentEventLineItems_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Subsequent Event [Line Items]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanSubsequentEventTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Subsequent Events</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanSubsequentEventTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Subsequent Event [Text Block]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EBPScheduleOfProfitSharingPlanTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Magyar Bank 401(k) Profit Sharing Plan</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EBPScheduleOfProfitSharingPlanTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP Schedule of Profit Sharing Plan [Text Block]</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_EBPScheduleOfProfitSharingPlanTextBlock_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Disclosure of information about EBP schedule of profit sharing plan text block.</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total investments at fair value</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Investment, Fair Value, Total</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_InvestmentsFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/totalLabel">Total investments</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_InvestmentsFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/label">Investments, Fair Value</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="mgyr_InvestmentsFairValue_lbl" xlink:role="http://www.xbrl.org/2003/role/documentation">Investments, Fair Value.</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanPlanNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Plan Number</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EbpPlanName_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Plan Name</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Interest rates</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentInterestRate_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Investment, Interest Rate</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentEmployerCommonStockToTotalAssetPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/terseLabel">Employer stock common shares, percentage</link:label>
    <link:label xml:lang="en-US" xlink:type="resource" xlink:label="us-gaap-ebp_EmployeeBenefitPlanInvestmentEmployerCommonStockToTotalAssetPercentage_lbl" xlink:role="http://www.xbrl.org/2003/role/label">EBP, Investment, Employer, Common Stock, to Total Asset, Percentage</link:label>
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