MAGYAR BANCORP, INC. ANNOUNCES THIRD QUARTER FINANCIAL RESULTS AND DECLARES DIVIDEND

Rhea-AI Summary

Magyar Bancorp (NASDAQ: MGYR) reported a 27% increase in net income for the three months ended June 30, 2022, totaling $2,117,000. For the nine-month period, net income grew to $5,488,000, up from $4,510,000 the previous year. Basic and diluted earnings per share rose to $0.31 for Q3 2022 and $0.81 for the nine months. The company declared a quarterly cash dividend of $0.03 per share, payable on August 18, 2022. The CEO noted an increased net interest margin and a return on average assets of 1.06%.

Positive

• 27% increase in net income for Q3 2022 to $2,117,000.
• Net income for nine months reached $5,488,000, an increase from $4,510,000.
• Earnings per share rose to $0.31 for Q3 2022 and $0.81 for nine months.
• Quarterly cash dividend of $0.03 per share declared.

Negative

• None.

NEW BRUNSWICK, N.J., July 26, 2022 /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, 2022.

The Company reported a 27% increase in its net income for the three months ended June 30, 2022, to $2,117,000 compared with net income of $1,668,000 for the three months ended June 30, 2021. Net income for the nine months ended June 30, 2022 was $5,488,000 compared with net income of $4,510,000 for the nine months ended June 30, 2021.

Basic and diluted earnings per share were $0.31 for the three months ended June 30, 2022 compared to $0.24 for the three months ended June 30, 2021. Basic and diluted earnings per share were $0.81 for the nine months ended June 30, 2022 compared to $0.64 for the nine months ended June 30, 2021.

The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.03 per share, which will be paid on August 18, 2022 to stockholders of record as of August 4, 2022.

"We are pleased to report another strong quarter," stated John Fitzgerald, President and Chief Executive Officer of Magyar Bancorp. "Our net interest margin increased 18 basis points during the quarter on a year over year basis as a result of prudent management of our balance sheet. In addition, our return on average assets has grown to 1.06% for the quarter ending June 30, 2022, a direct reflection of the sustained earnings growth the Bank has produced during the fiscal year. As we head into the final quarter of our fiscal year, we expect the positive earnings momentum to continue."

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

FAQ

What were Magyar Bancorp's earnings for Q3 2022?

Magyar Bancorp reported net income of $2,117,000 for the three months ended June 30, 2022, a 27% increase from the previous year.

How much is the declared dividend for Magyar Bancorp?

The Board of Directors declared a quarterly cash dividend of $0.03 per share, payable on August 18, 2022.

What is the earnings per share for Magyar Bancorp for nine months ended June 30, 2022?

The basic and diluted earnings per share for the nine months ended June 30, 2022, were $0.81.

What is Magyar Bancorp's return on average assets for Q3 2022?

The return on average assets for Magyar Bancorp was 1.06% for the quarter ending June 30, 2022.