NEW
BRUNSWICK, N.J., Jan. 25,
2024 /PRNewswire/ -- Magyar Bancorp (NASDAQ: MGYR)
("Company"), parent company of Magyar Bank, reported today the
results of its operations for the three months ended December 31, 2023.
The Company reported net income for the three months ended
December 31, 2023 of $1.7 million. Net income declined 8.7% from
$1.8 million for the three months
ended December 31, 2022.
Basic and diluted earnings per share were $0.26 for the three months ended December 31, 2023 compared to $0.28 for the three months ended December 31, 2022.
The Company also announced that its Board of Directors
declared a quarterly cash dividend of $0.05 per share, which will be paid
on February 22, 2024 to stockholders of record as
of February 8, 2024.
"We are pleased to report a strong start to our 2024 fiscal
year," stated John Fitzgerald,
President and Chief Executive Officer of Magyar Bancorp. "Despite
the continued inverted yield curve and pressure on our net interest
margin due to increased costs for deposits, Magyar was able to grow
our loan portfolio 4.5% which helped offset some of the higher
deposit acquisition and retention costs. Our strong liquidity
position will enable the Bank to fund its loan pipeline, which we
expect will continue to remain strong throughout the year."
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.
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SOURCE Magyar Bancorp