The following excerpt is from the company's SEC filing.
– July 21,
2022; Magyar Bancorp, Inc. (NASDAQ: MGYR) announced today that its Board of Directors has authorized a stock repurchase program pursuant
to which the Company intends to repurchase up to 5% of its outstanding shares, or up to 354,891 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.
John Fitzgerald, President and Chief Executive Officer
of the Company, stated “We are pleased to announce the repurchase program. We believe our common stock is an attractive value at
current trading prices and we believe the deployment of some of the Company’s capital into this investment is warranted.”
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. Magyar operates seven branch locations in New Brunswick, North Brunswick,
South Brunswick, Branchburg, Bridgewater, and Edison (2). 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.
Contact: John Reissner, 732.214.2083
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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