Business
Magyar Bancorp, Inc. Announces Fourth Quarter And Year End Financial Results
NEW BRUNSWICK, N.J., Nov. 4, 2020 /PRNewswire/ -- Magyar Bancorp (NASDAQ: MGYR) ("Company"), parent company of Magyar Bank, reported today the results of its
About this update from Magyar Bancorp, Inc.
[{"type":"text","content":"NEW BRUNSWICK, N.J., Nov. 4, 2020 /PRNewswire/ -- Magyar Bancorp (NASDAQ: MGYR) (\"Company\"), parent company of Magyar Bank, reported today the results of its operations for the three months and year ended September 30, 2020. \nThe Company reported net income of $823,000 for the three months ended September 30, 2020 compared to net income of $818,000 for the three months ended September 30, 2019. The Company also reported $2,190,000 in net income for the year ended September 30, 2020 compared with $2,996,000 for the year ended September 30, 2019. The basic and diluted earnings per share were $0.14 and $0.38 for the three and twelve months ended September 30, 2020, compared with basic and diluted earnings per share for the three months and twelve months ended September 30, 2019 of $0.14 and $0.51, respectively. \nPresident and Chief Executive Officer John Fitzgerald said, \"Our fourth quarter and year end results reflect our collaborative efforts of providing the highest level of service and most needed assistance to our customers, while managing a strong balance sheet with minimal interest rate risk during this time of economic uncertainty. Despite the outbreak of the COVID-19 pandemic and the subsequent closure of our economy, coupled with historically low interest rates, we are proud to report fourth quarter earnings equal to those of same quarter last year.\" \nMr. Fitzgerald continued, \"The Bank provided relief to nearly 300 borrowers with loan payment deferrals and fee waivers during the peak of the pandemic. We are equally pleased that the overwhelming majority of these borrowers have resumed making payments. However, despite the strong resiliency displayed by our borrowers, the Bank has prudently increased its allowance for loan loss to account for the ongoing uncertainty in our economy. The increased provisions for loan loss offset a $1.0 million increase in our net interest and dividend income year-over-year. As we look forward into fiscal year 2021, the path of the economic recovery remains unclear due to the continued impact of the COVID-19 pandemic, the potential impact of the Presidential election and the uncertainty of any further fiscal stimulus. With a strong liquidity position and prudent management of our balance sheet, Magyar is well-prepared to face both the known and unknown challenges facing the Bank in 2...