11-K 1 tm2219497d1_11k.htm FORM 11-K

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, 2021

¨	TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED].

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, New Jersey 08901

REQUIRED INFORMATION

The following financial statements and schedules 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	2-3

	Statements of Net Assets Available for Benefits as of December 31, 2021 and 2020	4

	Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2021	5

	Notes to Financial Statements	6

(b)	Schedule *

	Schedule of Assets (Held at End of Year) - Schedule H, Part IV, Line 4i as of December 31, 2021	15

(c)	Signatures	16

(d)	Exhibits- Consent of Independent Registered Public Accounting Firm	17

*	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.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Audit Committee and Plan Participants

Magyar Bank 401(k) Profit Sharing Plan

New Brunswick, New Jersey

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of Magyar Bank 401(k) Profit Sharing Plan (the Plan) as of December 31, 2021 and 2020, the related statement of changes in net assets available for benefits for the year ended December 31, 2021, and the related notes and schedule (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of Magyar Bank 401(k) Profit Sharing Plan as of December 31, 2021 and 2020, and the changes in net assets available for benefits for the year ended December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental schedule of assets (held at end of year) (supplemental information) has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements.

Audit Committee and Plan Participants

Magyar Bank 401(k) Profit Sharing Plan

The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ CliftonLarsonAllen LLP

CliftonLarsonAllen LLP

We have served as the Plan’s auditor since 2019.

Milwaukee, Wisconsin

June 29, 2022

Magyar Bank 401(k) Profit Sharing Plan

Statements of Net Assets Available for Benefits

December 31, 2021 and 2020

	2021		2020

Investments:
Interest-bearing cash	$	-	$	9,789
Pooled separate account		1,127,948		-
Insurance co. general account, at contract value		989,910		980,949
Registered investment companies, at fair value		7,970,072		8,393,168
Employer stock fund, at fair value		1,463,957		440,626
Total investments		11,551,887		9,824,532

Receivables:
Notes receivable from participants		93,642		109,257
Total receivables		93,642		109,257

Net assets available for benefits	$	11,645,529	$	9,933,789

See Accompanying Notes to Financial Statements

Magyar Bank 401(k) Profit Sharing Plan

Statement of Changes in Net Assets Available for Benefits

For the Year Ended December 31, 2021

Additions:
Investment Income:
Net appreciation in fair value of investments	$	1,457,987
Dividend income		129,173
Other interest		16,342
Total investment income		1,603,502

Contributions:
Employee		716,848
Employer		241,736
Total contributions		958,584

Other Income		174,492

Interest on notes receivable from participants		5,827

Total additions		2,742,405

Deductions:
Distributions to participants		964,920
Corrective distributions		657
Administrative expenses		65,088
Total deductions		1,030,665

Net increase in net assets		1,711,740

Net assets available for benefits, beginning of year		9,933,789

Net assets available for benefits, end of year	$	11,645,529

See Accompanying Notes to Financial Statements

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” or “Plan Sponsor”), 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”).

On May 1, 2021, the Trustee and administrative service provider of the Plan was changed from Transamerica Life Insurance Company to Principal Trust Company.

Eligibility:

Prior to May 1, 2021, the Plan covered all eligible employees of the Bank who had attained 18 years of age, had been employed with the Bank for three (3) months, and worked at least 250 hours of service. After May 1, 2021, the Plan covered all eligible employees of the Bank who had attained 18 years of age and had been employed with the Bank for three (3) months.

Contributions:

Participants may contribute up to 80% of their gross earnings, as defined by the Plan document, up to the maximum permitted by IRS limitations ($19,500 for 2021). Contributions of gross earnings may be either before-tax or after-tax dollars. Participants may also contribute amounts representing distributions from other qualified benefit or contribution plans (known as rollover contributions).

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 was $6,500 during the 2021 Plan year. Plan provisions allow for the automatic enrollment of all eligible participants upon entry into the Plan at 4% of the participant’s eligible compensation, which will be invested into a qualified default investment option determined by the Plan Sponsor. Participants have the option to change the automatic enrollment deferral percentages.

The Bank has the option to make a discretionary contribution. During the year ended December 31, 2021, the Bank made discretionary matching contributions of 100% of the first 2% of employees' elective contributions and 50% of the next 4% of employees' elective contributions up to a maximum of 4% of gross earnings. Employer contributions were $241,736 in 2021. The Bank also has the option to make a non-matching profit sharing contribution. During the year ended December 31, 2021, the Bank did not make a non-matching profit sharing contribution.

MAGYAR BANK

401(k) PROFIT SHARING PLAN

NOTES TO FINANCIAL STATEMENTS

Note 1 - General description of the Plan (continued):

Notes receivable from participants:

Notes receivable from participants are measured at their unpaid principal balance, plus any accrued but unpaid interest.

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. The interest rates on loans ranged from 4.25% to 6.50% as of December 31, 2021 and December 31, 2020. 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. No allowance for losses is deemed necessary by Plan Management as loan repayments for principal and interest are made ratably as individual payroll deductions during each regularly scheduled pay period. Delinquent participant loans are deemed as distributions based upon the terms of the Plan document.

Investments:

Employees may elect to have their contributions and the applicable matching Bank 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 discretionary matching contributions, non-matching profit sharing contributions and an allocation of Plan earnings (losses). Plan earnings (losses) 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 and related earnings. The Bank contributions, together with the earnings or losses on these contributions, will be available to the employees at the time of withdrawal only to the extent they are vested. All Bank 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). Bank matching contributions for each year begin vesting at the rate of 20% per year of service for the first five years of service and Bank non-matching contributions are immediately vested. After an employee has attained five years of service, all current and future contributions are immediately vested.

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 Bank 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, such as certain medical expenses, the purchase of a principal residence, payment of tuition and related educational fees, payments to prevent eviction from or foreclosure on a principal residence, or burial or funeral expenses, 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:

Prior to May 1, 2021, expenses incurred in the administration of the Plan and the trust were generally charged to and paid by the Bank and are not included in the accompanying financial statements. Fees pertaining to specific participant transactions were paid by the Plan to the trustee and record keeper through participant deductions and are reflected as administrative expenses. In addition, certain investment related expenses were reflected as a reduction of net investment income and are not readily determinable.

After May 1, 2021, expenses incurred in the administration of the Plan and the trust were generally charged to and paid by the participants and are included in the accompanying financial statements. Fees pertaining to specific participant transactions are paid by the Plan to the trustee and record keeper through participant deductions and are reflected as administrative expenses. In addition, certain investment related expenses were reflected as a reduction of net investment income and are not readily determinable.

Plan administration:

The Plan is administered by the 401(k) Investment Committee appointed by the Bank's Board of Directors. Transamerica Life Insurance Co. was the Trustee and administrative service provider to the Plan from January 1, 2021 through May 1, 2021 and Principal Trust Company was the Trustee and administrative service provider from May 1, 2021 through December 31, 2021.

Forfeitures:

Prior to May 1, 2021, forfeitures of non-vested participants' accounts were used to offset administrative expenses. After May 1, 2021, forfeitures of non-vested participants' accounts were refunded to the Bank. During 2021, forfeitures amounted to $5,725. The Plan used $6,212 of forfeited amounts to fund Plan administration expenses and $5,901 in forfeitures were used against contributions during the year. The balance of the forfeited funds held by the Plan at December 31, 2021 and 2020 was $3,540 and $9,789, respectively.

MAGYAR BANK

401(k) PROFIT SHARING PLAN

NOTES TO FINANCIAL STATEMENTS

Note 1 - General description of the Plan (continued):

Plan termination:

The Bank anticipates and believes that the Plan will continue without interruption, but reserves the right to continue or amend the Plan, revise the rate of Bank contributions or terminate the Plan at any time. If terminated, participants would become 100% vested in their accounts and the assets of the Plan will be distributed to the participants and beneficiaries in the order and manner prescribed in ERISA.

Note 2 - Summary of significant accounting policies:

Basis of accounting:

The accompanying financial statements are prepared in accordance with accounting principles generally accepted in the United States of America on the accrual basis of accounting. Under this method of accounting, contributions and investment income are recorded when earned and administrative 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:

The Plan’s investments are recorded in accordance with FASB Accounting Standards Codification Topic 820 (“ASC 820”), which established a framework for measuring fair value. ASC 820 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 ASC 820 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:

•

Quoted prices for similar assets or liabilities in active markets;

•

Quoted prices for identical or similar assets or liabilities in inactive markets;

MAGYAR BANK

401(k) PROFIT SHARING PLAN

NOTES TO FINANCIAL STATEMENTS

Note 2 - Summary of significant accounting policies (continued):

•

Inputs other than quoted prices that are observable for the asset or liability;

•

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.

Level 3: Inputs to the valuation methodology that 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 lowest observable level of any input that is significant to the fair value measurement. Valuation techniques were 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, 2021 and 2020, unless otherwise stated.

Interest-bearing cash: The carrying amounts are a reasonable estimate of fair value.

Employer stock: The Plan holds employer-related securities. This option seeks to provide long-term capital appreciation through the direct investment in the common stock of Magyar Bancorp, Inc., which is publicly traded on the NASDAQ Stock Market. Prior to May 1, 2021, the employer stock was held in a fund consisting of 96% in common shares of Magyar Bancorp, Inc. and 4% of a money market mutual fund. This fund was valued at the net asset value of the units held by the Plan as calculated by the Custodian of the fund. After May 1, 2021, the employer stock consisted of 100% of the common shares of Magyar Bancorp, Inc. This stock is valued at the number of the shares held by the Plan at the closing price of the stock at year end. These investments can be redeemed daily and without any restrictions on the timing of the redemption. At December 31, 2021 and 2020, the Plan had no unfunded commitments related to these investments.

Registered investment companies: Valued at the net asset value of shares held by the Plan at year end as reported on the active market on which the fund is traded and are therefore included in Level 1 investments in the fair value hierarchy table.

Pooled separate account: Valued based on the observable unit value of the underlying investment mutual fund investments held by the Plan trustee at year end and are therefore included in Level 2 investments in the fair value hierarchy table.

MAGYAR BANK

401(k) PROFIT SHARING PLAN

NOTES TO FINANCIAL STATEMENTS

Note 2 - Summary of significant accounting policies (continued):

Insurance co. general account: This investment was held as the Transamerica Stable Value Fund prior to May 1, 2022 and as the Principal Guaranteed Option Fund after May 1, 2022. 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 fully benefit-responsive investment contracts are direct investments between the Plan and the issuer. Contract values are determined daily based on the fair values of the underlying investments, including separate accounts under group annuity contracts and all mutual funds under net asset value custodian agreements. Since contract value is the relevant measurement, this investment is excluded from the fair value hierarchy table.

Investment income recognition:

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. Net appreciation/depreciation includes the Plan’s gains and losses on investments bought and sold as well as held during the plan year.

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.

Recent accounting pronouncements:

There were no recently adopted accounting pronouncements that had a significant impact on the Plan’s financial statements.

Coronavirus Aid, Relief, and Economic Security Act:

In March 2020, certain provisions under the Coronavirus Aid, Relief, and Economic Security (CARES) Act relating to participant distributions and participants loans were enacted. The CARES Act allows of utilization of these provisions immediately but requires formal adoption of the amendment no later than the last day of the Plan Year beginning on or after January 1, 2022. As of June 29, 2022, the Plan had not been formally amended to adopt these provisions; however, has elected to allow participants to utilize them.

Note 3 - Investment Contract with Insurance Company:

The Plan holds a fully benefit-responsive investment contract (insurance company/general account), listed in the Statements of Net Assets Available for Benefits as Insurance company general account. Prior to May 1, 2022 the investment contract was with Transamerica Life Insurance Company, and contributions were maintained in a general account. After May 1, 2022 the investment contract was with Principal Life Insurance Company, and contributions continued to be maintained in a general account. Contract value is the relevant measurement attribute for the

MAGYAR BANK

401(k) PROFIT SHARING PLAN

NOTES TO FINANCIAL STATEMENTS

Note 3 - Investment Contract with Insurance Company (continued):

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 the fair values of the underlying investments, including separate accounts under group annuity contracts and all mutual funds under net asset value custodian agreements. Contract values represent contributions made under each contract, plus earnings, less participant withdrawals and administrative expenses. The group annuity contract held by the Plan meets the five conditions to be considered fully benefit-responsive. A Plan merger or termination would limit the Plan from transacting at contract value.

No events are probable of occurring that might limit the ability of the Plan to transact at contract value with the contract issuers and that also would limit the ability of the Plan to transact at contract value with the participants.

Note 4 – Investment Valuation:

The following table sets forth by level within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2021 and 2020.

Assets at Fair Value as of December 31, 2021

	Level 1		Level 2		Total

Registered investment companies	$	7,970,072	$	-	$	7,970,072
Pooled separate account		-	$	1,127,948		1,127,948
Employer securities		1,463,957		-		1,463,957
Total investments at fair value		9,434,029		1,127,948		10,561,977
Total investments	$	9,434,029	$	1,127,948	$	10,561,977

Assets at Fair Value as of December 31, 2020

	Level 1		Level 2		Total

Registered investment companies	$	8,393,168	$	-	$	8,393,168
Interest-bearing cash		9,789		-		9,789
Total investments at fair value		8,402,957		-		8,402,957
Investments measured at net asset value*						440,626
Total investments	$	8,402,957	$	-	$	8,843,583

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.

MAGYAR BANK

401(k) PROFIT SHARING PLAN

NOTES TO FINANCIAL STATEMENTS

Note 5 – Party in Interest Transactions:

Included with the Plan's investment options are shares of employer stock, Magyar Bancorp, Inc. Transactions of these shares qualify as party-in-interest transactions.

Certain Plan investments are shares of registered investment companies and an investment in a guaranteed investment insurance company general account. Prior to May 1, 2021 this was managed by Transamerica Life Insurance Company. Additionally, prior to May 1, 2021, State Street Bank & Trust Company, the Custodian of the Plan’s assets, managed the Plan's cash reserve account. After May 1, 2021, Principal Life Insurance Company managed the guaranteed investment insurance company general account. Since Transamerica Life Insurance Company was the Plan’s record keeper through May 1, 2021 and Principal Life Insurance Company was the Plan’s record keeper after May 1, 2021, these transactions qualify as party-in-interest transactions.

Note 6 - Tax status of the Plan:

The IRS has determined and informed the Bank by a letter dated April 29, 2010, that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code ("IRC"). The Plan has been amended since receiving its latest advisory letter, however, the Plan administrator and tax counsel believe the Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code. Therefore, the Plan administrator believes the Plan is qualified and the related trust is tax-exempt.

Effective May 1, 2021, the Plan was restated in accordance with the Internal Revenue Service requirement that “pre-approved” defined contribution plan documents be restated in their entirety to include language for changes in applicable laws or regulations every six years. This restatement process incorporates all amendments made to the plan during the past six years into a new plan document. The restated plan also incorporates an amendment to add an In-Plan Roth Rollover provision. The “pre-approved” plan documents received an opinion letter dated August 8, 2014.

Accounting principles generally accepted in the United States of America require Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2021 and 2020, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. In addition, there have been no tax related interest or penalties for periods presented in these financial statements.

MAGYAR BANK

401(k) PROFIT SHARING PLAN

NOTES TO FINANCIAL STATEMENTS

Note 7 - 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, it is at least reasonably possible that changes in these estimates and assumptions in the near term would be material to the financial statements.

Magyar Bank 401(k) Profit Sharing Plan

EIN No.: 22-1085787, Plan No. 002

Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year)

December 31, 2021

	(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
	Wells Fargo	Registered Investment Company AllSpring Spec M Cap Value R6	$	796
	The American Funds	Registered Investment Company American Funds Newworld R6		30,987
	BlackRock	Registered Investment Company BlackRock MD-CP GR EQ K Fund		299,285
	Dimensional Fund Advisors	Registered Investment Company DFA Infl Protected Sec I Fund		4,245
	Fidelity Investments	Registered Investment Company Fidelity Adv Sm Cap Cap Z Fund		164,045
	BlackRock	Registered Investment Company ISHS US Agg Bond Index K Fund		397,150
	Janus International Holding, LLC	Registered Investment Company Janus Henderson Blncd N		424,991
	Loomis Sayles	Registered Investment Company Loomis Sayles GL Alloc N Fund		157
	Lord Abbett	Registered Investment Company Lord Abbett Dev Growth R6 Fund		478
	MFS Investment Management	Registered Investment Company MFS Intl Diversification R6 Fund		5,872
	PGIM Investments	Registered Investment Company PGIM High Yield R6 Fund		25,286
	PIMCO Funds	Registered Investment Company PIMCO Income Institutional Fund		169,361
	Vanguard	Registered Investment Company Vanguard Growth Index Adm Fund		543,831
	Vanguard	Registered Investment Company Vanguard Intl Growth Adm Fund		858,128
	Vanguard	Registered Investment Company Vanguard Mid Cap Index Adm Fund		1,518,235
	Vanguard	Registered Investment Company Vanguard SmCap Index Adm Fund		514,670
	Vanguard	Registered Investment Company Vanguard Tgt Rmt Income Fund		45,230
	Vanguard	Registered Investment Company Vanguard Tgt Rmt 2015 Inv Fund		3,326
	Vanguard	Registered Investment Company Vanguard Tgt Rmt 2020 Inv Fund		155,643
	Vanguard	Registered Investment Company Vanguard Tgt Rmt 2025 Inv Fund		203,298
	Vanguard	Registered Investment Company Vanguard Tgt Rmt 2030 Inv Fund		596,636
	Vanguard	Registered Investment Company Vanguard Tgt Rmt 2035 Inv Fund		679,474
	Vanguard	Registered Investment Company Vanguard Tgt Rmt 2040 Inv Fund		575,221
	Vanguard	Registered Investment Company Vanguard Tgt Rmt 2045 Inv Fund		163,641
	Vanguard	Registered Investment Company Vanguard Tgt Rmt 2050 Inv Fund		16,994
	Vanguard	Registered Investment Company Vanguard Tgt Rmt 2055 Inv Fund		84,610
	Vanguard	Registered Investment Company Vanguard Tgt Rmt 2060 Inv Fund		82,607
	Vanguard	Registered Investment Company Vanguard Tgt Rmt 2065 Inv Fund		11,379
	Vanguard	Registered Investment Company Vanguard Value Index Adm Fund		394,496
		REGISTERED INVESTMENT COMPANIES	$	7,970,072

*	Principal Life Insurance Company	Insurance Company General Principal Guaranteed Option		989,910
		GENERAL ACCOUNT TOTAL	$	989,910

*	Principal Life Insurance Company	Pooled Separate Account Prin LGCP S&P 500 Index SA-Z		1,127,948
		POOLED SEPARATE ACCOUNT TOTAL	$	1,127,948

*	Magyar Bancorp, Inc. Stock	Employer Security Magyar Bancorp, Inc.		1,463,957
		EMPLOYER STOCK FUND TOTAL	$	1,463,957

*	Participants	Notes Receivable with interest rates of 4.25% to 6.50%		93,642

		TOTAL PLAN ASSETS	$	11,645,529

* Indicates Party-In-Interest to the Plan

Cost section of this table is omitted for participant-directed accounts

See Report of Independent Registered Public Accounting Firm

SIGNATURES

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who 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


Date: June 29, 2022	By:	/s/ Jon R. Ansari
		Executive Vice President, Chief Financial Officer
		Magyar Bank