<SEC-DOCUMENT>0000943374-24-000061.txt : 20240314
<SEC-HEADER>0000943374-24-000061.hdr.sgml : 20240314
<ACCEPTANCE-DATETIME>20240212101822
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000943374-24-000061
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240212

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Magyar Bancorp, Inc.
		CENTRAL INDEX KEY:			0001337068
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				204154978
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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    <div style="text-align: center;">Magyar Bancorp, Inc.</div>
    <div style="text-align: center;">400 Somerset Street</div>
    <div style="text-align: center;">New Brunswick, NJ 08901</div>
    <div><br>
    </div>
    <div style="text-align: right; font-family: 'Times New Roman',Times,serif;">February 12, 2024</div>
    <div><br>
    </div>
    <div>Division of Corporation Finance</div>
    <div>U.S. Securities &amp; Exchange Commission</div>
    <div>100 F Street, NE</div>
    <div>Washington, D.C. 20549</div>
    <div>Attention: Catherine Garrett</div>
    <div><br>
    </div>
    <div>Re:<font class="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Comment letter dated February 2, 2024</div>
    <div><br>
    </div>
    <div>Dear Ms. Garrett:</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">Please accept this written response to your comment letter dated February 2, 2024 regarding your review of our Form 10-K for the fiscal
      year ended September 30, 2023 (File No. 000-51726).</div>
    <div><br>
    </div>
    <div><u>Management&#8217;s Discussion &amp; Analysis- Loans Receivable, page 36</u></div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">We agree in future Form 10-K filings to further disaggregate the composition of our CRE loan portfolio by separately presenting owner and
      non-owner occupied, by borrower type, geographic concentrations and other characteristics that management believes is material to an investor&#8217;s understanding of our CRE loan portfolio.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">With regard to specific details of risk management policies, procedures, or other actions undertaken by management in response to the
      current environment, we will enhance our disclosure narrative to include the additional reporting used to monitor our CRE portfolio. As environmental circumstances change that require additional risk management policies and/or procedures, we will
      further enhance our disclosure accordingly.</div>
    <div><br>
    </div>
    <div><u>Summary of Significant Accounting Policies, page 61</u></div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">The disclosure under Note B- Summary of Significant Accounting Policies #15 will be revised to state &#8220;The Company also engages in the use
      of derivative financial instruments. See Note P &#8211; &#8220;Financial Instruments with Off-Balance Sheet Risk&#8221;.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">Thank you for your review and comments of our Form 10-K. We trust this response satisfies the comments noted in your letter to us dated
      February 2, 2024.</div>
    <div><br>
    </div>
    <div>Sincerely,</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>/s/ Jon Ansari<br>
    </div>
    <div>Jon Ansari</div>
    <div>Executive Vice President &amp;</div>
    <div>Chief Financial Officer</div>
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