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Magyar Bancorp, Inc. (NASDAQ: MGYR), the parent company of Magyar Bank, is a prominent community bank headquartered in New Brunswick, New Jersey. Established in 1922, Magyar Bank has been steadfastly serving the financial needs of families and businesses in Central New Jersey for over a century. With seven branch locations across New Brunswick, North Brunswick, South Brunswick, Branchburg, Bridgewater, and Edison, Magyar Bank offers a comprehensive array of commercial and retail financial services.
Magyar Bank's services include the acceptance of time, savings, and demand deposits, along with a variety of loan products such as commercial, consumer, and home equity loans. The bank also provides Small Business Administration loans, catering specifically to the business community's needs. By leveraging retail deposits from the general public within its operational areas, the bank effectively reinvests these funds into residential mortgage loans and other financial products.
In addition to its core banking operations, Magyar Bank is known for its active role in community development. Each year, the bank supports over 75 local organizations through volunteer work and corporate donations, underscoring its commitment to community engagement and social responsibility.
From a financial perspective, Magyar Bancorp has demonstrated robust performance. For the fiscal year ending September 30, 2023, the company reported a net income of $7,709,000, with basic and diluted earnings per share of $1.20. Despite the challenges posed by an inverted yield curve, Magyar Bancorp achieved balanced loan and deposit growth, reducing its loan-to-deposit ratio and maintaining a strong liquidity position. The company's strategic decisions, including a quarterly cash dividend and stock repurchase plans, reflect its dedication to shareholder value.
With a skilled leadership team led by President and CEO John Fitzgerald, Magyar Bancorp continues to navigate economic fluctuations and regulatory environments effectively. The bank's strategic focus on loan growth, solid credit portfolio, and community involvement positions it for sustained success in the competitive New Jersey banking sector.
Magyar Bancorp (NASDAQ: MGYR) announced a special cash dividend of $0.08 per share, scheduled for payment on December 13, 2022. Shareholders of record as of November 29, 2022 will receive the dividend, reflecting the company's commitment to returning value to its shareholders. Magyar Bancorp operates as a community bank in New Jersey, serving local families and businesses since 1922.
Magyar Bancorp (NASDAQ: MGYR) reported a 51% increase in net income for the three months ended September 30, 2022, totaling $2,430,000 compared to $1,610,000 in the same period last year. For the fiscal year, net income rose to $7,919,000 from $6,120,000. Basic and diluted earnings per share were $0.36 for the quarter and $1.17 for the year, increasing from $0.23 and $1.01, respectively. The company attributes this growth to effective capital deployment and improved loan growth, although it remains cautious about inflation's economic impact.
Magyar Bancorp, Inc. (NASDAQ: MGYR) has declared a quarterly cash dividend of $0.03 per share, set to be paid on November 23, 2022, to shareholders on record by November 10, 2022. This dividend highlights the company's commitment to returning income to its shareholders. As a community bank serving Central New Jersey since 1922, Magyar Bancorp continues to provide diverse financial services, maintaining multiple branch locations within the region.
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%.
Magyar Bancorp (NASDAQ: MGYR) has announced a stock repurchase program, authorizing the buyback of up to 5% of its outstanding shares, translating to approximately 354,891 shares. The decision is based on market conditions and the company's liquidity needs. CEO John Fitzgerald emphasized confidence in the stock's value at current prices, indicating that this capital deployment is a strategic move. Repurchased shares will be held as treasury stock for corporate purposes.
Magyar Bancorp, Inc. (NASDAQ: MGYR) announced a quarterly cash dividend of $0.03 per share, payable on May 19, 2022, to shareholders of record on May 5, 2022. This decision reflects the company's commitment to returning value to its shareholders amidst its ongoing operations in Central New Jersey. Headquartered in New Brunswick, Magyar Bancorp provides a full range of banking services through its seven branches.
Magyar Bancorp (NASDAQ: MGYR) reported an 11.5% increase in net income for Q2 2022, totaling $1,679,000 compared to $1,506,000 in Q2 2021. Total net income for the six months ended March 31, 2022, reached $3,372,000, up from $2,843,000 year-over-year. Basic earnings per share rose to $0.25 for Q2 and $0.50 for the first half. CEO John Fitzgerald highlighted an 18% increase in net income amid inflationary pressures, showcasing effective expense management and a strong balance sheet positioned for rising interest rates.
Magyar Bancorp, Inc. (NASDAQ: MGYR) has declared a quarterly cash dividend of $0.03 per share, payable on February 24, 2022, to shareholders of record as of February 10, 2022. This decision reflects the company's ongoing commitment to returning value to its shareholders. Magyar Bancorp serves Central New Jersey through its community bank, Magyar Bank, which offers a full range of financial products and has been operational since 1922.
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.
Magyar Bancorp, Inc. (NASDAQ: MGYR) announced a special cash dividend of $0.12 per share, payable to shareholders of record as of November 30, 2021. The dividend is set to be issued approximately on December 14, 2021. This marks the company's first cash dividend since its mutual to stock conversion in July 2021. President John Fitzgerald stated that dividends reflect a commitment to enhancing shareholder value and indicated future considerations for a regular dividend policy, albeit without guarantees on timing.
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