Magyar Bancorp, Inc - Recent Material Event
PART
I.
FINANCIAL INFORMATION
Item
1. Financial Statements
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MAGYAR
BANCORP, INC. AND
SUBSIDIARY
|
|
Consolidated
Balance
Sheets
|
|
(In
Thousands, Except Share
Data)
|
| |
|
December
31,
|
|
|
September
30,
|
|
| |
|
|
|
|
|
|
| |
|
(Unaudited)
|
|
|
|
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Assets
|
|
|
|
|
|
|
|
Cash
|
|
$ |
3,990 |
|
|
$ |
5,132 |
|
|
Interest
earning deposits with
banks
|
|
|
|
|
|
|
|
|
|
Total
cash and cash
equivalents
|
|
|
4,212 |
|
|
|
5,233 |
|
| |
|
|
|
|
|
|
|
|
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Investment
securities - available
for sale, at fair value
|
|
|
34,267 |
|
|
|
27,373 |
|
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Investment
securities - held to
maturity, at amortized cost (fair value of $17,036
|
|
|
|
|
|
|
|
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and
$17,957 at December 31, 2007
and September 30, 2007, respectively)
|
|
|
17,030 |
|
|
|
18,116 |
|
| |
|
|
|
|
|
|
|
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Federal
Home Loan Bank of New York
stock, at cost
|
|
|
2,884 |
|
|
|
2,325 |
|
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Loans
receivable, net of allowance
for loan losses of $3,990 and $3,754 at
|
|
|
|
|
|
|
|
|
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December
31, 2007 and September
30, 2007, respectively
|
|
|
390,830 |
|
|
|
381,614 |
|
|
Bank
owned life
insurance
|
|
|
10,227 |
|
|
|
10,120 |
|
|
Accrued
interest
receivable
|
|
|
2,375 |
|
|
|
2,521 |
|
|
Premises
and equipment,
net
|
|
|
22,091 |
|
|
|
22,302 |
|
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Other
real estate
owned
|
|
|
1,280 |
|
|
|
2,238 |
|
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Other
assets
|
|
|
2,548 |
|
|
|
1,335 |
|
| |
|
|
|
|
|
|
|
|
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Total
assets
|
|
$ |
487,744 |
|
|
$ |
473,177 |
|
|
Liabilities
and Stockholders'
Equity
|
|
|
|
|
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Liabilities
|
|
|
|
|
|
|
|
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Deposits
|
|
$ |
364,188 |
|
|
$ |
368,777 |
|
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Escrowed
funds
|
|
|
1,204 |
|
|
|
1,172 |
|
|
Federal
Home Loan Bank of New York
advances
|
|
|
52,411 |
|
|
|
39,985 |
|
|
Securities
sold under agreements
to repurchase
|
|
|
15,000 |
|
|
|
10,000 |
|
|
Accrued
interest
payable
|
|
|
1,994 |
|
|
|
1,706 |
|
|
Accounts
payable and other
liabilities
|
|
|
3,639 |
|
|
|
3,344 |
|
| |
|
|
|
|
|
|
|
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Total
liabilities
|
|
|
438,436 |
|
|
|
424,984 |
|
| |
|
|
|
|
|
|
|
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Stockholders'
equity
|
|
|
|
|
|
|
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Preferred
stock: $.01 Par Value,
1,000,000 shares authorized; none issued
|
|
|
- |
|
|
|
- |
|
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Common
stock: $.01 Par Value,
8,000,000 shares authorized; 5,923,742
|
|
|
|
|
|
|
|
|
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issued;
5,791,315 and 5,798,942
outstanding at December 31, 2007
|
|
|
|
|
|
|
|
|
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and
September 30, 2007,
respectively
|
|
|
|
|
|
|
|
|
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Additional
paid-in
capital
|
|
|
26,176 |
|
|
|
26,082 |
|
|
Treasury
stock, 132,427 shares at
cost
|
|
|
(1,821 |
)
|
|
|
(1,740 |
)
|
|
Unearned
shares held by Employee
Stock Ownership Plan
|
|
|
(1,755 |
)
|
|
|
(1,845 |
)
|
|
Retained
earnings
|
|
|
26,462 |
|
|
|
25,717 |
|
|
Accumulated
other comprehensive
gain (loss), net
|
|
|
|
|
|
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(80 |
)
|
| |
|
|
|
|
|
|
|
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Total
stockholders'
equity
|
|
|
49,308 |
|
|
|
48,193 |
|
| |
|
|
|
|
|
|
|
|
|
Total
liabilities and
stockholders' equity
|
|
$ |
487,744 |
|
|
$ |
473,177 |
|
| |
|
|
|
|
|
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The
accompanying notes are an
integral part of these
statements.
|
|
MAGYAR
BANCORP, INC. AND
SUBSIDIARY
|
|
|
Consolidated
Statements of
Income
|
|
|
(In
Thousands, Except Per Share
Data)
|
|
| |
|
|
|
|
|
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For
the Three
Months
|
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Ended
December
31,
|
|
| |
|
|
|
|
|
|
| |
|
(Unaudited)
|
|
| |
|
|
|
|
|
|
|
Interest
and dividend
income
|
|
|
|
|
|
|
|
Loans,
including
fees
|
|
$ |
6,925 |
|
|
$ |
6,517 |
|
|
Investment
securities
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
|
|
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Tax-exempt
|
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|
Federal
Home Loan Bank of New York
stock
|
|
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