NEW BRUNSWICK, N.J., Jan. 26, 2012 /PRNewswire/ -- Magyar Bancorp (NASDAQ: MGYR) ("Company"), parent company of Magyar Bank, reported today the results of its operations for the three months ended December 31, 2011.
The Company reported net income of $31,000 for the three months ended December 31, 2011, compared to net income of $127,000 for the three months ended December 31, 2010.
Basic and diluted earnings per share were $0.01 for the three months ended December 31, 2011, compared with basic and diluted earnings per share of $0.02 for the three months ended December 31, 2010.
"Magyar Bank made significant strides in reducing our level of non-performing assets during the first quarter," stated John Fitzgerald, President and Chief Executive Officer. "With the sale of $3.2 million in Other Real Estate Owned during the quarter, and a $3.2 million reduction in non-performing loans, non-performing assets decreased 11.4% on a linked quarter basis, and we expect this trend to continue throughout our fiscal year."
"Furthermore, Magyar saw an increase in checking deposits in the first quarter, allowing the Bank to reduce the level of higher cost time deposits to 39.9% of total deposits. This helped the Bank increase its net interest margin to 3.07% during the quarter, despite the continued decline in long-term interest rates."
Mr. Fitzgerald added, "In addition, the Bank booked several new commercial real estate loans during the quarter, replacing non-performing assets with earning assets which when combined with the continued resolution of credit issues will improve core earnings throughout the 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 branch locations in New Brunswick, North Brunswick, South Brunswick, Branchburg, Bridgewater, and Edison. Please visit us online at www.magbank.com.
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