NEW BRUNSWICK, N.J., Nov. 2, 2016 /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, 2016.
The Company reported net income of $351,000 for the three months ended September 30, 2016, which reflected an 8.7% increase compared to net income of $323,000 for the three months ended September 30, 2015. The Company also reported net income for the year ended September 30, 2016 of $1,091,000, which reflected an 21.6% increase compared to net income of $897,000 for the year ended September 30, 2015. The basic and diluted earnings per share were $0.06 and $0.19 for the three and twelve months ended September 30, 2016, compared with basic and diluted earnings per share for the three months and twelve months ended September 30, 2015 of $0.06 and $0.15, respectively.
"Magyar Bancorp is pleased to report very strong results for fiscal year 2016," stated John Fitzgerald, President and Chief Executive Officer. "Our focus on balance sheet improvement resulted in a 26% reduction in total non-performing assets on a year over year basis, and our non-performing loans to total loans receivable fell to 0.92% as of September 30, 2016.
Mr. Fitzgerald added, "Along with this balance sheet improvement, Magyar was able to grow the Bank's loan portfolio which played a key role in boosting core earnings during the year. Total loans receivable increased 8% during 2016, while our net income rose 21.6% for the year."
Mr. Fitzgerald continued, "Looking ahead to 2017, Magyar expects to continue to make strides in reducing our remaining portfolio of other real estate owned assets, while also identifying new loan opportunities to further improve the Bank's earnings."
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.
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SOURCE Magyar Bancorp