NEW BRUNSWICK, N.J., April 25, 2016 /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, 2016.
The Company reported net income of $178,000 for the three months ended March 31, 2016, compared to net income of $147,000 for the three months ended March 31, 2015. Net income for the six months ended March 31, 2016 was $487,000 compared to net income of $329,000 for the six months ended March 31, 2015.
The net income per share was $0.03 for the three months ended March 31, 2016 as well as the three months ended March 31, 2015. The net income per share was $0.08 for the six months ended March 31, 2016 compared to $0.06 for the six months ended March 31, 2015.
"We are pleased to report another strong quarter for Magyar Bancorp," stated John Fitzgerald, President and Chief Executive Officer. "Despite the significant headwinds presented by the sluggish economy and the stubbornly low interest rate environment, we continue to make significant progress in improving our balance sheet and expanding core earnings, which increased by 21% on a year over year basis. While loan growth during the quarter was tempered by prepayments, our pipeline was strong at March 31, 2016 and ready to be funded by the robust deposit growth we have experienced thus far in our fiscal 2016."
Mr. Fitzgerald added, "The resolution of our non-performing assets remains paramount. The Bank held contracts of sale on $4.6 million in other real estate owned properties held at March 31, 2016. In addition, several non-performing loans are expected to be reduced in the next six months by payoff or foreclosure. With continued improvement in our core earnings and further reduction in our levels of non-performing assets, we expect to maintain our earnings momentum as we head into the second half of our 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