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NEW BRUNSWICK, N.J. - Magyar Bancorp, Inc. (NASDAQ: MGYR), the parent company of Magyar Bank, has successfully concluded its stock repurchase program initiated on December 8, 2022. The company has bought back 337,146 shares at an average price of $12.23. The stock has shown remarkable strength, currently trading near its 52-week high of $15.70 and delivering a 40% return over the past year, according to InvestingPro data. Following this completion, the Board of Directors approved a new repurchase program, aiming to buy up to 5% of its outstanding shares, which equates to approximately 323,547 shares.
The timing and volume of the repurchases under the new program will be influenced by market conditions, share prices, the company’s liquidity needs, and potential alternative capital allocations. Repurchased shares will be classified as treasury stock and are intended for use in general corporate purposes.
Magyar Bancorp, headquartered in New Brunswick, New Jersey, has been operating through its subsidiary Magyar Bank since 1922. The community bank offers a wide range of financial products and services to families and businesses in Central New Jersey.
The press release also included forward-looking statements, which are projections based on current expectations and involve various risks and uncertainties. These statements are not guarantees of future performance and may be affected by factors such as economic conditions, interest rates, regulatory changes, and competition, among others. The company has a history of filings with the SEC that detail these risks.
Investors and the public are cautioned not to place undue reliance on these forward-looking statements, which are valid only as of their date. Magyar Bancorp has stated it does not commit to updating any forward-looking statements to reflect subsequent events or unforeseen occurrences.
This news is based on a press release statement from Magyar Bancorp.
In other recent news, Magyar Bancorp reported a 41% increase in net income for the recent quarter, reaching $2.7 million, compared to $1.9 million in the same period last year. For the six-month period ending March 31, 2025, net income rose to $4.8 million, marking a 34.3% increase from the previous year. Earnings per share also saw growth, with figures for the quarter at $0.43, up from $0.30 in the prior year. The company declared a quarterly cash dividend of $0.06 per share, payable on May 28, 2025. The financial results were attributed to an increase in net interest income and other income, along with disciplined lending and balance sheet management.
Additionally, Magyar Bancorp held its 2025 Annual Meeting of Stockholders, where John S. Fitzgerald, Thomas Lankey, and Joseph A. Yelencsics were re-elected as directors for a three-year term. Stockholders also approved an annual vote on executive compensation and ratified the appointment of S.R. Snodgrass, P.C. as the independent registered public accounting firm for the fiscal year ending September 30, 2025. These developments underscore Magyar Bancorp’s focus on strong financial performance and adherence to corporate governance practices.
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