<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>press_042508.txt
<DESCRIPTION>PRESS RELEASE DATED APRIL 24, 2008, ANNOUNCING THE COMPANY'S RESULTS OF OPERATI
<TEXT>
Magyar Bancorp
400 Somerset St., New Brunswick, NJ 08901
732.342.7600

                MAGYAR BANCORP ANNOUNCES SECOND QUARTER EARNINGS

New  Brunswick,  New Jersey,  April 24, 2008 - Magyar  Bancorp  (NASDAQ:  MGYR),
parent  company of Magyar  Bank,  reported  today a net loss of $298,000 for the
three months  ended March 31,  2008,  compared to net income of $159,000 for the
three  months ended March 31, 2007.  The  Company's  net loss for the six months
ended March 31, 2008 was  $156,000,  compared to net income of $431,000  for the
six months ended March 31, 2007.

The Company  reported  basic and diluted losses per share of $0.05 for the three
months  ended March 31, 2008 and $0.03 for the six months  ended March 31, 2008.
For the three and six months  ended March 31, 2007,  basic and diluted  earnings
per share were $0.03 and $0.07, respectively. The Company's book value per share
increased to $8.52 at March 31, 2008 from $8.26 at March 31, 2007.

Net income  decreased  $457,000  during the three  months  ended  March 31, 2008
compared  with the prior year period due, in part,  to  reductions  of 250 basis
points in  short-term  interest  rates  during  the  Company's  first and second
quarter of 2008.  Declining  interest rates on variable-rate  loans caused asset
yields to fall at a quicker  pace than the  rates of the  Company's  sources  of
funding,  specifically  time  deposits.  Earnings  were also  affected by larger
provisions  for loan loss,  which were  $391,000  during the three  months ended
March 31, 2008 compared with $110,000 for the three months ended March 31, 2007.
Finally,  non-interest  expenses  increased to $3.7 million for the three months
ended March 31,  2008 from $3.4  million  for the three  months  ended March 31,
2007.  Operating  expenses  related to the  opening of a new branch  location in
February  2007 and expenses  associated  with the stock awards and stock options
granted in March 2007 accounted for the increase in non-interest expenses in the
current year period.

Total assets increased $30.8 million, or 6.5%, during the six months ended March
31, 2008.  Loans  receivable  increased  $14.7 million to $400.1  million.  Loan
growth occurred primarily in construction  loans, which increased $10.5 million,
or 10.8%,  and in commercial  loans,  which  increased  $7.0  million,  or 6.5%.
Investment securities increased $11.3 million, or 24.7%, to $56.7 million during
the six months ended March 31, 2008.

Total deposits decreased $6.8 million to $361.9 million and borrowings increased
$37.3 million to $87.3 million during the six months ended March 31, 2008.  Time
deposits  decreased  $7.2  million to $193.3  million  while  checking  balances
increased  $2.7  million,   reflecting  the  Company's  efforts  to  reduce  its
dependence on maturity deposits while increasing its lower-cost core deposits.

Net  interest  and  dividend  income for the three  months  ended March 31, 2008
increased  $25,000 to $3.5  million from $3.4 million for the three months ended
March 31, 2007.  The Bank's  interest rate spread and margin  decreased to 2.86%
and 3.12%,  respectively,  for the three-month  period ended March 31, 2008 from
3.04% and 3.36% for the three  months  ended  March 31,  2007.  The  decrease in

<PAGE>

spread and margin was  attributable  to the flattened  interest rate yield curve
during the majority of the past twelve months followed by the rapid reduction in
short-term  interest rates.  The yield on  interest-earning  assets decreased 57
basis  points to 6.47% for the three  months ended March 31, 2008 from 7.04% for
the prior year period, while the cost of interest-bearing  liabilities decreased
39 basis points to 3.61% from 4.00% during the same periods.

Non-performing  loans totaled $3.3 million at March 31, 2008, compared with $8.0
million at March 31, 2007.  During the three  months  ended March 31, 2008,  the
property  securing a $4.2 million loan made by the Bank to Solomon  Dwek,  whose
real  estate  holdings  were  forced  into  bankruptcy  in  February  2007,  was
foreclosed  on and taken into other real  estate  owned.  Including  real estate
acquisition  expenses,  the Bank wrote the value of real estate down $317,000 to
$4.0  million.  The Bank has  begun  improving  and  marketing  for sale all six
approved  lots  located in Rumson,  NJ. The  non-performing  loans  during  both
three-month  periods  also  included a $1.9  million  loan secured by a catering
facility. The Bank is in the process of foreclosure on the property securing the
loan;  the  foreclosure  is expected to occur during the quarter  ended June 30,
2008.

Other real  estate  owned  increased  $3.8  million  during the  quarter to $5.1
million at March 31,  2008.  Offsetting  an  increase  of $4.1  million  for the
properties  located in Rumson,  NJ was the sale of the tenth and final  property
located in Stafford Township, NJ in the amount of $325,000.  The Bank incurred a
loss of $37,000 on the sale of this property. All nine substantially vacant lots
located in Little Egg Harbor,  NJ from the Kara Homes, LLC foreclosure  remained
in other real estate owned at March 31, 2008.

At March 31, 2008,  no 1-4 family  residential  mortgage  loans were  considered
non-performing.  The Bank has not and does not intend to  originate  or purchase
sub-prime loans or option-ARM loans.

The Company  completed its first stock  repurchase of 130,927  shares during the
quarter ended  December 31, 2007. On November 16, 2007,  the Company's  Board of
Directors approved a second stock repurchase plan that allows for the repurchase
of an additional 5% of its outstanding  shares  (excluding shares held by Magyar
Bancorp,  MHC, the Company's mutual holding  company),  or up to 129,924 shares.
The Company  repurchased  23,400 shares pursuant to the second stock  repurchase
plan at March 31, 2008, reducing outstanding shares to 5,790,111.

About  Magyar  Bancorp
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 85 years with a complete
line of financial  products and  services.  Today,  Magyar  operates five branch
locations  throughout  Middlesex and Somerset  Counties  including New Brunswick
(2), North Brunswick, South Brunswick and Branchburg.  Please visit us online at
www.magbank.com.

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  Solomon  Dwek and real  estate  owned,  the
following:  risks  related to the  economic  environment  in the market areas in
which the Bank operates,
<PAGE>

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>
<S>                                                              <C>                 <C>                  <C>            <C>
                                                                     Three Months Ended                      Six Months Ended
                                                                          March 31,                               March 31,

                                                                    2008                2007                 2008           2007
                                                                 ----------          ----------           ----------     ----------
                                                                        (Unaudited)                             (Unaudited)
Income Statement Data:
----------------------
      Interest and dividend income                               $    7,173          $    7,204           $   14,787     $   14,204
      Interest expense                                                3,704               3,760                7,753          7,347
                                                                 ----------          ----------           ----------     ----------
      Net interest and dividend income                                3,469               3,444                7,034          6,857
      Provision for loan losses                                         391                 110                  614            277
                                                                 ----------          ----------           ----------     ----------
      Net interest and dividend income after
          provision for loan losses                                   3,078               3,334                6,420          6,580
      Non-interest income                                               321                 319                  661            652
      Non-interest expense                                            3,745               3,448                7,265          6,652
                                                                 ----------          ----------           ----------     ----------
      Income (loss) before income tax expense (benefit)                (346)                205                 (184)           580
      Income tax expense (benefit)                                      (48)                 46                  (28)           149
                                                                 ----------          ----------           ----------     ----------
      Net income (loss)                                          $     (298)         $      159           $     (156)    $      431
                                                                 ==========          ==========           ==========     ==========
Per Share Data:
---------------
      Basic earnings (loss) per share                            $    (0.05)         $     0.03           $    (0.03)    $     0.07
      Diluted earnings (loss) per share                          $    (0.05)         $     0.03           $    (0.03)    $     0.07
      Book value per share                                       $     8.52          $     8.26           $     8.52     $     8.26

Selected Ratios:
----------------
      Return on average assets                                       -0.24%               0.14%               -0.06%          0.19%
      Return on average equity                                       -2.41%               1.31%               -0.64%          1.78%
      Net interest margin                                             3.12%               3.36%                3.18%          3.37%

</TABLE>
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<TABLE>
<CAPTION>
<S>                                                                <C>                         <C>

                                                                                 At or For the Period Ended
                                                                     March 31, 2008              September 30, 2007
                                                                   ------------------          ----------------------
                                                                       (Unaudited)
Balance Sheet Data:
-------------------
      Assets                                                       $          503,992          $              473,177
      Loans receivable                                                        400,073                         385,368
      Allowance for loan losses                                                 4,064                           3,754
      Investment securities - available for sale, at fair value                45,944                          27,373
      Investment securities - held to maturity, at cost                        10,801                          18,116
      Deposits                                                                361,928                         368,777
      Borrowings                                                               87,263                          49,985
      Shareholders' Equity                                                     49,329                          48,193

Asset Quality Data:
-------------------
      Non-performing loans                                          $           3,333          $                8,033
      REO property                                                              5,101                           2,238
      Allowance for loan losses to non-performing loans                        121.94%                          46.73%
      Allowance for loan losses to total loans receivable                        1.02%                           0.97%
      Non-performing loans to total loans receivable                             0.83%                           2.08%
      Non-performing assets to total assets                                      1.67%                           2.17%
      Non-performing assets to total equity                                     17.10%                          21.31%


</TABLE>





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