NEW BRUNSWICK, N.J.,
Dec. 9, 2011 /PRNewswire/ -- Magyar Bancorp (NASDAQ: MGYR) ("Company"), parent company of Magyar Bank, reported today the results of its operations for the three months and year ended
September 30, 2011.
The Company reported a net loss of $36,000 for the three months ended September 30, 2011, compared to net income of $107,000 for the three months ended September 30, 2010. The Company reported a net loss for the year ended September 30, 2011 of $249,000, compared to net income of $3.9 million for the year ended September 30, 2010. The loss per share was $0.01 and $0.04 for the three and twelve months ended September 30, 2011, compared with basic and diluted earnings per share for the three months and twelve months ended September 30, 2010 of $0.02 and $0.68, respectively.
John Fitzgerald, President and Chief Executive Officer commented that "During the fiscal year, we continued to reposition our balance sheet and reduce our risk within the portfolio. Our level of non-performing assets increased during the quarter, and while we expect this level to remain higher than normal in fiscal year 2012, we continue to see strong interest in properties being foreclosed upon or currently held by the Bank and have several properties under contract which we anticipate will close in the coming quarters. In fact, during the first quarter of fiscal year 2012, the Bank completed the sale of two properties previously held as other real estate owned. The carrying value of these properties was $3.2 million at September 30, 2011, and we expect positive trends to continue during fiscal year 2012."