MAGYAR BANCORP, INC. ANNOUNCES FIRST QUARTER FINANCIAL RESULTS AND DECLARES DIVIDEND
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, 2024 to stockholders of record as of February 8, 2024.
"We are pleased to report a strong start to our 2024 fiscal year," stated John Fitzgerald, President and Chief Executive Officer of Magyar Bancorp. "Despite the continued inverted yield curve and pressure on our net interest margin due to increased costs for deposits, Magyar was able to grow our loan portfolio 4.5% which helped offset some of the higher deposit acquisition and retention costs. Our strong liquidity position will enable the Bank to fund its loan pipeline, which we expect will continue to remain strong throughout the year."
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, 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