NEW BRUNSWICK, N.J.,
April 23, 2019 /PRNewswire/ -- Magyar Bancorp (NASDAQ:
MGYR) (the "Company"), parent company of Magyar Bank, reported
today the results of its operations for the three and six months
ended March 31, 2019.
The Company reported a 94% increase in net income to
$768,000 for the three months ended
March 31, 2019, compared with net
income of $396,000 for the three
months ended March 31, 2018. Net
income for the six months ended March 31,
2019 increased 100% to $1.5
million compared with net income of $725,000 for the six months ended March 31, 2018.
The net income per share was $0.13
for the three months ended March 31,
2019 compared to $0.07 for the
three months ended March 31, 2018.
Net income per share was $0.25 for
the six months ended March 31, 2019
compared to $0.12 for the six months
ended March 31, 2018.
"We're very pleased to report a 100% increase in our net income
for the first half of our fiscal year," stated John Fitzgerald, President and Chief Executive
Officer. "A key component to our strong earnings growth has been
our ability to attract new, low-cost deposits through the many
strong relationships we have throughout the community. Total
deposits have increased $41.7
million, or 7.9%, over the first six months, including a
$19.1 million, or 18.2%, increase in
our non-interest checking accounts. These low cost deposits helped
increase our net interest margin on a linked quarter basis from
3.32% to 3.41%."
Mr. Fitzgerald added, "For the second half of our fiscal year,
we expect to see this momentum continue, and, when combined with
further improvement in our balance sheet, we expect our earnings to
continue to improve."
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.
Today, 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; the risk that significant expense may be incurred
by the Company in connection with the resolution of these loans;
and the risk that expected resolutions of other real estate owned
may not occur or may be delayed. 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