NEW BRUNSWICK, N.J., April 26, 2012 /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, 2012.
The Company reported net income of $10,000 for the three months ended March 31, 2012, compared to a net loss of $357,000 for the three months ended March 31, 2011. Net income for the six months ended March 31, 2012 was $40,000 compared to a net loss of $230,000 for the six months ended March 31, 2011.
The Company made $0.002 per share for the three months ended March 31, 2012 compared to a loss of $0.06 for the three months ended March 31, 2011. Earnings per share were $0.01 for the six months ended March 31, 2012 compared to a loss of $0.04 for the six months ended March 31, 2011.
"As evidenced by the March 7th announcement of the removal of the Consent Order by the Federal and State Banking Regulators, Magyar has made significant strides over the past several quarters in strengthening the Bank's capital ratios and addressing credit issues," stated John Fitzgerald, President and Chief Executive Officer.
"While our earnings for the quarter were not at a level we would like, the hard work of the entire Magyar team which resulted in the removal of the Consent Order has positioned the Bank to take advantage of improving economic conditions. Our net interest margin increased during the quarter despite a very difficult rate environment, and this increased net interest margin, along with the resolution of properties currently under contract that are held as Other Real Estate Owned, will help improve the Company's earnings in the coming quarters."
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 Edison, 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