Magyar Bancorp, Inc. operates as the holding company for Magyar Bank that provides various banking services in the United States. It accepts various deposit accounts, including demand, NOW, money market, savings, retirement, and certificates of deposit accounts. The company also offers residential mortgage loans, home equity loans, home equity lines of credit, commercial real estate loans, commercial business loans, small business administration loans, construction loans, and consumer loans. In addition, it provides non-deposit investment products and financial planning services, including insurance products, fixed and variable annuities, and retirement planning for individual and commercial customers; and buys, sells, and holds investment securities. The company has seven branch offices located in New Brunswick, North Brunswick, South Brunswick, Branchburg, Bridgewater, and Edison, New Jersey; and a loan product office located in Keyport, New Jersey. Magyar Bancorp, Inc. was founded in 1922 and is headquartered in New Brunswick, New Jersey.
IPO Year: 2006
Exchange: NASDAQ
Website: magbank.com
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. Th
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NEW BRUNSWICK, N.J., April 30, 2025 /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, 2025. The Company reported a 41% increase in its net income for the three months ended March 31, 2025, to $2.7 million compared with net income of $1.9 million for the three months ended March 31, 2024. Net income for the six months ended March 31, 2025 was $4.8 million compared with net income of $3.5 million for the six months ended March 31, 2024. Basic and diluted earnings per share were $0.43 for the three months ended March 31, 2025 compared with $0.30 for the three months
NEW BRUNSWICK, N.J., Jan. 23, 2025 /PRNewswire/ -- Magyar Bancorp (NASDAQ:MGYR) ("Company"), parent company of Magyar Bank, reported today the results of its operations for the three months ended December 31, 2024. The Company reported a 26% increase in net income for the three months ended December 31, 2024 to $2.1 million from $1.7 million for the three months ended December 31, 2023. Basic and diluted earnings per share were $0.34 and $0.33, respectively, for the three months ended December 31, 2024 compared to $0.26 for basic and diluted earnings per share for the three months ended December 31, 2023. The Company also announced that its Board of Directors declared a quarterly cash divid
NEW BRUNSWICK, N.J., Nov. 22, 2024 /PRNewswire/ -- Magyar Bancorp, Inc. (NASDAQ:MGYR) announced that its Board of Directors has declared a special cash dividend of $0.04, payable December 20, 2024 to shareholders of record on December 6, 2024. About Magyar BancorpMagyar 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, Martinsville and Edison (2). Please visit us online at www.magbank.c
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, 2
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 Mar
NEW BRUNSWICK, N.J., Jan. 25, 2024 /PRNewswire/ -- Magyar Bancorp (NASDAQ:MGYR) ("Company"), parent company of Magyar Bank, reported today the results of its operations for the three months ended December 31, 2023. The Company reported net income for the three months ended December 31, 2023 of $1.7 million. Net income declined 8.7% from $1.8 million for the three months ended December 31, 2022. Basic and diluted earnings per share were $0.26 for the three months ended December 31, 2023 compared to $0.28 for the three months ended December 31, 2022. The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.05 per share, which will be paid on February 22,
NEW BRUNSWICK, N.J., Nov. 14, 2023 /PRNewswire/ -- Magyar Bancorp, Inc. (NASDAQ:MGYR) announced that its Board of Directors has declared a special cash dividend of $0.07, payable December 12, 2023 to shareholders of record on November 28, 2023. About Magyar BancorpMagyar 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.c
NEW BRUNSWICK, N.J., July 20, 2023 /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, 2023. The Company reported $1,918,000 in net income for the three months ended June 30, 2023 compared with net income of $2,117,000 for the three months ended June 30, 2022. Net income for the nine months ended June 30, 2023 was $5,524,000 compared with net income of $5,489,000 for the nine months ended June 30, 2022. Basic and diluted earnings per share were $0.30 for the three months ended June 30, 2023 compared with $0.31 for the three months ended June 30, 2022. Basic and dilut
NEW BRUNSWICK, N.J., April 20, 2023 /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, 2023. The Company reported a 7% increase in its net income for the three months ended March 31, 2023, to $1,796,000 compared with net income of $1,679,000 for the three months ended March 31, 2022. Net income for the six months ended March 31, 2023 was $3,606,000 compared with net income of $3,372,000 for the six months ended March 31, 2022. Basic and diluted earnings per share were $0.28 for the three months ended March 31, 2023 compared with $0.25 for the three months ended Marc
NEW BRUNSWICK, N.J., Jan. 26, 2023 /PRNewswire/ -- Magyar Bancorp (NASDAQ:MGYR) ("Company"), parent company of Magyar Bank, reported today the results of its operations for the three months ended December 31, 2022. The Company reported a 6.9% increase in its net income for the three months ended December 31, 2022, to $1.8 million compared with net income of $1.7 million for the three months ended December 31, 2021. Basic and diluted earnings per share were $0.28 for the three months ended December 31, 2022 compared to $0.25 for the three months ended December 31, 2021. The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.03 per share, which will be
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NEW BRUNSWICK, N.J., May 22, 2025 /PRNewswire/ -- Magyar Bancorp, Inc. (NASDAQ:MGYR) announced today it has completed the stock repurchase program authorized December 8, 2022, repurchasing 337,146 shares at an average price of $12.23, and that its Board of Directors has authorized an additional stock repurchase program pursuant to which the Company intends to repurchase up to 5% of its outstanding shares, or up to 323,547 shares. The timing of the repurchases will depend on certain factors, including but not limited to, market conditions and prices, the Company's liquidity requirements and alternative uses of capital. Any repurchased shares will be held as treasury stock and will be availab
NEW BRUNSWICK, N.J., May 12, 2025 /PRNewswire/ -- Magyar Bancorp, Inc. (NASDAQ:MGYR), the parent company of Magyar Bank, was recently recognized by KBW as a member of their 2025 Bank Honor Roll, comprising 16 elite, high-performing Banks with the strongest and/or most consistent earnings growth over the past decade. This marks the second consecutive year that Magyar was named to the KBW Honor Roll. The banks were selected based on two criteria: 1) consistent earnings growth over the past 10 years, and/or 2) top 5% of banks based on 10-year earnings per share compound annual growth rate. The honor represents just 5% of eligible banks. The KBW Bank Honor Roll is published by Keefe, Bruyette &
NEW BRUNSWICK, N.J., April 30, 2025 /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, 2025. The Company reported a 41% increase in its net income for the three months ended March 31, 2025, to $2.7 million compared with net income of $1.9 million for the three months ended March 31, 2024. Net income for the six months ended March 31, 2025 was $4.8 million compared with net income of $3.5 million for the six months ended March 31, 2024. Basic and diluted earnings per share were $0.43 for the three months ended March 31, 2025 compared with $0.30 for the three months
NEW BRUNSWICK, N.J., Jan. 23, 2025 /PRNewswire/ -- Magyar Bancorp (NASDAQ:MGYR) ("Company"), parent company of Magyar Bank, reported today the results of its operations for the three months ended December 31, 2024. The Company reported a 26% increase in net income for the three months ended December 31, 2024 to $2.1 million from $1.7 million for the three months ended December 31, 2023. Basic and diluted earnings per share were $0.34 and $0.33, respectively, for the three months ended December 31, 2024 compared to $0.26 for basic and diluted earnings per share for the three months ended December 31, 2023. The Company also announced that its Board of Directors declared a quarterly cash divid
NEW BRUNSWICK, N.J., Nov. 22, 2024 /PRNewswire/ -- Magyar Bancorp, Inc. (NASDAQ:MGYR) announced that its Board of Directors has declared a special cash dividend of $0.04, payable December 20, 2024 to shareholders of record on December 6, 2024. About Magyar BancorpMagyar 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, Martinsville and Edison (2). Please visit us online at www.magbank.c
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, 2
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. Th
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 Mar
NEW BRUNSWICK, N.J., Jan. 25, 2024 /PRNewswire/ -- Magyar Bancorp (NASDAQ:MGYR) ("Company"), parent company of Magyar Bank, reported today the results of its operations for the three months ended December 31, 2023. The Company reported net income for the three months ended December 31, 2023 of $1.7 million. Net income declined 8.7% from $1.8 million for the three months ended December 31, 2022. Basic and diluted earnings per share were $0.26 for the three months ended December 31, 2023 compared to $0.28 for the three months ended December 31, 2022. The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.05 per share, which will be paid on February 22,
NEW BRUNSWICK, N.J., Nov. 14, 2023 /PRNewswire/ -- Magyar Bancorp, Inc. (NASDAQ:MGYR) announced that its Board of Directors has declared a special cash dividend of $0.07, payable December 12, 2023 to shareholders of record on November 28, 2023. About Magyar BancorpMagyar 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.c