0001437749-22-028543.txt : 20221206 0001437749-22-028543.hdr.sgml : 20221206 20221206150232 ACCESSION NUMBER: 0001437749-22-028543 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20221202 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20221206 DATE AS OF CHANGE: 20221206 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MALVERN BANCORP, INC. CENTRAL INDEX KEY: 0001550603 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 455307782 STATE OF INCORPORATION: PA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-54835 FILM NUMBER: 221447449 BUSINESS ADDRESS: STREET 1: 42 EAST LANCASTER AVENUE CITY: PAOLI STATE: PA ZIP: 19301 BUSINESS PHONE: 610-644-9400 MAIL ADDRESS: STREET 1: 42 EAST LANCASTER AVENUE CITY: PAOLI STATE: PA ZIP: 19301 8-K 1 mlvf20221201_8k.htm FORM 8-K mlvf20221201_8k.htm
false 0001550603 0001550603 2022-12-02 2022-12-02
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): December 6, 2022 (December 2, 2022)
 
MALVERN BANCORP, INC.
(Exact name of registrant as specified in its charter)
 
Pennsylvania
  
000-54835
  
45-5307782
(State or other jurisdiction of
  
(Commission file number)
  
(IRS Employer
incorporation or organization)
      
Identification No.)
 
42 East Lancaster Avenue, Paoli, Pennsylvania 19301
(Address of principal executive offices) (Zip Code)
 
Registrant’s telephone number, including area code: (610) 644-9400
 
N/A
(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 obligations of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of Each Class
Trading Symbol
Name of Each Exchange on Which Registered
Common Stock
MLVF
NASDAQ
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
-1-
 
 
Item 2.02         Results of Operations and Financial Condition
 
On December 2, 2022, Malvern Bancorp, Inc. (the “Company”), the holding company for Malvern Bank, National Association, issued a press release setting forth its results of operations for its fourth fiscal quarter and fiscal year ended September 30, 2022. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference.
 
The information furnished under Item 2.02 and Item 9.01 of this Current Report on Form 8-K, including Exhibit 99.1 to this Current Report on Form 8-K, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liabilities under that Section, nor shall it be deemed incorporated by reference in any registration statement or other filings of the Company under the Securities Act of 1933, as amended, except as shall be set forth by specific reference in such filing.
 
Item 9.01         Financial Statements and Exhibits
 
(d)         Exhibits
 
Exhibit No.
Description
   
99.1
   
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
-2-
 
 
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 hereunto duly authorized.
 
 
MALVERN BANCORP, INC.
  
     
Dated: December 6, 2022
By:
/s/ Joseph D. Gangemi
  
   
Joseph D. Gangemi
  
   
Executive Vice President and Chief Financial
Officer
  
 
-3-
 EX-99.1 2 ex_452017.htm EXHIBIT 99.1 ex_452017.htm

Exhibit 99.1

 

     

ex_452017img001.jpg

         NEWS RELEASE

  
     

42 E. Lancaster Avenue Paoli, Pennsylvania 19301 | 610-644-9400 | http://ir.malvernbancorp.com

 

 

Investor Contacts:

Joseph D. Gangemi

610-695-3676

 

Media Contact:

Nathanial Jordan

610-695-3646

 

 

 

 

Malvern Bancorp, Inc. Reports Fourth Quarter and Fiscal Year End Operating Results

 

 

PAOLI, PA., December 2, 2022 – 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.

 

-1-
 

 

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.

 

-2-
 

 

Linked Quarter Statement of Operation 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.

 

-3-
 

 

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.

 

-4-
 

 

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.

 

-5-
 

 

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.

 

-6-
 

 

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  

 

-7-
 

 

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  

 

-8-
 

 

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.

 

(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 $119.2 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.

 

-9-
 

 

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.

 

-10-
 

 

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).

 

-11-
 

 

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.

 

-12-
 

 

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  

 

-13-
 

 

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  

 

-14-
 

 

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  

 

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Document And Entity Information
Dec. 02, 2022
Document Information [Line Items]  
Entity, Registrant Name MALVERN BANCORP, INC.
Document, Type 8-K
Document, Period End Date Dec. 02, 2022
Entity, Incorporation, State or Country Code PA
Entity, File Number 000-54835
Entity, Tax Identification Number 45-5307782
Entity, Address, Address Line One 42 East Lancaster Avenue
Entity, Address, City or Town Paoli
Entity, Address, State or Province PA
Entity, Address, Postal Zip Code 19301
City Area Code 610
Local Phone Number 644-9400
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol MLVF
Security Exchange Name NASDAQ
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0001550603
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