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Magyar Bancorp, Inc. Announces Fourth Quarter And Year End Financial Results



 Magyar Bancorp, Inc. Announces Fourth Quarter And Year End Financial Results

PR Newswire

NEW BRUNSWICK, N.J., Nov. 14, 2013

NEW BRUNSWICK, N.J., Nov. 14, 2013 /PRNewswire/ -- Magyar Bancorp (NASDAQ:
MGYR) ("Company"), parent company of Magyar Bank, reported today the results
of its operations for the three months and year ended September 30, 2013.

The Company reported net income of $129,000 for the three months ended
September 30, 2013, compared to net income of $295,000 for the three months
ended September 30, 2012.  The Company reported net income for the year ended
September 30, 2013 of $262,000, compared to net income of $509,000 for the
year ended September 30, 2012. The basic and diluted earnings per share were
$0.02 and $0.05 for the three and twelve months ended September 30, 2013,
compared with basic and diluted earnings per share for the three months and
twelve months ended September 30, 2012 of $0.05 and $0.09, respectively.

"Throughout Fiscal Year 2013, Magyar Bank saw continued improvement in our
balance sheet and our core earnings," stated John Fitzgerald, President and
Chief Executive Officer.  "We sold 12 properties that were previously held as
Other Real Estate Owned during the year, and were able to obtain title for 9
properties that were previously non-performing loans.  Our ability to execute
our strategy of securing title and selling Bank owned property resulted in a
9% reduction of non-performing assets for the fiscal year."

Mr. Fitzgerald added, "We also continued to improve our deposit mix with lower
cost core deposits, increasing our checking account balances by 21%. This
enabled the Bank to maintain its net interest margin at 3.27% for the 12
months ended September 30, 2013, despite a persistent declining interest rate
environment during the past year."

Mr. Fitzgerald continued, "We expect these trends to continue into 2014, with
further reduction of our non-performing assets leading to improved earnings
for the 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 six 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
unanticipated events.

 

SOURCE Magyar Bancorp

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