Magyar Bancorp (NASDAQ: MGYR), parent company of Magyar Bank, reported today the results of its operations for the three and nine months ended June 30, 2016.
The Company reported net income of $252,000 for the three months ended June 30, 2016, compared to net income of $245,000 for the three months ended June 30, 2015. Net income for the nine months ended June 30, 2016 was $740,000 compared to net income of $574,000 for the nine months ended June 30, 2015.
The net income per share was $0.04 for the three months ended June 30, 2016 and 2015. The net income per share was $0.13 for the nine months ended June 30, 2016 compared to $0.10 for the nine months ended June 30, 2015.
"We are pleased with our strong third quarter performance," stated John Fitzgerald, President and Chief Executive Officer. "Recent loan growth enabled us to increase interest and dividend income 6.3% on a year over year basis. In addition, we sold thirteen properties in other real estate owned totaling $2.8 million, reducing our non-performing loans 33% for the fiscal year to date, and our non-performing assets by 20% for the same time period. The sale of these properties allowed the bank to return the assets to interest earning assets which improved our interest income for the quarter, and we expect this to have a similar impact for the rest of our fiscal year."
Mr. Fitzgerald added, "We are also pleased to see our net interest margin remain relatively flat in an environment that saw the 10-year Treasury dip to near record lows during the later stages of the third quarter. As of June 30, 2016, our net interest margin was 3.37% for the three month period, only 1 basis point less than the same three month period in 2015. 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 nine branch locations in New Brunswick, North Brunswick, South Brunswick, Branchburg, Bridgewater, and Edison. Please visit us online atwww.magbank.com.
