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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June
30,
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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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$ |
3,615 |
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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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3,802 |
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5,233 |
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Investment
securities - available for sale, at fair value
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50,619 |
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27,373 |
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Investment
securities - held to maturity, at amortized cost (fair value of
$10,168
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and
$17,957 at June 30, 2008 and September 30, 2007,
respectively)
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10,166 |
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18,116 |
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Federal
Home Loan Bank of New York stock, at cost
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4,067 |
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2,325 |
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Loans
receivable, net of allowance for loan losses of $4,377 and $3,754
at
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June
30, 2008 and September 30, 2007, respectively
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399,133 |
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381,614 |
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Bank
owned life insurance
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10,435 |
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10,120 |
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Accrued
interest receivable
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|
2,203 |
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|
2,521 |
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Premises
and equipment, net
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21,855 |
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22,302 |
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Other
real estate owned
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|
5,568 |
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|
2,238 |
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Other
assets
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2,208 |
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1,335 |
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Total
assets
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$ |
510,056 |
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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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$ |
362,586 |
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$ |
368,777 |
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Escrowed
funds
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|
1,339 |
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1,172 |
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Federal
Home Loan Bank of New York advances
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77,394 |
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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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| |
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1,706 |
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Accounts
payable and other liabilities
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3,718 |
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3,344 |
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Total
liabilities
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460,926 |
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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: $.01 Par Value, 8,000,000 shares authorized;
5,923,742
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issued;
5,771,741 and 5,798,942 outstanding at June 30, 2008
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and
September 30, 2007, respectively
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| |
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Additional
paid-in capital
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26,102 |
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26,082 |
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Treasury
stock: 152,001 and 124,800 shares at June 30, 2008 and
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September
30, 2007, respectively
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(1,949 |
) |
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(1,740 |
) |
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Unearned
shares held by Employee Stock Ownership Plan
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(1,619 |
) |
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(1,845 |
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Retained
earnings
|
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26,437 |
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25,717 |
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Accumulated
other comprehensive income (loss), net
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(80 |
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Total
stockholders' equity
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49,130 |
|
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48,193 |
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Total
liabilities and stockholders' equity
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$ |
510,056 |
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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 Nine Months
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Ended
June 30,
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Ended
June 30,
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(Unaudited)
|
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Interest
and dividend income
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Loans,
including fees
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$ |
6,251 |
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$ |
6,923 |
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$ |
19,713 |
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$ |
20,120 |
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Investment
securities
|
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Taxable
|
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1,805 |
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1,291 |
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Tax-exempt
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Federal
Home Loan Bank of New York stock
|
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