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MAGYAR BANCORP, INC. ANNOUNCES STOCK REPURCHASE PROGRAM

1. MGYR completed a stock repurchase of 337,146 shares. 2. The company announced a new repurchase program for up to 323,547 shares. 3. Repurchased shares will be held as treasury stock. 4. Timing of future buys depends on market conditions and liquidity. 5. Magyar Bancorp continues to serve its New Jersey community since 1922.

Shares Buyback
-1.61%Current Return
VS
-0.68%S&P 500
$15.4805/22 06:01 PM EDTEvent Start
$15.230605/24 12:16 AM EDTLatest Updated
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FAQ

Why Bullish?

The completion of the stock repurchase signals confidence in MGYR’s financial health, akin to past successful buybacks enhancing shareholder value.

How important is it?

The article directly discusses stock repurchase strategies, indicating strong management confidence and potential for improved stock performance.

Why Short Term?

Investor sentiment may react quickly to the news, similar to past buyback announcements that resulted in immediate positive price movements.

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BANKBANCWFCJPMC
, /PRNewswire/ -- Magyar Bancorp, Inc. (NASDAQ: MGYR) announced today it has completed the stock repurchase program authorized December 8, 2022, repurchasing 337,146 shares at an average price of $12.23, and that its Board of Directors has authorized an additional stock repurchase program pursuant to which the Company intends to repurchase up to 5% of its outstanding shares, or up to 323,547 shares.  The timing of the repurchases will depend on certain factors, including but not limited to, market conditions and prices, the Company's liquidity requirements and alternative uses of capital. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes.  About Magyar Bancorp Magyar Bancorp is the parent company of Magyar Bank, a community bank headquartered in New Brunswick, New Jersey. Magyar Bank has been serving families and businesses in Central New Jersey since 1922 with a complete line of financial products and services. Please visit us online at www.magbank.com. Forward Looking Statements This press release contains statements about future events that constitute forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  Such forward-looking statements may be identified by reference to a future period or periods, or by the use of forward- looking terminology, such as "may," "will," "believe," "expect," or similar terms or variations on those terms, or the negative of those terms.  Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those risks previously disclosed in the Company's filings with the SEC, general economic conditions, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, and market acceptance of the Company's pricing, products and services, and with respect to the loans extended by the Bank and real estate owned, the following: risks related to the economic environment in the market areas in which the Bank operates, particularly with respect to the real estate market in New Jersey; the risk that the value of the real estate securing these loans may decline in value; and the risk that significant expense may be incurred by the Company in connection with the resolution of non-performing loans. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. SOURCE Magyar Bancorp WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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