---

---

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-KSB

þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended September 30, 2006

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

Commission File Number: 000-51726

Magyar Bancorp, Inc.

(Name of Small Business Issuer in its Charter)

Delaware		20-4154978
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification Number)

400 Somerset Street, New Brunswick, New Jersey		08901
(Address of Principal Executive Office)		(Zip Code)

(732) 342-7600

(Issuer’s Telephone Number including area code)

 

Securities Registered Pursuant to Section 12(g) of the Act:

None

(Title of Class)

Check whether the issuer is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act. o

Check whether the issuer: (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past twelve months (or for such shorter period that the Registrant was required to file reports) and (2) has been subject to such filing requirements for the past 90 days.

(1) Yes þ     No o

Check if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-B contained in this form, and no disclosure will be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-KSB or any amendments to this Form 10-KSB. o

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o     No þ

The Registrant’s revenues for the fiscal year ended September 30, 2006 were $24.7 million.

The aggregate value of the voting stock held by non-affiliates of the Registrant, computed by reference to the closing price of the Common Stock as of December 15, 2006 was $33.8 million. As of December 15, 2006, there were 5,923,742 shares issued and outstanding of the Registrant’s Common Stock, including 3,200,450 shares owned by Magyar Bancorp, MHC.

DOCUMENTS INCORPORATED BY REFERENCE

1.	Proxy Statement for the 2007 Annual Meeting of Stockholders (Part III)

Transitional Small Business Disclosure Format (check one):

Yes o     No þ

 

---

---

M ag yar Bancorp, Inc.

Annual Report On Form 10-KSB

For The Fiscal Year Ended

September 30, 2006

 

Table Of Contents

 

PART I
ITEM 1.	Description of Business	1
ITEM 2.	Description of Property	37
ITEM 3.	Legal Proceedings	37
ITEM 4.	Submission of Matters to a Vote of Security Holders	37
PART II
ITEM 5.	Market for Common Equity, Related Stockholder Matters and Small Business Issuer Purchases of Equity Securities	37
ITEM 6.	Management’s Discussion and Analysis or Plan of Operation	38
ITEM 7.	Financial Statements	51
ITEM 8.	Changes In and Disagreements With Accountants on Accounting and Financial Disclosure	83
ITEM 8A.	Controls and Procedures	83
ITEM 8B.	Other Information	83
PART III
ITEM 9.	Directors, Executive Officers, Promoters and Control Persons; Compliance with Section 16(a) of the Exchange Act	83
ITEM 10.	Executive Compensation	83
ITEM 11.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	83
ITEM 12.	Certain Relationships and Related Transactions	84
ITEM 13.	Exhibits	84
ITEM 14.	Principal Accountant Fees and Services	84
	Signatures	85