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<SEC-DOCUMENT>0000943374-07-000126.txt : 20070129
<SEC-HEADER>0000943374-07-000126.hdr.sgml : 20070129
<ACCEPTANCE-DATETIME>20070129170715
ACCESSION NUMBER:		0000943374-07-000126
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070126
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070129
DATE AS OF CHANGE:		20070129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Magyar Bancorp, Inc.
		CENTRAL INDEX KEY:			0001337068
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51726
		FILM NUMBER:		07561818

	BUSINESS ADDRESS:	
		STREET 1:		400 SOMERSET STREET
		CITY:			NEW BRUNSWICK
		STATE:			NJ
		ZIP:			08901
		BUSINESS PHONE:		732-249-2438

	MAIL ADDRESS:	
		STREET 1:		400 SOMERSET STREET
		CITY:			NEW BRUNSWICK
		STATE:			NJ
		ZIP:			08901
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k_earn-12907.txt
<TEXT>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                       PURSUANT TO SECTION 13 OR 15(D) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

       Date of Report (Date of earliest event reported): January 26, 2007

                              MAGYAR BANCORP, INC.
                              --------------------
               (Exact Name of Registrant as Specified in Charter)

            Delaware                     0-51726                 20-4154978
- -----------------------------       ----------------       -------------------
(State or Other Jurisdiction)    (Commission File No.)       (I.R.S. Employer
      of Incorporation)                                      Identification No.)


400 Somerset Street, New Brunswick, New Jersey                    08901
- ----------------------------------------------                 -----------
(Address of Principal Executive Offices)                       (Zip Code)

Registrant's telephone number, including area code:  (732) 342-7600
                                                     --------------



                                 Not Applicable
                                 --------------
          (Former name or former address, if changed since last report)


Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[  ]  Written communications pursuant to Rule 425 under the Securities Act
      (17 CFR 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
      (17 CFR 240.14a-12)

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))


<PAGE>



Item 2.02   Results of Operations and Financial Condition
            ---------------------------------------------

     On January 26, 2007,  Magyar Bancorp,  Inc. (the "Company")  issued a press
release  regarding its results of operations and financial  condition at and for
the three months  ended  December  31,  2006.  The text of the press  release is
included as Exhibit 99.1 to this report.  The information  included in the press
release text is considered to be "furnished"  under the Securities  Exchange Act
of 1934. The Company will include financial  statements and additional  analyses
at and for the three months ended December 31, 2006, as part of its Form 10-QSB.

Item 9.01   Financial Statements and Exhibits
            ---------------------------------

(a)         Financial Statements of businesses acquired. Not Applicable.

(b)         Pro forma financial information. Not Applicable.

(c)         Shell Company Transactions. Not Applicable

(d)         Exhibits.

            The following Exhibit is attached as part of this report:


            99.1     Press release dated January 26, 2007, announcing the
                     Company's results of operations and financial
                     condition at and for the three months ended December
                     31, 2006.







<PAGE>


                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, hereunto duly authorized.

                                       MAGYAR BANCORP, INC.



DATE: January 29, 2007                By: /s/ Elizabeth E. Hance
                                           ------------------------------------
                                           Elizabeth E. Hance
                                           President and Chief Executive Officer




<PAGE>


                                  EXHIBIT INDEX

         Exhibit No.                   Description
         -----------                   -----------

          99.1                         Press  release dated  January  26,  2007,
                                       announcing  the  Company's  results of
                                       operations and financial condition at and
                                       for the three months ended December 31,
                                       2006.



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>form8k_pr-12907.txt
<DESCRIPTION>PRESS RELEASE
<TEXT>
400 Somerset St., New Brunswick, NJ 08901
732.342.7600

                 MAGYAR BANCORP ANNOUNCES FIRST QUARTER EARNINGS

New Brunswick,  New Jersey,  January 26, 2007 - Magyar Bancorp  (NASDAQ:  MGYR),
parent company of Magyar Bank, announced today its results of operations for the
three months ended  December 31, 2006.  The  Company's  net income for the three
months ended  December 31, 2006 was  $272,000,  an increase of $106,000 or 63.8%
from the same period in 2005.  For the three  months  ended  December  31, 2006,
basic and diluted earnings per share was $.05.

For the three months ended December 31, 2006,  net interest and dividend  income
increased  $565,000,  or 19.8%,  over the same period last year. At December 31,
2006,  Magyar Bancorp had total assets of $449.1  million,  an increase of $14.9
million,  or 3.4%,  from September 30, 2006.  Loans  receivable  increased $17.4
million, or 5.0%, to $369.3 million.

Non-performing  loans  decreased  to $7.3 million at December 31, 2006 from $7.4
million at  September  30,  2006.  Total  non-performing  loans for both periods
include  $5.1  million in loans to builder  Kara  Homes,  LLC.  These  loans are
secured by real estate and were not accrued for during the three  months  ending
December  31,  2006.  $5.0 million of loans made by the Bank to Solomon Dwek are
currently performing.

The  provision  for loan losses  totaled  $167,000  for the three  months  ended
December 31, 2006 compared with $120,000 for the three months ended December 31,
2005.  The  increase in the  provision  reflected  the higher  balances of loans
receivable as well as management's analysis of the inherent risk within the loan
portfolio.  The Bank's  allowance for loan loss  increased to $4.1  million,  or
1.10% of loans,  at December 31, 2006 from $3.9 million,  or 1.11% of loans,  at
September 30, 2006.

Total deposits  increased $16.7 million,  or 5.1%, to $342.3 million at December
31, 2006 from $325.6 million at September 30, 2006.

"Magyar's growth strategy  continues to produce strong results,  particularly in
our deposit  base," stated  Elizabeth E. Hance,  President  and Chief  Executive
Officer of Magyar  Bancorp.  "Our Branchburg  office,  which opened in September
2006, had over $7.0 million in deposits at the end of our first quarter,  and we
look forward to opening our next office inside the Child Health Institute in New
Brunswick."

Magyar  Bancorp  common  stock is traded on the NASDAQ  Global  Market under the
symbol "MGYR."

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 for over 80 years with a complete
line of  financial  products and  services,  and today  Magyar  operates  branch
locations in New Brunswick,  North  Brunswick,  South  Brunswick and Branchburg.
Visit Magyar online at www.magbank.com.


<PAGE>


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 to Kara Homes and Solomon Dwek,  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.  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


<PAGE>

                       MAGYAR BANCORP, INC. AND SUBSIDIARY
                             Selected Financial Data
                  (Dollars in Thousands, Except Per Share Data)

<TABLE>
<CAPTION>

                                                                       Three Months Ended
                                                                          December 31,
                                                                     2006             2005
                                                                    ------           ------
                                                                          (Unaudited)
<S>                                                                 <C>              <C>
Income Statement Data:
       Interest and dividend income                                 $ 7,001          $ 5,118
       Interest expense                                               3,588            2,270
                                                                    -------          -------
       Net interest and dividend income                               3,413            2,848
       Provision for loan losses                                        167              120
                                                                    -------          -------
       Net interest and dividend income after
            provision for loan losses                                 3,246            2,728
       Non-interest income                                              333              235
       Non-interest expense                                           3,205            2,715
                                                                    -------          -------
       Income before income tax                                         374              248
       Income tax expense                                               102               82
                                                                    -------          -------
       Net income                                                   $   272          $   166
                                                                    =======          =======

Per Share Data:
       Basic earnings per share (1)                                 $  0.05             N/A
       Book value per share (1)                                     $  8.20             N/A

Selected Ratios:
       Return on average assets                                        0.24%            0.18%
       Return on average equity                                        2.24%            2.67%
       Net interest margin                                             3.32%            3.41%
                                                                    -------------------------
       (1) Per share data for the three months ended December 31, 2005 are not
           presented since the Company did not have publicly held shares
           outstanding during this period.
</TABLE>

<TABLE>
<CAPTION>

                                                                           At or For the Period Ended
                                                                    December 31, 2006        September 30, 2006
                                                                    -----------------        ------------------
                                                                      (Unaudited)
<S>                                                                   <C>                     <C>
Balance Sheet Data:
       Assets                                                         $ 449,109               $  434,204
       Loans receivable                                                 369,305                  351,861
       Allowance for loan losses                                          4,059                    3,892
       Investment securities - available for sale, at fair value         17,336                   18,169
       Investment securities - held to maturity, at cost                 22,790                   23,895
       Deposits                                                         342,318                  325,602
       Borrowings                                                        51,124                   52,996
       Shareholders' Equity                                              48,562                   48,212

Asset Quality Data:
       Non-performing loans                                             $ 7,306                  $ 7,400
       REO property                                                           -                        -
       Allowance for loan losses to total loans receivable                 1.10%                    1.11%
       Non-performing loans to total loans receivable                      1.98%                    2.10%
       Allowance for loan losses to non-performing loans                  55.56%                   52.59%
</TABLE>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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