Magyar Bancorp, Inc. Reports Earnings Results for the First Quarter Ended December 31, 2017; Provides Corporate Tax Rate Guidance for the Rest of the Fiscal Year 2018
January 25, 2018 at 07:50 pm IST
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Magyar Bancorp, Inc. reported earnings results for the first quarter ended December 31, 2017. For the quarter, the company reported net income of $329,000 compared to net income of $347,000 for the three months ended December 31, 2016. Pre-tax earnings increased 52% to $893,000 for the three months ended December 31, 2017 from $587,000 for the three months ended December 31, 2016. Net income declined year-over-year due to higher income tax expense from the Company's write-down of its deferred tax asset resulting from the lower corporate tax rate imposed by the Tax Cuts and Jobs Act that was enacted on December 22, 2017. Basic and diluted earnings per share were $0.06 for both the three months ended December 31, 2017 and the three months ended December 31, 2016.
For the rest of the fiscal year 2018, the company expects the combination of prudent loan growth, further improvement in its balance sheet and the lower corporate tax rate to continue its positive earnings momentum.
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. Reports Earnings Results for the First Quarter Ended December 31, 2017; Provides Corporate Tax Rate Guidance for the Rest of the Fiscal Year 2018