Magyar Bancorp, Inc. Reports Earnings Results for the First Quarter Ended December 31, 2013; Reports Net Charge-Offs for the Three Months Ended December 31, 2013
January 22, 2014 at 09:01 pm
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Magyar Bancorp, Inc. reported earnings results for the first quarter ended December 31, 2013. For the quarter, the company reported net income of $133,000 compared to net income of $282,000 for the three months ended December 31, 2012. Basic and diluted earnings per share were $0.02 compared with $0.05 for the three months ended December 31, 2012. Net income decreased $149,000 during the three-month period ended December 31, 2013 compared with the three-month period ended December 31, 2012 due to lower gains from the sales of loans and investment securities. The company's net interest income increased $268,000 to $4.0 million for the quarter ended December 31, 2013 from $3.8 million for the quarter ended December 31, 2012. Income before income tax expense was $174,000 against $282,000 a year ago. Book value per share, at December 31, 2013 was $7.82 against $7.78 as at December 31, 2012. Return on average assets was 0.10% against 0.22% a year ago. Return on average equity was 1.17% against 2.49% a year ago.
Net charge-offs were $172,000 for the three months ended December 31, 2013 compared to $205,000 for the three months ended December 31, 2012.
Magyar Bancorp, Inc. is a bank holding company of Magyar Bank (the Bank). It acts as an independent, community, financial services provider, and offers traditional banking and related financial services to individual, business, and government customers. It offers commercial and retail financial services, including the taking of time, savings, and demand deposits; the making of commercial, consumer and home equity loans; and the provision of other financial services. The Bank invests its deposits, together with funds generated from operations and wholesale funding, in residential mortgage loans, home equity loans, home equity lines of credit, commercial real estate loans, commercial business loans, small business administration (SBA) loans, construction loans and investment securities. It originates consumer loans, which consist primarily of secured demand loans. Its primary sources of funds are deposits, borrowings and principal and interest payments on loans and securities.
Magyar Bancorp, Inc. Reports Earnings Results for the First Quarter Ended December 31, 2013; Reports Net Charge-Offs for the Three Months Ended December 31, 2013