MAGYAR BANCORP, INC. ANNOUNCES FISCAL FOURTH QUARTER AND FISCAL YEAR END FINANCIAL RESULTS, DECLARES INCREASED QUARTERLY DIVIDEND
NEW BRUNSWICK, N.J., Oct. 30, 2023 /PRNewswire/ -- Magyar Bancorp (NASDAQ: MGYR) (the "Company"), parent company of Magyar Bank, reported today the results of its operations for the three months and fiscal year ended September 30, 2023.
The Company reported $2,185,000 in net income for the three months ended September 30, 2023 compared with net income of $2,430,000 for the three months ended September 30, 2022. The Company also reported net income of $7,709,000 for the year ended September 30, 2023 compared with $7,919,000 for the year ended September 30, 2022.
The Company's basic and diluted earnings per share were $0.34 and $1.20 for the three months and year ended September 30, 2023, compared with basic and diluted earnings per share for the three months and year ended September 30, 2022 of $0.36 and $1.17, respectively.
The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.04 per share, which will be paid on November 24, 2023 to stockholders of record as of November 9, 2023.
"We are very pleased to report strong earnings for our full fiscal year," stated John Fitzgerald, President and Chief Executive Officer. "While the inverted yield curve presented a challenging environment for the banking industry, compressing margins and increasing competition for deposits, Magyar was able to minimize its impact through balanced loan and deposit growth. This balanced growth resulted in a decline in Magyar's loan-to-deposit ratio to 92.4% at September 30, 2023 from 94.2% one year earlier, providing room for continued loan growth to help offset rising funding costs."
Mr. Fitzgerald continued, "As we look ahead to our next fiscal year, inflation and its impact on the economy will need to be closely monitored, but we are encouraged to see our loan pipeline remain strong and will continue maintaining strong underwriting standards."
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, the COVID-19 or any other pandemic, 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 these 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
