MAGYAR BANCORP, INC. ANNOUNCE THE FINANCIAL RESULTS OF THE THIRD QUARTER AND DECLARE DIVIDENDS

NEW BRUNSWICK, NJ, July 26, 2022 /PRNewswire/ — Magyar Bancorp (NASDAQ: MGYR) (“Company”), parent company of Magyar Bank, reported today the results of its operations for the three and nine months ended. June 30, 2022.

The company recorded a 27% increase in its net profits for the three months ended June 30, 2022a $2,117,000 compared to the net income of $1,668,000 during the past three months June 30, 2021. Net profits for the nine months ended June 30, 2022 was $5,488,000 compared to the net income of $4,510,000 during the nine months ended June 30, 2021.

Basic and diluted earnings per share were $0.31 during the past three months June 30, 2022 compared to $0.24 during the past three months June 30, 2021. Basic and diluted earnings per share were $0.81 during the nine months ended June 30, 2022 compared to $0.64 during the nine months ended June 30, 2021.

The company also announced that its Board of Directors declared a quarterly cash dividend of $0.03 per share, payable on August 18, 2022 to shareholders of record as of August 4, 2022.

“We are pleased to report another strong quarter,” he said John Fitzgeraldpresident and CEO of Magyar Bancorp. “Our net interest margin increased 18 basis points in the quarter from a year ago as a result of prudent management of our balance sheet. Additionally, our return on average assets grew to 1, 06% for the completed quarter June 30, 2022, a direct reflection of the sustained growth in profits produced by the Bank during the year. As we head into the final quarter of our fiscal year, we expect the positive earnings momentum to continue.”

About Magyar Bancorp

Magyar Bancorp is the parent company of Magyar Bank, a community bank based in New Brunswick, New Jersey. Magyar Bank has been serving families and businesses Central New Jersey since 1922 with a complete line of financial products and services. Magyar operates seven branches in New Brunswick, North Brunswick, South Brunswick, Branchburg, Bridgewateri 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 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 using forward-looking terminology, such as “may,” “believe,” “expect” or similar terms or variations of such terms, or the negative of such 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, considerations regulations, competition, technological developments, retention and recruitment of qualified personnel, and market acceptance of the Company’s prices, products and services, and with regard to the loans granted by the Bank and the properties owned, the following: risks related to the the economic environment of the market areas in which the Bank operates. , especially regarding the real estate market a New Jersey; the risk that the value of the properties that guarantee these loans may decrease in value; and the risk that the Company may incur significant expenses in relation to the resolution of doubtful loans. The Company cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes and specifically disclaims any obligation to publicly disclose the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances subsequent to the date of such statements or to reflect the occurrence of anticipated or unanticipated events. anticipated

SOURCE Magyar Bancorp

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