Magyar Bancorp, Inc - Recent Material Event
PART I.
FINANCIAL INFORMATION
Item
1. Financial Statements
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MAGYAR
BANCORP, INC. AND SUBSIDIARY
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Consolidated
Balance Sheets
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(In
Thousands, Except Share Data)
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March
31,
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September
30,
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(Unaudited)
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Assets
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Cash
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$ |
4,282 |
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$ |
5,132 |
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Interest
earning deposits with banks
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Total
cash and cash equivalents
|
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4,445 |
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5,233 |
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Investment
securities - available for sale, at fair value
|
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45,944 |
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27,373 |
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Investment
securities - held to maturity, at amortized cost (fair value of
$10,933
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and
$17,957 at March 31, 2008 and September 30, 2007,
respectively)
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10,801 |
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18,116 |
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Federal
Home Loan Bank of New York stock, at cost
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3,777 |
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2,325 |
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Loans
receivable, net of allowance for loan losses of $4,064 and $3,754
at
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March
31, 2008 and September 30, 2007, respectively
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396,009 |
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381,614 |
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Bank
owned life insurance
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|
10,330 |
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|
10,120 |
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Accrued
interest receivable
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|
2,306 |
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|
2,521 |
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Premises
and equipment, net
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21,883 |
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22,302 |
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Other
real estate owned
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5,101 |
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|
2,238 |
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Other
assets
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3,396 |
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1,335 |
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Total
assets
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$ |
503,992 |
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$ |
473,177 |
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Liabilities
and Stockholders' Equity
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Liabilities
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Deposits
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$ |
361,928 |
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$ |
368,777 |
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Escrowed
funds
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|
1,257 |
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|
1,172 |
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Federal
Home Loan Bank of New York advances
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72,263 |
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|
39,985 |
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Securities
sold under agreements to repurchase
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15,000 |
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10,000 |
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Accrued
interest payable
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1,277 |
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|
1,706 |
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Accounts
payable and other liabilities
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2,938 |
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3,344 |
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Total
liabilities
|
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454,663 |
|
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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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- |
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- |
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Common
stock: $.01 Par Value, 8,000,000 shares authorized;
5,923,742
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issued;
5,790,111 and 5,798,942 outstanding at March 31, 2008
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and
September 30, 2007, respectively
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| |
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Additional
paid-in capital
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25,990 |
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26,082 |
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Treasury
stock 133,631 and 124,800 shares at March 31, 2008 and
|
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September
30, 2007, respectively
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(1,766 |
) |
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(1,740 |
) |
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Unearned
shares held by Employee Stock Ownership Plan
|
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(1,687 |
) |
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(1,845 |
) |
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Retained
earnings
|
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26,185 |
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25,717 |
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Accumulated
other comprehensive gain (loss), net
|
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(80 |
) |
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Total
stockholders' equity
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49,329 |
|
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48,193 |
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Total
liabilities and stockholders' equity
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$ |
503,992 |
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$ |
473,177 |
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The
accompanying notes are an integral part of these
statements.
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MAGYAR
BANCORP, INC. AND SUBSIDIARY
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Consolidated
Statements of Income
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(In
Thousands, Except Per Share Data)
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For
the Three Months
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For
the Six Months
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Ended
March 31,
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Ended
March 31,
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(Unaudited)
|
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Interest
and dividend income
|
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|
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Loans,
including fees
|
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$ |
6,537 |
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$ |
6,681 |
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$ |
13,462 |
|
|
$ |
13,197 |
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Investment
securities
|
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Taxable
|
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| |
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1,145 |
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Tax-exempt
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Federal
Home Loan Bank of New York stock
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