Notable News to Watch: Magyar Bancorp (NASDAQ:MGYR)

On Tuesday Magyar Bancorp (NASDAQ:MGYR) stock recorded daily change of -0.17% to close at $11.96 with the total traded volume of 883 shares along average volume of 629 shares 52 week range of the stock remained $ 10.93 – 12.75 while its day low price was $11.96 and its hit its day high price at $12.2. Its previous closing value stands at $11.98. MGYR total market capitalization is $69619160. Currently stocks EPS is $0.35 while its price to earnings ratio is 34.29.

On Nov. 12, 2019, Magyar Bancorp (NASDAQ:MGYR) parent company of Magyar Bank, revealed the results of its operations for the three months and year ended September 30, 2019.

The Company reported a 16% increase in net income to $818,000 for the three months ended September 30, 2019 compared to net income of $704,000 for the three months ended September 30, 2018.  The Company also reported a 48% increase in net income for the year ended September 30, 2019 to $2,996,000 compared to net income of $2,030,000 for the year ended September 30, 2018. The basic and diluted earnings per share were $0.14 and $0.51 for the three and twelve months ended September 30, 2019, compared with basic and diluted earnings per share for the three months and twelve months ended September 30, 2018 of $0.12 and $0.35, respectively.

We are pleased to report that 2019 was another strong year for Magyar Bancorp, stated John Fitzgerald, President and Chief Executive Officer.  Despite two interest rate cuts by the Federal Reserve and a flat or inverted yield curve for most of the year, we were able to increase our net income 48% for the fiscal year.

Mr. Fitzgerald continued, Looking ahead to 2020, while we expect a challenging rate environment to continue with the potential for further rate cuts and a continued flat or inverted yield curve, our ability to leverage existing relationships and acquire new business will continue to expand the Bank’s lending and deposit customer base.

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