NEW BRUNSWICK, N.J., April 23, 2024 /PRNewswire/ -- Magyar Bancorp (NASDAQ: MGYR) ("Company"), parent company of Magyar Bank, reported today the results of its operations for the three and six months ended March 31, 2024.

The Company reported a 6% increase in its net income for the three months ended March 31, 2024, to $1,897,000 compared with net income of $1,796,000 for the three months ended March 31, 2023. Net income for the six months ended March 31, 2024 was $3,549,000 compared with net income of $3,606,000 for the six months ended March 31, 2023.

Basic and diluted earnings per share were $0.30 for the three months ended March 31, 2024 compared with $0.28 for the three months ended March 31, 2023. Basic and diluted earnings per share were unchanged at $0.56 for the six months ended March 31, 2024 compared with the six months ended March 31, 2023.

The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.05 per share, which will be paid on May 21, 2024 to stockholders of record as of May 7, 2024.

"Half-way through our fiscal year, we are pleased to report continued strong earnings," stated John Fitzgerald, President and Chief Executive Officer of Magyar Bancorp. "The challenging yield curve continued to compress the Company's interest margin during the quarter, however our strong loan growth has largely offset its impact and is positioning us to benefit when interest rates normalize. Importantly, our credit portfolio has remained consistently solid during these uncertain economic times, with our non-performing loans declining to 0.62% of total loans."

"We also remain committed to effectively deploying our capital. In addition to solid loan growth during the six months ended March 31, 2024, we repurchased 71,745 shares of our stock under our second repurchase plan, taking advantage of our discounted price as a percentage of our book value per share, and have increased our quarterly dividend to $0.05 per share in fiscal 2024."

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.  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. 

Forward Looking Statements
This press release 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 identified by reference to a future period or periods, or by the use of forward- looking terminology, such as "may," "will," "believe," "expect," or similar terms or variations on those terms, or the negative of those terms.  Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those risks previously disclosed in the Company's filings with the SEC, general economic conditions, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, and market acceptance of the Company's pricing, products and services, and with respect to the loans extended by the Bank and real estate owned, the following: risks related to the economic environment in the market areas in which the Bank operates, particularly with respect to the real estate market in New Jersey; the risk that the value of the real estate securing these loans may decline in value; and the risk that significant expense may be incurred by the Company in connection with the resolution of non-performing loans. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.