Magyar Bancorp, Inc. · NASDAQ:MGYR
Magyar Bancorp — Shareholder Meeting (February 2024)
26 slides from Magyar Bancorp's shareholder meeting presentation, Feb 22, 2024
Slide 1: 2024 Annual Shareholders Meeting
2024 Annual Shareholders Meeting February 22, 2024
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation 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 ident
Slide 3: Magyar Bancorp, Inc. Overview
Magyar Bancorp, Inc. Overview ▪ Magyar Bank, a New Jersey chartered savings bank originally founded in 1922, is the wholly owned subsidiary of Magyar Bancorp, Inc. ▪ Magyar Bancorp, Inc., trades on NASDAQ under the symbol MGYR. ▪ As of December 31, 2023, we had $917 million in total assets, $729 mil
Slide 4: Magyar Bank Branch Locations
4 Magyar Bank Branch Locations
Slide 5: Deposits by Branch
Deposits by Branch Totals exclude brokered deposits . $299 $126 $94 $45 $27 $36 $37 $392 $121 $96 $35 $25 $28 $57 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 New Brunswick - HQ South Brunswick North Brunswick Branchburg Bridgewater North Edison Edison - Tano Mall Total Deposits By Branch Total De
Slide 6: 2023 Highlights
2023 Highlights ▪ Deposits increased by 13% ▪ 11% Loan Growth ▪ Increased Dividend Payments ▪ $.20 per share paid in 2023 ▪ Special dividend $0.07 per share paid in December 2023 ▪ Increased quarterly dividend to $.04 per share October 2023 ▪ Increased quarterly dividend to $.05 per share January 20
Slide 7: 2023 Highlights
2023 Highlights ▪ Strong Liquidity ▪ Loan - to - Deposit ratio declined to 95% as of 12/31/23 ▪ Recognized as 5 - star Bank by Bauer Financial ▪ This is the highest rating given by Bauer 7
Slide 8: Financial Highlights
Financial Highlights Magyar Bank Semply Magnificent for over 100 Years
Slide 9: Asset Trend
Asset Trend $300 $400 $500 $600 $700 $800 $900 $1,000 Dollars in Millions Loans Investments & Cash Other $630 $774 $907 $799 $754 9 $917
Slide 10: Loan Composition
Loan Composition $- $100 $200 $300 $400 $500 $600 $700 $800 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23 12/31/23 Dollars in Millions 1-4 Family Residential Commercial Real Estate Construction Paycheck Protection Program (PPP) Commercial/Business Home Equity Line of Credit Other 10 $729 $629 $523 $594 $6
Slide 11: 2023 Loan Origination
2023 Loan Origination Residential/Home Equity 17% Construction 15% Stock/Consumer 0% Commercial/Business 65% SBA 3% 11 $187 million total
Slide 12: Non-Performing Assets/Assets
Non - Performing Assets/Assets 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23 12/31/23 Non-Performing Loans OREO 1.63% 12 2.29% 0.60% 0.39% 1.14% 0.56%
Slide 13: Deposit Composition
Deposit Composition $0 $100 $200 $300 $400 $500 $600 $700 $800 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23 12/31/23 Dollars in Millions CDs (inc. IRA) Savings Accounts Money Market Accounts Checking 13 $618 $640 $668 $755 $764 $530
Slide 14: Checking Deposit Composition
Checking Deposit Composition $154 $229 $253 $280 $304 $284 $0 $50 $100 $150 $200 $250 $300 $350 $400 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23 12/31/23 Dollars in Millions Non-Interest Checking Interest Checking 14
Slide 15: Quarterly Net Interest Margin
Quarterly Net Interest Margin 3.83% 3.60% 3.72% 3.46% 3.36% 3.29% 3.69% 3.75% 3.61% 3.81% 4.58% 3.88% 3.22% 3.28% 3.10% 3.00% 2.93% 2.88% 2.25% 2.75% 3.25% 3.75% 4.25% 4.75% 9/30/22 12/31/22 3/31/23 6/30/23 9/30/23 12/31/23 MGYR Net Interest Margin 10-yr. Treasury Yield Average NIM - Peer Group 15 P
Slide 16: Net Income
Net Income $2,996 $2,190 $6,120 $7,919 $7,709 $1,652 $- $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 FY19 FY20 FY21 FY22 FY23 Q124 Dollars in Thousands 16
Slide 17: Earnings Per Share
Earnings Per Share $1.20 in FY23 $0.51 $0.38 $1.01 $1.17 $1.20 $0.26 4,000,000 4,500,000 5,000,000 5,500,000 6,000,000 6,500,000 7,000,000 7,500,000 $- $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 FY19 FY20 FY21 FY22 FY23 Q124 Earnings Per Share Shares Outstanding 17
Slide 18: Stockholders Equity
Stockholders Equity 18 $9.78 $13.76 $14.60 $15.70 $16.01 $8.00 $10.00 $12.00 $14.00 $16.00 $18.00 9/30/20 9/30/21 9/30/22 9/30/23 12/31/23 Book Value Per Share $57 $98 $99 $105 $107 $0 $20 $40 $60 $80 $100 $120 9/30/20 9/30/21 9/30/22 9/30/22 12/31/23 (Dollars in Millions) Total Equity
Slide 19: Stock Price Performance
Stock Price Performance Magyar Bank Semply Magnificent for over 100 Years
Slide 20: MGYR LTM Stock Performance
( 25 % ) ( 30 % ) ( 35 % ) ( 40 % ) ( 20 % ) ( 15 % ) 15% 10% 5% 0% (5%) ( 10 % ) 2 / 1 / 23 4 / 1 / 23 6 / 1 / 23 8 / 1 / 23 10 / 1 / 23 12 / 1 / 23 2 / 1 / 24 MGYR LTM Stock Performance 20 Data as of 2/1/2024 MGYR 11.93% KRX 16.03%
Slide 21: P/TBV vs Peers
0 . 69 x 0 . 71x 0 . 75x 0 . 84x 0 . 86x 0 . 87x 0 . 90x 0 . 95x 0 . 96x 0 . 97x 1 . 03x 1 . 20x 1 . 25x 1 . 43x 2 . 00x B S P A M G Y R C M HF T RBK B V F L F C OB C C F N H A RL W M P N L F G P D I M C A M BK TY C B H O N T J U V F Median: 0.96X P/TBV vs Peers Source: S&P Global Market Intelligenc
Slide 22: MGYR Stock Performance Since IPO
MGYR Stock Performance Since IPO 22 Data as of 2/1/2024 Second Step IPO Date of 7/15/2021 at $10.00 per share. MGYR 13.3% 6 . 0 0 8 . 0 0 10 . 0 0 12 . 0 0 14 . 0 0 16 . 0 0 2 5 5 0 7 5 Price ($) Volume (shares 000's) V o l P r i c e
Slide 23: Fiscal Year 2024 Outlook
Fiscal Year 2024 Outlook Magyar Bank Semply Magnificent for over 100 Years
Slide 24: Fiscal Year 2024 Outlook
Fiscal Year 2024 Outlook • Enhance shareholder value – Quarterly dividend increased – Stock buyback • Continued emphasis on community banking strategy to grow the business – Identify quality residential and commercial lending opportunities – New branch opening 2024 in Martinsville • 3 rd Somerset co
Slide 25: Fiscal Year 2024 Outlook
Fiscal Year 2024 Outlook • Manage interest rate risk with an inverted yield curve • IT Cybersecurity • Continued focus on non - interest expenses 25
Slide 26: Questions?
Questions? Magyar Bank Semply Magnificent for over 100 Years