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.