Magyar: Declares Special Cash Dividend

The following excerpt is from the company's SEC filing.
; Magyar Bancorp, Inc. (NASDAQ: MGYR) announced that its Board of Directors has declared a special cash dividend of $0.08,
payable December 13, 2022 to shareholders of record on November 29, 2022.
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. Today, Magyar operates seven branch locations in New Brunswick, North
Brunswick , South Brunswick, Branchburg, Bridgewater and Edison (2). Please visit us online at
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 these loans.
In addition, the COVID-19 pandemic continues to have an adverse impact on the Company, its customers and the communities it serves. Given
its ongoing and dynamic nature, it is difficult to predict the full impact of the pandemic on the Company’s business. The extent
of such impact will depend on future developments, which are highly uncertain, including when the coronavirus can be controlled and abated
and the extent to which the economy can open and remain open. 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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