Magyar Bancorp Inc (MGYR)

About

Magyar Bancorp, Inc. is the mid-tier stock holding company of Magyar Bank (the Bank) focused on attracting deposits. The Bank is owned by Magyar Bancorp, Inc., is a chartered savings bank. Its principal business consists of attracting retail deposits from the public in the areas surrounding its office in New Brunswick, New Jersey and its branch offices located in Middlesex and Somerset Counties; New Jersey and investing those 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, construction loans and investment securities. The Company’s primary sources of funds are deposits, borrowings and principal and interest payments on loans and securities. The Company’s investment securities consist primarily of mortgage-backed securities and United States Government and government-sponsored enterprise obligations.