NEW
BRUNSWICK, N.J., April 23,
2024 /PRNewswire/ -- Magyar
Bancorp (NASDAQ: MGYR) ("Company"), parent company of Magyar Bank,
reported today the results of its operations for the three and six
months ended March 31, 2024.
The Company reported a 6% increase in its net income for the
three months ended March 31, 2024, to
$1,897,000 compared with net income
of $1,796,000 for the three months
ended March 31, 2023. Net income for
the six months ended March 31, 2024
was $3,549,000 compared with net
income of $3,606,000 for the six
months ended March 31, 2023.
Basic and diluted earnings per share were $0.30 for the three months ended March 31, 2024 compared with $0.28 for the three months ended March 31, 2023. Basic and diluted earnings per
share were unchanged at $0.56 for the
six months ended March 31, 2024
compared with the six months ended March 31,
2023.
The Company also announced that its Board of Directors
declared a quarterly cash dividend of $0.05 per share, which will be paid on May
21, 2024 to stockholders of record as of May 7, 2024.
"Half-way through our fiscal year, we are pleased to report
continued strong earnings," stated John
Fitzgerald, President and Chief Executive Officer of Magyar
Bancorp. "The challenging yield curve continued to compress the
Company's interest margin during the quarter, however our strong
loan growth has largely offset its impact and is positioning us to
benefit when interest rates normalize. Importantly, our credit
portfolio has remained consistently solid during these uncertain
economic times, with our non-performing loans declining to 0.62% of
total loans."
"We also remain committed to effectively deploying our capital.
In addition to solid loan growth during the six months ended
March 31, 2024, we repurchased 71,745
shares of our stock under our second repurchase plan, taking
advantage of our discounted price as a percentage of our book value
per share, and have increased our quarterly dividend to
$0.05 per share in fiscal 2024."
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