Dragged down by a weak final quarter, Magyar Bancorp in New Brunswick, N.J., posted a $2.9 million loss for its fiscal year, which ended Sept. 30.
The $514 million-asset Magyar said Wednesday that it lost $3 million, or 53 cents a share, in its fiscal fourth quarter after setting aside $3.3 million for troubled loans.
For the previous fiscal year it had posted $716,000 of earnings, including a $92,000 profit for the fourth fiscal quarter.
Magyar attributed its losses to weak real estate conditions. Full-year net chargeoffs jumped 553% from the previous year, to $3.5 million, and $13.3 million of its loans were nonperforming as of Sept. 30.
The nonperformer ratio rose 116 basis points, to 3.24% of total loans. — Alan Kline