Magyar Bancorp, Inc. Announces Second Quarter Financial Results

       Magyar Bancorp, Inc. Announces Second Quarter Financial Results

PR Newswire

NEW BRUNSWICK, N.J., May 10, 2013

NEW BRUNSWICK, N.J., May 10, 2013 /PRNewswire/ --Magyar Bancorp (NASDAQ:
MGYR) (the "Company"), parent company of Magyar Bank, reported today the
results of its operations for the three and six months ended March 31, 2013.

The Company reported a net loss of $343,000 for the three months ended March
31, 2013, compared to net income of $10,000 for the three months ended March
31, 2012. The net loss for the six months ended March 31, 2013 was $61,000
compared to net income of $40,000 for the six months ended March 31, 2012.

The net loss per share was $0.06 for the three months ended March 31, 2013
compared to net income of $0.00 for the three months ended March 31, 2012. The
net loss per share was $0.01 for the six months ended March 31, 2013 compared
to net income per share of $0.01 earned for the six months ended March 31,
2012.

"While the net loss for the quarter is disappointing, we are encouraged by the
continued strong progress the Bank has made in reducing our levels of
non-performing loans and non-performing assets. Our non-performing loans are
now at their lowest levels in five years and have declined 22% since September
30, 2012, while our non-performing assets have declined 6% during the same
period," stated John Fitzgerald, President and Chief Executive Officer. "In
addition, our commercial loan portfolio grew during the recent quarter and we
expect these new loans to enhance our net interest income for the rest of our
Fiscal Year."

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 five branch
locations in New Brunswick, North Brunswick, South Brunswick, Branchburg, and
Bridgewater. 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
unanticipated events.

SOURCE Magyar Bancorp

Website: http://www.magbank.com
Contact: John Reissner, 732.214.2083
 
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