MAGYAR BANCORP, INC. ANNOUNCES STOCK REPURCHASE PROGRAM

Rhea-AI Summary

Magyar Bancorp (NASDAQ: MGYR) has announced the completion of its previous stock repurchase program initiated on December 8, 2022, successfully repurchasing 337,146 shares at an average price of $12.23 per share. The company's Board of Directors has now authorized a new stock repurchase program to buy back up to 5% of its outstanding shares, equivalent to 323,547 shares. The implementation timeline will be influenced by market conditions, prices, liquidity requirements, and alternative capital uses. Repurchased shares will be held as treasury stock for general corporate purposes.

Positive

• Successfully completed previous buyback program of 337,146 shares
• New buyback program authorized for additional 5% of outstanding shares (323,547 shares)
• Demonstrates company's confidence in its financial position and commitment to returning value to shareholders

Negative

• Buyback execution timing is uncertain and subject to market conditions
• Program may impact company's liquidity and cash reserves

News Market Reaction – MGYR

-1.61%

-1.61% Session move

In the trading session that priced this news, MGYR declined 1.61%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

NEW BRUNSWICK, N.J., May 22, 2025 /PRNewswire/ -- Magyar Bancorp, Inc. (NASDAQ: MGYR) announced today it has completed the stock repurchase program authorized December 8, 2022, repurchasing 337,146 shares at an average price of $12.23, and that its Board of Directors has authorized an additional stock repurchase program pursuant to which the Company intends to repurchase up to 5% of its outstanding shares, or up to 323,547 shares.  The timing of the repurchases will depend on certain factors, including but not limited to, market conditions and prices, the Company's liquidity requirements and alternative uses of capital. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes. 

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. 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, 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 non-performing 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.

View original content:https://www.prnewswire.com/news-releases/magyar-bancorp-inc-announces-stock-repurchase-program-302463603.html

SOURCE Magyar Bancorp

FAQ

How many shares did Magyar Bancorp (MGYR) repurchase in its completed buyback program?

Magyar Bancorp repurchased 337,146 shares at an average price of $12.23 per share in its completed buyback program that was authorized on December 8, 2022.

What is the size of Magyar Bancorp's (MGYR) new stock repurchase program?

Magyar Bancorp's new stock repurchase program authorizes the buyback of up to 5% of its outstanding shares, which equals 323,547 shares.

What was the average price per share in MGYR's completed buyback program?

The average price per share in Magyar Bancorp's completed buyback program was $12.23.

What will Magyar Bancorp (MGYR) do with the repurchased shares?

The repurchased shares will be held as treasury stock and will be available for general corporate purposes.

What factors will determine the timing of MGYR's new share repurchase program?

The timing of repurchases will depend on market conditions, prices, the company's liquidity requirements, and alternative uses of capital.