Magyar Bancorp (NASDAQ: MGYR) (the “Company”), parent company of Magyar Bank, reported today the results of its operations for the three and nine months ended June 30, 2018.
The Company reported a 108% increase in net income to $599,000 for the three months ended June 30, 2018, compared to net income of $288,000 for the three months ended June 30, 2017.
Net income for the nine months ended June 30, 2018 was $1.3 million compared to net income of $935,000 for the nine months ended June 30, 2017.
The net income per share was $0.10 for the three months ended June 30, 2018 and $0.05 for the three months ended June 30, 2017. The net income per share was $0.23 for the nine months ended June 30, 2018 compared to $0.16 for the nine months ended June 30, 2017.
“We are very pleased to report a significant increase in net income and the continued improvement of the Company”, stated John Fitzgerald, President and Chief Executive Officer. “Earnings for the third quarter are up 108% on a year over year basis, while our nine-month earnings increased 42% over the prior nine-month period. In addition, during the first nine-months of our current fiscal year, we have reduced our levels of non-performing assets by another $2.5 million, or 19%.”
Mr. Fitzgerald continued, “We continued to experience strong loan demand during our third quarter from both our current clients and new customers to the Bank. We look forward to deepening these relationships as we continue to serve our communities while providing value to the Company’s shareholders.”
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.