MAGYAR BANCORP, INC ANNOUNCES FISCAL FOURTH QUARTER AND FISCAL YEAR END FINANCIAL RESULTS.

NEW BRUNSWICK, N.J: Magyar Bancorp (NASDAQ: MGYR) (the "Company"), parent company of Magyar Bank, reported today the results of its operations for the three months and fiscal year ended September 30, 2022.

The Company reported a 51% increase in its net income for the three months ended September 30, 2022, to $2,430,000 compared with net income of $1,610,000 for the three months ended September 30, 2021. The Company also reported net income of $7,919,000 for the year ended September 30, 2022 compared with $6,120,000 for the year ended September 30, 2021.

The Company's basic and diluted earnings per share were $0.36 and $1.17 for the three and twelve months ended September 30, 2022, compared with basic and diluted earnings per share for the three months and twelve months ended September 30, 2021 of $0.23 and $1.01, respectively.

"We are very pleased to report record earnings for the second consecutive year," stated John...