Magyar Bancorp, Inc. Reports Net Charge-Offs for the Three Months Ended June 30, 2023
July 21, 2023 at 01:30 am IST
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Magyar Bancorp, Inc. reported net charge-offs for the three months ended June 30, 2023. The company recorded $385,000 in net loan charge-offs during the three months ended June 30, 2023 compared with no charge-offs or recoveries during the three months ended June 30, 2022.
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. 