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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July
25, 2024
Magyar Bancorp, Inc.
(Exact Name of Registrant as Specified in Charter)
| Delaware |
000-51726 |
20-4154978 |
| (State or Other Jurisdiction) |
(Commission File No.) |
(I.R.S. Employer |
| of Incorporation) |
|
Identification No.) |
| |
|
|
| |
|
|
| 400 Somerset Street, New Brunswick, New Jersey |
|
08901 |
| (Address of Principal Executive Offices) |
|
(Zip Code) |
Registrant's telephone number, including area code:
(732) 342-7600
Not Applicable
(Former name or former address, if changed since last
report)
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
| ☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class |
|
Trading Symbol(s) |
|
Name of Each Exchange
on Which Registered |
|
Common
Stock, par value $0.01 per share |
|
MGYR |
|
The NASDAQ Stock Market, LLC |
Indicate by check mark whether the registrant is
an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ☐
| 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.
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 |
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 |
 |
News |
400 Somerset St., New Brunswick, NJ 08901
732.342.7600
MAGYAR BANCORP, INC. ANNOUNCES THIRD QUARTER FINANCIAL
RESULTS, DECLARES DIVIDEND, APPOINTS MICHAEL R. LOMBARDI AS DIRECTOR
New Brunswick, New Jersey, July 25, 2024 –
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, 2024.
The Company’s net income was $1.7 million for
the three months ended June 30, 2024 and $5.2 million for the nine months ended June 30, 2024. Basic and diluted earnings per share were
$0.27 for the three months ended June 30, 2024 and $0.83 for the nine months ended June 30, 2024.
The Company also announced that its Board of
Directors declared a quarterly cash dividend of $0.05 per share, which will be paid on August 22, 2024 to stockholders of record
as of August 8, 2024.
The Company further announced that Michael R. Lombardi
was elected to serve as Director of the Company on July 25, 2024. Mr. Lombardi will serve as a member of the class of Directors whose
term expires following the fiscal year ending September 30, 2026.
“The challenging interest rate environment continues
to impact our net interest margin,” stated John Fitzgerald, President and Chief Executive Officer of Magyar Bancorp. “During
the past quarter our cost of funds increased as deposit acquisition and retention becomes more rate sensitive, however our continued loan
growth has helped mitigate some of its impact and we anticipate that our margin will begin to stabilize during the second half of the
calendar year.”
Mr. Fitzgerald continued, “We are pleased with
the continued strength of our loan portfolio during this era of high inflation, with our non-performing loans declining to 0.60% of total
loans during the quarter. In addition, we are pleased to announce that we have entered into a lease for a new branch office in Martinsville,
New Jersey, which will further strengthen our ability to serve customers in the Somerset County market.”
Results of Operations for the Three Months Ended
June 30, 2024
Net income decreased $227 thousand, or 11.8%, to $1.7
million during the three-month period ended June 30, 2024 compared with $1.9 million during the three-month period ended June 30, 2023,
due to lower net interest and dividend income, lower other income and higher other expenses.
The Company’s net interest and dividend income
decreased $106 thousand, or 1.5%, to $6.8 million for the quarter ended June 30, 2024 from $6.9 million for the quarter ended June 30,
2023. The decrease was attributable to a 44-basis point decrease in the Company’s net interest margin to 3.02% for the three months
ended June 30, 2024 from 3.46% for the three months ended June 30, 2023, partially offset by a $100.5 million increase in the average
balance of interest-earning assets between the periods.
Interest and dividend income increased $2.5
million, or 26.1%, to $12.3 million for the three months ended June 30, 2024 compared with $9.8 million for the three months ended
June 30, 2023. The increase was attributable to a 59-basis point increase in the average yield on interest-earning assets to 5.50%
for the three months ended June 30, 2024 from 4.91% for the three months ended June 30, 2023, which was attributable to higher
market interest rates between periods. Also contributing to the higher interest and dividend income were higher average balances of
loans and interest-earning deposits, which increased $69.9 million and $32.2 million, respectively.
Interest expense increased $2.6 million, or 92.0%,
to $5.5 million for the three months ended June 30, 2024 from $2.9 million for the three months ended June 30, 2023. The cost of interest-bearing
liabilities increased 105 basis points to 3.24% for the three months ended June 30, 2024 compared with 2.19% for the three months ended
June 30, 2023 resulting primarily from higher market interest rates. In addition, the average balance of interest-bearing liabilities
increased $157.4 million, or 29.7%, to $686.7 million from higher money market and time deposit account balances.
The Company recorded a net reduction of $54 thousand
in its provision for credit losses for the three months ended June 30, 2024 compared with a net reduction of $81 thousand for the three
months ended June 30, 2023. The net reduction in provisions resulted from lower balances of construction loans and commercial lines of
credit, which require higher provisions for credit loss. The Company recorded $1 thousand in net loan recoveries during the three months
ended June 30, 2024 compared with $385 thousand in net loan charge-offs during the three months ended June 30, 2023.
Other income decreased $212 thousand, or 34.1%, to
$409 thousand during the three months ended June 30, 2024 compared with $621 thousand for the three months ended June 30, 2023. The decrease
was due to lower loan prepayment fees, which declined by $110 thousand to $282 thousand from $392 thousand and lower gains from the sale
of Small Business Administration 7(a) loans, which decreased by $103 thousand between the two periods.
Other expenses increased $169 thousand, or 3.5%, to
$5.1 million during the three months ended June 30, 2024 compared with $4.9 million for the three months ended June 30, 2023. The increase
was primarily attributable to higher compensation and benefit expense, which increased $91 thousand, or 3.2%, to $2.9 million, due to
the additions of a commercial lender and a commercial credit analyst, as well as annual merit increases.
The Company recorded tax expense of $501 thousand
on pre-tax income of $2.2 million for the three months ended June 30, 2024, compared with $788 thousand on pre-tax income of $2.7 million
for the three months ended June 30, 2023. The Company’s effective tax rate for the three months ended June 30, 2024 was 22.9% compared
with 29.1% for the three months ended June 30, 2023. The decrease in income tax expense was driven by changes in deferred tax items between
the periods as well as changes in the State of New Jersey’s entity consolidation rule.
Results from Operations for the Nine Months Ended
June 30, 2024
Net income decreased $284 thousand, or 5.1%, to $5.2
million during the nine-month period ended June 30, 2024 compared with $5.5 million for the nine-month period ended June 30, 2023 due
to lower other income and higher other expenses, partially offset by higher net interest and dividend income.
The Company’s net interest and dividend income
increased $226 thousand, or 1.1%, to $21.0 million for the nine months ended June 30, 2024 from $20.7 million for the nine months ended
June 30, 2023. The increase was attributable to a $106.7 million, or 13.7%, increase in the average balance of interest-earning assets
between the periods, partially offset by a 39-basis point decrease in the Company’s net interest margin to 3.16% for the nine months
ended June 30, 2024 from 3.55% for the nine months ended June 30, 2023.
Interest and dividend income increased $8.3 million,
or 30.4%, to $35.8 million for the nine months ended June 30, 2024 from $27.5 million for the nine months ended June 30, 2023. The increase
was attributable to a 69-basis point increase in the average yield on interest-earning assets to 5.40% from 4.71%, as well as a $63.5
million increase in the average balance of net loans receivable and a $46.1 million increase in the average balance of interest-earning
deposits. The increase in yield on the Company’s assets was attributable to higher market interest rates between periods.
Interest expense increased $8.1 million, or 120.8%,
to $14.8 million for the nine months ended June 30, 2024 from $6.7 million for the nine months ended June 30, 2023. The cost of interest-bearing
liabilities increased 133-basis points to 3.07% for the nine months ended June 30, 2024 compared with 1.74% for the nine months ended
June 30, 2023 resulting primarily from higher market interest rates between periods. In addition, the average balance of interest-bearing
liabilities increased $130.6 million, or 25.3%, to $646.6 million from $516.0 million primarily due to the higher money market account
and time deposit account balances.
The Company’s provision for credit losses was
$441 thousand for the nine months ended June 30, 2024 compared with $432 thousand for the nine months ended June 30, 2023. Provisions
for credit losses resulted from growth in the Company’s loan portfolio, particularly commercial real estate loans, during the nine
months ended June 30, 2024. The Company recorded $67 thousand in net loan recoveries during the nine months ended June 30, 2024 compared
with $487 thousand in net loan charge-offs during the nine months ended June 30, 2023.
Other income decreased $213 thousand, or 11.5%, to
$1.6 million during the nine months ended June 30, 2024 compared with $1.9 million for the nine months ended June 30, 2023. The decrease
was due to lower loan prepayment fees, which declined by $79 thousand to $878 thousand from $957 thousand, and lower gains from the sale
of Small Business Administration 7(a) loans, which decreased by $143 thousand between the two periods.
Other expenses increased $920 thousand, or 6.4%, to
$15.2 million during the nine months ended June 30, 2024 from $14.3 million during the nine months ended June 30, 2023. The increase was
primarily attributable to higher compensation and benefit expense, which increased $549 thousand, or 6.7%, to $8.7 million, due to fewer
open positions between periods and the additions of a commercial lender and a commercial credit analyst, as well as annual merit increases.
Other expenses increased $237 thousand, or 15.4%, from higher recruitment costs, loan origination and servicing costs and operating expenses.
The Company recorded tax expense of $1.7 million on
pre-tax income of $7.0 million for the nine months ended June 30, 2024, compared with $2.4 million on pre-tax income of $7.9 million for
the nine months ended June 30, 2023. The Company’s effective tax rate for the nine months ended June 30, 2024 was 24.8% compared
with 29.9% for the nine months ended June 30, 2023. The decrease in income tax expense was driven by changes in deferred tax items between
the periods as well as changes in the State of New Jersey’s entity consolidation rule.
Balance Sheet Comparison
Total assets increased $37.1 million, or 4.1%, to
$944.4 million at June 30, 2024 from $907.3 million at September 30, 2023. The increase was attributable to higher balances of loans receivable,
partially offset by lower interest-earning deposits with banks.
Cash and interest-earning deposits with banks decreased
$23.5 million, or 32.4% to $49.0 million at June 30, 2024 from $72.5 million at September 30, 2023 resulting from deployment of these
funds into loans receivable.
At June 30, 2024, investment securities totaled $94.5
million, reflecting a decrease of $1.5 million, or 1.5%, from September 30, 2023. The decrease resulted from matured bonds totaling $6.5
million and payments from mortgage-backed securities totaling $5.4 million during the nine months ended June 30, 2024. Offsetting these
decreases were purchases totaling $10.0 million and a $400 thousand increase in the market value of the Company’s available-for-sale
investment securities. There were no credit losses recorded for the Company’s investment securities during the nine months ended
June 30, 2024.
Total loans receivable increased $62.2 million, or
8.9%, to $760.4 million at June 30, 2024 from $698.2 million at September 30, 2023. The increase in total loans receivable during the
nine months ended June 30, 2024 occurred in commercial real estate loans, which increased $57.9 million, one-to four-family residential
real estate loans (including home equity lines of credit), which increased $8.0 million, and construction and land loans, which increased
$2.2 million. Partially offsetting these increases were commercial business loans, which decreased $5.8 million and other loans, which
decreased $114 thousand.
Total non-performing loans decreased $532 thousand,
or 10.5%, to $4.6 million at June 30, 2024 during the nine months ended June 30, 2024 from $5.1 million at September 30, 2023. The decline
was attributable to the foreclosure of a residential property previously securing a $777 thousand construction loan and payments totaling
$387 thousand, partially offset by a $631 thousand increase in non-performing loans secured by three commercial real estate properties’
and one single family residential property. The ratio of non-performing loans to total loans decreased to 0.60% at June 30, 2024 from
0.73% at September 30, 2023.
The allowance for credit losses increased $16 thousand
to $8.3 million during the nine months ended June 30, 2024. Upon adoption of ASU 2016-13 on October 1, 2023, the Company’s allowance
for credit losses decreased $492 thousand. Growth in loans receivable and loan commitments during the nine months ended June 30, 2024
resulted in additional provisions for credit loss totaling $441 thousand and there were $67 thousand in loan recoveries. The Company’s
allowance for on-balance sheet credit losses decreased to $7.7 million at June 30, 2024 from $8.3 million at September 30, 2023 while
its reserve for off-balance sheet commitments increased to $602 thousand at June 30, 2024 from $0 at September 30, 2023.
The allowance for on-balance sheet loan losses as
a percentage of non-performing loans increased to 170.1% at June 30, 2024 from 163.9% at September 30, 2023. The Company’s allowance
for on-balance sheet loan losses as a percentage of total loans was 1.02% at June 30, 2024 compared with 1.19% at September 30, 2023.
Future increases in the allowance for credit losses may be necessary based on possible future increases in non-performing loans and charge-offs,
the possible deterioration of collateral values, and the possible deterioration of the current economic environment.
Other real estate owned increased $514 thousand, or
156.7%, to $842 thousand at June 30, 2024 from the addition of one single family property totaling $842 thousand, partially offset by
the sale of a commercial real estate property totaling $328 thousand.
Total deposits increased $33.7 million, or 4.5%, to
$789.2 million at June 30, 2024 from $755.5 million at September 30, 2023. The inflow in deposits occurred in certificates of deposit
(including individual retirement accounts), which increased $38.9 million, or 37.2%, to $143.6 million, in interest-bearing checking accounts
(NOW), which increased $35.2 million, or 30.6%, to $150.4 million and in money market accounts, which increased $18.7 million, or 6.6%,
to $303.6 million. Partially offsetting these increases were decreases in non-interest bearing checking accounts, which decreased $51.6
million, or 27.4%, to $136.9 million and in savings accounts, which decreased $7.5 million, or 12.1%, to $54.7 million. Included in the
Company’s total deposits was an estimated $122.3 million that exceeded the Federal Deposit Insurance Corporation’s insurance
coverage limit of $250 thousand.
Brokered deposits, which are included in certificates
of deposits within total deposits, increased $7.8 million to $21.6 million at June 30, 2024 from $13.8 million at September 30, 2023.
The Company utilized brokered deposits to extend its liabilities as part of its interest rate risk management. Borrowings decreased $947
thousand, or 3.2%, to $28.6 million at June 30, 2024 from $29.5 million at September 30, 2023.
The Company’s book value per share increased
to $16.55 at June 30, 2024 from $15.70 at September 30, 2023. The increase was due to the Company’s results from operations, partially
offset by $0.21 in dividends paid and 85,628 shares repurchased during the nine months ended June 30, 2024 at an average share price of
$11.13.
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, levels of uninsured deposits, 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.
Contact: John Reissner, 732.214.2083
MAGYAR BANCORP, INC. AND SUBSIDIARY
Selected Financial Data
(Dollars In Thousands,
Except for Per-Share Amounts)
| | |
Three Months Ended | | |
Nine Months Ended | |
| | |
June 30, | | |
June 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
(Unaudited) | |
| Income Statement Data: | |
| | | |
| | | |
| | | |
| | |
| Interest and dividend income | |
$ | 12,327 | | |
$ | 9,777 | | |
$ | 35,805 | | |
$ | 27,452 | |
| Interest expense | |
| 5,543 | | |
| 2,887 | | |
| 14,853 | | |
| 6,726 | |
| Net interest and dividend income | |
| 6,784 | | |
| 6,890 | | |
| 20,952 | | |
| 20,726 | |
| (Recovery) provision for credit losses | |
| (54 | ) | |
| (81 | ) | |
| 441 | | |
| 432 | |
| Net interest and dividend income after provision (recovery) for credit losses | |
| 6,838 | | |
| 6,971 | | |
| 20,511 | | |
| 20,294 | |
| Other income | |
| 409 | | |
| 621 | | |
| 1,639 | | |
| 1,852 | |
| Other expense | |
| 5,055 | | |
| 4,886 | | |
| 15,184 | | |
| 14,264 | |
| Income before income tax expense | |
| 2,192 | | |
| 2,706 | | |
| 6,966 | | |
| 7,882 | |
| Income tax expense | |
| 501 | | |
| 788 | | |
| 1,726 | | |
| 2,358 | |
| Net income | |
$ | 1,691 | | |
$ | 1,918 | | |
$ | 5,240 | | |
$ | 5,524 | |
| | |
| | | |
| | | |
| | | |
| | |
| Per Share Data: | |
| | | |
| | | |
| | | |
| | |
| Net income per share-basic | |
$ | 0.27 | | |
$ | 0.30 | | |
$ | 0.82 | | |
$ | 0.86 | |
| Net income per share-diluted | |
$ | 0.27 | | |
$ | 0.30 | | |
$ | 0.82 | | |
$ | 0.86 | |
| Book value per share, at period end | |
$ | 16.55 | | |
$ | 15.41 | | |
$ | 16.55 | | |
$ | 15.41 | |
| | |
| | | |
| | | |
| | | |
| | |
| Selected Ratios (annualized): | |
| | | |
| | | |
| | | |
| | |
| Return on average assets | |
| 0.71% | | |
| 0.90% | | |
| 0.75% | | |
| 0.89% | |
| Return on average equity | |
| 6.41% | | |
| 7.72% | | |
| 6.37% | | |
| 7.12% | |
| Net interest margin | |
| 3.02% | | |
| 3.46% | | |
| 3.16% | | |
| 3.55% | |
| | |
June 30, | | |
September 30, | |
| | |
2024 | | |
2023 | |
| | |
(Unaudited) | |
| | |
(Dollars in Thousands) | |
| Balance Sheet Data: | |
| | | |
| | |
| Assets | |
$ | 944,354 | | |
$ | 907,292 | |
| Total loans receivable | |
| 759,409 | | |
| 698,206 | |
| Allowance for credit losses - loans | |
| 7,744 | | |
| 8,330 | |
| Investment securities - available for sale, at fair value | |
| 15,584 | | |
| 10,125 | |
| Investment securities - held to maturity, at cost | |
| 78,917 | | |
| 85,835 | |
| Deposits | |
| 789,193 | | |
| 755,453 | |
| Borrowings | |
| 28,568 | | |
| 29,515 | |
| Shareholders' Equity | |
| 109,039 | | |
| 104,790 | |
| | |
| | | |
| | |
| Asset Quality Data: | |
| | | |
| | |
| Non-performing loans | |
$ | 4,552 | | |
$ | 5,084 | |
| Other real estate owned | |
| 842 | | |
| 328 | |
| Total non-performing assets | |
$ | 5,394 | | |
$ | 5,412 | |
| Allowance for credit losses to non-performing loans | |
| 170.12% | | |
| 163.85% | |
| Allowance for credit losses to total loans receivable | |
| 1.02% | | |
| 1.19% | |
| Non-performing loans to total loans receivable | |
| 0.60% | | |
| 0.73% | |
| Non-performing assets to total assets | |
| 0.57% | | |
| 0.60% | |
| Non-performing assets to total equity | |
| 4.95% | | |
| 5.16% | |
v3.24.2
Cover
|
Jul. 25, 2024 |
| Cover [Abstract] |
|
| Document Type |
8-K
|
| Amendment Flag |
false
|
| Document Period End Date |
Jul. 25, 2024
|
| Entity File Number |
000-51726
|
| Entity Registrant Name |
Magyar Bancorp, Inc.
|
| Entity Central Index Key |
0001337068
|
| Entity Tax Identification Number |
20-4154978
|
| Entity Incorporation, State or Country Code |
DE
|
| Entity Address, Address Line One |
400 Somerset Street
|
| Entity Address, City or Town |
New Brunswick
|
| Entity Address, State or Province |
NJ
|
| Entity Address, Postal Zip Code |
08901
|
| City Area Code |
(732)
|
| Local Phone Number |
342-7600
|
| Written Communications |
false
|
| Soliciting Material |
false
|
| Pre-commencement Tender Offer |
false
|
| Pre-commencement Issuer Tender Offer |
false
|
| Title of 12(b) Security |
Common
Stock, par value $0.01 per share
|
| Trading Symbol |
MGYR
|
| Security Exchange Name |
NASDAQ
|
| Entity Emerging Growth Company |
false
|
| Entity Information, Former Legal or Registered Name |
Not Applicable
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| Period Type: |
duration |
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| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
| Name: |
dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:dateItemType |
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na |
| Period Type: |
duration |
|
| X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
| Name: |
dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
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| Name: |
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dei_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
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| X |
- Definition
+ References
+ Details
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| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
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| Period Type: |
duration |
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| X |
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| Name: |
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| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
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| X |
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| Name: |
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| Namespace Prefix: |
dei_ |
| Data Type: |
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| Balance Type: |
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| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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| X |
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-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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| X |
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| Name: |
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| Namespace Prefix: |
dei_ |
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na |
| Period Type: |
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| X |
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| Name: |
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| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
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-Section 12
-Subsection b-2
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dei_ |
| Data Type: |
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| Name: |
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| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
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| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
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-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
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-Publisher SEC
-Name Exchange Act
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-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
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- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
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dei_ |
| Data Type: |
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| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
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| Balance Type: |
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Magyar Bancorp (NASDAQ:MGYR)
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