Magyar Bancorp, Inc. reported consolidated earnings results for the first quarter ended December 31, 2014. For the quarter, the company reported net income of $182,000 compared to net income of $133,000 for the three months ended December 31, 2013. Basic and diluted earnings per share were $0.03 compared with basic and diluted earnings per share of $0.02 for the three months ended December 31, 2013.

Net income increased $49,000, or 36.8%, during the three-month period ended December 31, 2014 compared with the three-month period ended December 31, 2013 due to higher gains from the sales of loans. Income before income tax expense was $256,000 against $174,000 a year ago. Return on average assets was 0.14% against 0.10% a year ago.

Return on average equity was 1.58% against 1.17% a year ago. Book value per share, at period end was $7.94 against $7.82 a year ago.