NEW BRUNSWICK, N.J., April 28, 2014 /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, 2014.
The Company reported net income of $63,000 for the three months ended March 31, 2014, compared to a net loss of $343,000 for the three months ended March 31, 2013. Net income for the six months ended March 31, 2014 was $193,000 compared to a net loss of $61,000 for the six months ended March 31, 2013.
The net income per share was $0.01 for the three months ended March 31, 2014 compared to a net loss of $0.06 for the three months ended March 31, 2013. The net income per share was $0.03 for the six months ended March 31, 2014 compared to a net loss per share of $0.01 earned for the six months ended March 31, 2013.
"We continued to make steady progress in improving both our balance sheet and core earnings during our second quarter," stated John Fitzgerald, President and Chief Executive Officer. "Since the end of our last fiscal year end on September 30, 2013, our total non-performing loans have decreased 5.1% while our core earnings increased as a result of further improvement in our net interest margin, which increased to 3.34% for the six months ended March 31, 2014 from 3.29% for the six months ended March 31, 2013."
Mr. Fitzgerald continued, "In addition, as of March 31st we had entered into contracts of sale or were negotiating contracts of sale on eight other real estate owned properties totaling $4.0 million which we expect will close during our current 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 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; the risk that significant expense may be incurred by the Company in connection with the resolution of these loans; and the risk that expected resolutions of other real estate owned may not occur or may be delayed.. 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