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 Stock Market LLC under the symbol “MGYR.” The approximate number of holders of record of Magyar Bancorp, Inc.’s common stock as of September 30, 2023 was 591. 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 five dividends totaling $0.20 per share paid to common shareholders during the year ended September 30, 2023. 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 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, 2023 and rights price* issuance under plan Stock options 293,200 $ 12.58 97,800 Shares of restricted stock 124,320 — — Total 417,520 $ 12.58 97,800 * Reflects exercise price of stock options only. (b) Not applicable. (c) Share repurchases. On December 8, 2022, the Company announced the completion of its third stock repurchase program, under which 354,891 shares had been repurchased at an average price of $12.90. The Company announced its fourth authorization of an additional stock repurchase plan pursuant to which the Company intends to repurchase up to an additional 5% of its outstanding shares, or up to 337,146 shares, under which 100,830 shares had been repurchased at an average price of $11.80 at September 30, 2023. Under this stock repurchase program, 236,316 shares of the 337,146 shares authorized remained available for repurchase as of September 30, 2023. The Company’s intended use of the repurchased shares is for general corporate purposes. The Company held treasury stock shares totaling 423,641 at September 30, 2023. 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. The following table reports information regarding repurchases of our common stock during the quarter ended September 30, 2023. 33 Weighted Remaining Number Total Number Average of Shares That of Shares Price Paid May be Purchased Periods Purchased Per Share Under the Plan July 1, 2023 through July 31, 2023 7,160 $ 11.99 254,624 August 1, 2023 through August 31, 2023 11,121 $ 12.15 243,503 September 1, 2023 through September 30, 2023 7,187 $ 11.48 236,316 ITEM 6. [Reserved]