Magyar Bancorp - MGYR STOCK NEWS

Magyar Bancorp, Inc. (NASDAQ: MGYR) announced a special cash dividend of $0.12 per share, payable to shareholders of record as of November 30, 2021. The dividend is set to be issued approximately on December 14, 2021. This marks the company's first cash dividend since its mutual to stock conversion in July 2021. President John Fitzgerald stated that dividends reflect a commitment to enhancing shareholder value and indicated future considerations for a regular dividend policy, albeit without guarantees on timing.

Magyar Bancorp (NASDAQ: MGYR) reported significant financial growth for the fiscal year ending September 30, 2021. The company posted a 96% increase in income for Q4, reaching $1,610,000, compared to $823,000 in Q4 2020. Annual net income also rose to $6,120,000 from $2,190,000. Basic and diluted EPS for the quarter were $0.23 and $1.01, respectively. CEO John Fitzgerald highlighted resilience amid pandemic challenges and confidence in continued growth, aided by the Paycheck Protection Program and strong community support.

Magyar Bancorp (NASDAQ: MGYR) announced significant growth in its financial results for the three and nine months ended June 30, 2021. Net income surged by 228% to $1.67 million for the quarter, compared to $509,000 a year earlier. For the nine months, net income rose to $4.51 million from $1.37 million. Earnings per share improved to $0.29 for the quarter and $0.78 for the nine-month period. The bank attributed its performance to a 16% increase in net interest income and prudent management of the balance sheet.

Magyar Bancorp, Inc. (NASDAQ: MGYR) has successfully completed its conversion from a mutual holding company to a stock holding company on July 14, 2021. This transition led to the cessation of Magyar Bancorp, MHC. The stock offering resulted in approximately 7,098,070 shares of common stock now outstanding. These shares will continue to trade under the symbol 'MGYR' on the Nasdaq Global Market. Shareholders can confirm their allocations online or via the Stock Information Center. Legal counsel for the company was provided by Luse Gorman, PC, and marketing was handled by Keefe, Bruyette & Woods, Inc.

Magyar Bancorp, Inc. (NASDAQ: MGYR) has received all regulatory approvals to convert from a mutual holding company to a stock holding company. The conversion and related stock offering are expected to close on July 14, 2021. The offering aims to sell 3,910,000 shares at $10.00 each, which was oversubscribed. After the transaction, approximately 7,098,070 shares are expected to be outstanding. Existing shareholders will receive new shares at an exchange ratio of 1.2213. The shares will continue trading on Nasdaq under the symbol MGYR.

On June 30, 2021, Magyar Bancorp (NASDAQ: MGYR) announced the approval of its Plan of Conversion and Reorganization by both stockholders and depositors. This plan transitions Magyar Bancorp, MHC from a mutual holding company to a stock holding company. The subscription offering received sufficient orders, eliminating the need for additional offerings. The transaction is expected to close in mid-July 2021, pending regulatory approvals. Following the conversion, shares will continue to trade under the symbol MGYR on the Nasdaq Global Market.

Magyar Bancorp, Inc. (NASDAQ: MGYR) announced the commencement of a stock offering related to its conversion from a mutual holding company structure to a fully stock holding company. The company plans to sell up to 3,910,000 shares of common stock at $10.00 per share, prioritizing past/current depositors and certain New Jersey residents. A minimum of 2,890,000 shares must be sold, pending regulatory and stockholder approvals. The offering is managed by Keefe, Bruyette & Woods, Inc. Investors should note the offering does not guarantee share value and is not insured by the FDIC.

Magyar Bancorp (NASDAQ: MGYR) reported a remarkable 394% increase in net income for the three months ended March 31, 2021, totaling $1,506,000 compared to $305,000 in the same period last year. For the six-month period, net income was $2,843,000, a significant rise from $858,000 in 2020. Basic and diluted earnings per share increased to $0.26 and $0.49 for the respective periods. The company credits its strong performance to participation in the Paycheck Protection Program (PPP) and management of its balance sheet. Book value per share rose 7% year-over-year.

Magyar Bancorp, Inc. (NASDAQ: MGYR) announced a Plan of Conversion to reorganize into a fully public stock holding company. This involves merging with Magyar Bancorp, MHC, and conducting a second-step stock offering. Shares held by the MHC will be canceled, with depositors from Magyar Bank having priority to purchase new shares. The conversion is subject to regulatory approvals, including from the Board of Governors of the Federal Reserve System and the New Jersey Department of Banking and Insurance. The conversion will not impact customers of Magyar Bank.