United States securities and exchange commission logo
February 2, 2024
Jon R. Ansari
Chief Financial Officer
Magyar Bancorp, Inc.
400 Somerset Street
New Brunswick, NJ 08901
Re: Magyar Bancorp,
Inc.
Form 10-K for
Fiscal Year Ended September 30, 2023
File No. 000-51726
Dear Jon R. Ansari:
We have limited our review of your filing to the financial
statements and related
disclosures and have the following comments.
Please respond to this letter within ten business days by
providing the requested
information or advise us as soon as possible when you will respond. If
you do not believe a
comment applies to your facts and circumstances, please tell us why in
your response.
After reviewing your
response to this letter, we may have additional comments.
Form 10-K for Fiscal Year Ended September 30, 2023
Management's Discussion and Analysis of Financial Condition and Results
of Operations
Loans Receivable, page 36
1. We note your disclosure
on page 36 that commercial real estate ( CRE ) loans comprise
55.8% of your total
loan portfolio as of September 30, 2023. Given the significance of
CRE loans in your total
loan portfolio, please revise your disclosure, in future filings, to
further disaggregate
the composition of your CRE loan portfolio by separately presenting
by owner and non-owner
occupied, borrower type (e.g., by office, hotel, multifamily,
etc.), geographic
concentrations, and other characteristics (e.g., current weighted average
and/or range of
loan-to-value ratios, occupancy rates, etc.) material to an investor s
understanding of your
CRE loan portfolio. In addition, please revise future filings to
describe the specific
details of any risk management policies, procedures, or other actions
undertaken by
management in response to the current environment.
Jon R. Ansari
FirstName LastNameJon
Magyar Bancorp, Inc. R. Ansari
Comapany2,NameMagyar
February 2024 Bancorp, Inc.
February
Page 2 2, 2024 Page 2
FirstName LastName
Notes to Consolidated Financial Statements
Note B Summary of Significant Accounting Policies
15. Off-Balance Sheet Credit Related Financial Instruments, page 61
2. We note your disclosure on page 61 that the Company does not engage in
the use of
derivative financial instruments. However, we also note your
disclosure on pages 83-84
that you were a party to interest rate derivatives during the fiscal
years presented and also
note tabular information about your use of derivatives. Please revise
future filings to
remove inconsistent disclosures and clarify your use of derivatives on
page 61.
In closing, we remind you that the company and its management are
responsible for the
accuracy and adequacy of their disclosures, notwithstanding any review,
comments, action or
absence of action by the staff.
Please contact Katharine Garrett at 202-551-2332 or William Schroeder at
202-551-3294
with any questions.
Sincerely,
Division of
Corporation Finance
Office of
Finance