Magyar Bancorp (NASDAQ: MGYR) parent company of Magyar Bank, reported today the results of its operations for the three and six months ended March 31, 2020.
The Company reported net income of $305,000 for the three months ended March 31, 2020, compared with net income of $767,000 for the three months ended March 31, 2019. Net income for the six months ended March 31, 2020 was $858,000 compared with net income of $1.5 million for the six months ended March 31, 2019.
The net income per share was $0.05 for the three months ended March 31, 2020 compared to $0.13 for the three months ended March 31, 2019. Net income per share was $0.15 for the six months ended March 31, 2020 compared to $0.25 for the six months ended March 31, 2019.
“The Coronavirus pandemic has completely changed our world, and has significantly impacted our local economy in a very short period of time”, stated John Fitzgerald, President and CEO.
Mr. Fitzgerald continued, “Since the start of the crisis, Magyar Bank has been proactive in assisting our customers by offering loan deferrals to borrowers and actively participating in the Paycheck Protection Program to further assist small businesses. And while customer interaction is limited to drive-thru services only for the time being, our customers continue to have access to their accounts through our online and mobile banking services. The exact impact the pandemic will have on our economy is yet to be determined, but the Bank has increased its loan loss provisions this quarter in anticipation of recessionary conditions, and will closely monitor the situation moving forward.”
Mr. Fitzgerald added, “Throughout our nearly 100-year history, we’ve seen our share of challenging times. In each case the Bank, and our community, have come out stronger than ever, and I have no reason to doubt the same will be true this time around.”