Magyar Bancorp, Inc. Announces First Quarter Financial Results
NEW BRUNSWICK, N.J., Jan. 24, 2013
NEW BRUNSWICK, N.J., Jan. 24, 2013 /PRNewswire/ --Magyar Bancorp (NASDAQ:
MGYR) ("Company"), parent company of Magyar Bank, reported today the results
of its operations for the three months ended December 31, 2012.
The Company reported net income of $282,000 for the three months ended
December 31, 2012, compared to net income of $31,000 for the three months
ended December 31, 2011.
Basic and diluted earnings per share were $0.05 for the three months ended
December 31, 2012, compared with basic and diluted earnings per share of $0.01
for the three months ended December 31, 2011.
"Our First quarter for Fiscal Year 2013 produced solid earnings for the
Company," stated John Fitzgerald, President and Chief Executive Officer.
"Total assets increased over the previous quarter as a result of additional
commercial loans that were booked in the quarter, resulting in a significant
increase in earnings over the same period last year. We anticipate continued
growth in our residential mortgage and commercial loan portfolios throughout
the year which will further improve the Bank's earnings."
Mr. Fitzgerald added, "We also sold three properties held as Other Real Estate
Owned during the quarter, continuing the momentum established in our previous
quarter. We continue to see strong interest in the properties held as Other
Real Estate Owned and expect this trend to continue throughout the year. In
addition, despite the historically low interest rate environment, our Net
Interest Margin increased 22 basis points on a year over year basis,
reflecting our ability to further grow our core deposit base, particularly
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 branch locations in New
Brunswick, North Brunswick, South Brunswick, Branchburg, Bridgewater, and
Edison. 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
these 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
SOURCE Magyar Bancorp
Contact: John Reissner, +1-732-214-2083
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