Business
MAGYAR BANCORP, INC. ANNOUNCES FISCAL FOURTH QUARTER AND FISCAL YEAR END FINANCIAL RESULTS
NEW BRUNSWICK, N.J., Nov. 3, 2022 /PRNewswire/ -- Magyar Bancorp (NASDAQ: MGYR) (the "Company"), parent company of Magyar Bank, reported today the results of
About this update from Magyar Bancorp, Inc.
[{"type":"text","content":"NEW BRUNSWICK, N.J., Nov. 3, 2022 /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, 2022.\nThe Company reported a 51% increase in its net income for the three months ended September 30, 2022, to $2,430,000 compared with net income of $1,610,000 for the three months ended September 30, 2021. The Company also reported net income of $7,919,000 for the year ended September 30, 2022 compared with $6,120,000 for the year ended September 30, 2021.\nThe Company's basic and diluted earnings per share were $0.36 and $1.17 for the three and twelve months ended September 30, 2022, compared with basic and diluted earnings per share for the three months and twelve months ended September 30, 2021 of $0.23 and $1.01, respectively.\n\"We are very pleased to report record earnings for the second consecutive year,\" stated John Fitzgerald, President and Chief Executive Officer. \"The successful deployment of the capital raised in our 2nd step conversion in 2021 produced strong loan growth for the Bank during the year. Combined with our prudent balance sheet management, which resulted in a year over year increase in our net interest margin, earnings growth was driven by core bank earnings and increased our fiscal year return on average assets to 1.00%.\" \nMr. 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.\"\nAbout 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.\nForward 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 Exch...