NEW
BRUNSWICK, N.J., Oct. 30,
2023 /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, 2023.
The Company reported $2,185,000 in
net income for the three months ended September 30, 2023 compared with net income
of $2,430,000 for the three
months ended September 30,
2022. The Company also reported net income of $7,709,000 for the year ended September 30, 2023 compared with $7,919,000 for the year ended September 30, 2022.
The Company's basic and diluted earnings per share were
$0.34 and $1.20 for the three months and
year ended September 30, 2023,
compared with basic and diluted earnings per share for the
three months and year ended September
30, 2022 of $0.36 and
$1.17, respectively.
The Company also announced that its Board of Directors
declared a quarterly cash dividend of $0.04 per share, which will be paid
on November 24, 2023 to stockholders of record as
of November 9, 2023.
"We are very pleased to report strong earnings for our full
fiscal year," stated John
Fitzgerald, President and Chief Executive Officer. "While
the inverted yield curve presented a challenging environment for
the banking industry, compressing margins and increasing
competition for deposits, Magyar was able to minimize its impact
through balanced loan and deposit growth. This balanced growth
resulted in a decline in Magyar's loan-to-deposit ratio to 92.4% at
September 30, 2023 from 94.2% one
year earlier, providing room for continued loan growth to help
offset rising funding costs."
Mr. Fitzgerald continued, "As we look ahead to our next fiscal
year, inflation and its impact on the economy will need to be
closely monitored, but we are encouraged to see our loan pipeline
remain strong and will continue maintaining strong underwriting
standards."
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