Magyar Bancorp Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Leadership Update, Other Events, Financial Statements and Exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
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| Item 2.02. | Results of Operations and Financial Condition |
On July 25, 2024, Magyar Bancorp, Inc. (the “Company”) issued a press release regarding its results of operations and financial condition at and for the three months and nine months ended June 30, 2024. The text of the press release is included as Exhibit 99.1 to this report. The information included in the press release text is considered to be “furnished” under the Securities Exchange Act of 1934. The Company will include financial statements and additional analyses at and for the three months and nine months ended June 30, 2024, as part of its Form 10-Q for the period.
| Item 5.02 | Departure of Directors or Certain officers; Election of Directors; Appointment of Certain Officer; Compensatory Arrangements of Certain Officers |
On July 25, 2024, the Board of Directors of the Company elected Michael R. Lombardi. to serve as a Director of the Company. Mr. Lombardi was elected to serve as a member of the class of Directors whose terms expire following the fiscal year ending September 30, 2026. He is expected to serve on the Nominating and Corporate Governance Committee of the Company’s Board of Directors.
There are no arrangements or understandings between Mr. Lombardi and any other person pursuant to which he became a Director. Mr. Lombardi is not a party to any transaction with the Company or its subsidiary, Magyar Bank, that would require disclosure under Item 404(a) of Securities and Exchange Commission Regulation S-K. Mr. Lombardi will receive the standard compensatory arrangements that the Company currently provides its non-employee directors, as described in the Company’s proxy statement for its 2024 Annual Meeting of Stockholders, as filed with the Securities and Exchange Commission on January 12, 2024, and is eligible to receive awards under the Company’s 2022 Equity Incentive Plan.
| Item 8.01. | Other Events |
On July 25, 2024, the Company announced that its Board of Directors has approved a quarterly cash dividend of $0.05 per common share to shareholders of record at the close of business on August 8, 2024, payable on August 22, 2024.
The text of the press release, dated July 25, 2024, announcing the dividend, and which also includes the Company’s quarterly earnings announcement, as stated above, is included as Exhibit 99.1 to this report and is incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits |
| (d) | Exhibits |
| Exhibit | Description | |
| 99.1 | Press Release Dated July 25, 2024 | |
| 104 | The cover page for this Current Report on Form 8-K, formatted in Inline XBRL |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| MAGYAR BANCORP, INC. | ||
| DATE: July 25, 2024 | By: | /s/ John S. Fitzgerald |
| John S. Fitzgerald | ||
| President and Chief Executive Officer |