Correspondence 0000943374-24-000061 from Magyar Bancorp, Inc. (MGYR) (CIK 0001337068) (MGYR)
Magyar Bancorp, Inc. (MGYR) (CIK 0001337068)
Date: Feb. 12, 2024 · CIK: 0001337068 · Accession: 0000943374-24-000061
AI Filing Summary & Sentiment
Reasoning
File numbers found in text: 000-51726
Referenced dates: February 2, 2024
Letter
Division of Corporation Finance 100 F Street, NE Washington, D.C. 20549 Attention: Catherine Garrett Re: Comment letter dated February 2, 2024
Dear Ms. Garrett:
Please accept this written response to your comment letter dated February 2, 2024 regarding your review of our Form 10-K for the fiscal year ended September 30, 2023 (File No. 000-51726).
Management’s Discussion & Analysis- Loans Receivable, page 36
We agree in future Form 10-K filings to further disaggregate the composition of our CRE loan portfolio by separately presenting owner and non-owner occupied, by borrower type, geographic concentrations and other characteristics that management believes is material to an investor’s understanding of our CRE loan portfolio.
With regard to specific details of risk management policies, procedures, or other actions undertaken by management in response to the current environment, we will enhance our disclosure narrative to include the additional reporting used to monitor our CRE portfolio. As environmental circumstances change that require additional risk management policies and/or procedures, we will further enhance our disclosure accordingly.
Summary of Significant Accounting Policies, page 61
The disclosure under Note B- Summary of Significant Accounting Policies #15 will be revised to state “The Company also engages in the use of derivative financial instruments. See Note P – “Financial Instruments with Off-Balance Sheet Risk”.
Thank you for your review and comments of our Form 10-K. We trust this response satisfies the comments noted in your letter to us dated February 2, 2024.
Sincerely,
/s/ Jon Ansari
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Magyar Bancorp, Inc.
400 Somerset Street
New Brunswick, NJ 08901
February 12, 2024
Division of Corporation Finance
U.S. Securities & Exchange Commission
100 F Street, NE
Washington, D.C. 20549
Attention: Catherine Garrett
Re: Comment letter dated February 2, 2024
Dear Ms. Garrett:
Please accept this written response to your comment letter dated February 2, 2024 regarding your review of our Form 10-K for the fiscal
year ended September 30, 2023 (File No. 000-51726).
Management’s Discussion & Analysis- Loans Receivable, page 36
We agree in future Form 10-K filings to further disaggregate the composition of our CRE loan portfolio by separately presenting owner and
non-owner occupied, by borrower type, geographic concentrations and other characteristics that management believes is material to an investor’s understanding of our CRE loan portfolio.
With regard to specific details of risk management policies, procedures, or other actions undertaken by management in response to the
current environment, we will enhance our disclosure narrative to include the additional reporting used to monitor our CRE portfolio. As environmental circumstances change that require additional risk management policies and/or procedures, we will
further enhance our disclosure accordingly.
Summary of Significant Accounting Policies, page 61
The disclosure under Note B- Summary of Significant Accounting Policies #15 will be revised to state “The Company also engages in the use
of derivative financial instruments. See Note P – “Financial Instruments with Off-Balance Sheet Risk”.
Thank you for your review and comments of our Form 10-K. We trust this response satisfies the comments noted in your letter to us dated
February 2, 2024.
Sincerely,
/s/ Jon Ansari
Jon Ansari
Executive Vice President &
Chief Financial Officer