NEW
BRUNSWICK, N.J., Oct. 31,
2024 /PRNewswire/ -- Magyar Bancorp (NASDAQ: MGYR)
(the "Company"), parent company of Magyar Bank, reported today the
results of its operations for the three months and fiscal year
ended September 30, 2024.
The Company reported $2.5 million
in net income for the three months ended September 30, 2024 compared with net income of
$2.2 million for the three months
ended September 30, 2023. The
Company also reported net income of $7.8
million for the year ended September
30, 2024 compared with $7.7
million for the year ended September
30, 2023.
The Company's basic and diluted earnings per share were
$0.41 and $1.23 for the three months and
year ended September 30, 2024,
compared with basic and diluted earnings per share for the
three months and year ended September
30, 2023 of $0.34 and
$1.20, respectively.
The Company also announced that its Board of Directors
declared a quarterly cash dividend of $0.05 per share, which will be paid
on November 27, 2024 to stockholders of record as
of November 14, 2024.
"We are very pleased to report an increase in our earnings
during a year in which the prolonged inversion to the yield curve
presented a very challenging environment for the banking industry",
stated John Fitzgerald, President
and Chief Executive Officer. "Prudent management of the regulatory
lending ratios has allowed Magyar Bank to continue providing credit
to its communities, resulting in a 12% annual increase in our loan
portfolio, helping to offset industry-wide interest margin
compression. On a linked quarter basis, our net-interest margin
increased from 3.02% as of June 30,
2024 to 3.08% as of September
30. 2024. In addition, our diligent pursuit of collateral
securing previously non-performing loans resulted in record gains
from other real estate owned, further helping to offset margin
compression and the increasing costs of operations."
Mr. Fitzgerald continued, "We are also excited to announce the
opening of our new branch office in Martinsville. The physical location will
complement our digital product and service offerings, while
allowing us to generate loans and deposits from the desirable
central New Jersey marketplace. As
we look ahead to our next fiscal year, we are encouraged by the
strength of our local economy, our team of experienced employees
furthering the success of the Bank, and the continued demand for
the Bank's loan and deposit products."
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.
Today, 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, the COVID-19 or
any other pandemic, 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 these 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
