MAGYAR BANCORP, INC. ANNOUNCES FISCAL FOURTH QUARTER AND FISCAL YEAR END FINANCIAL RESULTS, DECLARES QUARTERLY DIVIDEND

NEW BRUNSWICK, N.J., Oct. 31, 2024 /PRNewswire/ -- Magyar Bancorp (NASDAQ:MGYR) (the "Company"), parent company of Magyar Bank, reported today the results of its operations for the three months and fiscal year ended September 30, 2024.

The Company reported $2.5 million in net income for the three months ended September 30, 2024 compared with net income of $2.2 million for the three months ended September 30, 2023.  The Company also reported net income of $7.8 million for the year ended September 30, 2024 compared with $7.7 million for the year ended September 30, 2023.

The Company's basic and diluted earnings per share were $0.41 and $1.23 for the three months and year ended September 30, 2024, compared with basic and diluted earnings per share for the three months and year ended September 30, 2023 of $0.34 and $1.20, respectively.

The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.05 per share, which will be paid on November 27, 2024 to stockholders of record as of November 14, 2024.

"We are very pleased to report an increase in our earnings during a year in which the prolonged inversion to the yield curve presented a very challenging environment for the banking industry", stated John Fitzgerald, President and Chief Executive Officer. "Prudent management of ...