Magyar Bancorp, Inc. - MGYR STOCK NEWS

Magyar Bancorp, Inc. (NASDAQ: MGYR) has successfully completed its conversion from a mutual holding company to a stock holding company on July 14, 2021. This transition led to the cessation of Magyar Bancorp, MHC. The stock offering resulted in approximately 7,098,070 shares of common stock now outstanding. These shares will continue to trade under the symbol 'MGYR' on the Nasdaq Global Market. Shareholders can confirm their allocations online or via the Stock Information Center. Legal counsel for the company was provided by Luse Gorman, PC, and marketing was handled by Keefe, Bruyette & Woods, Inc.

Magyar Bancorp, Inc. (NASDAQ: MGYR) has received all regulatory approvals to convert from a mutual holding company to a stock holding company. The conversion and related stock offering are expected to close on July 14, 2021. The offering aims to sell 3,910,000 shares at $10.00 each, which was oversubscribed. After the transaction, approximately 7,098,070 shares are expected to be outstanding. Existing shareholders will receive new shares at an exchange ratio of 1.2213. The shares will continue trading on Nasdaq under the symbol MGYR.

On June 30, 2021, Magyar Bancorp (NASDAQ: MGYR) announced the approval of its Plan of Conversion and Reorganization by both stockholders and depositors. This plan transitions Magyar Bancorp, MHC from a mutual holding company to a stock holding company. The subscription offering received sufficient orders, eliminating the need for additional offerings. The transaction is expected to close in mid-July 2021, pending regulatory approvals. Following the conversion, shares will continue to trade under the symbol MGYR on the Nasdaq Global Market.

Magyar Bancorp, Inc. (NASDAQ: MGYR) announced the commencement of a stock offering related to its conversion from a mutual holding company structure to a fully stock holding company. The company plans to sell up to 3,910,000 shares of common stock at $10.00 per share, prioritizing past/current depositors and certain New Jersey residents. A minimum of 2,890,000 shares must be sold, pending regulatory and stockholder approvals. The offering is managed by Keefe, Bruyette & Woods, Inc. Investors should note the offering does not guarantee share value and is not insured by the FDIC.

Magyar Bancorp (NASDAQ: MGYR) reported a remarkable 394% increase in net income for the three months ended March 31, 2021, totaling $1,506,000 compared to $305,000 in the same period last year. For the six-month period, net income was $2,843,000, a significant rise from $858,000 in 2020. Basic and diluted earnings per share increased to $0.26 and $0.49 for the respective periods. The company credits its strong performance to participation in the Paycheck Protection Program (PPP) and management of its balance sheet. Book value per share rose 7% year-over-year.

Magyar Bancorp, Inc. (NASDAQ: MGYR) announced a Plan of Conversion to reorganize into a fully public stock holding company. This involves merging with Magyar Bancorp, MHC, and conducting a second-step stock offering. Shares held by the MHC will be canceled, with depositors from Magyar Bank having priority to purchase new shares. The conversion is subject to regulatory approvals, including from the Board of Governors of the Federal Reserve System and the New Jersey Department of Banking and Insurance. The conversion will not impact customers of Magyar Bank.

Magyar Bancorp (NASDAQ: MGYR) reported a net income of $1,337,000 for the quarter ending December 31, 2020, a 142% increase from $553,000 in the same period in 2019. Earnings per share rose to $0.23 from $0.10. The company's net interest and dividend income increased by 18%, driven by a growing loan portfolio. Despite a decline in net interest margin due to low interest rates, additional income was generated from the Middlesex County Small Business Relief Grant. The company remains optimistic about future earnings supported by ongoing relief programs.

Magyar Bancorp (NASDAQ: MGYR) reported net income of $823,000 for Q4 2020, slightly up from $818,000 in Q4 2019. However, annual net income fell to $2,190,000 from $2,996,000 year-over-year. EPS for Q4 was $0.14, unchanged from the previous year, but down from $0.51 for the full year. The bank aided nearly 300 borrowers during the pandemic with loan deferrals yet increased its loan loss allowance due to economic uncertainty. The future remains uncertain due to the pandemic's impact, potential election implications, and fiscal stimulus uncertainties.

Magyar Bancorp (NASDAQ: MGYR) reported net income of $509,000 or $0.09 per share for the three months ending June 30, 2020, a decrease from $726,000 or $0.12 per share in the prior year. For the nine months, net income was $1.4 million or $0.24 per share, down from $2.2 million or $0.37 per share. The CEO highlighted the challenges posed by the Coronavirus pandemic, including increased loan loss provisions. Despite this, the bank provided over 300 businesses with loans via the Paycheck Protection Program, showing its commitment to supporting the community.