Magyar Bancorp, Inc. reported earnings results for the first quarter ended December 31, 2017. For the quarter, the company reported net income of $329,000 compared to net income of $347,000 for the three months ended December 31, 2016. Pre-tax earnings increased 52% to $893,000 for the three months ended December 31, 2017 from $587,000 for the three months ended December 31, 2016. Net income declined year-over-year due to higher income tax expense from the Company's write-down of its deferred tax asset resulting from the lower corporate tax rate imposed by the Tax Cuts and Jobs Act that was enacted on December 22, 2017. Basic and diluted earnings per share were $0.06 for both the three months ended December 31, 2017 and the three months ended December 31, 2016.

For the rest of the fiscal year 2018, the company expects the combination of prudent loan growth, further improvement in its balance sheet and the lower corporate tax rate to continue its positive earnings momentum.