A finite amplitude instability has been analysed to discover the exact mechanism leading to the appearance of stationary magnetoconvection patterns in a vertical layer of a non-conducting ferrofluid heated from the side and placed in an external magnetic field perpendicular to the walls. The physical results have been obtained using a version of a weakly nonlinear analysis that is based on the disturbance amplitude expansion. It enables a low-dimensional reduction of a full nonlinear problem in supercritical regimes away from a bifurcation point. The details of the reduction are given in comparison with traditional small-parameter expansions. It is also demonstrated that Squire’s transformation can be introduced for higher-order nonlinear terms thus reducing the full three-dimensional problem to its equivalent two-dimensional counterpart and enabling significant computational savings. The full three-dimensional instability patterns are subsequently recovered using the inverse transforms The analysed stationary thermomagnetic instability is shown to occur as a result of a supercritical pitchfork bifurcation.