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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October
30, 2023
MAGYAR BANCORP, INC.
(Exact Name of Registrant as Specified in Charter)
| Delaware |
0-51726 |
20-4154978 |
| (State or Other Jurisdiction) |
(Commission File No.) |
(I.R.S. Employer |
| of Incorporation) |
|
Identification No.) |
| |
|
|
| |
|
|
| 400 Somerset Street, New Brunswick, New Jersey |
|
08901 |
| (Address of Principal Executive Offices) |
|
(Zip Code) |
Registrant's telephone number, including area code:
(732) 342-7600
Not Applicable
(Former name or former address, if changed since last
report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class |
|
Trading Symbol(s) |
|
Name of Each Exchange
on Which Registered |
|
Common
Stock, par value $0.01 per share |
|
MGYR |
|
The NASDAQ Stock Market, LLC |
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
| ☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is
an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ☐
|
Item 2.02 |
Results of Operations and Financial Condition |
On October 30, 2023, Magyar Bancorp,
Inc. (the "Company") issued a press release regarding its results of operations and financial condition at and for the three months
and twelve months ended September 30, 2023. The text of the press release is included as Exhibit 99.1 to this report. The information
included in the press release text is considered to be "furnished" under the Securities Exchange Act of 1934.
On October 30, 2023, the Company
announced that its Board of Directors has approved a quarterly cash dividend of $0.04 per common share to shareholders of record at the
close of business on November 9, 2023, payable on November 24, 2023.
The text of the press release,
dated October 30, 2023, announcing the dividend, and which also includes the Company’s quarterly earnings announcement, as stated
above, is included as Exhibit 99.1 to this report and is incorporated herein by reference.
|
Item 9.01 |
Financial Statements and Exhibits |
|
(a) |
Financial Statements of businesses acquired. Not Applicable. |
|
(b) |
Pro forma financial information. Not Applicable. |
|
(c) |
Shell Company Transactions. Not Applicable |
The following Exhibit is attached as part
of this report:
|
99.1 |
Press release dated October 30, 2023, announcing the Company’s results of operations and financial condition
at and for the three months and twelve months ended September 30, 2023. |
SIGNATURES
Pursuant to the requirements of
the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto
duly authorized.
| |
MAGYAR BANCORP, INC. |
| |
|
|
| |
|
|
| |
|
|
| DATE: October 30, 2023 |
By: |
/s/ John S. Fitzgerald |
| |
|
John S. Fitzgerald |
| |
|
President and Chief Executive Officer |
EXHIBIT INDEX
 |
News |
400 Somerset St., New Brunswick, NJ 08901
732.342.7600
MAGYAR BANCORP, INC. ANNOUNCES FISCAL FOURTH QUARTER
AND FISCAL YEAR END
FINANCIAL RESULTS, DECLARES INCREASED QUARTERLY
DIVIDEND
New Brunswick, New Jersey, October 30, 2023
– Magyar Bancorp (NASDAQ: MGYR) (the “Company”), parent company of Magyar Bank, reported today the results of its operations
for the three months and fiscal year ended September 30, 2023.
The Company reported $2,185,000 in net income for
the three months ended September 30, 2023 compared with net income of $2,430,000 for the three months ended September 30, 2022. The Company
also reported net income of $7,709,000 for the year ended September 30, 2023 compared with $7,919,000 for the year ended September 30,
2022.
The Company’s basic and diluted earnings per
share were $0.34 and $1.20 for the three months and year ended September 30, 2023, compared with basic and diluted earnings per share
for the three months and year ended September 30, 2022 of $0.36 and $1.17, respectively.
The Company also announced that its Board of
Directors declared a quarterly cash dividend of $0.04 per share, which will be paid on November 24, 2023 to stockholders of
record as of November 9, 2023.
“We are very pleased to report strong earnings
for our full fiscal year”, stated John Fitzgerald, President and Chief Executive Officer. “While the inverted yield curve
presented a challenging environment for the banking industry, compressing margins and increasing competition for deposits, Magyar was
able to minimize its impact through balanced loan and deposit growth. This balanced growth resulted in a decline in Magyar’s loan-to-deposit
ratio to 92.4% at September 30, 2023 from 94.2% one year earlier, providing room for continued loan growth to help offset rising funding
costs.”
Mr. Fitzgerald continued, “As we look ahead
to our next fiscal year, inflation and its impact on the economy will need to be closely monitored, but we are encouraged to see our loan
pipeline remain strong and will continue maintaining strong underwriting standards.”
Results of Operations
Net income decreased $245,000, or 10.1%, to $2.2 million
during the three-month period ended September 30, 2023 from $2.4 million for the three-month period ended September 30, 2022 from lower
net interest and dividend income and higher non-interest expense. Net income decreased $210,000, or 2.7%, to $7.7 million during the year
ended September 30, 2023 compared with $7.9 million for the year ended September 30, 2022 from higher non-interest expenses, partially
offset by higher net interest and dividend income.
Net interest and dividend income decreased $233,000,
or 3.2%, to $7.0 million for the three months ended September 30, 2023 from $7.2 million for the three months ended September 30, 2022.
The decline was attributable to a 47 basis point decrease in the Company’s net interest margin to 3.36% for the quarter ended September
30, 2023 compared to 3.83% for the quarter ended September 30, 2022.
Interest and dividend income increased $2.5 million,
or 30.8%, to $10.6 million for the three months ended September 30, 2023 from $8.1 million for the three months ended September 30, 2022.
The average balance of interest-earning assets increased $75.4 million, or 10.0%, to $826.1 million, while the yield on such assets increased
81 basis points to 5.10% for the three months ended September 30, 2023 compared with 4.29% for the prior year period. The increase in
yield on the Company’s assets was attributable to higher market interest rates between periods.
Interest expense increased $2.7 million, or 312.1%,
to $3.6 million for the three months ended September 30, 2023 from $876,000 for the three months ended September 30, 2022. The average
balance of interest-bearing liabilities increased $65.9 million, or 13.3%, between the two periods while the cost of such liabilities
increased 185 basis points to 2.55% for the three months ended September 30, 2023 compared with 0.70% for the prior year period. Higher
market interest rates were primarily responsible for the rise in the cost of the Company’s interest-bearing liabilities.
During the year ended September 30, 2023, net interest
and dividend income increased $715,000, or 2.6%, to $27.7 million compared with $27.0 million for the year ended September 30, 2022. Growth
in interest-earning assets more than offset the compression in the Company’s net interest margin from the inverted yield curve during
the year.
The average balance of interest-earning assets increased
$43.7 million, or 5.8%, to $791.4 million from $747.7 million, while the yield on such assets increased 86 basis points to 4.81% for the
year ended September 30, 2023 compared with the prior year. Interest and dividend income increased $8.6 million, or 29.0%, to $38.1 million
for the year ended September 30, 2023 from $29.5 million for the year ended September 30, 2022. The increase in yield on the Company’s
assets was attributable to higher market interest rates. Partially offsetting these increases was a decrease in U.S. Department of the
Treasury Paycheck Protection Program loan fees. The Company did not record any such fees during the year ended September 30, 2023 compared
with $827,000 for the year ended September 30, 2022.
Interest expense increased $7.8 million, or 316.0%,
to $10.3 million for the year ended September 30, 2023 from $2.5 million for the year ended September 30, 2022. The average balance of
interest-bearing liabilities increased $38.4 million, or 7.8%, between the two periods while the cost of such liabilities increased 145
basis points to 1.96% for the year ended September 30, 2023 compared with 0.51% for the prior year. Higher market interest rates were
primarily responsible for the rise in the cost of the Company’s interest-bearing liabilities for the year ended September 30, 2023.
The Company reversed $51,000 in loan loss provisions
during the three months ended September 30, 2023 compared with $72,000 of reversals during the three months ended September 30, 2022.
Net repayments in commercial real estate loans during the current quarter as well as improving economic data resulted in the provision
release for the three months ended September 30, 2023. There were no charge-offs and $3,000 in loan recoveries for the three months ended
September 30, 2023 compared with no loan charge-offs or recoveries for the prior year period. The provision for loan losses increased
$77,000 to $381,000 for the year ended September 30, 2023 compared to $304,000 for the year ended September 30, 2022. There were $488,000
in loan charge-offs and $4,000 in loan recoveries for the year ended September 30, 2023 compared with no loan charge-offs and $54,000
in loan recoveries for the year ended September 30, 2022.
Non-interest income increased $15,000, or 1.8%, to
$832,000 during the three months ended September 30, 2023 compared with $817,000 for the prior year period. The increase was primarily
from service charges, partially offset by lower gains on the sales of loans. The Company’s service charge income increased $308,000,
or 93.9%, to $636,000 compared with $328,000 during the three months ended September 30, 2022 from higher commercial loan prepayment fees
received during the current quarter. Offsetting this increase were lower gains from the sale of SBA loans, which declined $290,000, or
78.2% to $81,000 during the three months ended September 30, 2023 compared with $371,000 during the three months ended September 30, 2022
due to a reduction in the volume of loans sold.
Non-interest income decreased $33,000, or 1.2%, to
$2.7 million during the year ended September 30, 2023 compared with the year ended September 30, 2022. The Company’s service charge
income increased $404,000, or 34.0%, to $1.6 million compared with $1.2 million for the prior year from higher commercial loan prepayment
fees received during the current year. Offsetting this increase were lower gains from the sale of SBA loans, which declined $360,000,
or 38.9%, to $565,000 during the year ended September 30, 2023 compared with $925,000 during the year ended September 30, 2022 during
the three months ended September 30, 2022 due to a reduction in the volume of loans sold.
Non-interest expenses increased $332,000, or 7.1%,
to $5.0 million during the three months ended September 30, 2023 from $4.7 million compared with the prior year period due to higher compensation,
occupancy, and FDIC deposit insurance premium expenses. Compensation and benefit expense increased $211,000, or 7.2%, to $3.1 million
for the three months ended September 30, 2023 compared with $2.9 million for the prior year period. The increase was due to stock award
and stock option expenses related to the Company’s 2022 Equity Incentive Plan and increased director fees resulting from the addition
of three new directors on September 22, 2022. Occupancy expenses increased $69,000, or 9.1%, to $831,000 from improvements to the Company’s
branch locations as well as the elimination of off-site records previously held in storage. Deposit insurance premiums increased $41,000,
or 74.5%, from higher insurance assessment rates implemented by the FDIC for all insured institutions effective January 1, 2023.
During the year ended September 30, 2023, non-interest
expenses increased $1.0 million, or 5.7%, to $19.3 million compared to $18.3 million for the year ended September 30, 2022 due primarily
to higher compensation and benefit expense, which increased $888,000, or 8.1%. Stock award and stock option expenses related to the Company’s
2022 Equity Incentive Plan resulted in a $658,000 increase in compensation expense. The increase was also attributable to higher director
fees, which increased $149,000 for the addition of three new Directors. In addition, deposit insurance premiums increased $125,000, or
58.1%, to $340,000 from the higher FDIC insurance assessment rates for the year ended September 30, 2023.
Balance Sheet Comparison
Total assets increased $49.8 million, or 5.8%, to
$907.3 million during the three months ended September 30, 2023 from $857.4 million at June 30, 2023, reflecting a $50.0 million increase
in interest-earning deposits with banks and a $3.5 million increase in investment securities, offset by a $4.2 million decrease in net
loans receivable.
During the year ended September 30, 2023, total assets
increased $108.7 million, or 13.6%, to $907.3 million compared with $798.6 million for the prior year period. The increase was attributable
to a $69.2 million increase in net loans receivable and a $41.3 million increase in interest-earning deposits with banks, offset by a
$4.9 million decrease in investment securities.
Cash and interest-earning deposits with banks increased
$50.1 million, or 223.7% to $72.5 million at September 30, 2023 from $22.4 million at June 30, 2023 from deposit inflows and net repayments
in the Company’s loans receivable. Cash and interest-earning deposits with banks increased $41.6 million, or 134.5%, during the
year ended September 30, 2023.
At September 30, 2023, investment securities totaled
$96.0 million, reflecting a $3.5 million, or 3.8%, increase from June 30, 2023 and a $4.9 million, or 4.9%, decrease from September 30,
2022. Investment securities at September 30, 2023 consisted of $65.8 million in mortgage-backed securities issued by U.S. government agencies
and U.S. government-sponsored enterprises, $23.5 million in U.S. government-sponsored enterprise debt securities, $3.0 million in corporate
notes, $3.5 million in municipal bonds and $207,000 in “private-label” mortgage-backed securities. There were no other-than-temporary-impairment
charges for the Company’s investment securities for the year ended September 30, 2023.
Total loans receivable decreased $4.3 million, or
0.6%, during the quarter ended September 30, 2023 but have increased $69.3 million, or 11.2%, to $698.2 million during the year at September
30, 2023 from $628.9 million at September 30, 2022. The growth for the year occurred in commercial real estate loans, which increased
$46.3 million, or 13.5%, to $389.1 million, in one-to four-family residential mortgage loans (including home equity lines of credit),
which increased $21.6 million, or 9.3%, to $254.7 million, and in construction loans, which increased $6.6 million, or 43.5%, to $21.9
million. Offsetting these increases were declines in commercial business loans, which decreased $4.5 million, or 12.9%, to $30.2 million
and in other consumer loans, which decreased $771,000, or 24.6%, to $2.3 million.
During the quarter our total non-performing loans
increased $1.5 million, or 42.8%, to $5.1 million at September 30, 2023 from $3.6 million at June 30, 2023. The increase resulted from
two residential mortgage loans totaling $386,000 and one land acquisition loan totaling $1.7 million, partially offset by the full repayment
of one commercial real estate loan totaling $388,000 and the one residential mortgage loan totaling $171,000 that resumed making payments.
The ratio of non-performing loans to total loans was 0.73% at September 30, 2023 compared to 0.45% at September 30, 2022.
The allowance for loan losses decreased by $103,000
during the year ended September 30, 2023 to $8.3 million compared with $8.4 million for the prior year. The allowance for loan losses
as a percentage of non-performing loans decreased to 163.8% at September 30, 2023 compared with 297.5% at September 30, 2022. At September
30, 2023 our allowance for loan losses as a percentage of total loans was 1.19%, compared with 1.34% at September 30, 2022.
Total deposits increased $62.0 million, or 8.9%, during
the three months ended September 30, 2023 to $755.5 million. The Bank added a new municipal depositor relationship during the quarter,
representing $50.9 million of deposits at September 30, 2023. Also contributing to the increase was the return of seasonal deposit outflows
that were temporarily withdrawn during the June quarter.
Total deposits increased $87.7 million, or 13.1%,
during the year ended September 30, 2023. The growth in deposits during the year occurred in money market account balances, which increased
$62.7 million, or 28.2%, to $284.9 million, in certificates of deposit (including individual retirement accounts) which increased $22.1
million, or 26.7%, to $104.7 million, in interest-bearing checking account balances, which increased $16.5 million, or 16.8% to $115.2
million, and in non-interest checking account balances, which increased $6.1 million, or 3.4%, to $188.5 million. Offsetting these increases
was a decline in savings account balances, which decreased $19.7 million, or 24.1%, to $62.2 million.
Included in the Company’s total deposits was
an estimated $109.3 million that was not collateralized and exceeded the FDIC’s insurance coverage limit of $250,000 at September
30, 2023 compared to $129.4 million at September 30, 2022.
Borrowings decreased $16.0 million, or 35.2%, to $29.5
million during the three months ended September 30, 2023. The Bank repaid short-term borrowings taken during the June quarter to cover
seasonal deposit outflows. During the year ended September 30, 2023, borrowings increased $13.9 million, or 88.9%, to $29.5 million from
long-term advances from the Federal Home Loan Bank of New York to fund loan originations.
On December 8, 2022, the Company announced a stock
repurchase program of up to 5% of its outstanding shares, or up to 337,146 shares. The Company repurchased 100,830 shares at an average
price of $11.80 per share through September 30, 2023, of which 25,468 shares were repurchased during the three months ended September
30, 2023 at an average price of $10.91.
Total equity increased $6.3 million, or 6.4%, to $104.8
million at September 30, 2023 from $98.5 million at September 30, 2022. The increase was attributable to the Company’s net income
from operations totaling $7.7 million, partially offset by $1.3 million in dividends paid and $1.2 million in share repurchases. The Company’s
book value per share increased to $15.70 at September 30, 2023 from $14.60 at September 30, 2022.
About Magyar Bancorp
Magyar Bancorp is the parent company of Magyar Bank,
a community bank headquartered in New Brunswick, New Jersey. Magyar Bank has been serving families and businesses in Central New Jersey
since 1922 with a complete line of financial products and services. Today, Magyar operates seven branch locations in New Brunswick, North
Brunswick, South Brunswick, Branchburg, Bridgewater and Edison (2). Please visit us online at www.magbank.com.
Forward Looking Statements
This press release contains statements about future
events that constitute forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by reference to a future period or periods,
or by the use of forward- looking terminology, such as “may,” “will,” “believe,” “expect,”
or similar terms or variations on those terms, or the negative of those terms. Forward-looking statements are subject to numerous risks
and uncertainties, including, but not limited to, those risks previously disclosed in the Company’s filings with the SEC, general
economic conditions, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment
of qualified personnel, the COVID-19 or any other pandemic, and market acceptance of the Company’s pricing, products and services,
and with respect to the loans extended by the Bank and real estate owned, the following: risks related to the economic environment in
the market areas in which the Bank operates, particularly with respect to the real estate market in New Jersey; the risk that the value
of the real estate securing these loans may decline in value; and the risk that significant expense may be incurred by the Company in
connection with the resolution of these loans. The Company wishes to caution readers not to place undue reliance on any such forward-looking
statements, which speak only as of the date made. The Company does not undertake and specifically declines any obligation to publicly
release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date
of such statements or to reflect the occurrence of anticipated or unanticipated events.
Contact: John Reissner, 732.214.2083
MAGYAR BANCORP, INC. AND SUBSIDIARY
Selected Financial Data
(Dollars In Thousands,
Except for Per-Share Amounts)
| | |
Three Months Ended | | |
For the Year Ended | |
| | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| | |
(Unaudited) | | |
| | |
(Unaudited) | | |
| |
| Income Statement Data: | |
| | | |
| | | |
| | | |
| | |
| Interest and dividend income | |
$ | 10,615 | | |
$ | 8,114 | | |
$ | 38,068 | | |
$ | 29,503 | |
| Interest expense | |
| 3,610 | | |
| 876 | | |
| 10,334 | | |
| 2,484 | |
| Net interest and dividend income | |
| 7,005 | | |
| 7,238 | | |
| 27,734 | | |
| 27,019 | |
| Provision (credit) for loan losses | |
| (51 | ) | |
| (72 | ) | |
| 381 | | |
| 304 | |
| Net interest and dividend income after | |
| | | |
| | | |
| | | |
| | |
| provision for loan losses | |
| 7,056 | | |
| 7,310 | | |
| 27,353 | | |
| 26,715 | |
| Other income | |
| 832 | | |
| 817 | | |
| 2,682 | | |
| 2,715 | |
| Other expense | |
| 5,030 | | |
| 4,698 | | |
| 19,294 | | |
| 18,261 | |
| Income before income tax expense | |
| 2,858 | | |
| 3,429 | | |
| 10,741 | | |
| 11,169 | |
| Income tax expense | |
| 673 | | |
| 999 | | |
| 3,032 | | |
| 3,250 | |
| Net income | |
$ | 2,185 | | |
$ | 2,430 | | |
$ | 7,709 | | |
$ | 7,919 | |
| | |
| | | |
| | | |
| | | |
| | |
| Per Share Data: | |
| | | |
| | | |
| | | |
| | |
| Net income per share-basic | |
$ | 0.34 | | |
$ | 0.36 | | |
$ | 1.20 | | |
$ | 1.17 | |
| Net income per share-diluted | |
$ | 0.34 | | |
$ | 0.36 | | |
$ | 1.20 | | |
$ | 1.17 | |
| Book value per share, at period end | |
$ | 15.70 | | |
$ | 14.60 | | |
$ | 15.70 | | |
$ | 14.60 | |
| | |
| | | |
| | | |
| | | |
| | |
| Selected Ratios (annualized): | |
| | | |
| | | |
| | | |
| | |
| Return on average assets | |
| 1.00% | | |
| 1.22% | | |
| 0.92% | | |
| 1.00% | |
| Return on average equity | |
| 8.81% | | |
| 10.00% | | |
| 7.31% | | |
| 7.61% | |
| Net interest margin | |
| 3.36% | | |
| 3.83% | | |
| 3.50% | | |
| 3.61% | |
| | |
September 30, | | |
June 30, | | |
September 30, | |
| | |
2023 | | |
2023 | | |
2022 | |
| | |
(Unaudited) | | |
(Unaudited) | | |
| |
| | |
(Dollars in Thousands) | |
| Balance Sheet Data: | |
| | | |
| | | |
| | |
| Assets | |
$ | 907,292 | | |
$ | 857,449 | | |
$ | 798,543 | |
| Total loans receivable | |
| 698,206 | | |
| 702,530 | | |
| 628,904 | |
| Allowance for loan losses | |
| 8,330 | | |
| 8,378 | | |
| 8,433 | |
| Investment securities - available for sale, at fair value | |
| 10,125 | | |
| 8,734 | | |
| 9,229 | |
| Investment securities - held to maturity, at cost | |
| 85,835 | | |
| 83,720 | | |
| 91,646 | |
| Deposits | |
| 755,453 | | |
| 693,472 | | |
| 667,733 | |
| Borrowings | |
| 29,515 | | |
| 45,534 | | |
| 15,625 | |
| Shareholders' Equity | |
| 104,790 | | |
| 102,757 | | |
| 98,502 | |
| | |
| | | |
| | | |
| | |
| Asset Quality Data: | |
| | | |
| | | |
| | |
| Non-performing loans | |
$ | 5,084 | | |
$ | 3,560 | | |
$ | 2,835 | |
| Other real estate owned | |
| 328 | | |
| 291 | | |
| 281 | |
| Total non-performing assets | |
$ | 5,412 | | |
$ | 3,851 | | |
$ | 3,116 | |
| Allowance for loan losses to non-performing loans | |
| 163.85% | | |
| 235.34% | | |
| 297.46% | |
| Allowance for loan losses to total loans receivable | |
| 1.19% | | |
| 1.19% | | |
| 1.34% | |
| Non-performing loans to total loans receivable | |
| 0.73% | | |
| 0.51% | | |
| 0.45% | |
| Non-performing assets to total assets | |
| 0.60% | | |
| 0.45% | | |
| 0.39% | |
| Non-performing assets to total equity | |
| 5.16% | | |
| 3.75% | | |
| 3.16% | |
v3.23.3
Cover
|
Oct. 30, 2023 |
| Cover [Abstract] |
|
| Document Type |
8-K
|
| Amendment Flag |
false
|
| Document Period End Date |
Oct. 30, 2023
|
| Entity File Number |
0-51726
|
| Entity Registrant Name |
MAGYAR BANCORP, INC.
|
| Entity Central Index Key |
0001337068
|
| Entity Tax Identification Number |
20-4154978
|
| Entity Incorporation, State or Country Code |
DE
|
| Entity Address, Address Line One |
400 Somerset Street
|
| Entity Address, City or Town |
New Brunswick
|
| Entity Address, State or Province |
NJ
|
| Entity Address, Postal Zip Code |
08901
|
| City Area Code |
(732)
|
| Local Phone Number |
342-7600
|
| Written Communications |
false
|
| Soliciting Material |
false
|
| Pre-commencement Tender Offer |
false
|
| Pre-commencement Issuer Tender Offer |
false
|
| Title of 12(b) Security |
Common
Stock, par value $0.01 per share
|
| Trading Symbol |
MGYR
|
| Security Exchange Name |
NASDAQ
|
| Entity Emerging Growth Company |
false
|
| Entity Information, Former Legal or Registered Name |
Not Applicable
|
| X |
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| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
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dei_DocumentPeriodEndDate |
| Namespace Prefix: |
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| Data Type: |
xbrli:dateItemType |
| Balance Type: |
na |
| Period Type: |
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|
| X |
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| Namespace Prefix: |
dei_ |
| Data Type: |
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na |
| Period Type: |
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| X |
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| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
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dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
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| X |
- DefinitionName of the state or province.
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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| Namespace Prefix: |
dei_ |
| Data Type: |
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| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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dei_ |
| Data Type: |
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| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
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dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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| X |
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-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
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| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
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|
| X |
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dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
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dei_ |
| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
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| Balance Type: |
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| Period Type: |
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| X |
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-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
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-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
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| Period Type: |
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| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
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dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
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dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
Magyar Bancorp (NASDAQ:MGYR)
過去 株価チャート
から 4 2024 まで 5 2024
Magyar Bancorp (NASDAQ:MGYR)
過去 株価チャート
から 5 2023 まで 5 2024
