Magyar Bancorp, Inc. 10-K

ITEM 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities (a) Our shares of common stock are traded on the NASDAQ Global Market under the symbol “MGYR.” The approximate number of holders of record of Magyar Bancorp, Inc.’s common stock as of September 30, 2022 was 475. Certain shares of Magyar Bancorp, Inc. are held in “nominee” or “street” name and accordingly, the number of beneficial owners of such shares is not known or included in the foregoing number. 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 35 Table of Contents 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 stock ownership plan, Magyar Bancorp, Inc. does not have any equity compensation plans that were not approved by stockholders. The following table sets forth information with respect to the Magyar Bancorp’s equity compensation plans. Number of securities to Number of be issued upon exercise Weighted securities remaining of outstanding options average exercise available for September 30, 2022 and rights price issuance under plan Stock options 293,200 $ 12.58 97,800 Shares of restricted stock 156,400 — — Total 449,600 $ — 97,800 (b) Not applicable. (c) Share repurchases. The 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 Total Number Average of Shares That of Shares Price Paid May be Purchased Period Purchased Per Share Under the Plan July 1, 2022 through July 31, 2022 — $ — — August 1, 2022 through August 31, 2022 8,748 $ 12.13 346,143 September 1, 2022 through September 30, 2022 343,949 $ 12.92 2,194 Total 352,697 $ 12.90 ITEM 6. [Reserved]