Business
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
About this update from Magyar Bancorp, Inc.
[{"type":"text","content":"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.\n\nThe 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.\nThe 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.\nThe 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.\n\"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.\" \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 BancorpMagyar 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.\nFo...