Last $8.40 USD
Change Today 0.00 / 0.00%
Volume 0.0
As of 8:10 PM 01/21/15 All times are local (Market data is delayed by at least 15 minutes).

magyar bancorp inc (MGYR) Snapshot

Open
$8.40
Previous Close
$8.40
Day High
$8.40
Day Low
$8.30
52 Week High
09/11/14 - $9.20
52 Week Low
07/8/14 - $7.55
Market Cap
48.8M
Average Volume 10 Days
2.3K
EPS TTM
$0.09
Shares Outstanding
5.8M
EX-Date
--
P/E TM
93.3x
Dividend
--
Dividend Yield
--
Current Stock Chart for MAGYAR BANCORP INC (MGYR)

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magyar bancorp inc (MGYR) Details

Magyar Bancorp, Inc. operates as the bank holding company for Magyar Bank that provides various banking products and services for families and businesses in Central New Jersey. Its product portfolio includes various deposit products, such as demand, NOW, money market, savings, and retirement accounts, as well as certificates of deposit; and loan products comprising one-to four-family residential mortgage loans, multi-family and commercial real estate mortgage loans, home equity loans and lines of credit, commercial business loans, small business administration loans, and construction loans, as well as consumer loans, which primarily include secured demand loans. The company also provides non-deposit investment products and financial planning services, including insurance products, fixed and variable annuities, and retirement planning for individual and commercial customers. As of November 12, 2014, it operated six branch locations in New Brunswick, North Brunswick, South Brunswick, Branchburg, Bridgewater, and Edison. The company was founded in 1922 and is headquartered in New Brunswick, New Jersey. Magyar Bancorp, Inc. is a subsidiary of Magyar Bancorp, MHC.

92 Employees
Last Reported Date: 12/22/14
Founded in 1922

magyar bancorp inc (MGYR) Top Compensated Officers

Chief Executive Officer, President, Director,...
Total Annual Compensation: $383.2K
Chief Financial Officer, Executive Vice Presi...
Total Annual Compensation: $295.2K
Chief Lending Officer, Senior Vice President,...
Total Annual Compensation: $172.9K
Compensation as of Fiscal Year 2014.

magyar bancorp inc (MGYR) Key Developments

Magyar Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended September 30, 2014; Provides Financial Guidance for the Fiscal Year 2015; Announces Net Charge-Offs for the Fourth Quarter Ended September 30, 2014

Magyar Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended September 30, 2014. The company reported net income of $192,000 or $0.03 per basic and diluted share for the three months ended September 30, 2014, compared to net income of $129,000 or $0.02 per basic and diluted share for the three months ended September 30, 2013. The increase between the three month periods was primarily due to higher net interest and dividend income, which increased $167,000 to $4.1 million for the three months ended September 30, 2014 from $3.9 million for the three months ended September 30, 2013. The company's book value per share increased to $7.90 at September 30, 2014 from $7.80 at September 30, 2013. The increase was attributable to the company's results from operations. Interest and dividend income was $4,888,000, compared to $4,887,000 a year ago. Net interest and dividend income was $4,070,000, compared to $3,903,000 a year ago. Income before income tax expense was $272,000, compared to $218,000 a year ago. Return on average assets was 0.14% compared to 0.10% a year ago. Return on average equity was 1.68% compared to 1.15% a year ago. The company reported net income for the year ended September 30, 2014 of $574,000 or $0.10 per basic and diluted share compared to net income of $262,000 or $0.05 per basic and diluted share for the year ended September 30, 2013. The increase in net income between the twelve month periods was also attributable to higher net interest and dividend income, which increased $748,000 between the periods. Interest and dividend income was $19,530,000, compared to $19,674,000 a year ago. Net interest and dividend income was $16,070,000, compared to $15,322,000 a year ago. Income before income tax expense was $759,000, compared to $283,000 a year ago. Return on average assets was 0.11% compared to 0.05% a year ago. Return on average equity was 1.25% compared to 0.58% a year ago. The improvement in both margin and balance sheet led to increased earnings for the year, and the company expects to continue this trend into 2015. Net charge-offs were $270,000 for the three months ended September 30, 2014 compared to $1.0 million for the three months ended September 30, 2013.

Magyar Bancorp, Inc. Announces Auditor Changes

On October 1, 2014, Magyar Bancorp, Inc. was notified that the audit practice of ParenteBeard LLC an independent registered public accounting firm, was combined with Baker Tilly Virchow Krause LLP in a transaction pursuant to which ParenteBeard combined its operations with Baker Tilly and certain of the professional staff and partners of ParenteBeard joined Baker Tilly either as employees or partners of Baker Tilly. On October 1, 2014, ParenteBeard resigned as the auditors of the company and with the approval of the audit committee of the company’s board of directors, Baker Tilly was engaged as its independent registered public accounting firm.

Magyar Bancorp Reports Earnings Results for the Third Quarter and Nine Months Ended June 30, 2014

Magyar Bancorp reported earnings results for the third quarter and nine months ended June 30, 2014. For the quarter, the company reported net income of $188,000 compared to net income of $193,000 for the three months ended June 30, 2013. The net income per share was $0.03 For the nine months, the company reported net income of $382,000 compared to net income of $133,000 for the nine months ended June 30, 2013. The net income per share was $0.07 compared to net income per share of $0.02 earned for the nine months ended June 30, 2013. The results through the first nine months have improved Book Value per share to $7.89 as of September 30, 2014.

 

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Industry Analysis

MGYR

Industry Average

Valuation MGYR Industry Range
Price/Earnings 85.1x
Price/Sales 3.3x
Price/Book 1.1x
Price/Cash Flow 85.1x
TEV/Sales 0.5x
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