8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)                              February 6, 2013

Malvern Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Pennsylvania	000-54835	45-5307782
(State or other jurisdiction	(Commission File Number)	(IRS Employer
of incorporation)		Identification No.)
42 E. Lancaster Avenue, Paoli, Pennsylvania		19301
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code                (610) 644-9400

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02Results of Operations and Financial Condition

On February 6, 2013, Malvern Bancorp, Inc. (the “Company”), the holding company for Malvern Federal Savings Bank (the “Bank”), reported its results of operations for the quarter ended December 31, 2012.

For additional information, reference is made to the Company’s press release dated February 6, 2013, which is included as Exhibit 99.1 hereto and is incorporated herein by reference thereto.  The press release attached hereto is being furnished to the Securities and Exchange Commission (the “SEC”) and shall not be deemed to be “filed” for any purpose except as otherwise provided herein.

Item 7.01Regulation FD Disclosure.

On February 6, 2013, the Company posted to its website, under the Investor Relations tab, a slide presentation to be made on February 7, 2013 at the Company’s Annual Meeting of Shareholders. The slide presentation, which is attached hereto pursuant to Regulation FD as Exhibit 99.2, provides an overview of the Company’s performance in fiscal 2012 and outlook.

The presentation attached hereto as Exhibit 99.2 and incorporated herein by reference is being furnished pursuant to this Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and it shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or under the Exchange Act, whether made before or after the date hereof, except as expressly set forth by specific reference in such filing to this Current Report on Form 8-K.

Item 9.01Financial Statements and Exhibits

(a)	Not applicable.
(b)	Not applicable.
(c)	Not applicable.
(d)	Exhibits

The following exhibit is included herewith.

Exhibit Number	Description
99.1	Press release dated February 6, 2013
99.2	Shareholder presentation dated February 7, 2013

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	MALVERN BANCORP, INC.
Date:  February 6, 2013	By:	/s/Ronald Anderson
		Ronald Anderson
		President and Chief Executive Officer

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INDEX TO EXHIBITS

Exhibit Number	Description
99.1	Press release dated February 6, 2013
99.2	Shareholder presentation dated February 7, 2013

EX-99.1

EXHIBIT 99.1

For further information contact:

Ronald Anderson, President and CEO

(610) 644-9400

Release Date:	February 6, 2013
	For Immediate Release

MALVERN BANCORP, INC. ANNOUNCES RESULTS FOR THE FIRST QUARTER OF FISCAL 2013

Paoli, Pennsylvania – Malvern Bancorp, Inc. (the “Company”) (NASDAQ: MLVF), the holding company for Malvern Federal Savings Bank (the “Bank”), today announced net income for the three months ended December 31, 2012 of $671,000 compared to a net income of $1.3 million for the three months ended December 31, 2011. On a per share basis, the Company is reporting net income of $0.11 per share for the quarter ended December 31, 2012, compared to a net income of $0.20 per share (as adjusted for our “second-step” conversion) for the quarter ended December 31, 2011.

The Company’s net interest income for the three months ended December 31, 2012 was $4.0 million, a decrease of $582,000 compared to the three month period ended December 31, 2011.  The Company's net interest rate spread of 2.23% and net interest margin of 2.44% for the three months ended December 31, 2012 decreased when compared to a net interest rate spread of 2.80% and a net interest margin of 2.92% for the first quarter of fiscal 2012.

The Company’s interest and dividend income decreased for the three months ended December 31, 2012 by $922,000 or 13.4% over the comparable fiscal 2012 period to $6.0 million.  Interest income on loans decreased in the three months ended December 31, 2012 over the prior comparable period in fiscal 2012 by $894,000, or 13.9%.  The decrease in interest earned on loans in the first quarter of fiscal 2013 was due primarily to a $35.8 million, or 7.2%, decrease in the average balance of our outstanding loans as well as a 38 basis point decrease in the average yield earned on our loan portfolio in the first quarter of fiscal 2013 compared to the first quarter of fiscal 2012.  Interest income on investment securities decreased by $55,000, or 12.6%, in the first quarter of fiscal 2013 compared to the comparable prior fiscal year period.  The average yield on investment securities decreased 30 basis points to 1.78% for the three months ended December 31, 2012 from 2.08% for the same period ended 2011.

The Company’s interest expense for the three month period ended December 31, 2012 was $1.9 million, a decrease of $340,000 from the three month period ended December 31, 2011.  The reason for the decrease in interest expense in the first quarter of fiscal 2013 compared to the first quarter of fiscal 2012 was a 22 basis point decrease in average rate paid on total deposits together with a decrease in the average balance of our total deposits of $16.2 million, or 3.1%, in the first quarter of fiscal 2013 compared to first quarter of fiscal 2012 due primarily to a $18.2 million decrease in the average balance of money market accounts. The average rate paid on total deposits decreased to 1.18% for fiscal 2013 from 1.40% for fiscal 2012.  Our expense on borrowings amounted to $430,000 in the first quarter of fiscal 2013 compared to $434,000 in the first quarter of fiscal 2012.  The average balance of our borrowings decreased by $958,000 in the first quarter of fiscal 2013 compared to the first quarter of fiscal 2012, however, the average cost of borrowed funds increased to 3.58% in the first quarter of fiscal 2013 compared to 3.54% in the first quarter of fiscal 2012.

The provision for the loan losses was $400,000 for the quarter ended December 31, 2012 compared to a $300,000 credit for the quarter ended December 31, 2011.  A $1.1 million recovery during the three months ended December 31, 2011, contributed to the $700,000 difference in the provision for loan losses for the December 31, 2012 and December 31, 2011 fiscal quarters. At December 31, 2012, our total non-performing assets amounted to $15.0 million, an increase of $632,000 compared to total non-performing assets at September 30, 2012. At December 31, 2012, the Company’s total non-performing assets and performing troubled debt restructurings totaled $21.7 million compared to $22.5 million at September 30, 2012, an improvement of 3.5%. Our net charge-offs for the quarter ended December 31, 2012 were $410,000, a $376,000, or 47.8%, improvement compared to $786,000 of net charge-offs during the quarter ended December 31, 2011. Our ratio of net charge-offs to the total allowance for loan losses was 21.7% for the quarter ended December 31, 2012 compared to 34.8% for the quarter ended December 31, 2011. As of December 31, 2012, the balance of the allowance for loan losses was $7.6 million, or 1.68% of gross loans and 67.68% of non-accruing loans, compared to an allowance for loan losses of $7.6 million or 1.64% of gross loans and 77.76% of non-accruing loans at September 30, 2012.

At December 31, 2012, the Company’s total non-accruing loans amounted to $11.2 million, or 2.48% of total gross loans, compared to $9.7 million of non-accruing loans, or 2.11% of total gross loans at September 30, 2012 and $10.4 million, or 2.15% of total gross loans at December 31, 2011. Total non-accruing loans increased by $1.4 million on a linked quarter basis due primarily to a $1.7 million increase in non-accruing commercial real estate loans.

The Company’s other, or non-interest, income increased by $445,000, or 51.6%, to $1.3 million for the three months ended December 31, 2012 compared to $862,000 for the three months ended December 31, 2011.  The increase in other income during the first quarter of fiscal 2013 was due to a $588,000 increase in earnings on bank owned life insurance as the result of a one-time tax-free death benefit payment of $596,000. In addition, we recorded a net gain on the sale of loans in the amount of $164,000 during the quarter ended December 31, 2012.

The Company’s other, or non-interest, expenses increased by $357,000, or 9.1%, to $4.3 million in the quarter ended December 31, 2012 compared to $3.9 million for the three months ended December 31, 2011. The increase in other operating expenses in the first quarter of fiscal 2013 compared to the first quarter of fiscal 2012 was due primarily to a $259,000 increase in salaries and employee benefits and a $240,000 increase in net other real estate owned expense in fiscal 2013 when compared to the same period in fiscal 2012.  These increases were partially offset by a $91,000 decrease in professional fees in the December 31, 2012 compared to the quarter ended December 31, 2011. The income tax benefit for the quarter ended December 31, 2012 was primarily due to a $1.2 million decrease in pre-tax income during the quarter ended December 31, 2012.  Our effective Federal tax rate was (8.8%) and 30.9% for the three months ended December 31, 2012 and 2011, respectively.

The Company’s total assets decreased $23.8 million or 3.3% to $688.0 million at December 31, 2012 compared to $711.8 million at September 30, 2012. The decrease was primary due to a $16.0 million or 12.1% decrease in cash and cash equivalents and $10.7 million or 2.4% reduction in net loans receivable. The decrease was partially offset by a $4.7 million or 5.8% increase in investment securities.

The Company’s total liabilities decreased $59.2 million or 9.1% to $590.0 million at December 31, 2012 compared to $649.2 million at September 30, 2012. The decrease was primarily due to $56.7 million decrease in stock subscription escrow, reflecting the closing of our “second-step” conversion on October 11, 2012, and $5.9 million decrease in total deposits. Our total deposits were $535.1 million at December 31, 2012 compared to $541.0 million at September 30, 2012. These decreases were partially offset by a $3.7 million increase in advances from borrowers for taxes and insurance.

Shareholders’ equity increased by $35.4 million to $98.1 million at December 31, 2012 compared to $62.6 million at September 30, 2012.  The increase was primarily due to the “second-step” conversion of the Bank from the mutual holding company structure to the stock holding company structure on October 11, 2012. In connection with the conversion and reorganization, 3,636,875 shares of common stock, par value $0.01 per share, of the Malvern Bancorp, Inc., were sold in a subscription offering to certain depositors of the Bank and other investors for $10 per share, or $36.4 million in the aggregate, and 2,921,598 shares of common stock were issued in exchange for the outstanding shares of common stock of the former Mid-Tier Holding Company for the Bank, Malvern Federal Bancorp, Inc., held by the “public” shareholders of the Mid-Tier Holding Company (all shareholders except the Mutual Holding Company). Treasury stock of the former Mid-Tier Holding Company was cancelled.  Retained earnings increased by $671,000 to $39.3 million at December 31, 2012 primarily as a result of the $671,000 net income during the first quarter of fiscal 2013.  Our ratio of equity to assets was 14.25% at December 31, 2012.

Malvern Bancorp, Inc. is the holding company for Malvern Federal Savings Bank.  Malvern Federal Savings Bank is a federally-chartered, FDIC-insured savings bank that was originally organized in 1887.  The Bank conducts business from its headquarters in Paoli, Pennsylvania, a suburb of Philadelphia, as well as eight other financial centers located throughout Chester and Delaware County, Pennsylvania.

This press release contains certain forward looking statements.  Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts.  They often include words like “believe,” “expect,” “anticipate,” “estimate” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.”  Certain factors that could cause actual results to differ materially from expected results include changes in the interest rate environment, changes in general economic conditions, legislative and regulatory changes that adversely affect the business of Malvern Bancorp Inc., and changes in the securities markets.   Except as required by law, the Company does not undertake any obligation to update any forward-looking statements to reflect changes in beliefs, expectations or events.

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MALVERN BANCORP, INC.
SELECTED FINANCIAL AND OTHER DATA (unaudited)
	At December 31, 2012			At September 30, 2012
	(Dollars in thousands)
Selected Financial Condition Data:
Total assets	$	688,030		$	711,812
Loans receivable, net		446,271			457,001
Securities available for sale		85,208			80,508
FHLB borrowings		48,000			48,085
Deposits		535,076			540,988
Shareholders’ equity		98,070			62,636
Total liabilities		589,960			649,176
Allowance for loan losses		7,571			7,581
Non-accrual loans		11,187			9,749
Non-performing assets		14,975			14,343
Performing troubled debt restructurings		6,768			8,187
Non-performing assets and performing troubled debt restructurings		21,743			22,530
	Three Months Ended December 31,
		2012			2011
	(Dollars in thousands, except per share data)
Selected Operating Data:
Total interest and dividend income	$	5,950		$	6,872
Total interest expense		1,947			2,287
Net interest income		4,003			4,585
Provision (credit) for loan losses		400			(300	)
Net interest income after provision (credit) for loan losses		3,603			4,885
Total other income		1,307			862
Total other expense		4,293			3,936
Income tax (benefit) expense		(54	)		560
Net income	$	671		$	1,251
Net earnings per share*	$	0.11		$	0.20
Dividends declared per share	$	-		$	-
__________________
*Net earnings per share for the prior period has been adjusted to reflect the impact of the second-step conversion and reorganization of the Company, which was completed   on October 11, 2012.

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	Three Months Ended December 31,
	2012			2011
Selected Financial Ratios and Other Data(1)
Selected Operating Ratios:
Average yield on interest-earning assets		3.62	%		4.38	%
Average rate on interest-bearing liabilities		1.39			1.58
Net interest rate spread(2)		2.23			2.80
Net interest margin(3)		2.44			2.92
Total non-interest expense to average assets		2.58			2.43
Efficiency ratio(4)		81.46			72.80
Return on average assets		0.39			0.75
Return on average equity		3.10			8.17
Asset Quality Ratios(5):
Non-accrual loans as a percent of total loans receivable		2.48	%		2.15	%
Non-performing assets as a percent of total assets		2.18			2.53
Non-performing assets and performing troubled debt restructurings as a   percent of total assets		3.16			4.04
Allowance for loan losses as a percent of non-accrual loans		67.68			86.62
Capital Ratios(5):
Total risk-based capital to risk weighted assets		21.20	%		13.14	%
Tier 1 risk based capital to risk weighted assets		19.94			11.88
Tangible capital to tangible assets		11.96			8.09
Tier 1 leverage (core) capital to adjustable tangible assets		11.96			8.09
Shareholders’ equity to total assets		14.25			9.25
_______________________________________
(1) Ratios have been annualized where appropriate.
(2) Net interest rate spread represents the difference between the weighted average yield on interest earning assets and the weighted average cost of interest bearing       liabilities.
(3) Net interest margin represents net interest income as a percentage of average interest-earning assets.
(4) The efficiency ratio represents the ratio of non-interest expense divided by net interest income and total other income.
(5) Asset quality ratios are end of period ratios. Capital ratios are end of period ratios and are at Bank level except for shareholders’ equity to total assets.

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The table below sets forth the amounts and categories of loans delinquent more than 30 days but less than 90 days at the dates indicated.

	December 31, 2012		December 31, 2011		September 30, 2012
	(Dollars in thousands)
31-89 Days Delinquent:
Residential mortgage	$	1,260	$	1,408	$	1,402
Construction and Development:
Residential and commercial		8,433		-		-
Commercial:
Commercial real estate		-		3,170		1,778
Other		-		-		-
Consumer:
Home equity lines of credit		300		20		220
Second mortgages		985		1,182		1,140
Other		6		7		4
Total	$	10,984	$	5,787	$	4,544

The following table sets forth non-performing assets and performing troubled debt restructurings which are neither non-accruing nor more than 90 days past due and still accruing in our portfolio at the dates indicated.  Loans are generally placed on non-accrual status when they are 90 days or more past due as to principal or interest or when the collection of principal and/or interest becomes doubtful.  There were no loans past due 90 days or more and still accruing interest for the periods shown.  Troubled debt restructurings (“TDR”) are loans which are modified in a manner constituting a concession to the borrower, such as forgiving a portion of interest or principal making loans at a rate materially less than that of market rates, when the borrower is experiencing financial difficulty.

	December 31, 2012			December 31, 2011			September 30, 2012
	(Dollars in thousands)
Non-accruing loans:
Residential mortgage	$	4,021		$	2,562		$	3,540
Construction and development:
Residential and commercial(1)		2,707			4,841			3,788
Commercial:
Commercial real estate(2)		3,108			1,694			1,458
Other		201			209			201
Consumer:
Home equity lines of credit		22			37			23
Second mortgages		1,128			1,065			739
Total non-accruing loans		11,187			10,408			9,749
Other real estate owned and other foreclosed   assets:
Residential mortgage		841			2,489			1,262
Commercial:
Commercial real estate		2,126			3,908			2,405
Other		405			34			486
Consumer:
Second mortgages		-			-			441
Total REO		3,788			6,431			4,594
Total non-performing assets		14,975			16,839			14,343
Performing troubled debt restructurings:
Residential mortgage		857			882			864
Construction and development:
Land loans		1,145			1,157			1,148
Commercial:
Commercial real estate		4,591			7,897			6,000
Other		175			175			175
Total TDRs		6,768			10,111			8,187
Total non-performing assets and performing   troubled debt restructurings	$	21,743		$	26,950		$	22,530
Ratios:
Total non-accrual loans as a percent of gross loans		2.48	%		2.15	%		2.11	%
Total non-performing assets as a percent of total assets		2.18	%		2.53	%		2.01	%
Total non-performing assets and performing troubled   debt restructurings as a percent of total assets		3.16	%		4.04	%		3.17	%
___________________________
(1) At December 31, 2012, includes two loans classified as TDRs in the aggregate amount of $1.3 million.
(1) At September 30, 2012, includes two loans classified as TDRs in the amount of $1.4 million.
(2) At December 31, 2012, includes one loan classified as TDR in the amount of $1.4 million.

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EX-99.2

EXHIBIT 99.2

  M A L V E R N Annual Meeting February 7, 2013

M A L V E R N Forward-Looking Statements Certain comments in this presentation contain certain forward looking statements (as defined in the Securities Exchange Act of 1934 and the regulations hereunder). Forward looking statements are not historical facts but instead represent only the beliefs, expectations or opinions of Malvern Bancorp, Inc. and its management regarding future events, many of which, by their nature, are inherently uncertain. Forward looking statements may be identified by the use of such words as: “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, or words of similar meaning, or future or conditional terms such as “will”, “would”, “should”, “could”, “may”, “likely”, “probably”, or “possibly.” Forward looking statements include, but are not limited to, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks, uncertainties and assumption, many of which are difficult to predict and generally are beyond the control of Malvern Bancorp, Inc. and its management, that could cause actual results to differ materially from those expressed in, or implied or projected by, forward looking statements. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward looking statements: (1) economic and competitive conditions which could affect the volume of loan originations, deposit flows and real estate values; (2) the levels of non-interest income and expense and the amount of loan losses; (3) competitive pressure among depository institutions increasing significantly; (4) changes in the interest rate environment causing reduced interest margins; (5) general economic conditions, either nationally or in the markets in which Malvern Bancorp, Inc. is or will be doing business, being less favorable than expected;(6) political and social unrest, including acts of war or terrorism; or (7) legislation or changes in regulatory requirements adversely affecting the business in which Malvern Bancorp, Inc. is engaged. Malvern Bancorp, Inc. undertakes no obligation to update these forward looking statements to reflect events or circumstances that occur after the date on which such statements were made. As used in this report, unless the context otherwise requires, the terms “we,” “our,” “us,” or the “Company” refer to Malvern Bancorp, Inc. and the term the “Bank” refers to Malvern Federal Savings Bank, a federally chartered savings bank and wholly owned subsidiary of the Company. In addition, unless the context otherwise requires, references to the operations of the Company include the operations of the Bank. For a more detailed description of the factors that may affect Malvern Bancorp’s operating results or the outcomes described in these forward-looking statements, we refer you to our filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended September 30, 2012. Malvern Bancorp assumes no obligation to update the forward-looking statements made during this presentation. For more information, please visit our Web site www.malvernfederal.com. 2

M A L V E R N Company Overview

  M A L V E R N Overview of Malvern Bancorp, Inc.   Malvern Federal Savings Bank, a federally chartered savings bank organized in 1887, is the wholly owned subsidiary of Malvern Bancorp, Inc.   On October 11, 2012, Malvern Bancorp, Inc. completed its second step conversion and became a fully public company, raising $36.4 million in gross proceeds.   Malvern Bancorp trades on the NASDAQ Global Market under the symbol MLVF.   Malvern Bancorp conducts its business from its headquarters and eight financial centers located in Chester and Delaware Counties, Pennsylvania.   As of September 30, 2012, we had $711.8 million in total assets, $457.0 million in net loans, $541.0 million in deposits and $62.6 million in shareholders’ equity. 4

  M A L V E R N Malvern Federal Savings Bank Branch Locations Headquarters  42 East Lancaster Ave. Paoli Banking Offices • Paoli Financial Center 34 East Lancaster Ave. • Malvern Financial Center 100 West King Street • Exton Financial Center 109 North Pottstown Pike • Lionville Financial Center 537 West Uwchlan Ave. • Coventry Financial Center 1000 Ridge Road • Berwyn Financial Center 650 Lancaster Ave. • Westtown Financial Center 100 Skiles Boulevard • Concordville Financial Center 940 Baltimore Pike 5

  M A L V E R N Market Share in Chester County   Median household income for 2011 for Chester and Delaware County was $81,161and $60,442, respectively, compared to $49,405 for Pennsylvania and $50,227 for the United States. Chester, PA 2012 Total 2012 Total Number Deposits in Market 2012 of Market Share Rank Institution (ST) Type Branches ($000) (%) 1 Wells Fargo & Co. (CA) Bank 17 1,495,473 13.88 2 Toronto-Dominion Bank Bank 10 1,042,424 9.67 3 PNC Financial Services Group (PA) Bank 11 987,257 9.16 4 RBS Bank 18 953,048 8.84 5 National Penn Bancshares Inc. (PA) Bank 18 774,928 7.19 6 Susquehanna Bancshares Inc. (PA) Bank 14 759,466 7.05 7 DNB Financial Corp. (PA) Bank 11 511,933 4.75 8 Malvern Bancorp, Inc. (PA) Thrift 8 503,763 4.67 9 First Niagara Finl Group (NY) Bank 12 427,917 3.97 10 Fulton Financial Corp. (PA) Bank 8 353,945 3.28 Total For Institutions In Market 191 10,777,745 Non-Retail Branches not included. Source: SNL Financial 6

M A L V E R N Fiscal 2012 Review   Reduction in total nonperforming assets (“NPAs”) from $21.2 million at fiscal year-end 2011 to $14.3 million at fiscal year-end 2012. This represents a $6.9 million, or 32.5%, annual reduction in NPAs.   Improved operating results from a net loss of $6.1 million in fiscal 2011 to $2.0 million in net income in fiscal 2012. The primary reason for the $8.1 million improvement in our results of operations in fiscal 2012 compared to the prior fiscal year was a reduction in the provision of loan losses of $11.6 million, which was partially offset by a $4.2 million increase in income tax expense and a $2.2 million decrease in net interest income. 7

  M A L V E R N Fiscal 2013 Business Strategy   Our business strategy is focused on continuing to reduce the level of our non-performing assets, monitoring and overseeing our performing classified assets and troubled debt restructurings in an effort to limit the number of additional non-performing assets in future periods, complying with the provisions of the Supervisory Agreements until we are able to obtain relief from such agreements and conducting our traditional community-oriented banking business within these constraints.   Below are the highlights of our business strategy:   Improving Asset Quality  Managing Our Loan Portfolio  Increasing Capital   Obtaining Relief from the Supervisory Agreements So That We Can Grow Our Loan Portfolio and Resume Commercial Real Estate and Construction and Development Lending   Increasing Market Share Penetration   Increasing Our Core Deposits   Continuing to Provide Exceptional Customer Service 8

  M A L V E R N Financial Highlights  

  M A L V E R N Asset Trends Since fiscal year end 2010, we have been decreasing our concentration in higher risk loans, which reflects our commitment to improving asset quality. Loans have decreased by $49.0 million since September 30, 2011. Total Assets $800,000 $720,506 $711,812 $691,639 $688,030 $700,000 $666,568 $639,509 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 9/30/08 9/30/09 9/30/10 9/30/11 9/30/12 12/31/12 Dollars in thousands 10

  M A L V E R N Loan Portfolio Composition Since fiscal 2008, we have decreased our exposure to construction and development loans by $29.8 million. We have also decreased our second mortgages by $51.3 million, or 45.0%, since fiscal 2009. $700,000 Other $573,225 $595,411 $552,208 $600,000 Land Loans $513,185 $462,162 Multi-Family $500,000 $451,521 Commercial $400,000 HELOC $300,000 Construction or Development $200,000 Second Mortgages Commercial RE $100,000 1-4 Family Residential $0 9/30/08 9/30/09 9/30/10 9/30/11 9/30/12 12/31/12 Dollars in thousands 11

  M A L V E R N Credit Quality Trends Nonaccrual Loans / Total Loans 5.00% MLVF at 12/31/12: 2.48% 4.00% 3.60% 3.16% 2.84% 3.00% 2.71% 2.72% 2.38% 2.52% 2.11% 2.00% 1.52% 1.54% 1.00% 0.00% 09/30/08 09/30/09 09/30/10 09/30/11 09/30/12 MLVF Peer Average At September 30, At 2008 2009 2010 2011 2012 12/31/12 NPAs / Total Assets (%) 1.38 2.90 3.49 3.19 2.01 2.18 NPAs + TDRs / Total Assets (%) 1.39 2.91 5.16 4.74 3.17 3.16 NCOs / Average Loans (%) 0.12 0.35 1.19 1.97 0.70 0.36 Allowance / Nonaccrual Loans (%) 64.12 40.28 41.07 78.21 77.76 67.68 Allowance / Total Loans (%) 0.96 0.96 1.48 1.97 1.64 1.68 * Peers consist of public banks and thrifts located in the Mid-Atlantic region with assets between $500 million and 14 $1 billion and 1-4 Family Loans/Loans less than 55% 12

  M A L V E R N Non-Performing Assets Breakdown Dollars in thousands 09/30/11 09/30/12 12/31/12 31-89 Days Delinquent $2,709 $4,544 $10,984 Non-Accruing Loans: One-to-Four-Family $2,866 $3,540 $4,021 Multi-family 0 0 0 Commercial Real Estate 1,765 1,458 3,108 Construction or Development 6,617 3,788 2,707 Commercial 229 201 201 Home Equity Lines of Credit 61 23 22 Second Mortgages 1,377 739 1,128 Other 0 0 0 Total Non-Accruing Loans $12,915 $9,749 $11,187 Real Estate Owned and Other Foreclosed Assets 8,321 4,594 3,788 Total Non-Performing Assets $21,236 $14,343 $14,975 Total Performing Troubled Debt Restructurings 10,340 8,187 6,768 Total Non-Performing Assets & Performing TDRs $31,576 $22,530 $21,743 13

  M A L V E R N Deposit Composition Since fiscal year end 2010, we have been focused on improving our deposit composition by decreasing our dependence on time deposits to improve our cost of funds and net interest margin. $700,000 $596,858 $600,000 7% $554,455 $540,988 $535,076 $516,511 14% 8% 8% 8% $500,000 8% $453,493 16% 13% 11% 13% 8% 17% $400,000 13% 20% 22% 20% 21% 15% $300,000 $200,000 62% 59% 57% 59% 58% 64% $100,000 $0 09/30/08 09/30/09 09/30/10 09/30/11 09/30/12 12/31/12 Time Deposits Transaction Money Market Savings Dollars in thousands 14

  M A L V E R N Liabilities The Bank has been focusing on core deposits. $700.0 $55.3 $600.0 $49.1 $99.6 $48.1 $48.0 $500.0 $113.8 $400.0 $300.0 $596.9 $535.1 $554.5 $516.5 $541.0 $200.0 $453.5 $100.0 $0.0 09/30/08 09/30/09 09/30/10 09/30/11 09/30/12 12/31/12 Deposits Borrowings Dollars in millions 15

  M A L V E R N Net Interest Margin 4.00% 3.50% 2.98% 3.02% 3.00% 2.79% 2.61% 2.46% 2.44% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% 09/30/08 09/30/09 09/30/10 09/30/11 09/30/12 12/31/12 16

  M A L V E R N Net Income $4,000 $1,959 $2,000 $1,452 $1,010 $671 $0 ($2,000) ($4,000) ($3,129) ($6,000) ($6,112) ($8,000) FY 09/30/08 FY 09/30/09 FY 09/30/10 FY 09/30/11 FY 09/30/12 12/31/12 QTR Dollars in thousands 17

  M A L V E R N Shareholders’ Equity Total Shareholders’ Equity $120,000 2nd Step Offering $98,070 “Well-Capitalized” $100,000 10/11/12 $80,000 $68,836 $69,842 $66,207 $62,636 $60,284 $60,000 $40,000 $20,000 $0 09/30/08 09/30/09 09/30/10 09/30/11 09/30/12 12/31/12 Dollars in thousands Tangible Common Equity / Tangible Assets 18.0% 2nd Step Offering 15.0% 10/11/12 14.3% 12.0% 10.8% 10.1% 9.2% 9.0% 8.8% 9.0% 6.0% 3.0% 0.0% 15 09/30/08 09/30/09 09/30/10 09/30/11 09/30/12 12/31/12 18

  M A L V E R N Market Statistics

  M A L V E R N MLVF Stock Price Performance May 19, 2008 – January 29, 2013 1.30 MLVF Price is up 13.0% +21.5% 1.20 since trading began after second-step conversion on 1.10 10/12/12 +5.7% 1.00 0.90 Change 0.80 -21.4% Relative 0.70 0.60 0.50 0.40 MLVF NASDAQ Bank S&P 500 Data as of January 29, 2013. Source: SNL Financial 20

  M A L V E R N MLVF vs. Public Thrifts MLVF Nationwide Thrifts Mid-Atlantic Thrifts PA Thrifts Price $11.30 Price/Book 118.3% 81.4% 84.1% 83.3% Price/Tang Book 118.3% 85.1% 94.7% 87.5% * Multiples represent the median value for Nationwide Thrifts, Mid-Atlantic Thrifts and PA Thrifts. Thrift Peers exclude MLVF. As of January 29, 2013. Source: SNL Financial 21

  M A L V E R N Fiscal 2013 Outlook   Continue to improve asset quality through aggressive loan monitoring, collection and workout processes in dealing with delinquent or problem loans   Reduce operating expenses   Improve deposit composition by adding additional deposit products and services as part of our efforts to increase core deposits   Increase net interest margin   Improve profitability   Build franchise value for Malvern shareholders 22

  M A L V E R N Questions?