Magyar Bancorp, Inc. Announces Earnings Results for the First Quarter Ended December 31, 2018; Provides Earnings Guidance for the Year 2019
January 24, 2019 at 07:30 pm IST
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Magyar Bancorp, Inc. announced earnings results for the first quarter ended December 31, 2018. For the period, the company reported 108% increase in net income to $685,000 compared with net income of $329,000 a year ago. Basic and diluted earnings per share doubled to $0.12 compared to $0.06 a year ago. Interest and dividend income was $6,661,000 compared with $5,888,000 a year ago. Net interest and dividend income was $5,033,000 compared with $4,832,000 a year ago.
For the rest of 2019, the company expects earnings momentum to continue through smart loan growth and further improvement in balance sheet.
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. 
