What changed in this filing

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Item 9A. Controls and Procedures

2021-12-20 compared with 2020-12-18 · 108 added, 105 removed, 41 unchanged (84% of the section changed)

Controls and Procedures

Disclosure Controls and

Under the supervision

and with the participation of our management, including our Principal Executive Officer and Principal Financial Officer, we evaluated

the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the

Securities Exchange Act of 1934) as of the end of the period covered by this report.

Based upon that evaluation, the Principal

Executive Officer and Principal Financial Officer concluded that, as of the end of the period covered by this report, our disclosure

controls and procedures were effective.

Changes in Internal Control

over Financial Reporting

There has been no change

in Magyar Bancorp, Inc.'s internal control over financial reporting during Magyar Bancorp, Inc.'s fourth quarter of fiscal year

2020 that has materially affected, or is reasonably likely to materially affect, Magyar Bancorp, Inc.'s internal control over financial

Report by Management on

Internal Control over Financial Reporting

The management of Magyar

Bancorp, Inc.

Controls and Procedures

Under the supervision and with

the participation of our management, including our Principal Executive Officer and Principal Financial Officer, we evaluated the effectiveness

of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act

of 1934) as of the end of the period covered by this report.

Based upon that evaluation, the Principal Executive Officer and Principal

Financial Officer concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective.

in Internal Control over Financial Reporting

There has been no change in Magyar

Bancorp, Inc.'s internal control over financial reporting during Magyar Bancorp, Inc.'s fourth quarter of fiscal year 2021 that has materially

affected, or is reasonably likely to materially affect, Magyar Bancorp, Inc.'s internal control over financial reporting.

by Management on Internal Control over Financial Reporting

The management of Magyar Bancorp,

is responsible for establishing and maintaining adequate internal control over financial reporting.

Magyar Bancorp

Inc.'s internal control system was designed to provide reasonable assurance to the Magyar Bancorp, Inc.'s management and board

of directors regarding the preparation and fair presentation of published financial statements.

All internal control

systems, no matter how well designed, have inherent limitations.

Therefore, even those systems determined to be effective can provide

only reasonable assurance with respect to financial statement preparation and presentation.

Magyar Bancorp, Inc.'s

management assessed the effectiveness of the Company's internal control over financial reporting as of September 30, 2020.

this assessment, it used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO)

2013 in Internal Control-Integrated Framework.

Based on our assessment, we believe that, as of September 30, 2020, the Company's

internal control over financial reporting was effective based on those criteria.

The Annual Report on

Form 10-K does not include an attestation report of the Company's registered public accounting firm regarding internal control

over financial reporting.

Management's report was not subject to attestation by the Company's registered public accounting firm

pursuant to exemption rules of the Securities and Exchange Commission that permit the Company to provide only management's report

in this annual report.

Magyar Bancorp Inc.'s internal

control system was designed to provide reasonable assurance to the Magyar Bancorp, Inc.'s management and board of directors regarding

the preparation and fair presentation of published financial statements.

All internal control systems,

no matter how well designed, have inherent limitations.

Therefore, even those systems determined to be effective can provide only reasonable

assurance with respect to financial statement preparation and presentation.

Magyar Bancorp, Inc.'s management

assessed the effectiveness of the Company's internal control over financial reporting as of September 30, 2021.

In making this assessment,

it used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) 2013 in Internal Control-Integrated

Based on our assessment, we believe that, as of September 30, 2021, the Company's internal control over financial reporting

was effective based on those criteria.

The Annual Report on Form 10-K

does not include an attestation report of the Company's registered public accounting firm regarding internal control over financial reporting.

Management's report was not subject to attestation by the Company's registered public accounting firm pursuant to exemption rules of the

Securities and Exchange Commission that permit the Company to provide only management's report in this annual report.

Other Information

Directors, Executive Officers, and Corporate Governance

Directors, Executive Officers, and Corporate

Magyar Bancorp, Inc.

adopted a Code of Ethics that applies to Magyar Bancorp, Inc.’s principal executive officer, principal financial officer,

principal accounting officer or controller or persons performing similar functions.

The Code of Ethics, and any amendments to and

waivers from the Code of Ethics, will be posted on the Company’s website

a Code of Ethics that applies to Magyar Bancorp, Inc.’s principal executive officer, principal financial officer, principal accounting

officer or controller or persons performing similar functions.

The Code of Ethics, and any amendments to and waivers from the Code of

Ethics, will be posted on the Company’s website

located at www.magbank.com.

A copy of the Code will

be furnished without charge upon written request to the Secretary, Magyar Bancorp, Inc., 400 Somerset Street, New Brunswick, New

Information concerning

directors and executive officers of Magyar Bancorp, Inc.

is incorporated herein by reference from our definitive Proxy Statement

related to our 2021 Annual Meeting of Stockholders (the “Proxy Statement”), specifically the section captioned “Proposal

I - Election of Directors.”

be furnished without charge upon written request to the Secretary, Magyar Bancorp, Inc., 400 Somerset Street, New Brunswick, New Jersey.

Information concerning directors

and executive officers of Magyar Bancorp, Inc.

is incorporated herein by reference from our definitive Proxy Statement related to our

2022 Annual Meeting of Stockholders (the “Proxy Statement”), specifically the section captioned “Proposal I - Election

of Directors.”

Executive Compensation

Information concerning

executive compensation is incorporated herein by reference from our Proxy Statement, specifically the section captioned “Proposal

I - Election of Directors.”

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Information concerning

security ownership of certain owners and management is incorporated herein by reference from our Proxy Statement, specifically

the sections captioned “Voting Securities and Principal Holders Thereof”

and “Proposal I - Election of Directors.”

Certain Relationships and Related Transactions, and Director Independence

Information concerning

relationships and transactions is incorporated herein by reference from our Proxy Statement, specifically the section captioned

“Transactions with Certain Related Persons.”

Information concerning executive

compensation is incorporated herein by reference from our Proxy Statement, specifically the section captioned “Proposal I - Election

of Directors.”

Security Ownership of Certain Beneficial

Owners and Management and Related Stockholder Matters

Information concerning security

ownership of certain owners and management is incorporated herein by reference from our Proxy Statement, specifically the sections captioned

“Voting Securities and Principal Holders Thereof” and “Proposal I - Election of Directors.”

Certain Relationships and Related Transactions,

and Director Independence

Information concerning relationships

and transactions is incorporated herein by reference from our Proxy Statement, specifically the section captioned “Transactions

with Certain Related Persons.”

Principal Accountant Fees and Services

Information concerning

principal accountant fees and services is incorporated herein by reference from our Proxy Statement, specifically the section captioned

“Proposal II - Ratification of Appointment of Independent Registered Public Accounting Firm.”

Information concerning principal

accountant fees and services is incorporated herein by reference from our Proxy Statement, specifically the section captioned “Proposal

II - Ratification of Appointment of Independent Registered Public Accounting Firm.”

Exhibits and Financial Statement Schedules

Certificate of Incorporation of Magyar Bancorp, Inc.*

Bylaws of Magyar Bancorp, Inc.*

Form of Common Stock Certificate of Magyar Bancorp, Inc.*

Description of the Capital Stock of Magyar Bancorp, Inc.

Form of Employee Stock Ownership Plan*

Restated Director Supplemental Retirement Income and Deferred Compensation Agreement for Joseph A.

Restated Director Supplemental Retirement Income and Deferred Compensation Agreement for Edward C.

of Incorporation of Magyar Bancorp, Inc.*(1)

of Magyar Bancorp, Inc.*(2)

of Common Stock Certificate of Magyar Bancorp, Inc.*(2)

of the Capital Stock of Magyar Bancorp, Inc.

of Employee Stock Ownership Plan*(2)

Director Supplemental Retirement Income and Deferred Compensation Agreement for Joseph A.

Yelencsics**(3)

Director Supplemental Retirement Income and Deferred Compensation Agreement for Edward C.

Stokes, III**(3)

Restated Director Supplemental Retirement Income and Deferred Compensation Agreement for Martin A.

Restated Director Supplemental Retirement Income and Deferred Compensation Agreement for Thomas Lankey**

Restated Director Supplemental Retirement Income and Deferred Compensation Agreement for Andrew G.

Form of Change in Control Agreement for Executive Officers*

Executive Supplemental Retirement Income Agreement for John Fitzgerald**

Executive Supplemental Retirement Income Agreement for Jon Ansari**

2006 Equity Incentive Plan***

Employment Agreement for John Fitzgerald****

Employment Agreement for Jon Ansari*****

Supplemental Executive Retirement Plan for John Fitzgerald******

Supplemental Executive Retirement Plan for Jon Ansari******

Subsidiaries of Registrant*

Director Supplemental Retirement Income and Deferred Compensation Agreement for Martin A.

Director Supplemental Retirement Income and Deferred Compensation Agreement for Thomas Lankey**(3)

Director Supplemental Retirement Income and Deferred Compensation Agreement for Andrew G.

of Change in Control Agreement for Executive Officers*(2)

Supplemental Retirement Income Agreement for John Fitzgerald**(3)

Supplemental Retirement Income Agreement for Jon Ansari**(3)

Agreement for John Fitzgerald***(4)

Agreement for Jon Ansari***(4)

in Control Agreement for Peter Brown (4)

Executive Retirement Plan for John Fitzgerald****(5)

Executive Retirement Plan for Jon Ansari****(5)

of Registrant*(2)

Consent of Experts and Counsel

Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities

Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities

Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C.

Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

The following materials from the Company’s Annual Report on Form 10-K for the year ended September 30, 2020, formatted in XBRL (Extensible Business Reporting Language):

(i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statement of Comprehensive Income, (iv) the Consolidated Statements of Changes in Stockholders’

The following materials from the Company’s Annual Report on Form 10-K for the year ended September 30,

2021, formatted in XBRL (Extensible Business Reporting Language):

(i) the Consolidated Balance Sheets, (ii) the Consolidated Statements

of Operations, (iii) the Consolidated Statement of Comprehensive Income, (iv) the Consolidated Statements of Changes in Stockholders’

Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements.

Inline XBRL Cover Page Interactive Data File

____________________________

* Incorporated by reference to the Registration Statement on Form SB-2 of Magyar Bancorp, Inc.

333-128392), originally filed with the Securities and Exchange Commission on September 16, 2005, as amended.

** Incorporated by reference to the Annual Report on Form 10-KSB of Magyar Bancorp, Inc.

000-51726), originally filed with the Securities and Exchange Commission on December 29, 2006.

*** Incorporated by reference to the Plan filed as an attachment to the Company’s proxy statement

dated January 8, 2007, filed with the Securities and Exchange Commission on January 8, 2007.

**** Incorporated by reference to the Quarterly Report on Form 10-Q of Magyar Bancorp, Inc.

000-51726), originally filed with the Securities and Exchange Commission on October 30, 2007 and as amended by reference to the

Quarterly Report on Form 10-Q of Magyar Bancorp, Inc.

originally filed with the Securities and Exchange Commission on August 14,

***** Incorporated by reference to the Quarterly Report on Form 10-Q of Magyar Bancorp, Inc.

000-51726), originally filed with the Securities and Exchange Commission on August 14, 2012.

****** Incorporated by reference to the Current Report on Form 8-K of Magyar Bancorp, Inc.

(file no 000-51726),

originally filed with the Securities and Exchange Commission on May 29, 2019.

by reference to Exhibit 3.1 to the Company’s Form 8-K filed on July 12, 2021 and t he

Registration Statement on Form SB-2 of Magyar Bancorp, Inc.

333-128392), originally filed with the Securities and Exchange Commission

on September 16, 2005, as amended.

by reference to the Registration Statement on Form SB-2 of Magyar Bancorp, Inc.

333-128392), originally filed with the Securities

and Exchange Commission on September 16, 2005, as amended.

by reference to the Annual Report on Form 10-KSB of Magyar Bancorp, Inc.

000-51726), originally filed with the Securities and

Exchange Commission on December 29, 2006.

by reference to the Company’s Registration Statement on Form S-1 (File No.

333-254282), filed with the Securities and Exchange Commission

on March 15, 2021.

by reference to the Current Report on Form 8-K of Magyar Bancorp, Inc.

(file no 000-51726), originally filed with the Securities and Exchange

Commission on May 29, 2019.

Form 10-K Summary

Pursuant to the

requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed

on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements

of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by

the undersigned, thereunto duly authorized.

MAGYAR BANCORP, INC.

2 unchanged sentences

(Duly Authorized Representative)

the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of

the Registrant and in the capacities and on the dates indicated.

Pursuant to the requirements

of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the Registrant and in the capacities

and on the dates indicated.

President and Chief Executive Officer

20 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures