Malvern Bancorp, Inc. (NASDAQ: MLVF) (the
“Company”), the parent company of Malvern Bank, National
Association (the “Bank”), today reported operating results for the
fourth fiscal quarter ended September 30, 2021. The Company
recorded a net loss of ($6.2) million, or ($0.82) per fully diluted
common share, compared with a net loss of ($3.5) million, or
($0.46) per fully diluted common share, for the quarter ended
September 30, 2020. The increase in net loss and decrease in
diluted earnings per share from the fourth quarter of 2020 were
primarily attributable to the recording of provision for loan
losses of $10.6 million during the quarter ended September 30,
2021, which resulted from the write-down to fair value of four
commercial real estate loans that were transferred to
held-for-sale, compared to $7.4 million for the quarter ended
September 30, 2020. Annualized return on average assets (“ROAA”)
was (2.06) percent for the quarter ended September 30, 2021,
compared to (1.15) percent for the quarter ended September 30,
2020, and annualized return on average equity (“ROAE”) was (16.59)
percent for the quarter ended September 30, 2021, compared with
(9.54) percent for the quarter ended September 30, 2020.
For the fiscal year ended September 30, 2021, the Company
reported a net loss of ($92,000), or ($0.01) per fully diluted
common share, compared with net income of $644,000, or $0.08 per
fully diluted common share, for the fiscal year ended September 30,
2020. Annualized ROAA was (0.01) percent for the fiscal year ended
September 30, 2021, compared to 0.05 percent for the fiscal year
ended September 30, 2020. Annualized ROAE was (0.06) percent for
the fiscal year ended September 30, 2021, compared with 0.45
percent for the fiscal year ended September 30, 2020.
Subsequent to September 30, 2021, the Company disposed of three
of the commercial real estate loans previously transferred to
held-for-sale, with an aggregate book balance of $29.3 million to
improve its credit and asset quality. Included in these loans was
one non-accrual commercial real estate loan totaling approximately
$12.2 million and two trouble debt restructured (“TDR”) commercial
real estate loans totaling $17.1 million. These loans were
transferred to held-for-sale at the sale price fair value of $18.9
million on September 30, 2021, totaling a net charge down of
approximately $10.8 million, and then subsequently sold. There was
one additional non-accrual commercial real estate loan transferred
to held-for-sale at September 30, 2021, with an aggregate book
balance of $13.6 million. The Company is pursuing a sale strategy
for this loan that is secured by property in the New York
metropolitan area. There can be no assurance that a sale can be
consummated, or that a sale can be consummated at the carrying
value of the loan, as market and sales prices are subject to
various factors; any sale at an amount less than the carrying value
could result in a loss and affect the Company’s net income.
When excluding the loans sold as outlined above, non-accrual
loans total $17.3 million, including one commercial real estate
loan held-for-sale with an aggregate book balance of $13.6 million
and one commercial and industrial loan with an aggregate
outstanding balance of approximately $2.5 million, 10 residential
mortgage loans with an aggregate outstanding balance of
approximately $879,000, and nine consumer loans with an aggregate
outstanding balance of approximately $301,000. Also, TDR loans
total $6.2 million, including 12 residential mortgage loans
totaling $2.5 million, five commercial loans totaling $3.6 million,
and three consumer loans totaling $78,000.
“Disposing of these loans was a necessary step towards
formulating a stronger company by allowing management to shift its
core focus from credit resolution to the continued implementation
of the Company’s business plan. It also positions the Company to
return to profitability and provides the potential to grow earnings
in future periods,” commented Anthony C. Weagley, President and
Chief Executive Officer. “As we stated last quarter, improving
asset quality is a top priority,” continued Mr. Weagley.
Statement of Operations Highlights at September 30,
2021
- The Company recorded provision for loan losses of $10.6 million
during the quarter ended September 30, 2021, which resulted from
the write-down of four loans that were transferred to
held-for-sale, compared to $7.4 million for the quarter ended
September 30, 2020. For the fiscal year ended September 30, 2021,
the Company recorded provision for loan losses of $11.2 million
compared to $10.6 million recorded for the fiscal year ended
September 30, 2020.
- Net interest margin (“NIM”) increased 23 basis points to 2.61
percent for the quarter ended September 30, 2021, compared to 2.38
percent for the prior year’s quarter ended September 30, 2020. The
increase was driven by a reduction in interest expense, partially
offset by a decrease in interest-earning assets.
- Total interest expense decreased $6.9 million, or (40.1)
percent, to $10.4 million for the fiscal year ended September 30,
2021, compared to $17.3 million for the fiscal year ended September
30, 2020, which resulted primarily from the reduction of costs on
interest-bearing deposits.
- Net interest income increased $1.0 million, or 3.8 percent, for
the fiscal year ended September 30, 2021, compared to the fiscal
year ended September 30, 2020, which primarily resulted from a
decrease in interest expense on interest-bearing deposits.
- Diluted and basic earnings (loss) per share decreased nine
basis points to $(0.01) for the fiscal year ended September 30,
2021, compared to $0.08 for the fiscal year ended September 30,
2020. The decreases are primarily attributable to the provision of
loan losses expense of $10.6 million recorded for the quarter ended
September 30, 2021.
Linked Quarter Financial
Ratios(unaudited)
| As of or for the
quarter ended: |
9/30/21 |
6/30/21 |
3/31/21 |
12/31/20 |
9/30/20 |
| Return on average assets
(1) |
(2.06%) |
0.53% |
0.73% |
0.74% |
(1.15%) |
| Return on average equity
(1) |
(16.59%) |
4.35% |
6.14% |
6.38% |
(9.54%) |
| Net interest margin (1) |
2.61% |
2.70% |
2.54% |
2.62% |
2.38% |
| Loans / deposits ratio |
97.41% |
104.84% |
108.14% |
111.33% |
116.62% |
| Shareholders' equity / total
assets |
11.76% |
12.50% |
12.09% |
11.73% |
11.64% |
| Efficiency ratio |
68.7% |
73.6% |
63.5% |
58.3% |
61.5% |
| Book value per common
share |
$18.65 |
$19.44 |
$19.17 |
$18.83 |
$18.47 |
|
____________________ |
|
(1) Annualized. |
Linked Quarter Income Statement
Data(unaudited)(in thousands,
except share and per share data)
|
For the quarter ended: |
|
9/30/21 |
|
|
6/30/21 |
|
|
3/31/21 |
|
|
12/31/20 |
|
|
9/30/20 |
|
| Net interest income |
$ |
6,825 |
|
$ |
7,129 |
|
$ |
6,802 |
|
$ |
7,304 |
|
$ |
6,720 |
|
| Provision for loan losses |
|
10,626 |
|
|
- |
|
|
- |
|
|
550 |
|
|
7,400 |
|
| Net interest income (loss)
after provision for loan losses |
|
(3,801 |
) |
|
7,129 |
|
|
6,802 |
|
|
6,754 |
|
|
(680 |
) |
| Other income |
|
579 |
|
|
793 |
|
|
1,167 |
|
|
1,224 |
|
|
692 |
|
| Other expense |
|
5,084 |
|
|
5,832 |
|
|
5,063 |
|
|
4,972 |
|
|
4,558 |
|
| Income (loss) before income
tax expense |
|
(8,306 |
) |
|
2,090 |
|
|
2,906 |
|
|
3,006 |
|
|
(4,546 |
) |
| Income tax expense
(benefit) |
|
(2,116 |
) |
|
489 |
|
|
682 |
|
|
733 |
|
|
(1,043 |
) |
| Net income (loss) |
$ |
(6,190 |
) |
$ |
1,601 |
|
$ |
2,224 |
|
$ |
2,273 |
|
$ |
(3,503 |
) |
| (Loss) Earnings per common
share |
|
|
|
|
|
|
Basic |
|
(0.82 |
) |
|
0.21 |
|
|
0.30 |
|
|
0.30 |
|
|
(0.46 |
) |
|
Diluted |
|
(0.82 |
) |
|
0.21 |
|
|
0.30 |
|
|
0.30 |
|
|
(0.46 |
) |
| Weighted average common shares
outstanding |
|
|
|
|
|
|
Basic |
|
7,548,958 |
|
|
7,545,371 |
|
|
7,529,408 |
|
|
7,525,808 |
|
|
7,522,199 |
|
|
Diluted |
|
7,550,766 |
|
|
7,546,200 |
|
|
7,530,151 |
|
|
7,526,376 |
|
|
7,522,360 |
|
Net Interest Income
Net interest income was $6.8 million for the quarter ended
September 30, 2021, an increase of $105,000, or 1.6 percent, from
$6.7 million for the quarter ended September 30, 2020. For the
quarter ended September 30, 2021, NIM increased by 23 basis points
to 2.61 percent, as compared to 2.38 percent for the quarter ended
September 30, 2020. This increase was primarily driven by a
reduction in interest expense as the cost of interest-bearing
deposits decreased by 67 basis points compared to the quarter ended
September 30, 2020. The cost of interest-bearing liabilities
decreased by 62 basis points compared to the quarter ended
September 30, 2020.
Net interest income was $28.1 million for the fiscal year ended
September 30, 2021, an increase of $1.0 million, or 3.8 percent,
from $27.0 million for the fiscal year ended September 30, 2020.
For the fiscal year ended September 30, 2021, NIM increased by 32
basis points to 2.62 percent, as compared to 2.30 percent for the
fiscal year ended September 30, 2020. Consistent with the quarter
ended September 30, 2021, this increase was primarily driven by the
71 basis point decrease in cost of interest-bearing deposits
compared to the fiscal year ended September 30, 2020. The cost of
interest-bearing liabilities decreased by 66 basis points compared
to the fiscal year ended September 30, 2020.
Interest Income
For the quarters ended September 30, 2021 and September 30,
2020, total interest income was $8.9 million and $10.3 million,
respectively. The average yield on interest-earning assets declined
27 basis points for the quarter ended September 30, 2021, to 3.39
percent when compared to the same period in 2020. Total interest
income fell for the quarter ended September 30, 2021, compared to
the quarter ended September 30, 2020, due primarily to the decrease
in average loan balances and average yield on loans and an
adjustment to non-accrual interest on charged off loans of
$347,000.
For the fiscal year ended September 30, 2021, total interest
income was $38.4 million, a decrease of $5.9 million, or (13.3)
percent, from $44.3 million for the fiscal year ended September 30,
2020. The average yield on interest-earning assets declined 20
basis points to 3.58 percent when compared to the same period in
2020 as average balances and average yields on loans decreased.
Interest Expense
For the quarter ended September 30, 2021, interest expense
decreased by $1.6 million, or (43.7) percent, to $2.0 million,
compared to $3.6 million for the quarter ended September 30, 2020.
The decrease in interest expense is primarily attributable to rate
related factors, as the average rate on interest-bearing
liabilities fell 62 basis points to 0.83 percent compared to the
quarter ended September 30, 2020. This decline reflects a 67 basis
point decrease in the rate on interest-bearing deposits.
Total interest expense decreased by $6.9 million, or (40.1)
percent, to $10.4 million for the fiscal year ended September 30,
2021, compared to $17.3 million for the fiscal year ended September
30, 2020. The decrease in interest expense is primarily
attributable to rate related factors. The annualized average rate
on total interest-bearing liabilities decreased to 1.03 percent for
the fiscal year ended September 30, 2021, from 1.69 percent for the
fiscal year ended September 30, 2020. This reduction primarily
reflects a 71 basis point decrease in the average rate paid on
interest-bearing deposits and a eight basis point decrease in the
average rate of borrowings. The decrease in the average rate of
interest-bearing deposits consisted of a 93 basis point decrease in
the average rate of money market accounts, a 72 basis point
decrease in the average rate of certificates of deposit, and a 34
basis point decrease in average rate of other interest-bearing
deposit accounts.
Other Income
Other income decreased $113,000 during the quarter ended
September 30, 2021, compared to the quarter ended September 2020.
The decrease was primarily due to decreases of $149,000 in net
gains on sale of investments and $57,000 on sales of loans,
partially offset by a slight increase in service charges and other
fees of $55,000 and earnings on bank-owned life insurance of
$38,000.
For the fiscal year ended September 30, 2021, total other income
increased $1.3 million, or 51.3 percent, compared to the same
period in 2020. This increase was primarily due to a $672,000
increase in net gains on sale of loans, a $449,000 increase in net
gains on sale of investments which resulted from managing and
optimizing portfolio activity in the ordinary course of business,
and $147,000 in earnings on bank-owned life insurance.
Other Expense
Other expense for the quarter ended September 30, 2021 increased
$526,000, or 11.5 percent, to $5.1 million when compared to the
quarter ended September 30, 2020. The increase was primarily due to
increases of $262,000 in professional fees, $123,000 in salaries
and employee benefits, and $94,000 in other operating
expense.
Other expense for the fiscal year ended September 30, 2021
increased $2.6 million, or 14.5 percent, to $21.0 million when
compared to the fiscal year ended September 30, 2020. The increase
was primarily due to increases of $1.2 million in professional fees
associated with legal, accounting, and audit expenses related to
the Company’s periodic and annual filings including matters arising
out of the Company’s prior restatements, $778,000 in net other real
estate owned (“OREO”) expense due to the Company’s valuation
adjustment for one commercial real estate property, $254,000 in
salaries and employee benefits, $235,000 in other operating
expenses, and $158,000 in federal deposit insurance premiums.
Income Taxes
The Company recorded an income tax benefit of $2.1 million
during the quarter ended September 30, 2021, compared to an income
tax benefit of $1.0 million for the quarter ended September 30,
2020. The increase in income tax benefit was due to the recorded
provision for loan losses of $10.6 million. The effective tax rate
for the Company for the quarters ended September 30, 2021 and
September 30, 2020 were 25.5 percent and 22.9 percent,
respectively.
For the fiscal year ended September 30, 2021, the Company
recorded an income tax benefit of $212,000, compared to an income
tax benefit of $36,000 for the fiscal year ended September 30,
2020, which also resulted from the provision for loan losses of
$11.2 million recorded during the fiscal year ended September 30,
2021.
Statement of Condition Highlights at September 30,
2021
- The Company transferred four loans to
held-for-sale, at fair value, totaling $32.5 million which resulted
in a write-down of $10.8 million for the quarter ended September
30, 2021. Three of these loans were subsequently sold for a total
of $18.9 million. Of the loans sold, one was on non-accrual
totaling $7.5 million and the remaining two were TDRs totaling
$11.4 million.
- Non-performing assets (“NPAs”) were
2.46 percent and 1.87 percent of total assets at September 30,
2021, and September 30, 2020, respectively.
- Non-performing loans (“NPLs”) were
2.62 percent and 1.62 percent of total loans at September 30, 2021,
and September 30, 2020, respectively.
- Total deposits increased $47.3
million, or 5.3 percent, to $938.2 million at September 30, 2021,
compared to $890.9 million at September 30, 2020, primarily driven
by increases in money market and interest-bearing demand
accounts.
- Book value per common share amounted
to $18.65 at September 30, 2021, compared to $18.47 at September
30, 2020.
Linked Quarter Statement of Condition
Data(in thousands, unaudited)
|
At the quarter ended: |
|
9/30/21 |
|
|
6/30/21 |
|
|
3/31/21 |
|
|
12/31/20 |
|
|
9/30/20 |
|
|
Cash and due from depository institutions |
$ |
99,670 |
|
$ |
90,441 |
|
$ |
99,358 |
|
$ |
83,764 |
|
$ |
16,386 |
|
| Interest bearing deposits in
depository institutions |
|
36,920 |
|
|
14,513 |
|
|
9,556 |
|
|
25,458 |
|
|
45,053 |
|
| Investment securities,
available for sale, at fair value |
|
42,313 |
|
|
34,502 |
|
|
28,899 |
|
|
35,224 |
|
|
31,541 |
|
| Investment securities held to
maturity |
|
28,507 |
|
|
31,795 |
|
|
25,834 |
|
|
14,161 |
|
|
14,970 |
|
| Restricted stock, at cost |
|
7,776 |
|
|
7,896 |
|
|
8,891 |
|
|
9,327 |
|
|
9,622 |
|
| Loans Held-for-sale |
|
33,199 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Loans receivable, net of
allowance for loan losses |
|
902,981 |
|
|
940,735 |
|
|
974,596 |
|
|
990,346 |
|
|
1,026,894 |
|
| Other real estate owned |
|
4,961 |
|
|
4,961 |
|
|
5,796 |
|
|
5,796 |
|
|
5,796 |
|
| Accrued interest
receivable |
|
3,512 |
|
|
3,370 |
|
|
3,598 |
|
|
4,051 |
|
|
3,677 |
|
| Operating lease
right-of-use-assets |
|
1,796 |
|
|
2,168 |
|
|
2,322 |
|
|
2,479 |
|
|
2,638 |
|
| Property and equipment,
net |
|
5,777 |
|
|
5,902 |
|
|
6,040 |
|
|
6,154 |
|
|
6,274 |
|
| Deferred income taxes,
net |
|
3,530 |
|
|
3,389 |
|
|
3,535 |
|
|
3,601 |
|
|
3,680 |
|
| Bank-owned life insurance |
|
26,056 |
|
|
25,889 |
|
|
25,725 |
|
|
25,564 |
|
|
25,400 |
|
| Other assets |
|
12,145 |
|
|
20,183 |
|
|
12,269 |
|
|
14,999 |
|
|
16,344 |
|
| Total assets |
$ |
1,209,143 |
|
$ |
1,185,744 |
|
$ |
1,206,419 |
|
$ |
1,220,924 |
|
$ |
1,208,275 |
|
| Deposits |
$ |
938,159 |
|
$ |
907,704 |
|
$ |
912,213 |
|
$ |
900,465 |
|
$ |
890,906 |
|
| FHLB advances |
|
90,000 |
|
|
90,000 |
|
|
110,000 |
|
|
130,000 |
|
|
130,000 |
|
| Secured borrowings |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,225 |
|
| Other borrowings |
|
— |
|
|
— |
|
|
— |
|
|
5,000 |
|
|
— |
|
| Subordinated debt |
|
24,934 |
|
|
24,895 |
|
|
24,855 |
|
|
24,816 |
|
|
24,776 |
|
| Operating lease
liabilities |
|
1,830 |
|
|
2,204 |
|
|
2,357 |
|
|
2,512 |
|
|
2,671 |
|
| Other liabilities |
|
12,052 |
|
|
12,749 |
|
|
11,143 |
|
|
14,865 |
|
|
15,104 |
|
| Shareholders’ equity |
|
142,168 |
|
|
148,192 |
|
|
145,851 |
|
|
143,266 |
|
|
140,593 |
|
|
Total liabilities and shareholders’ equity |
$ |
1,209,143 |
|
$ |
1,185,744 |
|
$ |
1,206,419 |
|
$ |
1,220,924 |
|
$ |
1,208,275 |
|
The following table sets forth the Company’s consolidated
average statement of condition for the quarters presented.
Condensed Consolidated Average Statement of
Condition(in thousands, unaudited)
|
For the quarter ended: |
|
9/30/21 |
|
|
6/30/21 |
|
|
3/31/21 |
|
|
12/31/20 |
|
|
9/30/20 |
|
| Investment securities |
$ |
75,004 |
|
$ |
71,811 |
|
$ |
58,559 |
|
$ |
59,135 |
|
$ |
57,906 |
|
| Interest-bearing cash
accounts |
|
26,339 |
|
|
16,914 |
|
|
21,506 |
|
|
21,690 |
|
|
27,996 |
|
| Loans |
|
945,457 |
|
|
967,615 |
|
|
990,913 |
|
|
1,032,483 |
|
|
1,045,595 |
|
| Allowance for loan losses |
|
(11,730 |
) |
|
(12,603 |
) |
|
(13,037 |
) |
|
(12,462 |
) |
|
(11,071 |
) |
| All other assets |
|
165,439 |
|
|
164,288 |
|
|
165,942 |
|
|
123,919 |
|
|
98,155 |
|
| Total assets |
$ |
1,200,509 |
|
$ |
1,208,025 |
|
$ |
1,223,883 |
|
$ |
1,224,765 |
|
$ |
1,218,581 |
|
| Non-interest-bearing
deposits |
|
51,534 |
|
|
52,799 |
|
|
50,327 |
|
|
48,152 |
|
|
49,139 |
|
| Interest-bearing deposits |
|
869,914 |
|
|
868,099 |
|
|
866,153 |
|
|
854,649 |
|
|
842,727 |
|
| FHLB advances |
|
90,000 |
|
|
99,505 |
|
|
116,889 |
|
|
130,000 |
|
|
130,000 |
|
| Other short-term
borrowings |
|
— |
|
|
— |
|
|
3,111 |
|
|
5,918 |
|
|
4,250 |
|
| Subordinated debt |
|
24,917 |
|
|
24,877 |
|
|
24,835 |
|
|
24,794 |
|
|
24,760 |
|
| Other liabilities |
|
14,907 |
|
|
15,399 |
|
|
17,751 |
|
|
18,689 |
|
|
20,853 |
|
| Shareholders’ equity |
|
149,237 |
|
|
147,346 |
|
|
144,817 |
|
|
142,563 |
|
|
146,852 |
|
| Total liabilities and
shareholders’ equity |
$ |
1,200,509 |
|
$ |
1,208,025 |
|
$ |
1,223,883 |
|
$ |
1,224,765 |
|
$ |
1,218,581 |
|
Deposits
The following table reflects the composition of the Company’s
deposits as of the dates indicated.
(in thousands, unaudited)
|
At quarter ended: |
|
9/30/21 |
|
|
6/30/21 |
|
|
3/31/21 |
|
|
12/31/20 |
|
|
9/30/20 |
|
| Demand: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing |
$ |
53,849 |
|
$ |
53,365 |
|
$ |
54,210 |
|
$ |
49,264 |
|
$ |
50,422 |
|
|
Interest-bearing |
|
336,645 |
|
|
329,372 |
|
|
313,865 |
|
|
303,535 |
|
|
303,682 |
|
| Savings |
|
50,582 |
|
|
51,011 |
|
|
49,601 |
|
|
46,531 |
|
|
45,072 |
|
| Money market |
|
385,480 |
|
|
359,040 |
|
|
338,100 |
|
|
303,796 |
|
|
277,711 |
|
| Time |
|
111,603 |
|
|
114,916 |
|
|
156,437 |
|
|
197,339 |
|
|
214,019 |
|
|
Total deposits |
$ |
938,159 |
|
$ |
907,704 |
|
$ |
912,213 |
|
$ |
900,465 |
|
$ |
890,906 |
|
Loans
Total net loans amounted to $936.2 million at September 30,
2021, compared to $1.027 billion at September 30, 2020, resulting
in a net decrease of $90.7 million, or (8.80) percent, for the
fiscal year. The allowance for loan losses amounted to $11.5
million, or 1.21 percent of total loans, at September 30, 2021,
compared to $12.4 million, or 1.22 percent of total loans, at
September 30, 2020. Average loan balances for the quarter ended
September 30, 2021, totaled $945.5 million as compared to $1.046
billion for the quarter ended September 30, 2020, representing a
9.58 percent decrease.
At the end of the quarter ended September 30, 2021, the gross
loan portfolio, excluding loans held-for-sale, remained weighted
toward two primary components: the commercial and core residential
portfolio, with commercial loans accounting for 68.9 percent and
single-family residential real estate loans accounting for 21.7
percent of the gross loan portfolio at such date. Construction and
development loans amounted to 7.0 percent and consumer loans
represented 2.4 percent of the gross loan portfolio at such date.
The decrease in the gross loan portfolio at September 30, 2021,
compared to September 30, 2020, primarily reflected decreases of
$67.7 million in commercial loans, $43.4 million in residential
mortgage loans, $9.0 million in consumer loans, and $5.1 million in
construction and development loans.
The following table reflects the Company’s loan portfolio
composition, excluding loans-held-for-sale.
(in thousands, unaudited)
|
At quarter ended: |
|
9/30/21 |
|
|
6/30/21 |
|
|
3/31/21 |
|
|
12/31/20 |
|
|
9/30/20 |
|
| Residential
mortgage |
$ |
198,710 |
|
$ |
201,737 |
|
$ |
218,165 |
|
$ |
232,481 |
|
$ |
242,090 |
|
| Construction and
Development: |
|
|
|
|
|
|
Residential and commercial |
|
61,492 |
|
|
61,484 |
|
|
76,257 |
|
|
73,000 |
|
|
65,703 |
|
|
Land |
|
2,204 |
|
|
2,253 |
|
|
3,596 |
|
|
3,648 |
|
|
3,110 |
|
| Total construction and
development |
|
63,696 |
|
|
63,737 |
|
|
79,853 |
|
|
76,648 |
|
|
68,813 |
|
|
Commercial: |
|
|
|
|
|
|
Commercial real estate |
|
426,915 |
|
|
478,032 |
|
|
482,611 |
|
|
478,808 |
|
|
495,398 |
|
|
Farmland |
|
10,297 |
|
|
10,335 |
|
|
7,344 |
|
|
7,378 |
|
|
7,517 |
|
|
Multi-family |
|
66,332 |
|
|
66,725 |
|
|
67,122 |
|
|
67,457 |
|
|
67,767 |
|
|
Commercial and industrial |
|
115,246 |
|
|
97,955 |
|
|
94,706 |
|
|
101,852 |
|
|
116,584 |
|
|
Other |
|
10,954 |
|
|
10,896 |
|
|
9,927 |
|
|
10,010 |
|
|
10,142 |
|
| Total commercial |
|
629,744 |
|
|
663,943 |
|
|
661,710 |
|
|
665,505 |
|
|
697,408 |
|
|
Consumer: |
|
|
|
|
|
|
Home equity lines of credit |
|
13,491 |
|
|
12,822 |
|
|
15,936 |
|
|
16,389 |
|
|
17,128 |
|
|
Second mortgages |
|
5,884 |
|
|
7,039 |
|
|
8,114 |
|
|
9,097 |
|
|
10,711 |
|
|
Other |
|
2,299 |
|
|
2,372 |
|
|
2,650 |
|
|
2,388 |
|
|
2,851 |
|
| Total consumer |
|
21,674 |
|
|
22,233 |
|
|
26,700 |
|
|
27,874 |
|
|
30,690 |
|
| Total loans |
|
913,824 |
|
|
951,650 |
|
|
986,428 |
|
|
1,002,508 |
|
|
1,039,001 |
|
| Deferred loan costs, net |
|
629 |
|
|
685 |
|
|
769 |
|
|
873 |
|
|
326 |
|
| Allowance for loan losses |
|
(11,472 |
) |
|
(11,600 |
) |
|
(12,601 |
) |
|
(13,035 |
) |
|
(12,433 |
) |
|
Loans Receivable, net |
$ |
902,981 |
|
$ |
940,735 |
|
$ |
974,596 |
|
$ |
990,346 |
|
$ |
1,026,894 |
|
At September 30, 2021, the Company had $126.8 million in overall
undisbursed loan commitments, which consisted primarily of
available usage from active construction facilities, unused
commercial lines of credit, and home equity lines of credit.
Asset Quality
Non-accrual loans totaled $24.8 million at September 30, 2021,
and $16.7 million at September 30, 2020. The increase in
non-accrual loans was primarily due to the addition of one $13.6
million commercial real estate loan classified as substandard,
partially offset by one $4.2 million commercial real estate loan
classified as substandard that returned to accrual status as of
September 30, 2021.
The total portfolio of non-accrual loans at September 30, 2021
was comprised of two commercial real estate loans with an aggregate
outstanding balance of approximately $21.1 million, one commercial
and industrial loan with an aggregate outstanding balance of
approximately $2.5 million, 10 residential mortgage loans with an
aggregate outstanding balance of approximately $879,000, and nine
consumer loans with an aggregate outstanding balance of
approximately $301,000.
At September 30, 2021, NPAs totaled $29.8 million, or 2.46
percent of total assets, as compared with $22.6 million, or 1.87
percent of total assets, at September 30, 2020. The increase in
NPAs is due to the increase in non-accrual loans as described
above. OREO, which is comprised of one commercial real estate
property, totaled $5.0 million at September 30, 2021, compared to
$5.8 million at September 30, 2020.
Performing TDR loans were $17.6 million at September 30, 2021,
and $13.4 million at September 30, 2020. As stated above, the
increase is primarily related to one $4.2 million commercial real
estate loan that returned to accruing status and as such is now
classified as a performing TDR as of September 30, 2021.
Non-Performing Asset and Other Asset Quality
Data:
(dollars in thousands, unaudited)
|
As of or for the quarter ended: |
|
9/30/21 |
|
|
6/30/21 |
|
|
3/31/21 |
|
|
12/31/20 |
|
|
9/30/20 |
|
| Non-accrual loans(1) |
$ |
24,813 |
|
$ |
23,547 |
|
$ |
22,281 |
|
$ |
16,240 |
|
$ |
16,730 |
|
| Loans 90 days or more past due
and still accruing |
|
— |
|
|
212 |
|
|
765 |
|
|
775 |
|
|
58 |
|
|
Total non-performing loans |
|
24,813 |
|
|
23,759 |
|
|
23,046 |
|
|
17,015 |
|
|
16,788 |
|
| OREO |
|
4,961 |
|
|
4,961 |
|
|
5,796 |
|
|
5,796 |
|
|
5,796 |
|
|
Total NPAs |
$ |
29,774 |
|
$ |
28,720 |
|
$ |
28,842 |
|
$ |
22,811 |
|
$ |
22,584 |
|
| Performing TDR loans |
$ |
17,601 |
|
$ |
23,352 |
|
$ |
22,697 |
|
$ |
16,229 |
|
$ |
13,418 |
|
| |
|
|
|
|
|
| NPAs / total assets |
|
2.46 |
% |
|
2.42 |
% |
|
2.39 |
% |
|
1.87 |
% |
|
1.87 |
% |
| Non-performing loans / total
loans |
|
2.62 |
% |
|
2.50 |
% |
|
2.34 |
% |
|
1.70 |
% |
|
1.62 |
% |
| Net charge-off
(recoveries) |
|
10,754 |
|
|
1,001 |
|
|
434 |
|
|
(52 |
) |
|
6,034 |
|
| Net charge-offs (recoveries)
/average loans(2) |
|
4.55 |
% |
|
0.41 |
% |
|
0.18 |
% |
|
-0.02 |
% |
|
2.31 |
% |
| Allowance for loan losses /
total loans |
|
1.21 |
% |
|
1.22 |
% |
|
1.28 |
% |
|
1.30 |
% |
|
1.22 |
% |
| Allowance for loan losses /
non-performing loans |
|
46.2 |
% |
|
48.8 |
% |
|
54.7 |
% |
|
76.6 |
% |
|
74.1 |
% |
| |
|
|
|
|
|
| Total assets |
|
1,209,143 |
|
|
1,185,744 |
|
|
1,206,419 |
|
|
1,220,924 |
|
|
1,208,275 |
|
| Total gross loans |
|
947,023 |
|
|
951,650 |
|
|
986,428 |
|
|
1,002,508 |
|
|
1,039,001 |
|
| Average loans |
|
945,457 |
|
|
967,615 |
|
|
990,913 |
|
|
1,032,483 |
|
|
1,045,595 |
|
| Allowance for loan losses |
|
11,472 |
|
|
11,600 |
|
|
12,601 |
|
|
13,035 |
|
|
12,433 |
|
|
____________________ |
|
(1) Includes one commercial real estate loan totaling
approximately $7.5 million which was sold subsequent to the fiscal
year ended September 30, 2021. |
|
(2) Annualized. |
The allowance for loan losses at September 30, 2021 amounted to
approximately $11.5 million, or 1.21 percent of total loans,
compared to $12.4 million, or 1.22 percent of total loans, at
September 30, 2020. The Company recorded provision for loan losses
of $10.6 million for the quarter ended September 30, 2021, compared
to $7.4 million for the quarter ended September 30, 2020.
During the quarter ended September 30, 2021 the Company recorded
charge-offs of $10.8 million primarily related to the write-down on
loans transferred to held-for-sale.
Capital
At September 30, 2021, total shareholders’ equity amounted to
$142.2 million, or 11.8 percent of total assets, compared to $140.6
million, or 11.6 percent of total assets at September 30, 2020. The
Company’s capital position continues to exceed all regulatory
capital guidelines. At September 30, 2021, the Bank’s common equity
Tier 1 capital ratio was 16.13 percent, Tier 1 leverage ratio was
13.14 percent, Tier 1 risk-based capital ratio was 16.13 percent
and the total risk-based capital ratio was 17.32 percent. At
September 30, 2020, the Bank’s common equity Tier 1 capital ratio
was 15.40 percent, Tier 1 leverage ratio was 12.78 percent, Tier 1
risk-based capital ratio was 15.40 percent and the total risk-based
capital ratio was 16.64 percent.
About Malvern Bancorp, Inc.
Malvern Bancorp, Inc. is the holding company for Malvern Bank,
National Association (“Malvern Bank”), an institution that was
originally organized in 1887 as a federally-chartered savings bank.
Malvern Bank now serves as one of the oldest banks headquartered on
the Philadelphia Main Line. For more than a century, Malvern Bank
has been committed to helping people build prosperous communities
as a trusted financial partner, forging lasting relationships
through teamwork, respect, and integrity.
Malvern Bank conducts business from its headquarters in Paoli,
Pennsylvania, a suburb of Philadelphia, and through its nine other
banking locations in Chester and Delaware counties, Pennsylvania,
Morristown, New Jersey, its New Jersey regional headquarters and
Palm Beach Florida. The Bank also maintains representative offices
in Wellington, Florida, and Allentown, Pennsylvania. The
Bank’s primary market niche is providing personalized service to
its client base.
Malvern Bank, through its Private Banking division, provides
personalized investment advisory services to individuals,
families, businesses and non-profits. These services include
banking, liquidity management, investment services, 401(k) accounts
and planning, custody, tailored lending, wealth planning, trust and
fiduciary services, family wealth advisory services and
philanthropic advisory services.
The Bank offers insurance services though Malvern Insurance
Associates, LLC, which provides clients a rich array of financial
services, including commercial and personal insurance and
commercial and personal lending.
For further information regarding Malvern Bancorp, Inc., please
visit our web site at http://ir.malvernbancorp.com. For
information regarding Malvern Bank, please visit our web site
at http://www.mymalvernbank.com.
Forward-Looking Statements
The statements contained herein that are not historical facts
are forward-looking statements based on management’s current
expectations and beliefs concerning future developments and their
potential effects on the Company, including, without limitation,
plans, strategies and goals, and statements about the Company’s
expectations regarding revenue and asset growth, financial
performance and profitability, loan and deposit growth, yields and
returns, loan diversification and credit management, and
shareholder value creation.
Such statements involve inherent risks and uncertainties, many
of which are difficult to predict and are generally beyond the
control of the Company. There can be no assurance that future
developments affecting the Company will be the same as those
anticipated by management. The Company cautions readers that a
number of important factors could cause actual results to differ
materially from those expressed in, or implied or projected by,
such forward-looking statements. These risks and uncertainties
include, but are not limited to, the following: the effects of, and
changes in, trade, monetary and fiscal policies and laws, including
recent changes in interest rate policies of the Board of Governors
of the Federal Reserve System; inflation, interest rate, market and
monetary fluctuations; the impact of competition and the acceptance
of the Company’s products and services by new and existing
customers; the impact of changes in financial services policies,
laws and regulations; technological changes; any oversupply of
inventory and deterioration in values of real estate in the markets
in which the Company operates, both residential and commercial; the
effect of changes in accounting policies and practices, as may be
adopted from time-to-time by bank regulatory agencies, the
Securities and Exchange Commission (“SEC”), the Public Company
Accounting Oversight Board, the Financial Accounting Standards
Board or other accounting standards setters; possible
other-than-temporary impairment of securities held by us; the
effects of the Company’s lack of a widely-diversified loan
portfolio, including the risks of geographic and industry
concentrations; ability to attract deposits and other sources of
liquidity; changes in the competitive environment among financial
and bank holding companies and other financial service providers;
unanticipated regulatory or judicial proceedings; and the Company’s
ability to manage the risk involved in the foregoing. Additional
factors that could cause actual results to differ materially from
those expressed in the forward-looking statements are discussed in
the Company’s Annual Reports Filed on Form 10-K and Quarterly
Reports on Form 10-Q filed with the SEC and available at the SEC’s
Internet site (http://www.sec.gov).
Further, given its ongoing and dynamic nature, it is difficult
to predict the full impact of the COVID-19 pandemic on our
business. The extent of such impact will depend on future
developments, which are highly uncertain, including when the
coronavirus and its variants can be controlled and the effects on
general economic conditions. As the result of the COVID-19 pandemic
and the related adverse local and national economic consequences,
we are subject to any of the following risks, any of which could
continue to have a material, adverse effect on our business,
financial condition, liquidity, and results of operations: the
demand for our products and services may decline, making it
difficult to grow assets and income; the economy , and particularly
commercial real estate markets may be affected; there may be high
levels of unemployment , loan delinquencies, problem assets, and
foreclosures may increase, resulting in increased charges and
reduced income; collateral for loans, especially commercial real
estate, may continue to decline in value, which could cause loan
losses to increase; our allowance for loan losses may increase if
borrowers experience financial difficulties, which will adversely
affect our net income; the net worth and liquidity of loan
guarantors may decline, impairing their ability to honor
commitments to us; as the result of the decline in the Federal
Reserve Board’s target federal funds rate to near 0 percent, the
yield on our assets may decline to a greater extent than the
decline in our cost of interest-bearing liabilities, reducing our
NIM and spread and reducing net income; our cyber security risks
are increased as the result of an increase in the number of
employees working remotely; and FDIC premiums may increase if the
agency experiences additional resolution costs.
The Company undertakes no obligation to revise or publicly
release any revision or update to these forward-looking statements
to reflect events or circumstances that occur after the date on
which such statements were made, unless required by law.
MALVERN BANCORP, INC., AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF FINANCIAL
CONDITION
| |
September 30, 2021 |
|
September 30, 2020 |
| (in
thousands, except for share and per share data) |
(unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
Cash and due from depository institutions |
$ |
99,670 |
|
|
$ |
16,386 |
|
| Interest-bearing
deposits in depository institutions |
|
36,920 |
|
|
|
45,053 |
|
|
Total cash and cash equivalents |
|
136,590 |
|
|
|
61,439 |
|
| Investment
securities available for sale, at fair value (amortized cost of
$42,256 and $31,658 at September 30, 2021 and September 30, 2020,
respectively) |
|
42,313 |
|
|
|
31,541 |
|
| Investment
securities held to maturity (fair value of $28,913 and $15,608 at
September 30, 2021 and September 30, 2020, respectively) |
|
28,507 |
|
|
|
14,970 |
|
| Restricted stock,
at cost |
|
7,776 |
|
|
|
9,622 |
|
| Loans
Held-for-sale |
|
33,199 |
|
|
|
— |
|
| Loans receivable,
net of allowance for loan losses |
|
902,981 |
|
|
|
1,026,894 |
|
| Other real estate
owned |
|
4,961 |
|
|
|
5,796 |
|
| Accrued interest
receivable |
|
3,512 |
|
|
|
3,677 |
|
| Operating lease
right-of-use-assets |
|
1,796 |
|
|
|
2,638 |
|
| Property and
equipment, net |
|
5,777 |
|
|
|
6,274 |
|
| Deferred income
taxes, net |
|
3,530 |
|
|
|
3,680 |
|
| Bank-owned life
insurance |
|
26,056 |
|
|
|
25,400 |
|
| Other assets |
|
12,145 |
|
|
|
16,344 |
|
|
Total assets |
$ |
1,209,143 |
|
|
$ |
1,208,275 |
|
|
LIABILITIES |
|
|
|
|
|
| Deposits: |
|
|
|
|
|
|
Non-interest bearing |
$ |
53,849 |
|
|
$ |
50,422 |
|
|
Interest-bearing |
|
884,310 |
|
|
|
840,484 |
|
|
Total deposits |
|
938,159 |
|
|
|
890,906 |
|
| FHLB advances |
|
90,000 |
|
|
|
130,000 |
|
| Secured
borrowings |
|
— |
|
|
|
4,225 |
|
| Subordinated
debt |
|
24,934 |
|
|
|
24,776 |
|
| Advances from
borrowers for taxes and insurance |
|
1,022 |
|
|
|
1,741 |
|
| Accrued interest
payable |
|
572 |
|
|
|
728 |
|
| Operating lease
liabilities |
|
1,830 |
|
|
|
2,671 |
|
| Other
liabilities |
|
10,458 |
|
|
|
12,635 |
|
|
Total liabilities |
|
1,066,975 |
|
|
|
1,067,682 |
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
| Preferred stock,
$0.01 par value, 10,000,000 shares, authorized, none issued |
|
— |
|
|
|
— |
|
| Common stock,
$0.01 par value, 50,000,000 shares authorized; 7,816,832 and
7,622,316 issued and outstanding, respectively, at September 30,
2021, and 7,804,469 and 7,609,953 shares issued and outstanding,
respectively, at September 30, 2020 |
|
76 |
|
|
|
76 |
|
| Additional paid in
capital |
|
85,524 |
|
|
|
85,127 |
|
| Retained
earnings |
|
60,296 |
|
|
|
60,388 |
|
| Unearned Employee
Stock Ownership Plan (ESOP) shares |
|
(901 |
) |
|
|
(1,047 |
) |
| Accumulated other
comprehensive income (loss) |
|
36 |
|
|
|
(1,088 |
) |
| Treasury stock, at
cost: 194,516 shares at September 30, 2021 and September 30,
2020 |
|
(2,863 |
) |
|
|
(2,863 |
) |
|
Total shareholders’ equity |
|
142,168 |
|
|
|
140,593 |
|
|
Total liabilities and shareholders’ equity |
$ |
1,209,143 |
|
|
$ |
1,208,275 |
|
MALVERN BANCORP, INC., AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
INCOME
| |
Three Months Ended September 30, |
|
Year Ended September 30, |
|
(in thousands, except for share data) |
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
| Interest
and Dividend Income |
|
|
|
|
|
|
|
|
|
|
|
| Loans, including fees |
$ |
8,330 |
|
|
$ |
9,815 |
|
|
$ |
36,370 |
|
|
$ |
41,441 |
|
| Investment securities,
taxable |
|
403 |
|
|
|
349 |
|
|
|
1,449 |
|
|
|
1,048 |
|
| Investment securities,
tax-exempt |
|
30 |
|
|
|
24 |
|
|
|
107 |
|
|
|
124 |
|
| Dividends, restricted
stock |
|
89 |
|
|
|
137 |
|
|
|
459 |
|
|
|
631 |
|
| Interest-bearing cash
accounts |
|
10 |
|
|
|
15 |
|
|
|
31 |
|
|
|
1,063 |
|
|
Total Interest and Dividend
Income |
|
8,862 |
|
|
|
10,340 |
|
|
|
38,416 |
|
|
|
44,307 |
|
| Interest
Expense |
|
|
|
|
|
|
|
|
|
|
|
| Deposits |
|
1,240 |
|
|
|
2,610 |
|
|
|
6,748 |
|
|
|
12,846 |
|
| Short-term borrowings |
|
— |
|
|
|
— |
|
|
|
48 |
|
|
|
— |
|
| Long-term borrowings |
|
415 |
|
|
|
628 |
|
|
|
2,029 |
|
|
|
2,898 |
|
| Subordinated debt |
|
382 |
|
|
|
382 |
|
|
|
1,531 |
|
|
|
1,531 |
|
|
Total Interest
Expense |
|
2,037 |
|
|
|
3,620 |
|
|
|
10,356 |
|
|
|
17,275 |
|
| Net
interest
income |
|
6,825 |
|
|
|
6,720 |
|
|
|
28,060 |
|
|
|
27,032 |
|
| Provision for Loan Losses |
|
10,626 |
|
|
|
7,400 |
|
|
|
11,176 |
|
|
|
10,610 |
|
| Net
Interest Income
(loss) after
Provision
for Loan
Losses |
|
(3,801 |
) |
|
|
(680 |
) |
|
|
16,884 |
|
|
|
16,422 |
|
| Other
Income |
|
|
|
|
|
|
|
|
|
|
|
| Service charges and other
fees |
|
313 |
|
|
|
258 |
|
|
|
1,323 |
|
|
|
1,316 |
|
| Rental income-other |
|
54 |
|
|
|
54 |
|
|
|
217 |
|
|
|
217 |
|
| Net gains on sale of
investments |
|
— |
|
|
|
149 |
|
|
|
779 |
|
|
|
330 |
|
| Net gains on sale of
loans |
|
45 |
|
|
|
102 |
|
|
|
788 |
|
|
|
116 |
|
| Earnings on bank-owned life
insurance |
|
167 |
|
|
|
129 |
|
|
|
656 |
|
|
|
509 |
|
|
Total Other
Income |
|
579 |
|
|
|
692 |
|
|
|
3,763 |
|
|
|
2,488 |
|
| Other
Expense |
|
|
|
|
|
|
|
|
|
|
|
| Salaries and employee
benefits |
|
2,337 |
|
|
|
2,214 |
|
|
|
9,143 |
|
|
|
8,889 |
|
| Occupancy expense |
|
542 |
|
|
|
560 |
|
|
|
2,198 |
|
|
|
2,309 |
|
| Federal deposit insurance
premium |
|
77 |
|
|
|
76 |
|
|
|
313 |
|
|
|
155 |
|
| Advertising |
|
33 |
|
|
|
32 |
|
|
|
109 |
|
|
|
119 |
|
| Data processing |
|
332 |
|
|
|
280 |
|
|
|
1,267 |
|
|
|
1,105 |
|
| Professional fees |
|
790 |
|
|
|
528 |
|
|
|
3,178 |
|
|
|
1,995 |
|
| Net other real estate owned
expense |
|
— |
|
|
|
(11 |
) |
|
|
866 |
|
|
|
88 |
|
| Pennsylvania shares tax |
|
169 |
|
|
|
169 |
|
|
|
678 |
|
|
|
678 |
|
| Other operating expenses |
|
804 |
|
|
|
710 |
|
|
|
3,199 |
|
|
|
2,964 |
|
|
Total Other
Expense |
|
5,084 |
|
|
|
4,558 |
|
|
|
20,951 |
|
|
|
18,302 |
|
| Income
(loss) before
income tax
expense |
|
(8,306 |
) |
|
|
(4,546 |
) |
|
|
(304 |
) |
|
|
608 |
|
| Income tax benefit |
|
(2,116 |
) |
|
|
(1,043 |
) |
|
|
(212 |
) |
|
|
(36 |
) |
| Net
Income (loss) |
$ |
(6,190 |
) |
|
$ |
(3,503 |
) |
|
$ |
(92 |
) |
|
$ |
644 |
|
| Earnings (loss) per
common share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.82 |
) |
|
$ |
(0.46 |
) |
|
$ |
(0.01 |
) |
|
$ |
0.08 |
|
|
Diluted |
$ |
(0.82 |
) |
|
$ |
(0.46 |
) |
|
$ |
(0.01 |
) |
|
$ |
0.08 |
|
| Weighted Average
Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
7,548,958 |
|
|
|
7,522,199 |
|
|
|
7,537,408 |
|
|
|
7,597,528 |
|
|
Diluted |
|
7,550,766 |
|
|
|
7,522,360 |
|
|
|
7,538,116 |
|
|
|
7,597,726 |
|
MALVERN BANCORP, INC., AND
SUBSIDIARIESSELECTED QUARTERLY FINANCIAL AND
STATISTICAL DATA
| |
Three Months Ended |
|
Three Months Ended |
|
Three Months Ended |
| (in
thousands, except for share and per share data) (annualized where
applicable) |
9/30/2021 |
|
6/30/2021 |
|
9/30/2020 |
|
(unaudited) |
|
|
|
|
|
|
|
|
| Statements of
Operations Data |
|
|
|
|
|
|
|
|
|
Interest income |
$ |
8,862 |
|
|
$ |
9,419 |
|
|
$ |
10,340 |
|
|
Interest expense |
|
2,037 |
|
|
|
2,290 |
|
|
|
3,620 |
|
|
Net interest income |
|
6,825 |
|
|
|
7,129 |
|
|
|
6,720 |
|
|
Provision for loan losses |
|
10,626 |
|
|
|
- |
|
|
|
7,400 |
|
|
Net interest income (loss) after provision for loan losses |
|
(3,801 |
) |
|
|
7,129 |
|
|
|
(680 |
) |
|
Other income |
|
579 |
|
|
|
793 |
|
|
|
692 |
|
|
Other expense |
|
5,084 |
|
|
|
5,832 |
|
|
|
4,558 |
|
|
Income (loss) before income tax expense |
|
(8,306 |
) |
|
|
2,090 |
|
|
|
(4,546 |
) |
|
Income tax expense (benefit) |
|
(2,116 |
) |
|
|
489 |
|
|
|
(1,043 |
) |
|
Net income (loss) |
$ |
(6,190 |
) |
|
$ |
1,601 |
|
|
$ |
(3,503 |
) |
| Earnings (loss) (per
Common Share) |
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.82 |
) |
|
$ |
0.21 |
|
|
$ |
(0.46 |
) |
|
Diluted |
$ |
(0.82 |
) |
|
$ |
0.21 |
|
|
$ |
(0.46 |
) |
| Statements of
Condition Data (Period-End) |
|
|
|
|
|
|
|
|
|
Investment securities available for sale, at fair value |
$ |
42,313 |
|
|
$ |
34,502 |
|
|
$ |
31,541 |
|
|
Investment securities held to maturity (fair value of $28,913,
$32,355, and $15,608, respectively) |
|
28,507 |
|
|
|
31,795 |
|
|
|
14,970 |
|
|
Loans Held-for-sale |
|
33,199 |
|
|
|
— |
|
|
|
— |
|
|
Loans, net of allowance for loan losses |
|
902,981 |
|
|
|
940,735 |
|
|
|
1,026,894 |
|
|
Total assets |
|
1,209,143 |
|
|
|
1,185,744 |
|
|
|
1,208,275 |
|
|
Deposits |
|
938,159 |
|
|
|
907,704 |
|
|
|
890,906 |
|
|
FHLB advances |
|
90,000 |
|
|
|
90,000 |
|
|
|
130,000 |
|
|
Secured Borrowings |
|
— |
|
|
|
— |
|
|
|
4,225 |
|
|
Subordinated debt |
|
24,934 |
|
|
|
24,895 |
|
|
|
24,776 |
|
|
Shareholders' equity |
|
142,168 |
|
|
|
148,192 |
|
|
|
140,593 |
|
| Common Shares Dividend
Data |
|
|
|
|
|
|
|
|
|
Cash dividends |
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
| Weighted Average
Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
Basic |
|
7,548,958 |
|
|
|
7,545,371 |
|
|
|
7,522,199 |
|
|
Diluted |
|
7,550,766 |
|
|
|
7,546,200 |
|
|
|
7,522,360 |
|
| Operating
Ratios |
|
|
|
|
|
|
|
|
|
Return on average assets |
|
(2.06 |
%) |
|
|
0.53 |
% |
|
|
(1.15 |
%) |
|
Return on average equity |
|
(16.59 |
%) |
|
|
4.35 |
% |
|
|
(9.54 |
%) |
|
Average equity / average assets |
|
12.43 |
% |
|
|
12.20 |
% |
|
|
12.05 |
% |
|
Book value per common share (period-end) |
$ |
18.65 |
|
|
$ |
19.44 |
|
|
$ |
18.47 |
|
| Non-Financial
Information (Period-End) |
|
|
|
|
|
|
|
|
|
Common shareholders of record |
|
379 |
|
|
|
380 |
|
|
|
385 |
|
|
Full-time equivalent staff |
|
81 |
|
|
|
80 |
|
|
|
82 |
|
Investor Contacts: Joseph D.
GangemiCorporate Investor Relations610-695-3676
Investor Relations
Contact:Nathanial Jordan610-695-3646
Grafico Azioni Malvern Bancorp (NASDAQ:MLVF)
Storico
Da Feb 2025 a Mar 2025
Grafico Azioni Malvern Bancorp (NASDAQ:MLVF)
Storico
Da Mar 2024 a Mar 2025
