SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 [NO FEE REQUIRED, EFFECTIVE OCTOBER 7, 1996].
For the fiscal year ended December 31, 2006
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OR
[ ] 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 08903
SUMMARY ANNUAL REPORT
FOR MAGYAR BANK 401(K) PROFIT SHARING PLAN
This is a summary of the annual report for the MAGYAR BANK 401(K) PROFIT SHARING
PLAN, EIN 22-1085787, Plan No. 002, for period January 1, 2006 through December
31, 2006. The annual report has been filed with the Employee Benefits Security
Administration, U.S. Department of Labor, as required under the Employee
Retirement Income Security Act of 1974 (ERISA).
Basic Financial Statement
Benefits under the plan are provided through insurance and through a trust fund.
Plan expenses were $134,281. These expenses included $132,740 in benefits paid
to participants and beneficiaries and $1,541 in other expenses. A total of 105
persons were participants in or beneficiaries of the plan at the end of the plan
year, although not all of these persons had yet earned the right to receive
benefits.
The value of plan assets, after subtracting liabilities of the plan, was
$2,352,604 as of December 31, 2006, compared to $1,620,515 as of January 1,
2006. During the plan year the plan experienced an increase in its net assets of
$732,089. This increase includes unrealized appreciation and depreciation in the
value of plan assets; that is, the difference between the value of the plan's
assets at the end of the year and the value of the assets at the beginning of
the year or the cost of assets acquired during the year. The plan had total
income of $866,370 including employer contributions of $105,242, employee
contributions of $257,827, and earnings from investments of $279,638.
Your Rights To Additional Information
You have the right to receive a copy of the full annual report, or any part
thereof, on request. The items listed below are included in that report:
1. financial information; and
2. insurance information, including sales commissions paid by insurance
carriers.
To obtain a copy of the full annual report, or any part thereof, write or call
MAGYAR BANK, 400 SOMERSET ST, NEW BRUNSWICK, NJ 08901, (732) 342-7600.
The plan has met the requirements to waive the annual examination and report of
an independent qualified public accountant. As of the end of the plan year, the
following regulated financial institution(s) held or issued plan assets that
qualified under the waiver: DIVERSIFIED INVESTMENT ADVISORS $984,187 and
TRANSAMERICA LIFE INSURANCE COMPANY $1,348,928. You have the right, upon request
of the Plan Administrator and without charge, to examine or receive copies of
statements from the regulated financial institutions describing the qualifying
plan assets. If you are unable to examine or obtain these documents, contact a
EBSA Regional Office for assistance. Information about contacting EBSA regional
offices can be found on the Internet at http://www.dol.gov/ebsa.
You also have the legally protected right to examine the annual report at the
main office of the plan (MAGYAR BANK, 400 SOMERSET ST, NEW BRUNSWICK, NJ 08901)
and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy
from the U.S. Department of Labor upon payment of copying costs. Requests to the
Department should be addressed to: Public Disclosure Room, Room N1513, Employee
Benefits Security Administration, U.S. Department of Labor, 200 Constitution
Avenue, N.W., Washington, D.C. 20210.
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 14, 2007 By: /s/ Elizabeth E. Hance
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Name: Elizabeth E. Hance
Title: President and Chief Executive Officer,
Magyar Bancorp, Inc.