Magyar Bancorp, Inc. Reports Earnings Results for the First Quarter Ended December 31, 2016
January 25, 2017 at 02:17 pm
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Magyar Bancorp, Inc. reported earnings results for the first quarter ended December 31, 2016. For the quarter, the company's interest and dividend income was $5,407,000 compared to $5,002,000 a year ago. Net interest and dividend income was $4,486,000 compared to $4,110,000 a year ago. Net interest and dividend income after provision for loan losses was $4,156,000 compared to $3,932,000 a year ago. Income before income tax expense was $587,000 compared to $502,000 a year ago. Net income was $347,000 compared to $309,000 a year ago, due to higher net interest and dividend income. Partially offsetting the increase in net interest and dividend income were higher provisions for loan loss and lower non-interest income. Diluted earnings per share was $0.06 compared to $0.05 a year ago. Book value per share, at period end was $8.23 compared to $8.05 a year ago. Return on average assets was 0.24% compared to 0.22% a year ago. Return on average equity was 2.89% compared to 2.63% a year ago.
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.