Magyar Bancorp, Inc. Files Quarterly Report on Form 10-Q

TL;DR

<b>Magyar Bancorp, Inc. has filed its quarterly report for the period ending March 31, 2024, detailing its financial status and operational information.</b>

AI Summary

Magyar Bancorp, Inc. (MGYR) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Magyar Bancorp, Inc. filed its quarterly report on Form 10-Q for the period ended March 31, 2024. The company is incorporated in Delaware and its principal executive office is located at 400 Somerset Street, New Brunswick, New Jersey. Common stock, $0.01 par value per share, is traded under the symbol MGYR on The NASDAQ Global Market. As of May 1, 2024, the company had 6,593,860 shares of common stock outstanding. Magyar Bancorp, Inc. is classified as a smaller reporting company and a non-accelerated filer.

Why It Matters

For investors and stakeholders tracking Magyar Bancorp, Inc., this filing contains several important signals. This filing provides investors with an update on the company's financial performance and position as of the end of the first quarter of 2024. The report is crucial for understanding the company's ongoing operations, its market standing, and any potential risks or opportunities identified.

Risk Assessment

Risk Level: low — Magyar Bancorp, Inc. shows low risk based on this filing. The filing is a routine quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments, indicating a stable operational status.

Analyst Insight

Monitor future filings for trends in financial performance and any strategic changes announced by Magyar Bancorp, Inc.

Key Numbers

• 6,593,860 — Shares Outstanding (As of May 1, 2024)
• 000-51726 — Commission File Number (Magyar Bancorp, Inc.)
• 20-4154978 — IRS Employer Identification Number (Magyar Bancorp, Inc.)

Key Players & Entities

• Magyar Bancorp, Inc. (company) — Registrant
• NASDAQ Global Market (company) — Exchange where common stock is registered
• March 31, 2024 (date) — Quarterly period ended
• May 1, 2024 (date) — Date of outstanding shares count
• 000-51726 (regulator) — Commission File Number
• 20-4154978 (regulator) — I.R.S. Employer Identification Number

FAQ

Industry Context

Magyar Bancorp, Inc. operates within the financial services sector, specifically as a savings institution.

Regulatory Implications

The company is subject to regulations governed by the Securities Exchange Act of 1934, as indicated by its Form 10-Q filing.

What Investors Should Do

1. Review the full Form 10-Q for detailed financial statements and management's discussion.
2. Analyze the company's stock performance and trading volume on The NASDAQ Global Market.
3. Compare Magyar Bancorp's financial metrics with industry peers in the savings institution sector.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending March 31, 2024. Previous filings would need to be consulted for comparison.

Filing Documents

• mgyr-20240331.htm (10-Q) — 1743KB
• ex31-1.htm (EX-31.1) — 10KB
• ex31-2.htm (EX-31.2) — 10KB
• ex32-1.htm (EX-32.1) — 5KB
• ex32-2.htm (EX-32.2) — 5KB
• 0001174947-24-000737.txt (&nbsp;) — 10237KB
• mgyr-20240331.xsd (EX-101.SCH) — 98KB
• mgyr-20240331_cal.xml (EX-101.CAL) — 56KB
• mgyr-20240331_def.xml (EX-101.DEF) — 385KB
• mgyr-20240331_lab.xml (EX-101.LAB) — 728KB
• mgyr-20240331_pre.xml (EX-101.PRE) — 384KB
• mgyr-20240331_htm.xml (XML) — 2085KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Page Number Item 1. Consolidated Financial Statements 1 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 33

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3. Defaults Upon Senior Securities 34 Item 4. Mine Safety Disclosures 34 Item 5. Other Information 34 Item 6. Exhibits 35 Signature Pages 36

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Consolidated Financial Statements

Item 1. Consolidated Financial Statements MAGYAR BANCORP, INC. AND SUBSIDIARY Consolidated Balance Sheets (In Thousands, Except Share and Per Share Data) March 31, September 30, 2024 2023 (Unaudited) Assets Cash $ 3,413 $ 3,179 Interest earning deposits with banks 46,576 69,353 Total cash and cash equivalents 49,989 72,532 Investment securities - available for sale, at fair value 11,913 10,125 Investment securities - at amortized cost (fair value of $ 74,104 and $ 73,728 at March 31, 2024 and September 30, 2023, respectively) 83,438 85,835 Federal Home Loan Bank of New York stock, at cost 2,272 2,286 Loans receivable 741,712 697,400 Allowance for credit losses-loans ( 7,694 ) ( 8,330 ) Bank owned life insurance 18,217 18,030 Accrued interest receivable 4,752 4,337 Premises and equipment, net 12,436 13,339 Other real estate owned ("OREO") 1,170 328 Other assets 10,359 11,410 Total assets $ 928,564 $ 907,292 Liabilities and Stockholders' Equity Liabilities Deposits $ 774,888 $ 755,453 Escrowed funds 4,621 3,494 Borrowings 28,796 29,515 Accrued interest payable 689 443 Accounts payable and other liabilities 11,935 13,597 Total liabilities 820,929 802,502 Stockholders' equity Preferred stock: $ .01 Par Value, 500,000 shares authorized; at March 31, 2024 and September 30, 2023, none issued — — Common stock: $.01 Par Value, 14,000,000 shares authorized; 7,097,825 shares issued; 6,602,439 and 6,674,184 shares outstanding at March 31, 2024 and September 30, 2023, respectively, at cost 71 71 Additional paid-in capital 63,133 62,801 Treasury stock: 495,386 and 423,641 shares at March 31, 2024 and September 30, 2023, respectively, at cost ( 6,162 ) ( 5,362 ) Unearned Employee Stock Ownership Plan shares ( 3,022 ) ( 3,097 ) Retained earnings 55,027 52,166 Accumulated other comprehensive loss ( 1,412 ) ( 1,789 ) Total stockholders' equity 107,635 104,7

Financial Statements

Financial Statements (Unaudited) NOTE A – BASIS OF PRESENTATION The consolidated financial statements include the accounts of Magyar Bancorp, Inc. (the "Company"), its wholly owned subsidiary, Magyar Bank (the "Bank"), and the Bank's wholly owned subsidiaries Magyar Service Corporation, Hungaria Urban Renewal, LLC, and Magyar Investment Company. All material intercompany transactions and balances have been eliminated. The Company prepares its consolidated financial statements on the accrual basis and in conformity with accounting principles generally accepted in the United States of America ("US GAAP"). The unaudited information furnished herein reflects all adjustments (consisting of normal recurring accruals) that are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Operating results for the six months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending September 30, 2024. The September 30, 2023 information has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by US GAAP for complete consolidated financial statements. The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses, the valuation of available-for-sale investment securities, the valuation of other real estate owned ("OREO"), and the assessment of realizability of deferred income t

financial statements were issued

financial statements were issued. NOTE B - RECENT ACCOUNTING PRONOUNCEMENTS In connection with the preparation of quarterly and annual reports in accordance with the Securities and Exchange Commission's ("SEC") Securities Exchange Act of 1934, SEC Staff Accounting Bulletin Topic 11.M requires the disclosure of the impact that recently issued accounting standards will have on consolidated financial statements when they are adopted in the future. In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13 , Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326), which changed the impairment model for most financial assets. This update was intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The underlying premise of the update is that financial assets measured at amortized cost should be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The allowance for credit losses ("ACL") should reflect management's current estimate of credit losses that are expected to occur over the remaining life of a financial asset. The income statement will be affected for the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. With certain exceptions, transition to the new requirements will be through a cumulative-effect adjustment to opening retained earnings as of the beginning of the first reporting period in which the guidance is adopted. This update is effective for SEC filers that are eligible to be smaller reporting companies, non-SEC filers, and all other companies, to fiscal years beginning after December 15, 2022, including int

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