NEW BRUNSWICK, N.J., Oct. 31, 2024 /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, 2024.

The Company reported $2.5 million in net income for the three months ended September 30, 2024 compared with net income of $2.2 million for the three months ended September 30, 2023.  The Company also reported net income of $7.8 million for the year ended September 30, 2024 compared with $7.7 million for the year ended September 30, 2023.

The Company's basic and diluted earnings per share were $0.41 and $1.23 for the three months and year ended September 30, 2024, compared with basic and diluted earnings per share for the three months and year ended September 30, 2023 of $0.34 and $1.20, respectively.

The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.05 per share, which will be paid on November 27, 2024 to stockholders of record as of November 14, 2024.

"We are very pleased to report an increase in our earnings during a year in which the prolonged inversion to the yield curve presented a very challenging environment for the banking industry", stated John Fitzgerald, President and Chief Executive Officer. "Prudent management of the regulatory lending ratios has allowed Magyar Bank to continue providing credit to its communities, resulting in a 12% annual increase in our loan portfolio, helping to offset industry-wide interest margin compression. On a linked quarter basis, our net-interest margin increased from 3.02% as of June 30, 2024 to 3.08% as of September 30. 2024. In addition, our diligent pursuit of collateral securing previously non-performing loans resulted in record gains from other real estate owned, further helping to offset margin compression and the increasing costs of operations."

Mr. Fitzgerald continued, "We are also excited to announce the opening of our new branch office in Martinsville. The physical location will complement our digital product and service offerings, while allowing us to generate loans and deposits from the desirable central New Jersey marketplace. As we look ahead to our next fiscal year, we are encouraged by the strength of our local economy, our team of experienced employees furthering the success of the Bank, and the continued demand for the Bank's loan and deposit products."

About 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.