NEW
BRUNSWICK, N.J., July 25,
2024 /PRNewswire/ -- Magyar Bancorp (NASDAQ: MGYR)
("Company"), parent company of Magyar Bank, reported today the
results of its operations for the three and nine months ended
June 30, 2024.
The Company's net income was $1.7
million for the three months ended June 30, 2024 and $5.2
million for the nine months ended June 30, 2024. Basic and diluted earnings per
share were $0.27 for the three months
ended June 30, 2024 and $0.83 for the nine months ended June 30, 2024.
The Company also announced that its Board of Directors
declared a quarterly cash dividend of $0.05 per share, which will be paid
on August 22, 2024 to stockholders of record as
of August 8, 2024.
The Company further announced that Michael R. Lombardi was elected to serve as
Director of the Company on July 25,
2024. Mr. Lombardi will serve as a member of the class of
Directors whose term expires following the fiscal year ending
September 30, 2026.
"The challenging interest rate environment continues to impact
our net interest margin," stated John
Fitzgerald, President and Chief Executive Officer of Magyar
Bancorp. "During the past quarter our cost of funds increased as
deposit acquisition and retention becomes more rate sensitive,
however our continued loan growth has helped mitigate some of its
impact and we anticipate that our margin will begin to stabilize
during the second half of the calendar year."
Mr. Fitzgerald continued, "We are pleased with the continued
strength of our loan portfolio during this era of high inflation,
with our non-performing loans declining to 0.60% of total loans
during the quarter. In addition, we are pleased to announce that we
have entered into a lease for a new branch office in Martinsville, New Jersey, which will further
strengthen our ability to serve customers in the Somerset County market."
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, levels
of uninsured deposits, 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