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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 25, 2024
MAGYAR BANCORP, INC.
(Exact Name of Registrant as Specified in Charter)
| Delaware |
0-51726 |
20-4154978 |
| (State or Other Jurisdiction) |
(Commission File No.) |
(I.R.S. Employer |
| of Incorporation) |
|
Identification No.) |
| |
|
|
| |
|
|
| 400 Somerset Street, New Brunswick, New Jersey |
|
08901 |
| (Address of Principal Executive Offices) |
|
(Zip Code) |
Registrant's telephone number, including area code:
(732) 342-7600
Not Applicable
(Former name or former address, if changed since last
report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class |
|
Trading Symbol(s) |
|
Name of Each Exchange
on Which Registered |
|
Common
Stock, par value $0.01 per share |
|
MGYR |
|
The NASDAQ Stock Market, LLC |
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
| ☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is
an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 |
Results of Operations and Financial Condition |
On January 25, 2024, Magyar Bancorp,
Inc. (the "Company") issued a press release regarding its results of operations and financial condition at and for the three months
ended December 31, 2023. The text of the press release is included as Exhibit 99.1 to this report. The information included in the press
release text is considered to be "furnished" under the Securities Exchange Act of 1934. The Company will include final financial
statements and additional analyses at and for the three months ended December 31, 2023, as part of its Form 10-Q.
|
Item 9.01 |
Financial Statements and Exhibits |
|
(a) |
Financial Statements of businesses acquired. Not Applicable. |
|
(b) |
Pro forma financial information. Not Applicable. |
|
(c) |
Shell Company Transactions. Not Applicable |
The following Exhibit is attached as part
of this report:
SIGNATURES
Pursuant to the requirements of
the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto
duly authorized.
| |
|
MAGYAR BANCORP, INC. |
| |
|
|
| |
|
|
| |
|
|
| DATE: January 25, 2024 |
By: |
/s/ John S. Fitzgerald |
| |
|
John S. Fitzgerald |
| |
|
President and Chief Executive Officer |
 |
News |
400 Somerset St., New Brunswick, NJ 08901
732.342.7600
MAGYAR BANCORP, INC. ANNOUNCES FIRST QUARTER FINANCIAL
RESULTS
AND DECLARES DIVIDEND
New Brunswick, New Jersey, January 25, 2024
– Magyar Bancorp (NASDAQ: MGYR) (“Company”), parent company of Magyar Bank, reported today the results of its operations
for the three months ended December 31, 2023.
The Company reported net income for the three months
ended December 31, 2023 of $1.7 million. Net income declined 8.7% from $1.8 million for the three months ended December 31, 2022.
Basic and diluted earnings per share were $0.26 for
the three months ended December 31, 2023 compared to $0.28 for the three months ended December 31, 2022.
The Company also announced that its Board of
Directors declared a quarterly cash dividend of $0.05 per share, which will be paid on February 22, 2024 to stockholders of
record as of February 8, 2024.
“We are pleased to report a strong start to
our 2024 fiscal year,” stated John Fitzgerald, President and Chief Executive Officer of Magyar Bancorp. “Despite the continued
inverted yield curve and pressure on our net interest margin due to increased costs for deposits, Magyar was able to grow our loan portfolio
4.5% which helped offset some of the higher deposit acquisition and retention costs. Our strong liquidity position will enable the Bank
to fund its loan pipeline, which we expect will continue to remain strong throughout the year.”
Results of Operations
Net income decreased $158,000, or 8.7%, to $1,652,000
during the three-month period ended December 31, 2023 compared with $1,810,000 during the three-month period ended December 31, 2022,
due to higher provisions for loan loss and other expenses, partially offset by higher net interest income.
The Company’s net interest and dividend income
increased $353,000, or 5.1%, to $7.2 million for the quarter ended December 31, 2023 from $6.9 million for the quarter ended December
31, 2022. The increase was attributable to a $112.3 million increase in the average balance of interest-earning assets between periods,
partially offset by a 31 basis point decrease in the Company’s net interest margin to 3.29% for the three months ended December
31, 2023 from 3.60% for the three months ended December 31, 2022.
Interest and dividend income increased $3.1 million,
or 35.9%, to $11.6 million for the three months ended December 31, 2023 compared with $8.5 million for the three months ended December
31, 2022. The increase was attributable to an 82 basis point increase in the yield on earning assets to 5.26% for the three months ended
December 31, 2023 from 4.44% for the three months ended December 31, 2022 as well as a $112.3 million, or 14.8%, increase in the average
balance of interest-earning assets. The increase in yield on the Company’s assets was attributable to higher market interest rates
between periods.
Interest expense increased $2.7 million, or 167.9%,
to $4.3 million for the three months ended December 31, 2023 from $1.6 million for the three months ended December 31, 2022. The cost
of interest-bearing liabilities increased 153 basis points to 2.80% for the three months ended December 31, 2023 compared with 1.27% for
the three months ended December 31, 2022 resulting primarily from higher market interest rates. In addition, the average balance of interest-bearing
liabilities increased $109.0 million, or 21.7%, to $611.2 million.
The Company’s provision for credit losses was
$481,000 for the three months ended December 31, 2023 compared to $317,000 for the three months ended December 31, 2022. Provisions for
on-balance sheet credit losses were $385,000 from growth in total loans receivable during the quarter. Reserves for off-balance sheet
credit losses were $96,000 from growth in unfunded loan commitments during the quarter. The Company recorded $481 in net recoveries during
the three months ended December 31, 2023 compared with $0 in net recoveries during the three months ended December 31, 2022.
Other income increased $12,000, or 2.0%, to $609,000
during the three months ended December 31, 2023 compared to $597,000 for the three months ended December 31, 2022.
Other expenses increased $439,000, or 9.6%, to $5.0
million during the three months ended December 31, 2023. The increase was primarily attributable to higher compensation and benefit expense,
which increased $226,000, or 8.6%, to $2.8 million, due to fewer open positions between periods and the addition of a commercial lender
in September 2023. Also contributing to the increase were higher FDIC deposit insurance premiums and other expenses. Deposit insurance
premiums increased $49,000, or 90.7%, from deposit growth and higher insurance assessment rates implemented by the FDIC for all insured
institutions effective January 1, 2023. Other expenses increased $100,000, or 20.3%, from higher loan origination and servicing costs,
higher losses on fraudulent checks, and higher OREO expenses.
The Company recorded tax expense of $700,000 on pre-tax
income of $2.4 million for the three months ended December 31, 2023, compared to $780,000 on pre-tax income of $2.6 million for the three
months ended December 31, 2022. The Company’s effective tax rate for the three months ended December 31, 2023 was 29.8% compared
with 30.1% for the three months ended December 31, 2022.
Balance Sheet Comparison
Total assets increased $9.6 million, or 1.1%, to $916.9
million at December 31, 2023 from $907.3 million at September 30, 2023. The increase was attributable to higher balances of loans receivable,
net of allowance for credit loss, offset by lower interest-earning deposits with banks.
Cash and interest-earning deposits with banks decreased
$21.4 million, or 29.5% to $51.1 million at December 31, 2023 from $72.5 million at September 30, 2023 resulting primarily from deployment
of these fund into loans receivable during the three months ended December 31, 2023.
At December 31, 2023, investment securities totaled
$96.6 million, reflecting an increase of $646,000, or 0.7%, from September 30, 2023. There were no other-than-temporary-impairment charges
for the Company’s investment securities for the three months ended December 31, 2023.
Total loans receivable increased $31.3 million, or
4.5%, to $729.5 million at December 31, 2023 from $698.2 million at September 30, 2023. The increase in total loans receivable during
the quarter ended December 31, 2023 occurred in commercial real estate loans, which increased $19.1 million, construction loans, which
increased $10.0 million, and one-to four-family residential real estate loans (including home equity lines of credit), which increased
$5.4 million. Partially offsetting these increases were commercial business loans, which decreased $3.1 million and other loans, which
decreased $85,000 during the quarter.
Total non-performing loans decreased $233,000, or
4.6%, to $4.9 million at December 31, 2023 from $5.1 million at September 30, 2023. The ratio of non-performing loans to total loans decreased
to 0.66% at December 31, 2023 from 0.73% at September 30, 2023.
The allowance for credit losses was unchanged at $8.3
million during the three months ended December 31, 2023. Upon adoption of ASU 2016-13 on October 1, 2023, the Company’s allowance
for credit losses decreased $492,000. Growth in loans receivable and loan commitments during the quarter resulted in additional provisions
for credit loss totaling $481,000. The Company’s allowance for on-balance sheet credit losses decreased to $7.7 million at December
31, 2023 from $8.3 million at September 30, 2023 while its reserve for off-balance sheet commitments increased to $637,000 at December
31, 2023 from $0 at September 30, 2023.
The allowance for credit losses as a percentage of
non-performing loans increased to 171.5% at December 31, 2023 from 163.9% at September 30, 2023. Our allowance for credit losses as a percentage
of total loans was 1.14% at December 31, 2023 compared with 1.19% at September 30, 2023. Future increases in the allowance for credit
losses may be necessary based on possible future increases in non-performing loans and charge-offs, the possible deterioration of collateral
values, and the possible deterioration of the current economic environment.
Total deposits increased $8.1 million, or 1.1%, to
$763.5 million at December 31, 2023. The inflow in deposits occurred in money market accounts, which increased $22.0 million, or 7.7%,
to $306.9 million, in certificates of deposit (including individual retirement accounts), which increased $7.8 million, or 7.4%, to $112.5
million and in interest-bearing checking accounts (NOW), which increased $4.6 million, or 4.0%, to $119.7 million. Partially offsetting
these increases were decreases in non-interest bearing checking accounts, which decreased $24.1 million, or 12.8%, to $164.4 million and
savings accounts, which decreased $2.2 million, or 3.5%, to $60.0 million. Included in the certificates of deposit were $13.8 million
in brokered certificates of deposit at December 31, 2023, which was unchanged from September 30, 2023.
The Company’s book value per share increased
to $16.03 at December 31, 2023 from $15.70 at September 30, 2023. The increase was due to the Company’s results from operations,
partially offset by $0.11 in dividends paid and 19,232 shares repurchased during the quarter at an average share price of $9.97.
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. Magyar operates seven branch locations in New Brunswick, North Brunswick,
South Brunswick, Branchburg, Bridgewater, and Edison (2). 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 non-performing
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.
Contact: John Reissner, 732.214.2083
MAGYAR BANCORP, INC. AND SUBSIDIARY
Selected Financial Data
(Dollars In Thousands,
Except for Per-Share Amounts)
| | |
Three Months Ended | |
| | |
December 31, | |
| | |
2023 | | |
2022 | |
| | |
(Unaudited) | |
| Income Statement Data: | |
| | | |
| | |
| Interest and dividend income | |
$ | 11,557 | | |
$ | 8,501 | |
| Interest expense | |
| 4,313 | | |
| 1,610 | |
| Net interest and dividend income | |
| 7,244 | | |
| 6,891 | |
| Provision for credit losses | |
| 481 | | |
| 317 | |
| Net interest and dividend income after | |
| | | |
| | |
| provision for credit losses | |
| 6,763 | | |
| 6,574 | |
| Other income | |
| 609 | | |
| 597 | |
| Other expense | |
| 5,020 | | |
| 4,581 | |
| Income before income tax expense | |
| 2,352 | | |
| 2,590 | |
| Income tax expense | |
| 700 | | |
| 780 | |
| Net income | |
$ | 1,652 | | |
$ | 1,810 | |
| | |
| | | |
| | |
| Per Share Data: | |
| | | |
| | |
| Net income per share-basic | |
$ | 0.26 | | |
$ | 0.28 | |
| Net income per share-diluted | |
$ | 0.26 | | |
$ | 0.28 | |
| Book value per share, at period end | |
$ | 16.03 | | |
$ | 14.82 | |
| | |
| | | |
| | |
| Selected Ratios (annualized): | |
| | | |
| | |
| Return on average assets | |
| 0.72% | | |
| 0.90% | |
| Return on average equity | |
| 6.19% | | |
| 7.21% | |
| Net interest margin | |
| 3.29% | | |
| 3.60% | |
| | |
December 31, | | |
September 30, | |
| | |
2023 | | |
2023 | |
| | |
(Unaudited) | |
| | |
(Dollars in Thousands) | |
| Balance Sheet Data: | |
| | | |
| | |
| Assets | |
$ | 916,877 | | |
$ | 907,292 | |
| Total loans receivable | |
| 729,494 | | |
| 698,206 | |
| Allowance for credit losses | |
| 8,320 | | |
| 8,330 | |
| Investment securities - available for sale, at fair value | |
| 12,273 | | |
| 10,125 | |
| Investment securities - held to maturity, at cost | |
| 84,333 | | |
| 85,835 | |
| Deposits | |
| 763,548 | | |
| 755,453 | |
| Borrowings | |
| 28,796 | | |
| 29,515 | |
| Shareholders' Equity | |
| 106,677 | | |
| 104,790 | |
| | |
| | | |
| | |
| Asset Quality Data: | |
| | | |
| | |
| Non-performing loans | |
$ | 4,851 | | |
$ | 5,084 | |
| Other real estate owned | |
| 328 | | |
| 328 | |
| Total non-performing assets | |
$ | 5,179 | | |
$ | 5,412 | |
| Allowance for credit losses to non-performing loans | |
| 171.50% | | |
| 163.85% | |
| Allowance for credit losses to total loans receivable | |
| 1.14% | | |
| 1.19% | |
| Non-performing loans to total loans receivable | |
| 0.66% | | |
| 0.73% | |
| Non-performing assets to total assets | |
| 0.56% | | |
| 0.60% | |
| Non-performing assets to total equity | |
| 4.85% | | |
| 5.16% | |
v3.23.4
Cover
|
Jan. 25, 2024 |
| Cover [Abstract] |
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8-K
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false
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| Document Period End Date |
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|
| Entity File Number |
0-51726
|
| Entity Registrant Name |
MAGYAR BANCORP, INC.
|
| Entity Central Index Key |
0001337068
|
| Entity Tax Identification Number |
20-4154978
|
| Entity Incorporation, State or Country Code |
DE
|
| Entity Address, Address Line One |
400 Somerset Street
|
| Entity Address, City or Town |
New Brunswick
|
| Entity Address, State or Province |
NJ
|
| Entity Address, Postal Zip Code |
08901
|
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(732)
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342-7600
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- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
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na |
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duration |
|
Magyar Bancorp (NASDAQ:MGYR)
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Magyar Bancorp (NASDAQ:MGYR)
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