Magyar Bancorp, Inc. reported earnings results for the first quarter ended December 31, 2012. Net income increased $251,000 during the three-month period ended December 31, 2012 compared with the three-month period ended December 31, 2011 due to a $114, 000 increase in net interest and dividend income, an $82,000 increase in non-interest income, and a $251,000 decrease in non-interest expense. The company's net interest income increased $114,000 to $3.8 million for the quarter ended December 31, 2012 from $3.7 million for the quarter ended December 31, 2011. The company's net interest margin increased by 22 basis points to 3.29% for the quarter ended December 31, 2012 compared to 3.07% for the quarter ended December 31, 2011. Basic and diluted earnings per share were $0.05 for the three months ended December 31, 2012, compared with basic and diluted earnings per share of $0.01 for the three months ended December 31, 2011. Income before income tax benefit was $132,000 against $7,000 a year ago. The company's book value per share increased to $7.78 at December 31, 2012 from $7.75 at September 30, 2012. The increase was due to the Company's results from operations. Return on average assets was 0.22% against 0.02% a year ago. Return on average equity was 2.49% against 0.28% a year ago.

Net charge-offs were $205,000 for the three months ended December 31, 2012 compared to $334,000 for the three months ended December 31, 2011.