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
