MAGYAR BANCORP, INC. ANNOUNCES FIRST QUARTER FINANCIAL RESULTS

Rhea-AI Summary

Magyar Bancorp (NASDAQ: MGYR) reported a 27% increase in net income to $1,693,000 for the three months ending December 31, 2021, compared to $1,337,000 in the same period the previous year. Basic and diluted earnings per share rose to $0.25 from $0.19. The company noted improved net interest margins and a 22% reduction in non-performing assets. President John Fitzgerald expressed optimism about continued positive earnings momentum throughout fiscal year 2022 amid a challenging low-rate environment.

Positive

• 27% increase in net income to $1,693,000
• Earnings per share increased to $0.25
• Improved net interest margins despite low rates
• 22% reduction in non-performing assets

Negative

• None.

NEW BRUNSWICK, N.J., Jan. 25, 2022 /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, 2021.

The Company reported a 27% increase in its net income for the three months ended December 31, 2021, to $1,693,000 compared with net income of $1,337,000 for the three months ended December 31, 2020.

Basic and diluted earnings per share were $0.25 for the three months ended December 31, 2021 compared to $0.19 for the three months ended December 31, 2020.

"Our fiscal year 2022 is off to a very strong start," stated John Fitzgerald, President and Chief Executive Officer of Magyar Bancorp. "Continuing on the momentum that was generated in 2021, we increased our net interest margin over the same period last year despite the continued low rate environment, and continued to improve our balance sheet with a 22% reduction in non-performing assets. We expect to continue the positive earnings momentum through the rest of 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.

View original content:https://www.prnewswire.com/news-releases/magyar-bancorp-inc-announces-first-quarter-financial-results-301466937.html

SOURCE Magyar Bancorp

FAQ

What were Magyar Bancorp's earnings for the first quarter of 2022?

Magyar Bancorp reported net income of $1,693,000 for the first quarter of 2022.

What is the earnings per share for MGYR in Q1 2022?

The earnings per share for Magyar Bancorp in Q1 2022 was $0.25.

How did Magyar Bancorp's net income change year-over-year?

Net income increased by 27% compared to the same period last year.

What initiatives is Magyar Bancorp taking to improve financial performance?

The company is focusing on improving net interest margins and reducing non-performing assets.