Magyar Bancorp is the holding company for Magyar Bank, a New Jersey-chartered community savings bank founded in 1922 and headquartered in New Brunswick, New Jersey. Magyar Bank operates a main office and seven branches across Middlesex and Somerset Counties in central New Jersey, serving retail customers and small-to-medium businesses in the New York metro suburbs. The bank runs a traditional community banking model: it gathers deposits from local customers and lends that money out, primarily as real estate loans held in portfolio. The loan portfolio totals roughly $859M, weighted heavily toward commercial real estate (~62% of loans), which includes apartment buildings, warehouses, office buildings, and retail facilities. One-to-four-family residential mortgages make up another ~28% of loans, with construction, home equity, and small business loans comprising the remainder. Magyar Bank earns money on the spread between what it pays on deposits and what it earns on loans and investment securities. Profitability depends on loan volume and mix, net interest margin, funding costs, and credit quality — which is currently very strong, with non-accrual loans at just 0.05% of total loans. The bank funds itself primarily through retail deposits, supplemented by Federal Home Loan Bank borrowings and a modest amount of brokered CDs. Magyar Bank positions itself around relationship banking and local service rather than product breadth.