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 and year ended September 30, 2022. Net income
amounted to $2.6 million, or $0.34 per fully diluted common share,
compared with a net loss of ($6.2) million, or ($0.82) per fully
diluted common share, for the quarter ended September 30, 2021.
Annualized return on average assets (“ROAA”) was 1.01% for the
quarter ended September 30, 2022, compared to (2.06%) for the
quarter ended September 30, 2021, and annualized return on average
equity (“ROAE”) was 7.08% for the quarter ended September 30, 2022,
compared with (16.59%) for the quarter ended September 30, 2021.
For the fiscal year ended September 30, 2022,
net income amounted to $7.0 million, or $0.92 per fully diluted
common share, compared with a net loss of ($92,000), or ($0.01) per
fully diluted common share, for the fiscal year ended September 30,
2021. ROAA was 0.63% for the fiscal year ended September 30, 2022,
compared to (0.01%) for the fiscal year ended September 30, 2021,
and ROAE was 4.79% for the fiscal year ended September 30, 2022,
compared with (0.06%) for the fiscal year ended September 30,
2021.
“In our fourth quarter we earned $2.6 million in net income and
net revenue of $8.5 million with improved returns on average assets
and average equity of 1.01% and 7.08% respectively. Results for the
period were driven by growth in net interest income supported by
stable levels of loans and deposits. Overall our businesses
continued to benefit from good underlying consumer and business
conditions as well as new business at a measured pace and by
continuing to deepen and expand existing relationships, said
Anthony C. Weagley, President & CEO. “Credit quality improved
during the period and remains stable; during the quarter our net
charge-off ratio improved compared to the same period in 2021. We
continue to focus on maintaining a sound balance sheet supported by
strong capital and liquidity positions. In light of the shifting
economic environment and broader macro factors, we continue to plan
for continued volatility and the resultant possible outcomes and
will continue to manage the Bank in a conservative, disciplined
manner, continued Mr. Weagley.
Statement of Operations Highlights for the three months
and year ended September 30, 2022
- Net interest margin (“NIM”)
increased 65 basis points to 3.26% for the quarter ended September
30, 2022, compared to 2.61% for the quarter ended September 30,
2021. The increase was primarily driven by a reduction in total
interest expense.
- Total interest expense decreased
$4.7 million, or 45.1%, to $5.7 million for the fiscal year ended
September 30, 2022, compared to $10.4 million for the fiscal year
ended September 30, 2021, which resulted primarily from a decrease
in average rate and volume of interest-bearing liabilities.
- Net interest income increased $1.3
million, or 4.5%, to $29.3 million for the fiscal year ended
September 30, 2022, compared to $28.1 million for the fiscal year
ended September 30, 2021, which resulted from a decrease in average
rate and volume of interest-bearing liabilities.
- The Company did not record a
provision for loan losses during the quarter or fiscal year ended
September 30, 2022.
|
Linked Quarter Financial
Ratios |
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
| |
|
|
|
|
|
| As
of or for the quarter ended: |
9/30/2022 |
|
6/30/2022 |
|
3/31/2022 |
|
12/31/2021 |
|
9/30/2021 |
|
|
Return on average assets (1) |
|
1.01 |
% |
|
0.69 |
% |
|
0.18 |
% |
|
0.69 |
% |
|
(2.06 |
%) |
| Return on
average equity (1) |
|
7.08 |
% |
|
5.06 |
% |
|
1.43 |
% |
|
5.61 |
% |
|
(16.59 |
%) |
| Net interest
margin (1) |
|
3.26 |
% |
|
2.97 |
% |
|
2.81 |
% |
|
2.78 |
% |
|
2.61 |
% |
| Loans /
deposits ratio |
|
103.19 |
% |
|
102.91 |
% |
|
94.57 |
% |
|
95.06 |
% |
|
97.41 |
% |
|
Shareholders' equity / total assets |
|
14.02 |
% |
|
14.11 |
% |
|
13.11 |
% |
|
12.54 |
% |
|
11.76 |
% |
| Efficiency
ratio (2) |
|
62.1 |
% |
|
70.0 |
% |
|
91.1 |
% |
|
66.3 |
% |
|
68.7 |
% |
| Book value
per common share |
$ |
19.18 |
|
$ |
19.03 |
|
$ |
18.95 |
|
$ |
18.97 |
|
$ |
18.65 |
|
| |
|
|
|
|
|
(1) Annualized.(2) 3/31/2022
quarter includes the impact of a valuation allowance adjustment
related to a held-for-sale commercial real estate loan.
|
Linked QuarterIncome Statement
Data |
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
| (in
thousands, except share and per share data) |
|
|
|
|
|
| |
|
|
|
|
|
| For
the quarter ended: |
9/30/2022 |
|
6/30/2022 |
|
3/31/2022 |
|
12/31/2021 |
|
9/30/2021 |
|
|
Net interest income |
$ |
7,909 |
|
$ |
7,293 |
|
$ |
6,954 |
|
$ |
7,158 |
|
$ |
6,825 |
|
| Provision
for loan losses |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
10,626 |
|
| Net interest
income (loss) after provision for loan losses |
|
7,909 |
|
|
7,293 |
|
|
6,954 |
|
|
7,158 |
|
|
(3,801 |
) |
| Other
income |
|
557 |
|
|
482 |
|
|
561 |
|
|
727 |
|
|
579 |
|
| Other
expense |
|
5,254 |
|
|
5,439 |
|
|
6,845 |
|
|
5,228 |
|
|
5,084 |
|
| Income
(loss) before income tax expense |
|
3,212 |
|
|
2,336 |
|
|
670 |
|
|
2,657 |
|
|
(8,306 |
) |
| Income tax
expense (benefit) |
|
634 |
|
|
502 |
|
|
148 |
|
|
640 |
|
|
(2,116 |
) |
| Net income
(loss) |
$ |
2,578 |
|
$ |
1,834 |
|
$ |
522 |
|
$ |
2,017 |
|
$ |
(6,190 |
) |
| Earnings
(loss) per common share |
|
|
|
|
|
|
Basic |
|
0.34 |
|
|
0.24 |
|
|
0.07 |
|
|
0.27 |
|
|
(0.82 |
) |
|
Diluted |
|
0.34 |
|
|
0.24 |
|
|
0.07 |
|
|
0.27 |
|
|
(0.82 |
) |
| Weighted
average common shares outstanding |
|
|
|
|
|
|
Basic |
|
7,574,870 |
|
|
7,569,806 |
|
|
7,554,955 |
|
|
7,551,606 |
|
|
7,548,958 |
|
|
Diluted |
|
7,581,105 |
|
|
7,574,266 |
|
|
7,556,194 |
|
|
7,553,208 |
|
|
7,550,766 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
Net interest income was $7.9 million for the
quarter ended September 30, 2022, an increase of $1.1 million, or
15.9%, from $6.8 million for the quarter ended September 30, 2021.
For the quarter ended September 30, 2022, NIM increased by 65 basis
points to 3.26%, as compared to 2.61% for the quarter ended
September 30, 2021. This increase was primarily driven by a
reduction in total interest expense as the cost of interest-bearing
liabilities decreased by 14 basis points, driven by lower interest
rates and average balances of deposits and borrowings, compared to
the quarter ended September 30, 2021.
Net interest income was $29.3 million for the
fiscal year ended September 30, 2022, an increase of $1.3 million,
or 4.5%, from $28.1 million for the fiscal year ended September 30,
2021. For the fiscal year ended September 30, 2022, NIM increased
by 33 basis points to 2.95%, as compared to 2.62% for the fiscal
year ended September 30, 2021. Consistent with the current quarter,
this increase was primarily driven by the decrease in cost of
interest-bearing liabilities compared to the fiscal year ended
September 30, 2021.
Interest Income
For the quarters ended September 30, 2022 and
September 30, 2021, total interest income was $9.3 million and $8.9
million, respectively. Total interest income increased $453,000, or
5.1% for the quarter ended September 30, 2022, compared to the
quarter ended September 30, 2021, primarily due to rising interest
rates resulting in additional interest income from net loans and
investment securities partially offset by lower average loans and
investment securities.
For the fiscal year ended September 30, 2022,
total interest income was $35.0 million, a decrease of $3.4 million
or 8.9%, from $38.4 for the fiscal year ended September 30, 2021.
The decrease was driven by a decline in interest earning assets of
$78.9 million, resulting from a $129.3 million, or 13.1%, decline
in average loans partially offset by an increase of $38.4 million,
or 65.5%, of investment securities for the fiscal year ended
September 30, 2022, as compared to the same period in fiscal year
2021. During the fiscal year ended September 30, 2022, compared to
the same period in fiscal year 2021, the volume-related factors
during the period contributed to a decrease in interest income on
loans of $4.8 million, while the rate-related factors increased
interest income on loans by $247,000.
Interest Expense
For the quarter ended September 30, 2022,
interest expense decreased by $631,000, or 31.0%, to $1.4 million,
compared to $2.0 million for the quarter ended September 30, 2021.
The decrease in interest expense is attributable to lower interest
rates and lower average deposits during the comparable period.
Total interest-bearing liabilities declined $172.8 million, or
17.6%, to $812.0 million, and the average rate on interest-bearing
liabilities fell 14 basis points to 0.69%, compared to 0.83%,
during the fiscal year ended September 30, 2022 compared to the
same period in fiscal year 2021.
Total interest expense decreased by $4.7
million, or 45.1%, to $5.7 million for the fiscal year ended
September 30, 2022, compared to $10.4 million for the fiscal year
ended September 30, 2021. Similar to the quarter ended September
30, 2022, the decrease in interest expense is attributable to lower
interest rates and lower average deposits and borrowings. The
annualized average rate on total interest-bearing liabilities
decreased to 0.64% for the fiscal year ended September 30, 2022,
from 1.03% for the fiscal year ended September 30, 2021. This
decrease primarily reflects a decrease in the average rate of
interest-bearing deposits of 0.34% and a decrease in the average
rate of borrowings of 0.23%. The decrease in the average rate of
interest-bearing deposits consisted of a 40 basis points decrease
in the average rate of certificates of deposit, a 22 basis points
decrease in the average rate of money market accounts, and a 39
basis points decrease in average rate of other interest-bearing
deposit accounts.
Other Income
Other income decreased $22,000, or 3.8%, during
the quarter ended September 30, 2022, compared to the quarter ended
September 30, 2021. The decrease in other income was primarily due
to a decrease in net gains on sale of loans by $23,000 to $22,000
for quarter ended September 30, 2022, compared to $45,000 for the
quarter ended September 30, 2021.
For the fiscal year ended September 30, 2022,
total other income decreased $1.4 million, or 38.2%, to $2.3
million compared to $3.8 million for the fiscal year ended
September 30, 2021. This decrease was primarily the result of a
$1.5 million decrease in net gains on sale of investment securities
and mortgage loans.
Other Expense
Other expense for the quarter ended September
30, 2022 increased $170,000, or 3.3%, to $5.3 million when compared
to the quarter ended September 30, 2021. The increase was primarily
due to an increase of $108,000 in other operating expense,
primarily related to ongoing real estate taxes paid on one loan
held for sale, and a $65,000 increase in professional fees.
Other expense for the fiscal year ended
September 30, 2022 increased $1.8 million, or 8.7%, to $22.8 when
compared to the fiscal year ended September 30, 2021. The increase
was primarily due to $1.5 million of real estate tax expense and
$359,000 valuation allowance adjustment on a $13.3 million loan
held for sale. Professional fees increased by $653,000 to $3.8
million at September 30, 2022, from $3.2 million at September 30,
2021, primarily due to legal fees associated with loan workouts and
related matters concerning nonperforming loans. These increases
were offset by a decrease in other real estate owned (“OREO”)
expenses of $561,000 to $305,000 at September 30, 2022, when
compared to $866,000 for the fiscal year ended September 30,
2021.
Income Taxes
The Company recorded income tax expense of
$634,000 during the quarter ended September 30, 2022, compared to
an income tax benefit of $2.1 million for the quarter ended
September 30, 2021. The effective tax rates for the Company for the
quarters ended September 30, 2022 and September 30, 2021 were
19.74% and 25.48%, respectively.
For the fiscal year ended September 30, 2022
income tax expense increased by $2.1 million, to $1.9 million from
an income tax benefit of $212,000 for the fiscal year ended
September 30, 2021. The effective tax rates for the Company for the
fiscal years ended September 30, 2022 and 2021 were 21.68% and
69.74%, respectively.
Statement of Financial Condition Highlights at September
30, 2022
- Non-performing assets (“NPAs”) were
0.12% and 0.72% of total assets at September 30, 2022 and September
30, 2021, respectively.
- Non-performing loans (“NPLs”) were
0.12% and 0.40% of total loans at September 30, 2022 and September
30, 2021, respectively.
- The Bank disposed of one $4.7
million other real estate owned property at carrying value and
recorded one new $259,000 other real estate owned property, during
the September 30, 2022 quarter end period.
- Total assets were $1.0 billion at
September 30, 2022, a decrease of $164.8 million, or 13.6%,
compared to September 30, 2021. The decrease was
primarily due to a $101.1 million decline in net loans receivable
driven by payoffs and pay downs during the fiscal year period, and
$95.0 million decline in cash and due from depository
institutions.
- Total liabilities were $897.9
million at September 30, 2022, a decrease of $169.1 million, or
15.8%, compared to September 30, 2021. The decrease was primarily
due to a decrease of $152.8 million in total deposits, and the
repayment of a $10.0 million FHLB advance.
- Book value per common share
amounted to $19.18 at September 30, 2022, compared to $18.65 at
September 30, 2021.
|
Linked Quarter Statement of Condition Data |
|
|
|
|
|
| (in
thousands, unaudited) |
|
|
|
|
|
| At
the quarter ended: |
9/30/2022 |
6/30/2022 |
3/31/2022 |
12/31/2021 |
9/30/2021 |
|
Cash and due from depository institutions |
$ |
4,677 |
$ |
9,560 |
$ |
49,674 |
|
104,568 |
$ |
99,670 |
| Interest
bearing deposits in depository institutions |
|
48,590 |
|
30,199 |
|
72,349 |
|
30,336 |
|
36,920 |
| Investment
securities, available for sale, at fair value |
|
49,844 |
|
53,080 |
|
54,183 |
|
41,718 |
|
40,813 |
| Equity
securities |
|
1,374 |
|
1,412 |
|
1,445 |
|
1,491 |
|
1,500 |
| Investment
securities held to maturity, at amortized cost |
|
58,767 |
|
52,350 |
|
48,512 |
|
39,045 |
|
28,507 |
| Restricted
stock, at cost |
|
7,104 |
|
6,027 |
|
6,462 |
|
6,294 |
|
7,776 |
| Loans
held-for-sale |
|
13,780 |
|
13,863 |
|
13,244 |
|
13,616 |
|
33,199 |
| Loans
receivable, net of allowance for loan losses |
|
801,854 |
|
805,957 |
|
799,310 |
|
858,203 |
|
902,981 |
| Other real
estate owned |
|
259 |
|
4,763 |
|
4,961 |
|
4,961 |
|
4,961 |
| Accrued
interest receivable |
|
4,252 |
|
3,671 |
|
3,478 |
|
3,394 |
|
3,512 |
| Property and
equipment, net |
|
5,231 |
|
5,365 |
|
5,486 |
|
5,635 |
|
5,777 |
| Deferred
income taxes, net |
|
3,722 |
|
3,975 |
|
3,632 |
|
3,461 |
|
3,530 |
| Bank-owned
life insurance |
|
26,233 |
|
26,063 |
|
25,896 |
|
26,224 |
|
26,056 |
| Other
assets |
|
18,673 |
|
13,268 |
|
14,964 |
|
14,254 |
|
13,941 |
| Total
assets |
$ |
1,044,360 |
$ |
1,029,553 |
$ |
1,103,596 |
$ |
1,153,200 |
$ |
1,209,143 |
|
Deposits |
$ |
785,323 |
$ |
791,694 |
$ |
854,437 |
$ |
912,688 |
$ |
938,159 |
| FHLB
advances |
|
80,000 |
|
60,000 |
|
60,000 |
|
60,000 |
|
90,000 |
| Subordinated
debt |
|
25,000 |
|
25,000 |
|
25,000 |
|
24,974 |
|
24,934 |
| Other
liabilities |
|
7,592 |
|
7,569 |
|
19,609 |
|
10,981 |
|
13,882 |
|
Shareholders’ equity |
|
146,445 |
|
145,290 |
|
144,550 |
|
144,557 |
|
142,168 |
| Total
liabilities and shareholders’ equity |
$ |
1,044,360 |
$ |
1,029,553 |
$ |
1,103,596 |
$ |
1,153,200 |
$ |
1,209,143 |
| |
|
|
|
|
|
|
Condensed Consolidated |
|
|
|
|
|
|
Average Statement of Condition |
|
|
|
|
|
| (in
thousands, unaudited) |
|
|
|
|
|
| |
|
|
|
|
|
| For
the quarter ended: |
9/30/2022 |
6/30/2022 |
3/31/2022 |
12/31/2021 |
9/30/2021 |
|
Investment securities |
$ |
116,004 |
$ |
113,539 |
$ |
97,697 |
$ |
82,126 |
$ |
75,004 |
|
Interest-bearing cash accounts |
|
26,581 |
|
48,161 |
|
36,452 |
|
32,775 |
|
26,339 |
| Loans, net
of allowance for loan losses |
|
817,938 |
|
811,829 |
|
846,420 |
|
899,430 |
|
933,727 |
| All other
assets |
|
62,134 |
|
93,481 |
|
148,374 |
|
163,117 |
|
165,439 |
| Total
assets |
$ |
1,022,657 |
$ |
1,067,010 |
$ |
1,128,943 |
$ |
1,177,448 |
$ |
1,200,509 |
|
Non-interest-bearing deposits |
$ |
57,195 |
$ |
57,479 |
$ |
54,501 |
$ |
54,092 |
$ |
51,534 |
|
Interest-bearing deposits |
|
718,760 |
|
767,843 |
|
829,050 |
|
876,269 |
|
869,914 |
| FHLB
advances |
|
67,174 |
|
60,000 |
|
60,000 |
|
66,847 |
|
90,000 |
| Other
short-term borrowings |
|
1,087 |
|
- |
|
- |
|
120 |
|
- |
| Subordinated
debt |
|
25,000 |
|
25,000 |
|
24,990 |
|
24,952 |
|
24,917 |
| Other
liabilities |
|
7,762 |
|
11,658 |
|
14,250 |
|
11,408 |
|
14,907 |
|
Shareholders’ equity |
|
145,678 |
|
145,030 |
|
146,152 |
|
143,760 |
|
149,237 |
| Total
liabilities and shareholders’ equity |
$ |
1,022,657 |
$ |
1,067,010 |
$ |
1,128,943 |
$ |
1,177,448 |
$ |
1,200,509 |
| |
|
|
|
|
|
Deposits
Total deposits decreased $152.8 million, or 16.3%, from $938.2
million at September 30, 2021 to $785.3 million at September 30,
2022. The decrease in deposits was primarily related to a reduction
of $105.8 million in money market deposits and $95.8 million in
interest-bearing deposits, partially offset by an increase of $39.9
million in time deposits.
The Company continues to focus on the
maintenance and development of its deposit base strategically with
its funding requirements and liquidity needs, with an emphasis on
serving the needs of its communities to provide a long-term
relationship base to efficiently compete for and retain deposits in
its market.
The following table reflects the composition of the Company’s
deposits as of the dates indicated.
| (in
thousands, unaudited) |
|
|
|
|
|
| At
quarter ended: |
9/30/2022 |
6/30/2022 |
3/31/2022 |
12/31/2021 |
9/30/2021 |
| Demand: |
|
|
|
|
|
|
Non-interest-bearing |
$ |
58,014 |
$ |
56,731 |
$ |
54,712 |
$ |
60,320 |
$ |
53,849 |
|
Interest-bearing |
|
240,819 |
|
270,532 |
|
302,468 |
|
335,411 |
|
336,645 |
| Savings |
|
55,288 |
|
54,184 |
|
54,074 |
|
56,342 |
|
50,582 |
| Money
market |
|
279,699 |
|
301,165 |
|
328,324 |
|
346,023 |
|
385,480 |
| Time |
|
151,503 |
|
109,082 |
|
114,859 |
|
114,592 |
|
111,603 |
|
Total deposits |
$ |
785,323 |
$ |
791,694 |
$ |
854,437 |
$ |
912,688 |
$ |
938,159 |
| |
|
|
|
|
|
Loans
Total net loans amounted to $801.9 million at
September 30, 2022, compared to $903.0 million at September 30,
2021, resulting in a net decrease of $101.1 million, or 11.2%, for
the period, driven by higher loan payoffs and paydowns during the
period primarily in the commercial and construction and development
loan categories. Loans held-for-sale amounted to $13.8 million at
September 30, 2022, compared to $33.2 million at September 30,
2021. The decline in loans held-for-sale was primarily related to
the sale in the December 31, 2021 quarter of three commercial loans
totaling $18.9 million. Average loan balances for the year ended
September 30, 2022 totaled $854.8 million as compared to $984.1
million for the same period ending September 30, 2021, representing
a decrease of $129.3 million or 13.1%.
At September 30, 2022, gross loans, which
excludes loans held-for-sale, remained weighted toward two primary
components: the commercial and core residential portfolios, with
commercial loans accounting for 72.8% and single-family residential
real estate loans accounting for 21.7% of the gross loan portfolio
at such date. Construction and development loans amounted to 3.1%
and consumer loans represented 2.4% of the gross loan portfolio at
such date. The decrease in the gross loan portfolio at September
30, 2022, compared to September 30, 2021, primarily reflected
decreases of $40.0 million in commercial loans, $22.8 million in
residential mortgage loans, and $38.8 million in construction and
development loans.
The following table reflects the Company’s loan
portfolio composition, excluding loans held-for-sale.
|
Loans |
|
|
|
|
|
| (in
thousands, unaudited) |
|
|
|
|
|
| At
quarter ended: |
9/30/2022 |
|
6/30/2022 |
|
3/31/2022 |
|
12/31/2021 |
|
9/30/2021 |
|
|
Residential mortgage |
$ |
175,957 |
|
$ |
176,499 |
|
$ |
177,669 |
|
$ |
187,516 |
|
$ |
198,710 |
|
|
Construction and Development: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential and commercial |
|
24,362 |
|
|
20,459 |
|
|
25,558 |
|
|
56,876 |
|
|
61,492 |
|
|
Land |
|
550 |
|
|
2,054 |
|
|
4,603 |
|
|
2,138 |
|
|
2,204 |
|
| Total
construction and development |
|
24,912 |
|
|
22,513 |
|
|
30,161 |
|
|
59,014 |
|
|
63,696 |
|
|
Commercial: |
|
|
|
|
|
|
Commercial real estate |
|
406,914 |
|
|
407,783 |
|
|
400,974 |
|
|
416,248 |
|
|
426,915 |
|
|
Farmland |
|
11,506 |
|
|
15,348 |
|
|
15,624 |
|
|
15,582 |
|
|
10,297 |
|
|
Multi-family |
|
55,295 |
|
|
54,879 |
|
|
54,788 |
|
|
54,448 |
|
|
66,332 |
|
|
Commercial and industrial |
|
102,703 |
|
|
104,504 |
|
|
101,354 |
|
|
106,493 |
|
|
115,246 |
|
|
Other |
|
13,356 |
|
|
13,955 |
|
|
7,978 |
|
|
7,433 |
|
|
10,954 |
|
| Total
commercial |
|
589,774 |
|
|
596,469 |
|
|
580,718 |
|
|
600,204 |
|
|
629,744 |
|
|
Consumer: |
|
|
|
|
|
|
Home equity lines of credit |
|
13,233 |
|
|
12,432 |
|
|
12,283 |
|
|
13,174 |
|
|
13,491 |
|
|
Second mortgages |
|
4,395 |
|
|
4,605 |
|
|
4,969 |
|
|
5,384 |
|
|
5,884 |
|
|
Other |
|
2,136 |
|
|
2,182 |
|
|
2,237 |
|
|
2,282 |
|
|
2,299 |
|
| Total
consumer |
|
19,764 |
|
|
19,219 |
|
|
19,489 |
|
|
20,840 |
|
|
21,674 |
|
| Total
loans |
|
810,407 |
|
|
814,700 |
|
|
808,037 |
|
|
867,574 |
|
|
913,824 |
|
| Deferred
loan costs, net |
|
537 |
|
|
566 |
|
|
574 |
|
|
667 |
|
|
629 |
|
| Allowance
for loan losses |
|
(9,090 |
) |
|
(9,309 |
) |
|
(9,301 |
) |
|
(10,037 |
) |
|
(11,472 |
) |
| Loans
Receivable, net |
$ |
801,854 |
|
$ |
805,957 |
|
$ |
799,310 |
|
$ |
858,204 |
|
$ |
902,981 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At September 30, 2022 the Company had $139.6
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, excluding loans
held-for-sale, totaled $753,000 at September 30, 2022, and $3.7
million at September 30, 2021. The decrease in non-accrual loans
was primarily due a charge-off of $2.4 million related to one
non-accrual commercial and industrial loan during the fiscal year
and then transferred to OREO at a carrying value of $259,000. The
decrease in OREO of $4.7 million at September 30, 2022, compared to
September 30, 2021, was attributed to a sale at carrying value and
the transfer of a new commercial and industrial loan to OREO during
the quarter totaling $259,000. Excluding the OREO property, NPAs
totaled $1.0 million, or 0.10% of total assets, at September 30,
2022, and $3.7 million, or 0.31% of total assets, at September 30,
2021.
Performing troubled debt restructured (“TDR”)
loans were $4.8 million at September 30, 2022, and $17.6 million at
September 30, 2021. The decrease is primarily related to two TDR
commercial real estate loans totaling $11.4 million that were sold
during the December 31, 2021 period.
At September 30, 2022, NPAs totaled $1.3
million, or 0.12% of total assets, as compared with $8.7 million,
or 0.72% of total assets, at September 30, 2021. The decrease in
NPAs is due to the decrease in non-accrual loans and OREO as
described above.
|
Non-Performing Asset and Other Asset Quality
Data: |
|
|
|
|
| |
|
|
|
|
|
|
(dollars in thousands, unaudited) |
|
|
|
|
|
| As
of or for the quarter ended: |
9/30/2022 |
|
6/30/2022 |
|
3/31/2022 |
|
12/31/2021 |
|
9/30/2021 |
|
|
Non-accrual loans |
$ |
753 |
|
$ |
1,075 |
|
$ |
1,101 |
|
$ |
1,790 |
|
$ |
3,697 |
|
| Loans 90
days or more past due and still accruing |
|
243 |
|
|
401 |
|
|
3 |
|
|
- |
|
|
- |
|
|
Total non-performing loans |
|
996 |
|
|
1,476 |
|
|
1,104 |
|
|
1,790 |
|
|
3,697 |
|
| OREO |
|
259 |
|
|
4,763 |
|
|
4,961 |
|
|
4,961 |
|
|
4,961 |
|
|
Total NPAs |
$ |
1,255 |
|
$ |
6,239 |
|
$ |
6,065 |
|
$ |
6,751 |
|
$ |
8,658 |
|
| Performing
TDR loans |
$ |
4,810 |
|
$ |
5,753 |
|
$ |
5,787 |
|
$ |
6,310 |
|
$ |
17,601 |
|
| |
|
|
|
|
|
| NPAs / total
assets |
|
0.12 |
% |
|
0.61 |
% |
|
0.55 |
% |
|
0.59 |
% |
|
0.72 |
% |
|
Non-performing loans / total loans |
|
0.12 |
% |
|
0.18 |
% |
|
0.14 |
% |
|
0.21 |
% |
|
0.40 |
% |
| Net
charge-offs |
$ |
215 |
|
$ |
(8 |
) |
$ |
736 |
|
$ |
1,436 |
|
$ |
10,754 |
|
| Net
charge-offs /average loans(1) |
|
0.11 |
% |
|
(0.00 |
%) |
|
0.35 |
% |
|
0.63 |
% |
|
4.61 |
% |
| Allowance
for loan losses / total loans |
|
1.12 |
% |
|
1.14 |
% |
|
1.15 |
% |
|
1.16 |
% |
|
1.26 |
% |
| Allowance
for loan losses / non-performing loans |
|
912.7 |
% |
|
630.7 |
% |
|
842.5 |
% |
|
560.7 |
% |
|
310.3 |
% |
| |
|
|
|
|
|
| Total
assets |
$ |
1,044,360 |
|
$ |
1,029,553 |
|
$ |
1,103,596 |
|
$ |
1,153,200 |
|
$ |
1,209,143 |
|
| Total gross
loans |
|
810,407 |
|
|
814,700 |
|
|
808,037 |
|
|
867,574 |
|
|
913,824 |
|
| Average net
loans |
|
817,938 |
|
|
811,829 |
|
|
846,420 |
|
|
899,430 |
|
|
933,727 |
|
| Allowance
for loan losses |
|
9,090 |
|
|
9,309 |
|
|
9,301 |
|
|
10,037 |
|
|
11,472 |
|
________________(1) Annualized.
The allowance for loan losses at September 30,
2022 amounted to $9.1 million, or 1.12% of total gross loans,
compared to $11.5 million, or 1.26% of total gross loans, at
September 30, 2021. The Company did not record a provision for loan
losses for the quarter ended September 30, 2022, compared to $10.6
million provision for loan losses for the quarter ended September
30, 2021. The decline reflects the overall improvement in asset
quality and decline in total loans of $101.1 million at September
30, 2022 compared to September 30, 2021.
Capital
At September 30, 2022 the Company’s total
shareholders’ equity amounted to $146.4 million, or 14.0% of total
assets, compared to $142.2 million, or 11.8% of total assets at
September 30, 2021, which continues to exceed all regulatory
capital requirements. At September 30, 2022, the Bank’s common
equity Tier 1 capital ratio was 19.27%, Tier 1 leverage ratio was
16.30%, Tier 1 risk-based capital ratio was 19.27% and the total
risk-based capital ratio was 20.34%. At September 30, 2021, the
Bank’s common equity Tier 1 capital ratio was 16.13%, Tier 1
leverage ratio was 13.14%, Tier 1 risk-based capital ratio was
16.13% and the total risk-based capital ratio was 17.32%.
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 a representative office in 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 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 the Company;
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 or outcomes in
such proceedings; the impact of any change in the FDIC insurance
assessment rate or the rules and regulations related to the
calculation of the FDIC insurance assessment amount; 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 Report 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, it is difficult to predict the full
impact of COVID-19 including the outbreak of its variants 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; if the economy is unable to continue to
substantially reopen, and there are high levels of unemployment for
extended periods of time, 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; due to fluctuation in interest rates, 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.
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 SUBSIDIARIES |
| CONSOLIDATED
STATEMENTS OF FINANCIAL CONDITION |
| |
|
|
|
|
|
| |
September 30, 2022 |
|
September 30, 2021 |
| |
|
|
|
|
|
|
|
| (in
thousands, except for share data) |
(unaudited) |
|
ASSETS |
|
|
|
|
|
|
Cash and due from depository institutions |
$ |
4,677 |
|
|
$ |
99,670 |
|
| Interest
bearing deposits in depository institutions |
|
48,590 |
|
|
|
36,920 |
|
|
Total cash and cash equivalents |
|
53,267 |
|
|
|
136,590 |
|
| Investment
securities available for sale, at fair value |
|
49,844 |
|
|
|
40,813 |
|
| Equity
securities, at fair value |
|
1,374 |
|
|
|
1,500 |
|
| Investment
securities held to maturity, at amortizing cost |
|
58,767 |
|
|
|
28,507 |
|
| Restricted
stock, at cost |
|
7,104 |
|
|
|
7,776 |
|
| Loans
held-for-sale |
|
13,780 |
|
|
|
33,199 |
|
| Loans
receivable, net of allowance for loan losses |
|
801,854 |
|
|
|
902,981 |
|
| Other real
estate owned |
|
259 |
|
|
|
4,961 |
|
| Accrued
interest receivable |
|
4,252 |
|
|
|
3,512 |
|
| Property and
equipment, net |
|
5,231 |
|
|
|
5,777 |
|
| Deferred
income taxes, net |
|
3,722 |
|
|
|
3,530 |
|
| Bank-owned
life insurance |
|
26,233 |
|
|
|
26,056 |
|
| Other
assets |
|
18,673 |
|
|
|
13,941 |
|
|
Total assets |
$ |
1,044,360 |
|
|
$ |
1,209,143 |
|
|
LIABILITIES |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Non-interest bearing |
$ |
58,014 |
|
|
$ |
53,849 |
|
|
Interest-bearing |
|
727,309 |
|
|
|
884,310 |
|
|
Total deposits |
|
785,323 |
|
|
|
938,159 |
|
| FHLB
advances |
|
80,000 |
|
|
|
90,000 |
|
| Subordinated
debt |
|
25,000 |
|
|
|
24,934 |
|
| Advances
from borrowers for taxes and insurance |
|
1,002 |
|
|
|
1,022 |
|
| Accrued
interest payable |
|
543 |
|
|
|
572 |
|
| Other
liabilities |
|
6,047 |
|
|
|
12,288 |
|
|
Total liabilities |
|
897,915 |
|
|
|
1,066,975 |
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
| Common
stock, $0.01 par value, 50,000,000 shares authorized; 7,828,344 and
7,633,828 issued and outstanding, respectively, at September 30,
2022, and 7,816,832 and 7,622,316 issued and outstanding,
respectively, at September 30, 2021 |
|
76 |
|
|
|
76 |
|
| Additional
paid in capital |
|
85,917 |
|
|
|
85,524 |
|
| Retained
earnings |
|
67,247 |
|
|
|
60,296 |
|
| Unearned
Employee Stock Ownership Plan (ESOP) shares |
|
(756 |
) |
|
|
(901 |
) |
| Accumulated
other comprehensive (loss) income |
|
(3,176 |
) |
|
|
36 |
|
| Treasury
stock, at cost: 194,516 shares at September 30, 2022 and September
30, 2021 |
|
(2,863 |
) |
|
|
(2,863 |
) |
|
Total shareholders’ equity |
|
146,445 |
|
|
|
142,168 |
|
|
Total liabilities and shareholders’ equity |
$ |
1,044,360 |
|
|
$ |
1,209,143 |
|
| |
|
|
|
|
|
| MALVERN
BANCORP, INC. AND SUBSIDIARIES |
| CONSOLIDATED
STATEMENTS OF OPERATIONS |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended September 30, |
|
Twelve Months Ended September 30, |
|
(in thousands, except for share data) |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and Dividend Income |
|
|
|
|
|
|
|
|
|
|
|
|
| Loans,
including fees |
|
$ |
8,323 |
|
|
$ |
8,330 |
|
|
$ |
31,832 |
|
|
$ |
36,370 |
|
| Investment
securities, taxable |
|
|
617 |
|
|
|
403 |
|
|
|
2,181 |
|
|
|
1,449 |
|
| Investment
securities, tax-exempt |
|
|
153 |
|
|
|
30 |
|
|
|
394 |
|
|
|
107 |
|
| Dividends,
restricted stock |
|
|
96 |
|
|
|
89 |
|
|
|
342 |
|
|
|
459 |
|
|
Interest-bearing deposits |
|
|
126 |
|
|
|
10 |
|
|
|
250 |
|
|
|
31 |
|
|
Total Interest and Dividend Income |
|
|
9,315 |
|
|
|
8,862 |
|
|
|
34,999 |
|
|
|
38,416 |
|
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
849 |
|
|
|
1,240 |
|
|
|
3,534 |
|
|
|
6,748 |
|
| Short-term
borrowings |
|
|
4 |
|
|
|
- |
|
|
|
4 |
|
|
|
48 |
|
| Long-term
borrowings |
|
|
198 |
|
|
|
415 |
|
|
|
776 |
|
|
|
2,029 |
|
| Subordinated
debt |
|
|
355 |
|
|
|
382 |
|
|
|
1,371 |
|
|
|
1,531 |
|
|
Total Interest Expense |
|
|
1,406 |
|
|
|
2,037 |
|
|
|
5,685 |
|
|
|
10,356 |
|
| Net
interest income |
|
|
7,909 |
|
|
|
6,825 |
|
|
|
29,314 |
|
|
|
28,060 |
|
| Provision
for Loan Losses |
|
|
- |
|
|
|
10,626 |
|
|
|
- |
|
|
|
11,176 |
|
| Net
Interest Income after Provision for |
|
|
7,909 |
|
|
|
(3,801 |
) |
|
|
29,314 |
|
|
|
16,884 |
|
|
Loan Losses |
|
Other Income |
|
|
|
|
|
|
|
|
|
|
|
|
| Service
charges and other fees |
|
|
316 |
|
|
|
313 |
|
|
|
1,237 |
|
|
|
1,323 |
|
| Rental
income |
|
|
48 |
|
|
|
54 |
|
|
|
196 |
|
|
|
217 |
|
| Net gains on
sale and call of investments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
779 |
|
| Net gains on
sale of loans |
|
|
22 |
|
|
|
45 |
|
|
|
100 |
|
|
|
788 |
|
| Earnings on
bank-owned life insurance |
|
|
171 |
|
|
|
167 |
|
|
|
794 |
|
|
|
656 |
|
|
Total Other Income |
|
|
557 |
|
|
|
579 |
|
|
|
2,327 |
|
|
|
3,763 |
|
|
Other Expense |
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries and
employee benefits |
|
|
2,401 |
|
|
|
2,337 |
|
|
|
9,393 |
|
|
|
9,143 |
|
| Occupancy
expense |
|
|
535 |
|
|
|
542 |
|
|
|
2,138 |
|
|
|
2,198 |
|
| Federal
deposit insurance premium |
|
|
62 |
|
|
|
77 |
|
|
|
277 |
|
|
|
313 |
|
|
Advertising |
|
|
32 |
|
|
|
33 |
|
|
|
129 |
|
|
|
109 |
|
| Data
processing |
|
|
275 |
|
|
|
332 |
|
|
|
1,259 |
|
|
|
1,267 |
|
| Professional
fees |
|
|
855 |
|
|
|
790 |
|
|
|
3,831 |
|
|
|
3,178 |
|
| Other real
estate owned expense, net |
|
|
56 |
|
|
|
- |
|
|
|
305 |
|
|
|
866 |
|
| Pennsylvania
shares tax |
|
|
126 |
|
|
|
169 |
|
|
|
592 |
|
|
|
678 |
|
| Other
operating expenses |
|
|
912 |
|
|
|
804 |
|
|
|
4,842 |
|
|
|
3,199 |
|
|
Total Other Expense |
|
|
5,254 |
|
|
|
5,084 |
|
|
|
22,766 |
|
|
|
20,951 |
|
|
Income (loss) before income tax expense
(benefit) |
|
|
3,212 |
|
|
|
(8,306 |
) |
|
|
8,875 |
|
|
|
(304 |
) |
| Income tax
expense (benefit) |
|
|
634 |
|
|
|
(2,116 |
) |
|
|
1,924 |
|
|
|
(212 |
) |
| Net
Income (loss) |
|
$ |
2,578 |
|
|
$ |
(6,190 |
) |
|
$ |
6,951 |
|
|
$ |
(92 |
) |
|
Earnings (loss) per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.34 |
|
|
$ |
(0.82 |
) |
|
$ |
0.92 |
|
|
$ |
(0.01 |
) |
|
Diluted |
|
$ |
0.34 |
|
|
$ |
(0.82 |
) |
|
$ |
0.92 |
|
|
$ |
(0.01 |
) |
|
Weighted Average Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
7,574,870 |
|
|
|
7,548,958 |
|
|
|
7,563,648 |
|
|
|
7,537,408 |
|
|
Diluted |
|
|
7,581,105 |
|
|
|
7,550,766 |
|
|
|
7,564,212 |
|
|
|
7,538,116 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| MALVERN
BANCORP, INC. AND SUBSIDIARIES |
| SELECTED
QUARTERLY FINANCIAL AND STATISTICAL DATA |
| |
|
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Three Months Ended |
Three Months Ended |
| (in
thousands, except for share data) (annualized where
applicable) |
|
9/30/2022 |
|
|
6/30/2022 |
|
|
9/30/2021 |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
Statements of Operations Data |
|
|
|
|
|
|
|
|
|
Interest income |
$ |
|
9,315 |
|
|
$ |
|
8,557 |
|
|
$ |
|
8,862 |
|
|
Interest expense |
|
|
1,406 |
|
|
|
|
1,264 |
|
|
|
|
2,037 |
|
|
Net interest income |
|
|
7,909 |
|
|
|
|
7,293 |
|
|
|
|
6,825 |
|
|
Provision for loan losses |
|
|
- |
|
|
|
|
- |
|
|
|
|
10,626 |
|
|
Net interest income (loss) after provision for loan losses |
|
|
7,909 |
|
|
|
|
7,293 |
|
|
|
|
(3,801 |
) |
|
Other income |
|
|
557 |
|
|
|
|
482 |
|
|
|
|
579 |
|
|
Other expense |
|
|
5,254 |
|
|
|
|
5,439 |
|
|
|
|
5,084 |
|
|
Income (loss) before income tax expense (benefit) |
|
|
3,212 |
|
|
|
|
2,336 |
|
|
|
|
(8,306 |
) |
|
Income tax expense (benefit) |
|
|
634 |
|
|
|
|
502 |
|
|
|
|
(2,116 |
) |
|
Net income (loss) |
$ |
|
2,578 |
|
|
$ |
|
1,834 |
|
|
$ |
|
(6,190 |
) |
|
Earnings (Loss) (per Common Share) |
|
|
|
|
|
|
|
|
|
Basic |
$ |
|
0.34 |
|
|
$ |
|
0.24 |
|
|
$ |
|
(0.82 |
) |
|
Diluted |
$ |
|
0.34 |
|
|
$ |
|
0.24 |
|
|
$ |
|
(0.82 |
) |
|
Statements of Financial Condition Data
(Period-End) |
|
|
|
|
|
|
|
|
|
Equity securities |
$ |
|
1,374 |
|
|
$ |
|
1,412 |
|
|
$ |
|
1,500 |
|
|
Investment securities available for sale, at fair value |
|
|
49,844 |
|
|
|
|
53,080 |
|
|
|
|
40,813 |
|
|
Investment securities held to maturity |
|
|
58,767 |
|
|
|
|
52,350 |
|
|
|
|
28,507 |
|
|
Loans held-for-sale |
|
|
13,780 |
|
|
|
|
13,863 |
|
|
|
|
33,199 |
|
|
Loans, net of allowance for loan losses |
|
|
801,854 |
|
|
|
|
805,957 |
|
|
|
|
902,981 |
|
|
Total assets |
|
|
1,044,360 |
|
|
|
|
1,029,553 |
|
|
|
|
1,209,143 |
|
|
Deposits |
|
|
785,323 |
|
|
|
|
791,694 |
|
|
|
|
938,159 |
|
|
FHLB advances |
|
|
80,000 |
|
|
|
|
60,000 |
|
|
|
|
90,000 |
|
|
Subordinated debt |
|
|
25,000 |
|
|
|
|
25,000 |
|
|
|
|
24,934 |
|
|
Shareholders' equity |
|
|
146,445 |
|
|
|
|
145,290 |
|
|
|
|
142,168 |
|
|
Common Shares Dividend Data |
|
|
|
|
|
|
|
|
|
Cash dividends |
$ |
|
- |
|
|
$ |
|
- |
|
|
$ |
|
- |
|
|
Weighted Average Common Shares Outstanding |
|
|
|
|
|
|
|
|
|
Basic |
|
|
7,574,870 |
|
|
|
|
7,569,806 |
|
|
|
|
7,548,958 |
|
|
Diluted |
|
|
7,581,105 |
|
|
|
|
7,574,266 |
|
|
|
|
7,550,766 |
|
|
Operating Ratios |
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.01 |
% |
|
|
|
69.00 |
% |
|
|
|
(2.06 |
%) |
|
Return on average equity |
|
|
7.08 |
% |
|
|
|
5.06 |
% |
|
|
|
(16.59 |
%) |
|
Average equity / average assets |
|
|
14.25 |
% |
|
|
|
13.59 |
% |
|
|
|
12.43 |
% |
|
Book value per common share (period-end) |
|
$ |
19.18 |
|
|
|
$ |
19.03 |
|
|
|
$ |
18.65 |
|
|
Non-Financial Information (Period-End) |
|
|
|
|
|
|
|
|
|
Common shareholders of record |
|
|
369 |
|
|
|
|
371 |
|
|
|
|
379 |
|
|
Full-time equivalent staff |
|
|
77 |
|
|
|
|
76 |
|
|
|
|
81 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Contacts: Joseph D.
Gangemi610-695-3676
Media Contact:Nathanial
Jordan610-695-3646
Grafico Azioni Malvern Bancorp (NASDAQ:MLVF)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Malvern Bancorp (NASDAQ:MLVF)
Storico
Da Dic 2023 a Dic 2024
