UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------------------
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the fiscal year ended December 31, 2008
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from ___________ to _______________
Commission file number 000-51726
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
MAGYAR BANK 401 (k) PROFIT SHARING PLAN
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Magyar Bancorp, Inc.
400 Somerset Street
New Brunswick, NJ 08901
1
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REQUIRED INFORMATION
The Magyar Bank 401 (k) Profit Sharing Plan (the "Plan") is subject to the
Employee Retirement Income Security Act of 1974 ("ERISA"). Therefore, in lieu of
the requirements of Items 1-3 of Form 11-K, the following financial statements
and schedules have been prepared in accordance with the financial reporting
requirements of ERISA.
The following financial statements, schedules and exhibits are filed as a part
of this Annual Report on Form 11-K.
Page
Number
(a) Financial Statements of the Plan
Report of Independent Registered Public Accounting Firm 3
Statements of Net Assets Available for Plan Benefits as of
December 31, 2008 and 2007 4
Statement of Changes in Net Assets Available for Plan Benefits
for the Year Ended December 31, 2008 5
Notes to Financial Statements 6
(b) Schedule *
Schedule of Assets (Held at End of Year) - Schedule H, Line 4i
as of December 31, 2008 15
* Other schedules required by Section 2520.103-10 of the Department of
Labor Rules and Regulations for Reporting and Disclosure under ERISA
have been omitted because they are not applicable.
(c) Exhibits
Index to Exhibits Required by Item 601, Regulation S-K 17
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2
Report of Independent Registered Public Accounting Firm
The Plan Administrator and Participants
Magyar Bank 401 (k) Profit Sharing Plan
We have audited the accompanying statements of net assets available for plan
benefits of Magyar Bank 401(k) Profit Sharing Plan as of December 31, 2008 and
2007, and the related statement of changes in net assets available for plan
benefits for the year ended December 31, 2008. These financial statements are
the responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of Magyar Bank
401(k) Profit Sharing Plan as of December 31, 2008 and 2007, and the changes in
its net assets available for plan benefits for the year ended December 31, 2008,
in conformity with accounting principles generally accepted in the United States
of America.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental Schedule of Assets (Held
at End of Year) is presented only for the purpose of additional analysis and is
not a required part of the basic financial statements but is supplementary
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. This supplemental schedule is the responsibility of the Plan's management.
The supplemental schedule has been subjected to the auditing procedures applied
in the audits of the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic financial statements
taken as a whole.
/s/ WithumSmith+Brown, PC
Somerville, New Jersey
June 8, 2009
3
Magyar Bank 401(k) Profit Sharing Plan
Statements of Net Assets Available for Plan Benefits
December 31, 2008 and 2007
Assets 2008 2007
------ ---- ----
Investments:
Interest-bearing cash $ 8,083 $ 2
Insurance co. general account, at fair value 533,583 214,850
Registered investment companies, at fair value 1,548,015 2,197,407
Employer-related security fund, at fair value 322,273 574,310
Participant loans 67,033 96,397
---------- ----------
Total investments 2,478,987 3,082,966
---------- ----------
Receivables:
Employee contributions - 13,879
Employer contributions - 6,463
---------- ----------
Total receivables - 20,342
---------- ----------
Total assets 2,478,987 3,103,308
---------- ----------
Net assets available for plan benefits $2,478,987 $3,103,308
========== ==========
See Accompanying Notes to Financial Statements
4
Magyar Bank 401(k) Profit Sharing Plan
Statement of Changes in Net Assets Available for Plan Benefits
Year Ended December 31, 2008
Additions:
Investment Income:
Interest on interest-bearing cash $ 127
Interest on participant loans 6,100
Other interest 10,306
Dividend income 52,376
Net depreciation in fair value of investments (1,108,043)
-----------
Total investment loss (1,039,134)
Contributions:
Employee 388,480
Employer 185,624
-----------
Total contributions 574,104
-----------
Total additions (465,030)
-----------
Deductions:
Distributions to participants 156,468
Administrative expenses 2,823
-----------
Total deductions 159,291
-----------
Net decrease for the year (624,321)
Net assets available for plan benefits, beginning of year 3,103,308
-----------
Net assets available for plan benefits, end of year $2,478,987
===========
See Accompanying Notes to Financial Statements
5
MAGYAR BANK
401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
Note 1 - General description of the plan:
The following brief description of the Magyar Bank 401(k) Profit Sharing
Plan (the "Plan") is provided for purposes of general information only.
Participants should refer to the Plan document for more complete
information.
General:
The Plan was established effective March 1, 1994. The Plan is a
participant-directed defined contribution plan covering substantially
all employees, as defined, with Magyar Bank and its subsidiaries (the
"Bank"), which elect to participate in the Plan. The Bank is a
wholly-owned subsidiary of Magyar Bancorp, Incorporated. The Plan is
subject to the provisions of the Employee Retirement Income Security
Act of 1974 (ERISA).
Eligibility:
The Plan covers all eligible employees of the Bank who have attained
18 years of age upon their first day of employment.
Contributions:
As of April 2, 2007, participants may contribute up to 80% of the
first $225,000 of their gross earnings, as defined. Contributions of
gross earnings may be either before-tax or after-tax dollars. Such
contributions are limited to the maximum amount permitted for Federal
income tax purposes.
Participating employees age 50 and above may elect to make "Catch Up"
pre-tax contributions to the Plan above the Plan's maximum. The
maximum additional Catch Up contribution during the 2008 and 2007 Plan
years was $5,000. Effective January 1, 2007, Plan provisions allowed
for the automatic enrollment of all eligible participants upon entry
into the plan of 3% of the participants' eligible compensation, which
will be invested into a default investment option determined by the
Plan sponsor. Additionally, participants who are currently making an
elective contribution to the Plan will automatically have that
contribution percentage increased 1% every January 1st to a maximum of
6%.
The Company makes discretionary matching contributions of 100% of the
first 3% of employees' elective contributions and 50% of the next 2%
employees' elective contributions up to a maximum of 4% of gross
earnings.
6
MAGYAR BANK
401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
Note 1 - General description of the plan (continued):
Participant loans:
Participants may borrow from their individual participant accounts up
to a maximum of the lesser of $50,000 or 50% of the market value of
their vested balance. The interest rate used in calculating repayments
is the prime rate plus one percentage point at the time of the loan
and rates range from 5.75% to 9.25% as of December 31, 2008. The
interest rate is fixed at the time of loan origination and remains
unchanged for the life of the loan. The interest paid by the
participant is credited to the participant's retirement savings
account. The loans have maturities up to five years or up to thirty
years for the purchase of a principal residence. Loan repayments for
principal and interest are made ratably as individual payroll
deductions during each regularly scheduled pay period. Loan
transactions are treated as a transfer to (from) the respective fund
from (to) the participants' loans receivable fund. The loans are
secured by the balance in the participant's account.
Investments:
Employees may elect to have their contributions and the applicable
matching Company contributions invested in one of the various funds
offered by the Plan.
Participant accounts:
Each participant's account is credited with the participant's pre-tax
and after-tax contributions, the Bank's matching contributions and an
allocation of Plan earnings. Plan earnings are allocated to
participants based on each participant's share balance as a percentage
of the Plan's total share balances. The benefit to which a participant
is entitled is the benefit provided from the participant's vested
account.
Vesting:
The employees are always 100% vested with respect to their own
contributions. The Company contributions, together with the earnings
or losses on these contributions, will be available to the employees
at time of withdrawal only to the extent they are vested. All Company
contributions will become fully vested in the event of a participant's
death, early retirement at age 55, total and permanent disability, or
the attainment of age 65 (normal retirement date). Effective January
1, 2007, Company matching contributions for each year will vest at the
rate of 20% per year of service for the first five years of service
and employer non-matching contributions will vest 100% immediately.
After an employee has attained five years of service, all current and
future contributions are immediately vested.
7
MAGYAR BANK
401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
Note 1 - General description of the plan (continued):
Payments of benefits:
Once reaching the age of 59-1/2, a participant can withdraw all
pre-tax contributions including earnings for any reason. A partial or
total withdrawal (including vested Company contributions) of a
participant's after-tax contributions may be made on any valuation
date or as soon as administratively feasible thereafter. In addition,
participants may withdraw pre-tax contributions in the event of a
financial hardship in the amount equal to their immediate financial
need. Hardship withdrawals will be processed as soon as
administratively feasible and in most cases the withdrawal will be
subject to Federal income taxes.
Administrative expenses:
Expenses incurred in the administration of the Plan and the trust are
generally charged to and paid by the plan sponsor and are not included
in the accompanying financial statements. Fees pertaining to specific
participant transactions are paid by the Plan through participant
deductions and are reflected as administrative expenses.
Plan administration:
The Plan is administered by the 401 (k) Investment Committee appointed
by the Bank's Board of Directors.
Forfeitures:
Forfeitures of non-vested participants' accounts are retained in the
Plan and used to reduce future employer contributions. During 2008,
forfeited non-vested accounts amounted to $7,954. The employer did not
use previously forfeited amounts to fund employer contributions during
2008.
Plan termination:
The Company anticipates and believes that the Plan will continue
without interruption, but reserves the right to continue or amend the
Plan, revise the rate of Company contributions or terminate the Plan
at any time. If terminated, the assets of the Plan will be distributed
to the participants and beneficiaries in the order and manner
prescribed in ERISA.
8
MAGYAR BANK
401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
Note 2 - Summary of significant accounting policies:
Basis of accounting:
The accompanying financial statements are prepared on the accrual
basis of accounting. Under this method of accounting, contributions
and investment income are recorded when earned and expenses are
recorded when incurred.
Use of estimates:
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported
amounts of assets, liabilities and changes therein, and disclosure of
contingent assets and liabilities. Actual results could differ from
those estimates.
Investment valuation and fair value measurements:
Effective January 1, 2008, the Plan adopted Financial Accounting
Standards Board Statement No. 157, Fair Value Measurements
("SFAS157"), which established a framework for measuring fair value
and is to be applied prospectively. SFAS157 clarifies that fair value
is an estimate of the exit price, representing the amount that would
be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants (i.e., the exit price
at the measurement date). That framework provides a fair value
hierarchy that prioritizes the inputs to valuation techniques used to
measure fair value. The hierarchy gives the highest priority to
unadjusted quoted prices in active markets for identical assets or
liabilities (level 1 measurements) and the lowest priority to
unobservable inputs (level 3 measurements). The three levels of the
fair value hierarchy under FASB Statement No. 157 are described below:
Level 1 Inputs to the valuation methodology are unadjusted quoted
prices for identical assets or liabilities in active markets
that the Plan has the ability to
access.
Level 2 Inputs to the valuation methodology include:
o Quoted prices for similar assets or liabilities in active
markets;
o Quoted prices for identical or similar assets or liabilities
in inactive markets;
o Inputs other than quoted prices that are observable for the
asset or liability;
o Inputs that are derived principally from or corroborated by
observable market data by correlation or other means.
If the asset or liability has a specified (contractual)
term, the Level 2 input must be observable for substantially
the full term of the asset or liability.
9
MAGYAR BANK
401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
Note 2 - Summary of significant accounting policies (continued):
Level 3 Inputs to the valuation methodology are unobservable and
significant to the fair value measurement.
The asset's or liability's fair value measurement level
within the fair value hierarchy is based on the most
observable level of any input that is significant to the
fair value measurement. Valuation techniques used to
maximize the use of observable inputs and minimize the use
of unobservable inputs.
Following is a description of the valuation methodologies
used for assets measured at fair value. There have been no
changes in the methodologies used at December 31, 2008 and
2007.
Employer-related security fund: The Plan holds an investment
fund which consists primarily of employer-related
securities. State Street Bank is the fund's custodian and is
paid related custodial fees. As of December 31, 2008, Magyar
Bancorp, Inc. common stock represented approximately 97% of
the fund's assets, and the remaining 3% consisted of cash.
While Magyar Bancorp, Inc. common stock is publically
traded, the units of this Magyar Bank Employer Stock Fund
are only available to the participants of this Plan. This
fund is valued at the net asset value ("NAV") of the units
held by the Plan at year end as calculated by the custodian
of the fund. The fair value of this fund is considered to be
a level 2 measurement, since the fair value is based on a
comparison of the Plan sponsor's publically traded stock
value.
Mutual funds: Valued at the NAV of shares held by the Plan
at year end as reported on the active market on which the
fund is traded and are therefore valued using level 1
measurement.
Guaranteed investment contract: Contract value is the
relevant measurement attribute for that portion of the net
assets available for benefits of a defined-contribution plan
attributable to fully benefit-responsive investment
contracts because contract value is the amount participants
would receive if they were to initiate permitted
transactions under the terms of the contract. The contract
values are determined daily based on fair value for all
separate accounts under group annuity contracts and all
mutual funds under net asset value custodian agreements. The
fair value of the contract is considered to be a level 2
measurement since its value is based on similar contracts
with similar interest rates.
Participant loans are valued at cost, which approximates
fair value. Management has concluded that the fair value
disclosures required by SFAS157 are not significant to these
financial statements. Accordingly, such disclosures have
been omitted.
10
MAGYAR BANK
401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
Note 2 - Summary of significant accounting policies (continued):
The methods described above may produce a fair value calculation that
may not be indicative of net realizable value or reflective of future
fair values. Furthermore, while the Plan believes its valuation
methods are appropriate and consistent with other market participants,
the use of different methodologies or assumptions to determine the
fair value of certain financial instruments could result in a
different fair value measurement at the reporting date.
Investment income recognition:
With respect to pooled funds, the Plan shares in the gains or losses
according to the percent of the Plan's assets to the total assets of
the fund. Purchases and sales of securities are recorded on a
trade-date basis. Interest income is recorded on the accrual basis.
Dividends are recorded on the ex-dividend date.
Distributions:
Distributions to Plan participants are recorded when paid. The benefit
distribution to which a participant is entitled is that benefit which
can be provided from the participant's vested account balance.
Note 3 - Investments:
The following table presents all investments that represented 5% or
more of the Plan's net assets at respective year ends:
December 31,
-----------
2008 2007
---- ----
Employer-related security fund
Magyar Employer Stock Fund $ 322,273 $ 574,310
Transamerica Life Insurance Co.
Insurance Company/General Account 533,583 214,850
Fidelity Mid Cap Fund * 212,879
Fidelity Advisor Small Cap Fund 142,319 241,328
Transamerica Premier Diversified Equity Fund 161,092 290,650
Diversified Investment Advisors
Transamerica Core Bond Fund 261,048 244,253
International Fund * 199,473
Intermediate Horizon Strategic Allocation Fund * 197,577
Transamerica Large Value Fund 153,542 281,989
* Does not represent 5% or more of the Plan's 2008 net assets
11
MAGYAR BANK
401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
Note 3 - Investments (continued):
During 2008, the Plan recognized interest income of $16,406, which
includes interest on participant loans of $6,100 and other interest of
$10,306 on the Insurance Company general account. During 2008, the
Plan's investments (including gains and losses on investments bought
and sold, as well as held during the year) resulted in a net
depreciation in value as follows:
Net depreciation in fair value of registered investment companies $ (835,886)
Net depreciation in fair value of employer-related security fund (282,463)
Net appreciation in fair value of insurance company general account 10,306
------------
Total $(1,108,043)
============
Note 4 - Investment contract with Insurance Company:
The Plan holds a benefit-responsive investment contract with
Transamerica Life Insurance Company ("Transamerica"). Transamerica
maintains the contributions in a general account. As described in
Financial Accounting Standards Board Staff Position, FSP AAG INV-1 and
SOP 94-4-1, Reporting of Fully Benefit-Responsive Investment Contracts
held by Certain Investment Companies Subject to the AICPA Investment
Company Guide and Defined-Contribution Health and Welfare and Pension
Plans (the FSP), investment contracts held by a defined-contribution
plan are required to be reported at fair value. However, contract
value is the relevant measurement attribute for that portion of the
net assets available for benefits of a defined-contribution plan
attributable to fully benefit-responsive investment contracts because
contract value is the amount participants would receive if they were
to initiate permitted transactions under the terms of the contract. As
required by the FSP, the Statement of Net Assets Available for Plan
Benefits presents the fair value of the investment contracts at
contract value. The contract values are determined daily based on fair
value for all separate accounts under group annuity contracts and all
mutual funds under net asset value (NAV) custodian agreements. The
group annuity contracts held by the Plan meet the five conditions to
be considered fully benefit-responsive. The investment custodian has
determined that the fair value of the insurance company general
account approximates its contract value.
All of Transamerica's separate account funds are valued daily using
publicly available quoted market prices, and participants bear the
investment risks. The separate account funds must be reported at the
fair market value in the defined contribution plan's financial
statements. Accordingly, the disclosure requirements are not
applicable to the separate account funds.
The average yield on the insurance company general account was 3.53%
and 3.87% in years 2008 and 2007, respectively. The contract's
interest rate is reset monthly. In case of a pending plan termination
or contract discontinuance, the surrender value would be different
than the contract value. The Plan's administrator does not believe
that the occurrence of any such event is probable. The contract has no
stated maturity date, and the amount payable to Plan participants on
demand is contract value.
12
MAGYAR BANK
401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
Note 5 - Investment Valuation:
The following table sets forth by level, within the FASB Statement No.
157 fair value hierarchy, the Plan's assets at fair value as of
December 31, 2008.
Assets at Fair Value as of December 31, 2008
Level 1 Level 2 Level 3 Total
------- ------- ------- -----
Mutual funds $ 1,548,015 $ - $ - $ 1,548,015
Employer-related security fund - 322,273 - 322,273
Guaranteed investment contract - 533,583 - 533,583
----------- --------- ------ ----------
Total assets at fair value $ 1,548,015 $ 855,856 $ - $2,403,871
Note 6 - Related party transactions:
Included with the Plan's investment alternatives are shares of stock
of Magyar Bancorp, Inc., and transactions of these shares qualify as
party-in-interest transactions. As of December 31, 2008 and 2007, the
Plan held fair values of Magyar Bancorp, Inc. employer stock of
$322,273 and $574,310, respectively.
Certain Plan investments are shares of mutual funds and a guaranteed
investment contract managed by Transamerica Life Insurance Co. and
Diversified Investment Advisors. Transamerica Life Insurance Co. is
one of the custodians of the Plans' assets, and Diversified Investment
Advisors is the Plan's record keeper. Therefore, these transactions
qualify as party-in-interest transactions.
Note 7 - Tax status of the plan:
The Plan has received a favorable determination letter from the
Internal Revenue Service dated September 8, 2003, which stated the
Plan and the related trust are designed in accordance with the
applicable sections of the Internal Revenue Code (IRC) and are tax
exempt. The Plan has been amended since receiving the determination
letter. However, the Plan administrator believes that the Plan is
designed and is currently being operated in compliance with the
applicable provisions of the IRC.
13
MAGYAR BANK
401(k) PROFIT SHARING PLAN
NOTES TO FINANCIAL STATEMENTS
Note 8 - Concentration of risks and uncertainties:
The assets of the Plan are primarily financial instruments which are
monetary in nature and concentrated in investment securities. As a
result, interest rates have a more significant impact on the Plan's
performance than the effects of general levels of inflation. Interest
rates do not necessarily move in the same direction or in the same
magnitude as the prices of goods and services as measured by the
Consumer Price Index. Investments in funds are subject to risk
conditions of the individual investment or fund objectives, stock
market fluctuations, interest rates, economic conditions and world
affairs. Due to uncertainties inherent in the estimations and
assumptions process, including the significant declines in U.S. and
world markets since December 31, 2008, it is at least reasonably
possible that changes in these estimates and assumptions in the near
term would be material to the financial statements.
Note 9 - Plan termination:
Although it has not expressed any intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and
to terminate the Plan subject to the provisions of ERISA. In the event
of a Plan termination, participants would become 100% vested in their
accounts.
Note 10 - New accounting pronouncements:
In March 2008, FASB issued Statement of Financial Accounting Standards
No. 161 ("FAS 161") "Disclosures about Derivative Instruments and
Hedging Activities- an amendment of FASB Statement No. 133
("FAS"133)", which expands the disclosure requirements in FAS133 about
an entity's derivative instruments and hedging activities. FAS 161 is
effective for fiscal years and interim periods beginning after
November 15, 2008. Management is currently evaluating the impact the
adoption of this accounting pronouncement will have on the Plan's
financial statements and related disclosures.
14
Magyar Bank 401(k) Profit Sharing Plan
EIN No.: 22-1085787, Plan No. 002
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
Plan Year Ending: 12/31/2008
(b) (c) (e)
Identity of Issue, Borrower, Description of Investment, Including Maturity Date, CURRENT
(a) Lessor or Similar Party Rate of Interest, Par or Maturity Value VALUE
-----------------------------------------------------------------------------------------------------------------------------------
American Funds American Funds New Perspective Fund $ 24,904
Fidelity Investments Fidelity Advisor Mid Cap Fund 93,484
Fidelity Investments Fidelity Advisor Small Cap Fund 142,319
Franklin Templeton Investments Franklin Small Mid Cap Fund 3,539
Franklin Templeton Investments Franklin Small Cap Value Fund 8,997
Loomis Sayles Funds Loomis Sayles Bond Fund 17,545
Franklin Templeton Investments Mutual Qualified Fund 62,511
PIMCO Funds PIMCO Total Return Fund 35,116
* Transamerica Premier Transamerica Premier Balanced Fund 47,459
* Transamerica Premier Transamerica Premier Diversified Equity Fund 161,092
* Transamerica Partners Funds Group Core Bond Fund 261,048
* Transamerica Asset Allocation Funds Intermediate Asset Allocation Fund 74,413
* Transamerica Partners Funds Group International Equity Fund 102,071
* Transamerica Asset Allocation Funds Long Horizon Asset Allocation Fund 43,563
* Transamerica Partners Funds Group Large Value Fund 153,542
* Transamerica Asset Allocation Funds Short Horizon Asset Allocation Fund 112,113
* Transamerica Partners Funds Group Stock Index Fund 116,019
Vanguard Vanguard Target Retirement 2005 Fund 723
Vanguard Vanguard Target Retirement 2015 Fund 9,327
Vanguard Vanguard Target Retirement 2025 Fund 63,138
Vanguard Vanguard Target Retirement 2035 Fund 1,119
Vanguard Vanguard Target Retirement 2045 Fund 13,973
-----------------------------------------------------------------------------
Mutual Fund Total 1,548,015
* Transamerica Life Insurance Co. Cash Reserve Account 8,083
* Transamerica Life Insurance Co. Insurance Company/General Account 533,583
* Magyar Bancorp, Inc. Magyar Bank Employer Stock Fund 322,273
Participants Notes Receivable with interest rates of 5.75% to 9.25% 67,033
-----------------------------------------------------------------------------
Total Plan Assets $ 2,478,987
=============================================================================
*indicates party-in-interest
See Report of Independent Registered Public Accounting Firm.
15
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons that administer the employee benefit plan) have duly
caused this annual report to be signed on its behalf by the undersigned hereunto
duly authorized.
Magyar Bank 401 (k) Profit Sharing Plan
/s/ Elizabeth E. Hance
Date: June 12, 2009 -----------------------------
Elizabeth E. Hance
President and Chief Executive Officer,
Magyar Bancorp, Inc.
--------------------------------------------------------------------------------
16
EXHIBIT INDEX
Exhibit Number Exhibit
-------------- -------
23 Consent of Independent Registered Public Accounting Firm
17
Exhibit 23
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in the Registration
Statements on Forms S-8 (333-128392) of Magyar Bancorp, Inc. of our report dated
June 8, 2009 relating to the financial statements of the Magyar Bank 401 (K)
Profit Sharing Plan, which appears in this Form 11-K.
/s/ WithumSmith+Brown, PC
Somerville, New Jersey
June 8, 2009
18