Magyar Bancorp (MGYR) Reports Q3 EPS of $0.04

Magyar Bancorp (NASDAQ: MGYR) reported Q3 EPS of $0.04, versus $0.03 reported last year.

"We continued our strong momentum in the third quarter with increased earnings, and further improvement of our balance sheet," stated John Fitzgerald, President and Chief Executive Officer. "Net income increased 50% for the nine months ended June 30, 2015 compared to the same period last year. In addition, in the first nine months of our fiscal year, we have reduced our level of non-performing assets by 11%."

Mr. Fitzgerald added, "During the first nine months of our fiscal year, we sold sixteen Other Real Estate Owned (OREO) properties totaling $4.8 million. Currently, we have contracts on seven additional properties totaling $1.6 million that are held as OREO, and we anticipate these to close before our fiscal year end. We continue to see strong interest in properties held in OREO, and are negotiating contracts on several additional properties."

"We expect these positive trends to continue in our final quarter of the year, which should lead to further improvement in the Bank's profitability and balance sheet."

For earnings history and earnings-related data on Magyar Bancorp (MGYR) click here.

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