Item 5. Market for Registrant’s Common Equity
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, 2024 was 575. 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 $0.26 per share paid to common shareholders during the year ended September 30, 2024. 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 Company’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, 2024
and rights
price*
issuance under plan
Stock options
293,200
$ 12.58
92,719
Shares of restricted stock
93,240
—
—
Total
386,440
$ 12.58
92,719
* Reflects exercise price of stock options only.
(b) Not applicable.
(c) Share repurchases.
On December 8, 2022, the
Company announced 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. The Company had repurchased 296,736 shares at an average price of $11.92 per share through
September 30, 2024, leaving 40,410 shares remaining available for repurchase. The Company’s intended use of the repurchased shares
is for general corporate purposes. 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 three months ended September 30, 2024.
Remaining Number
Total Number
Average
of Shares That
of Shares
Price Paid
May be Purchased
Periods
Purchased
Per Share
Under the Plan
July 1, 2024 through July 31, 2024
98,388
$ 12.67
52,300
August 1, 2024 through August 31, 2024
7,550
$ 12.36
44,750
September 1, 2024 through September 30, 2024
4,340
$ 12.37
40,410
20
ITEM 6. [Reserved]