What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2022-12-22 compared with 2021-12-20 · 42 added, 35 removed, 12 unchanged (87% of the section changed)

7 unchanged sentences

of such shares is not known or included in the foregoing number.

The Company has not historically

paid a dividend to stockholders.

However, on November 16, 2021, the Company declared a one-time special dividend of $0.12 per common share,

payable December 14, 2021, to common shareholders of record at the close of business on November 30, 2021.

In the future, the Company

intends to consider adopting a regular cash dividend policy but no assurance can be given as to the timing of when or if any such regular

dividend payments would commence.

information on regulatory restrictions regarding the payment of dividends, see “Item 1- Business- Supervision and Regulation- New

Jersey Banking Regulation-Dividends.”

The Company declared four

dividends totaling $0.21 per share paid to common shareholders during the year ended September 30, 2022.

In the future, the Company intends

to continue to pay a regular cash dividend.

In determining

whether and in what amount to pay a cash

dividend, the Board will continue to take into account a number of factors, including capital requirements, our consolidated financial

condition and results of operations, tax considerations, statutory and regulatory limitations and general economic conditions.

No assurances

can be given that cash dividends will continue to be paid or that, if paid, will not be reduced.

For more information on regulatory restrictions

regarding the payment of dividends, see “Item 1- Business- Supervision and Regulation- New Jersey Banking Regulation-Dividends.”

Other than its employee

1 unchanged sentence

does not have any equity compensation plans that were not approved by stockholders.

no stock options or shares of restricted stock available for issuance with respect to Magyar Bancorp’s equity compensation plans

at September 30, 2021

The Company completed its second step conversion and related public stock offering on July 14, 2021.

stock offering, the Company sold 3,910,000 shares of common stock at $10.00 per share in a subscription offering pursuant to a Registration

Statement on Form S-1 (SEC File No.

333-254282), which was declared effective by the Securities and Exchange Commission on May 14, 2021.

In addition, the Company issued 3,187,825 new shares of Company common stock in exchange for the 2,610,296 shares of common stock which

were owned by shareholders other than Magyar Bancorp, MHC.

As a result, the Company registered 7,098,070 shares pursuant to the Registration

The subscription offering resulted in gross offering proceeds of approximately $39.1 million.

The net offering proceeds (after

payment of offering expenses) were approximately $37.4 million.

From the net offering proceeds, the Company used $3.4 million to fund

a loan to Magyar Bank’s employee stock ownership (which in turn used those funds to purchase 312,800 shares of common stock in the

subscription offering), invested $18.7 million in Magyar Bank as additional capital, and retained $18.7 million for general corporate

Keefe, Bruyette & Woods, Inc.

served as marketing agent to the Company in connection with the subscription offering.

The following

table sets forth information with respect to the Magyar Bancorp’s equity compensation plans.

Number of securities to

be issued upon exercise

securities remaining

of outstanding options

average exercise

available for

September 30, 2022

issuance under plan

Stock options

Shares of restricted stock

Not applicable.

Share repurchases.

The Company completed

its first stock repurchase program of 130,927 shares in November 2007 and announced in November 2007 a second repurchase program of up

to 5% of its publicly-held outstanding shares of common stock, or 129,924 shares, under which 91,000 shares had been repurchased as of

July 13, 2021 at an average price of $8.41.

Under current federal

regulations, subject to limited exceptions, the Company may not repurchase shares of our common stock during the first year following

the completion of its second-step conversion offering, which was completed on July 14, 2021.

The Company did not repurchase any shares

of its common stock during the fiscal year ended September 30, 2021.

Company announced on July 21, 2022 that its Board of Directors authorized a third stock repurchase program pursuant to which the Company

intends to repurchase up to 5% of its outstanding shares, or up to 354,891 shares.

The timing of the repurchases will depend on certain

factors, including but not limited to, market conditions and prices, the Company's liquidity requirements and alternative uses of capital.

Any repurchased shares will be held as treasury stock and will be available for general corporate purposes.

Under the third stock repurchase

program, the company repurchased 352,697 shares through September 30, 2022, increasing its total treasury shares to 465,693

at September 30, 2022.

The following table reports

information regarding repurchases of our common stock during the year ended September 30, 2022.

Remaining Number

of Shares That

May be Purchased

Under the Plan

July 1, 2022 through July 31, 2022

August 1, 2022 through August 31, 2022

September 1, 2022 through September 30, 2022

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 5. Market for Registrant’s Common Equity