Magyar Bancorp Inc. (MGYR, Financial) filed Quarterly Report for the period ended 2012-06-30.
Magyar Bancorp, Inc. has a market cap of $24.1 million; its shares were traded at around $4.15 with a P/E ratio of 138.3 and P/S ratio of 1.
Interest and Dividend Income. Interest and dividend income decreased $437,000, or 7.8%, to $5.2 million for the three months ended June 30, 2012 from $5.6 million for the three months ended June 30, 2011. The decrease was attributable to a $6.1 million, or 1.3%, decrease in the average balance of interest-earning assets and a 31 basis point decrease in the yield on such assets to 4.43% for the quarter ended June 30, 2012 compared with the prior year period. The average balance of interest-bearing liabilities decreased $18.9 million, or 4.3%, between the two periods, while the cost on such liabilities fell 27 basis points to 1.38% for the quarter ended June 30, 2012 compared with the prior year period.
Other Income. Non-interest income increased $146,000, or 46.1%, to $463,000 during the three months ended June 30, 2012 compared to $317,000 for the three months ended June 30, 2011. The increase was attributable to a decrease in losses on the sales of OREO. The Company recorded gains totaling $138,000 from the sale of investment securities during the three months ended June 30, 2012, which increased $99,000 from the prior year period. In addition, losses from the sale of OREO decreased $97,000 to $34,000 for the three months ended June 30, 2012 from $131,000 for the three months ended June 30, 2011.
Interest and Dividend Income. Interest and dividend income decreased $1.2 million, or 7.2%, to $15.7 million for the nine months ended June 30, 2012 from $16.9 million for the nine months ended June 30, 2011. The average balance of interest-earning assets decreased $9.2 million, or 1.9%, while the yield on assets decreased 26 basis points to 4.45% for the nine months ended June 30, 2012 compared with the prior year period.
Other Income. Non-interest income increased $160,000, or 12.2%, to $1.5 million for the nine months ended June 30, 2012 compared to $1.3 million for the nine months ended June 30, 2011. The increase was attributable to higher net gains on the sales of assets, offset by lower service charges. Gains on the sale of available-for-sale investment securities increased $212,000 to $286,000 for the nine months ended June 30, 2012 from $74,000 for the nine months ended June 30, 2011. The Company recorded a loss of $153,000 for other real estate owned for the nine months ended June 30, 2012, which decreased $270,000 from a loss of $423,000 for the nine months ended June 30, 2011. Partially offsetting the higher net gains were lower gains from the sales of loans, which decreased $234,000 to $260,000 for the nine months ended June 30, 2012 compared with $494,000 for the nine months ended June 30, 2011. Service charges decreased $76,000 due to lower loan prepayment penalties received during the nine months ended June 30, 2012 compared with the prior year period.
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Magyar Bancorp, Inc. has a market cap of $24.1 million; its shares were traded at around $4.15 with a P/E ratio of 138.3 and P/S ratio of 1.
Highlight of Business Operations:
Net Interest and Dividend Income. Net interest and dividend income declined $69,000 to $3.7 million due to contraction in earning assets of the balance sheet. The net interest margin decreased by 2 basis points to 3.19% for the quarter ended June 30, 2012 compared to 3.21% for the quarter ended June 30, 2011. The yield on interest-earning assets fell 31 basis points to 4.43% for the three months ended June 30, 2012 from 4.74% for the three months ended June 30, 2011 primarily due to the lower interest rate environment. The cost of interest-bearing liabilities fell 27 basis points to 1.38% for the three months ended June 30, 2012 from 1.65% for the three months ended June 30, 2011. The decrease in the cost of interest-bearing liabilities was attributable to the lower rate environment and a more favorable funding composition comprised of a larger percentage of lower-cost deposit account balances.Interest and Dividend Income. Interest and dividend income decreased $437,000, or 7.8%, to $5.2 million for the three months ended June 30, 2012 from $5.6 million for the three months ended June 30, 2011. The decrease was attributable to a $6.1 million, or 1.3%, decrease in the average balance of interest-earning assets and a 31 basis point decrease in the yield on such assets to 4.43% for the quarter ended June 30, 2012 compared with the prior year period. The average balance of interest-bearing liabilities decreased $18.9 million, or 4.3%, between the two periods, while the cost on such liabilities fell 27 basis points to 1.38% for the quarter ended June 30, 2012 compared with the prior year period.
Other Income. Non-interest income increased $146,000, or 46.1%, to $463,000 during the three months ended June 30, 2012 compared to $317,000 for the three months ended June 30, 2011. The increase was attributable to a decrease in losses on the sales of OREO. The Company recorded gains totaling $138,000 from the sale of investment securities during the three months ended June 30, 2012, which increased $99,000 from the prior year period. In addition, losses from the sale of OREO decreased $97,000 to $34,000 for the three months ended June 30, 2012 from $131,000 for the three months ended June 30, 2011.
Interest and Dividend Income. Interest and dividend income decreased $1.2 million, or 7.2%, to $15.7 million for the nine months ended June 30, 2012 from $16.9 million for the nine months ended June 30, 2011. The average balance of interest-earning assets decreased $9.2 million, or 1.9%, while the yield on assets decreased 26 basis points to 4.45% for the nine months ended June 30, 2012 compared with the prior year period.
Other Income. Non-interest income increased $160,000, or 12.2%, to $1.5 million for the nine months ended June 30, 2012 compared to $1.3 million for the nine months ended June 30, 2011. The increase was attributable to higher net gains on the sales of assets, offset by lower service charges. Gains on the sale of available-for-sale investment securities increased $212,000 to $286,000 for the nine months ended June 30, 2012 from $74,000 for the nine months ended June 30, 2011. The Company recorded a loss of $153,000 for other real estate owned for the nine months ended June 30, 2012, which decreased $270,000 from a loss of $423,000 for the nine months ended June 30, 2011. Partially offsetting the higher net gains were lower gains from the sales of loans, which decreased $234,000 to $260,000 for the nine months ended June 30, 2012 compared with $494,000 for the nine months ended June 30, 2011. Service charges decreased $76,000 due to lower loan prepayment penalties received during the nine months ended June 30, 2012 compared with the prior year period.
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