Magyar Bancorp, Inc. Completes Stock Repurchase and Initiates New Program

On May 22, 2025, Magyar Bancorp, Inc. (NASDAQ: MGYR) made headlines by announcing the successful completion of its stock repurchase program initially authorized on December 8, 2022. The company repurchased a total of 337,146 shares at an average price of $12.23. This strategic decision reflects the bank's commitment to enhancing shareholder value.

In tandem with this announcement, the Board of Directors has greenlit an additional stock repurchase program. This new initiative will allow Magyar Bancorp to buy back up to 5% of its outstanding shares, equating to approximately 323,547 shares. The timing of these repurchases is contingent on several factors including market conditions, the bank's liquidity requirements, and alternative uses of capital.

Any shares repurchased under this program will be held in treasury and will be available for general corporate purposes, allowing for future flexibility in managing the bank’s capital structure.

About Magyar Bancorp

Magyar Bancorp is the parent company of Magyar Bank, a well-regarded community bank that has been serving the families and businesses of Central New Jersey since 1922. Headquartered in New Brunswick, New Jersey, Magyar Bank offers a comprehensive suite of financial products and services aimed at meeting the diverse needs of its customers. Their focus on community and commitment to customer service have solidified their standing as a trusted banking partner in the region.

The company encourages interested individuals to learn more about their services and operations by visiting www.magbank.com.

As forward-looking statements permeate their announcements, Magyar Bancorp has highlighted the inherent risks and uncertainties involved with such predictions about future events. These risks could be influenced by factors like economic conditions, interest rate fluctuations, regulatory changes, technological advancements, competition, and market acceptance of their products and services. The bank has cautioned investors not to overly rely on these forward-looking statements, which are relevant only at the time they are made.

The focus on stock repurchase is increasingly common among financial institutions as they seek to manage their capital more effectively and provide returns to their shareholders amid fluctuating market dynamics. As we continue to monitor stock market movements and corporate financial strategies, the actions taken by Magyar Bancorp will undoubtedly shape its future trajectory.

Investors and market watchers will find it crucial to keep an eye on how these developments in the stock repurchase program will potentially enhance shareholder value and affect the company’s overall financial health in upcoming quarters. As always, employing a balanced approach to investment in banking and financial entities requires attention to both current performance metrics and future potential forecasts amid prevailing risks.