Magyar Bancorp : 2023 Annual Shareholder Meeting Presentation
February 16, 2023 at 09:49 am EST
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2023 Annual Shareholders
Meeting
February 16, 2023
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Forward Looking Statements
This presentation 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 those risk-factors previously disclosed in the Company's filings with the SEC, and the following: 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 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. In addition, the COVID-19 pandemic has had and continues to have an adverse impact on the economy locally and nationally and may continue to adversely affect the Company's business.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.
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Magyar Bancorp, Inc. Overview
Magyar Bank, a New Jersey chartered savings bank originally founded in 1922, is the wholly owned subsidiary of Magyar Bancorp, Inc.
Magyar Bancorp, Inc., trades on NASDAQ under the symbol MGYR.
As of December 31, 2022, we had $822 million in total assets, $666 million in net loans, $676 million in deposits and $100 million in stockholders' equity.
Magyar Bank conducts its business from its main office in New Brunswick and six additional branch offices located in North Brunswick, South Brunswick, Branchburg, Bridgewater, and two in Edison, New Jersey.
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Magyar Bank Branch Locations
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Deposits by Branch
Dollars in Millions
350
300
250
200
150
100
50
0
$299
$235
$130 $126
$108 $94
$46 $45
$29 $27
$46
$36
$48 $37
New Brunswick - South Brunswick North Brunswick
Branchburg
Bridgewater
North Edison
Edison - Tano
HQ
Mall
Total Deposits - 12/31/21
Total Deposits - 12/31/22
Totals exclude brokered deposits.
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Magyar Bancorp Inc. published this content on 15 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 February 2023 14:48:06 UTC.
Magyar Bancorp, Inc. is a bank holding company of Magyar Bank (the Bank). It acts as an independent, community, financial services provider, and offers traditional banking and related financial services to individual, business, and government customers. It offers commercial and retail financial services, including the taking of time, savings, and demand deposits; the making of commercial, consumer and home equity loans; and the provision of other financial services. The Bank invests its deposits, together with funds generated from operations and wholesale funding, in residential mortgage loans, home equity loans, home equity lines of credit, commercial real estate loans, commercial business loans, small business administration (SBA) loans, construction loans and investment securities. It originates consumer loans, which consist primarily of secured demand loans. Its primary sources of funds are deposits, borrowings and principal and interest payments on loans and securities.