Business
Magyar Bancorp, Inc. Announces Fourth Quarter and Year End Financial Results
NEW BRUNSWICK, N.J., Nov. 3, 2021 /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, 2021 /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, 2021. \nThe Company reported a 96% increase in its income for the three months ended September 30, 2021, to $1,610,000 compared with net income of $823,000 for the three months ended September 30, 2020. The Company also reported net income of $6,120,000 for the year ended September 30, 2021 compared with $2,190,000 for the year ended September 30, 2020. \nThe Company's basic and diluted earnings per share were $0.23 and $1.01 for the three and twelve months ended September 30, 2021, compared with basic and diluted earnings per share for the three months and twelve months ended September 30, 2020 of $0.12 and $0.31, respectively. \nPresident and Chief Executive Officer John Fitzgerald said \"Despite the pandemic and the economic uncertainty that it brought, Magyar Bancorp was able to produce record earnings for our 2021 fiscal year. This is a testament to the hard work that everyone at Magyar put in during the past 12 months that positively impacted the Company's bottom line, and made a difference to thousands of families and businesses in the communities we serve.\"\nMr. Fitzgerald continued, \"While we benefited from income generated by temporary programs including the Paycheck Protection Program (PPP), our core business continued to grow during the year, and we are confident that our strong balance sheet will allow Magyar to continue to generate solid earnings in the year ahead. In addition, the assistance we provided to our customers in the form of loan deferrals, as well as to the community at large through the PPP will ensure that our community is ready to take advantage of the positive momentum generated by the continued reopening of our economy.\"\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....