0001615774-16-006526.txt : 20160802 0001615774-16-006526.hdr.sgml : 20160802 20160802101952 ACCESSION NUMBER: 0001615774-16-006526 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20160728 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160802 DATE AS OF CHANGE: 20160802 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: 161799293 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 s103761_8k.htm 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) July 28, 2016

 

Malvern Bancorp, Inc.

(Exact name of registrant as specified in its charter)

 

Pennsylvania 000-54835 45-5307782
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer
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):

 

☐ 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))

 

 
 

 

Item 2.02 Results of Operations and Financial Condition

 

On July 28, 2016, Malvern Bancorp, Inc. (the “Company”), the holding company for Malvern Federal Savings Bank (the “Bank”), reported its results of operations for the quarter ended June 30, 2016.

 

For additional information, reference is made to the Company's press release dated July 28, 2016, 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 9.01 Financial 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 July 28, 2016

 

 

 
 

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:  July 28, 2016 By: /s/ Joseph D. Gangemi
    Joseph D. Gangemi
   

Senior Vice President and Chief Financial Officer

 

 
 

 

 

INDEX TO EXHIBITS

 

Exhibit Number

Description

99.1 Press release dated July 28, 2016
   

 

 

 EX-99.1 2 s103761_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

 

Investor Relations:

Joseph D. Gangemi

SVP & CFO

(610) 695-3676

 

Investor Contact:

Ronald Morales

(610) 695-3646

 

Media Contact:

Bronwyn Pait, Marketing

(610) 695-3630

 

Malvern Bancorp, Inc. Reports Net Income of $1.6 million, or $0.25 per Share, for the Third quarter of Fiscal 2016, Representing a 31.9% Increase over the Third quarter of Fiscal 2015

 

PAOLI, PA., July 28, 2016 — Malvern Bancorp, Inc. (NASDAQ: MLVF) (the "Company"), parent company of Malvern Federal Savings Bank (“Malvern” or the “Bank”), today reported operating results for the third fiscal quarter ended June 30, 2016. Net income amounted to $1.6 million, or $0.25 per share, for the quarter ended June 30, 2016, an increase of $384,000, or 31.9 percent, as compared with the net income of $1.2 million, or $0.19 per share, for the quarter ended June 30, 2015.

 

“We continued to perform well this quarter with solid growth in key areas of our business. We continue to see strong credit metrics with non-performing assets remaining low as our loan growth remained strong. Our core loan growth increased 41.6 percent at June 30, 2016 compared to September 30, 2015. The company also had strong deposit growth at June 30, 2016 with total deposits increasing 24.4 percent compared to September 30, 2015. We are maintaining our course with our business strategy and our performance reflected that and the strength of our balance sheet.” commented Anthony C. Weagley, Chief Executive Officer & President of Malvern Bancorp, Inc.

 

For the nine months ended June 30, 2016, net income amounted to $4.2 million, or $0.66 per share, compared with net income of $2.5 million, or $0.40 per share, for the nine months ended June 30, 2015.

 

Highlights for the quarter include:

 

·Return on average assets (“ROAA”) was 0.81 percent for the three months ended June 30, 2016, compared to 0.77 percent for the three months ended June 30, 2015, and return on average equity (“ROAE”) rose to 7.41 percent for the three months ended June 30, 2016, compared with 6.01 percent for the three months ended June 30, 2015.

 

1 

 

  

·The Company originated $82.2 million in new loans in the third quarter of fiscal 2016, achieving net portfolio growth of $39.4 million compared to the second quarter of fiscal 2016, which was offset in part by $42.8 million in participations, payoffs, prepayments and maturities from its portfolio; new loan originations consisted of $4.7 million in residential mortgage loans, $68.0 million in commercial loans, $6.8 million in construction and development loans and $2.7 million in consumer loans.

 

·Non-performing assets (“NPAs”) were at 0.22 percent of total assets at June 30, 2016, compared to 0.44 percent at June 30, 2015 and 0.39 percent at September 30, 2015. The allowance for loan losses as a percentage of total non-performing loans was 515.2 percent at June 30, 2016, compared to 337.1 percent at June 30, 2015 and 333.6 percent at September 30, 2015.

 

·The Company’s ratio of shareholders’ equity to total assets was 10.88 percent at June 30, 2016, compared to 12.79 percent at June 30, 2015, and 12.41 percent at September 30, 2015.

 

·Book value per common share amounted to $13.21 at June 30, 2016, compared to $12.17 at June 30, 2015 and $12.41 at September 30, 2015.

 

·The efficiency ratio, a non-GAAP measure, was 64.0 percent for the third quarter of fiscal 2016 on an annualized basis, compared to 69.0 percent in the third quarter of fiscal 2015 and 73.9 percent in the fourth quarter of fiscal 2015.

 

·The Company’s balance sheet reflected total asset growth of $140.6 million at June 30, 2016, compared to September 30, 2015, coupled with stable asset quality, and capital levels that exceeded regulatory standards for a well-capitalized institution.

 

Selected Financial Ratios
 (unaudited; annualized where applicable)		                    
                     
As of or for the quarter ended:  6/30/16   3/31/16   12/31/15   9/30/15   6/30/15 
Return on average assets   0.81%   0.68%   0.79%   0.72%   0.77%
Return on average equity   7.41%   6.03%   6.55%   5.77%   6.01%
Net interest margin (tax equivalent basis) (1)   2.56%   2.65%   2.72%   2.71%   2.61%
Loans / deposits ratio   96.39%   94.53%   86.90%   84.68%   84.54%
Shareholders’ equity / total assets   10.88%   11.09%   11.37%   12.41%   12.79%
Efficiency ratio (1)   64.0%   66.2%   71.3%   73.9%   69.0%
Book value per common share  $13.21   $12.91   $12.60   $12.41   $12.17 

 

 

(1)Information reconciling non-GAAP measures to GAAP measures is presented elsewhere in this press release.

 

Net Interest Income

 

For the three months ended June 30, 2016, total interest income on a fully tax equivalent basis increased $1.4 million, or 26.9 percent, to $6.6 million, compared to the three months ended June 30, 2015. Interest income rose in the quarter ended June 30, 2016, compared to the comparable period in fiscal 2015 primarily due to a $164.0 million increase in the average balance of our loans. Total interest expense increased by $449,000, or 34.5 percent, to $1.8 million, for the three months ended June 30, 2016, compared to the same period in fiscal 2015.

 

2 

 

  

Net interest income on a fully tax equivalent basis was $4.8 million for the three months ended June 30, 2016, increasing $949,000, or 24.4 percent, from $3.9 million for the comparable three month period in fiscal 2015. The change for the three months ended June 30, 2016 primarily was the result of an increase in the average balance of interest earning assets, which increased $160.5 million. The net interest spread on an annualized tax-equivalent basis was at 2.42 percent and 2.46 percent for the three months ended June 30, 2016 and June 30, 2015, respectively. For the quarter ended June 30, 2016, the Company’s net interest margin on a tax equivalent basis decreased to 2.56 percent as compared to 2.61 percent for the same three month period in fiscal 2015.

 

“We continued to carry a large cash balance as we grew deposits despite the funding of $82.2 million in new loans for the period. While we anticipate reducing the funding pool, we see growth in funding at the same time so that the dampening effect to margin may continue in the coming quarters. “commented Mr. Weagley.

 

The 34.5 percent increase in interest expense for the third quarter of fiscal 2016 as compared to the third fiscal quarter in 2015 primarily reflected higher volumes of borrowings which are part of the hedging activity strategies executed to mitigate interest rate risk. The average cost of funds was 1.06 percent for the quarter ended June 30, 2016 compared to 1.02 percent for the same three month period in fiscal 2015 and, on a linked sequential quarter basis, decreased three basis points compared to the second quarter of fiscal 2016.

 

For the nine months ended June 30, 2016, total interest income on a fully tax equivalent basis increased $3.4 million, or 22.4 percent, to $18.6 million, compared to $15.2 million for the nine months ended June 30, 2015. Total interest expense increased by $1.1 million, or 27.1 percent, to $4.9 million, for the nine months ended June 30, 2016, compared to the same period in fiscal 2015. Interest income rose for the nine months ended June 30, 2016, compared to the same period in fiscal 2015 primarily due to a $100.7 million increase in average loan balances. Compared to the same period in fiscal 2015, for the nine months ended June 30, 2016, average interest earning assets increased $108.6 million, and the net interest spread and net interest margin increased on an annualized tax-equivalent basis by eight basis points and four basis points, respectively.

 

3 

 

 

Earnings Summary for the Period Ended June 30, 2016

 

The following table presents condensed consolidated statements of income data for the periods indicated.

 

Condensed Consolidated Statements of Income (unaudited)                    
(dollars in thousands, except per share data)                    
For the quarter ended:  6/30/16   3/31/16   12/31/15   9/30/15   6/30/15 
Net interest income  $4,780   $4,500   $4,211   $3,979   $3,838 
Provision for loan losses   472    375    —    —    — 
 Net interest income after  provision for loan losses   4,308    4,125    4,211    3,979    3,838 
Other income   659    501    558    639    640 
Other expense   3,378    3,360    3,425    3,454    3,273 
Income before income tax expense   1,589    1,266    1,344    1,164    1,205 
Income tax expense   -    -    -    -    - 
Net income  $1,589   $1,266   $1,344   $1,164   $1,205 
Earnings per common share:                         
Basic  $0.25   $0.20   $0.21   $0.18   $0.19 
Diluted  $0.25   $0.20    n/a    n/a    n/a 
Weighted average common shares outstanding:                         
Basic   6,411,766    6,408,167    6,402,332    6,398,720    6,395,126 
Diluted   6,411,804    6,408,167    n/a    n/a    n/a 

 

Other Income

 

Other income increased $19,000 for the third quarter of fiscal 2016 compared with the same period in fiscal 2015. The increase during the third quarter of fiscal 2016 was primarily due to an increase of $84,000 in net gains on sales of investment securities compared to the same period in fiscal 2015. Excluding net securities gains and losses, a non-GAAP measure, the Company recorded other income of $430,000 for the three months ended June 30, 2016 compared to $495,000 for the three months ended June 30, 2015, a decrease of $65,000, or 13.1 percent. The decrease in other income in the third quarter of fiscal 2016 when compared to the third quarter of fiscal 2015 (excluding securities gains) resulted primarily from an increase of $4,000 in net gain on sale of loans, offset by a decrease in service charges of $59,000, a decrease in rental income of $6,000 and a decrease in earnings on bank-owned insurance of $4,000.

 

For the nine months ended June 30, 2016, total other income decreased $178,000 compared to the same period in fiscal 2015, primarily as a result of a $16,000 decrease in net gains on sales of investment securities, a $155,000 decrease in service charges, a $34,000 decrease in rental income, and a $8,000 decrease in earnings on bank-owned insurance, partially offset by an increase of $35,000 in net gain on sale of loans. Excluding net securities gains and losses, a non-GAAP measure, the Company recorded other income of $1.3 million for the nine months ended June 30, 2016 compared to $1.5 million for the comparable period in fiscal 2015, a decrease of $162,000, or 11.1 percent.

 

4 

 

  

The following table presents the components of other income for the periods indicated.

 

(in thousands, unaudited)                    
For the quarter ended:  6/30/16   3/31/16   12/31/15   9/30/15   6/30/15 
Service charges on deposit accounts  $227   $227   $211   $169   $286 
Rental income – other   55    50    50    60    61 
Net gains on sales of investments, net   229    61    131    78    145 
Gain on sale of loans, net   20    36    34    47    16 
Bank-owned life insurance   128    127    132    285    132 
Total other income  $659   $501   $558   $639   $640 

 

Other Expense

 

Total other expense for the three months ended June 30, 2016, increased $105,000, or 3.2 percent, when compared to the quarter ended June 30, 2015. The increase primarily reflected increases in salaries and employee benefits of $267,000, a $62,000 increase in occupancy expense and a $51,000 increase in professional fees. These increases were partially offset by decreases of $163,000 in federal deposit insurance premium, a $28,000 decrease in advertising expense, a $34,000 decrease in data processing expense, a $10,000 decrease in other operating expense and a $40,000 change in other real estate (income) expense, net.

 

For the nine months ended June 30, 2016, total other expense decreased $344,000, or 3.3 percent, compared to the same period in fiscal 2015. The decrease primarily reflected an $82,000 decrease in federal deposit insurance, an $118,000 decrease in advertising, a $70,000 decrease in data processing expense and a $233,000 decrease in other operating expenses. These decreases were partially offset by an increase in salaries and employee benefits of $10,000, a $52,000 increase in occupancy expense, a $35,000 increase in professional fees and a $62,000 change in other real estate owned (income) expense, net.

 

The following table presents the components of other expense for the periods indicated.

 

(in thousands, unaudited)                    
For the quarter ended:  6/30/16   3/31/16   12/31/15   9/30/15   6/30/15 
Salaries and employee benefits  $1,600   $1,522   $1,499   $1,387   $1,333 
Occupancy expense   469    456    423    419    407 
Federal deposit insurance premium   40    232    200    230    203 
Advertising   26    25    30    40    54 
Data processing   278    270    297    321    312 
Professional fees   415    361    400    430    364 
Other real estate owned (income) expense, net   (8)   8    (1)   17    32 
Other operating expenses   558    486    577    610    568 
Total other expense  $3,378   $3,360   $3,425   $3,454   $3,273 

 

Statement of Condition Highlights at June 30, 2016

 

Highlights as of June 30, 2016 included:

 

·Balance sheet strength, with total assets amounting to $796.3 million at June 30, 2016, increasing $140.6 million, or 21.5 percent, compared to September 30, 2015, and increasing $172.1 million, or 27.6 percent, compared to June 30, 2015.

 

5 

 

  

·The Company’s gross loans were $558.2 million at June 30, 2016, increasing $164.0 million, or 41.6 percent, and $183.5 million, or 49.0 percent, from September 30, 2015 and June 30, 2015, respectively.

 

·Total investments were $126.4 million at June 30, 2016, a decrease of $59.2 million, or 31.9 percent compared to September 30, 2015, and a decrease of $63.4 million, or 33.4 percent, compared to June 30, 2015.

 

·Deposits totaled $579.0 million at June 30, 2016, an increase of $113.5 million, or 24.4 percent, compared to September 30, 2015, and an increase of $135.8 million, or 30.7 percent, since June 30, 2015. Total demand, savings, money market, and certificates of deposit less than $100,000 increased $54.8 million, or 15.6 percent, from September 30, 2015, and increased $81.1 million, or 24.9 percent, from June 30, 2015.

 

·Borrowings totaled $123.0 million at June 30, 2016, $103.0 million at September 30, 2015 and $93.0 million at June 30, 2015, respectively.

 

Condensed Consolidated Statements of Condition

 

The following table presents condensed consolidated statements of condition data as of the dates indicated.

 

Condensed Consolidated Statements of Condition (unaudited)                    
                     
(in thousands)                    
At quarter ended:  6/30/16   3/31/16   12/31/15   9/30/15   6/30/15 
Cash and due from depository institutions  $1,331   $1,304   $16,334   $16,026   $3,460 
Interest bearing deposits in depository  institutions   77,052    56,739    40,036    24,237    20,833 
Investment securities, available for sale, at fair  value   80,555    100,895    116,767    128,354    130,509 
Investment securities held to maturity   45,834    52,272    54,914    57,221    59,243 
Restricted stock, at cost   5,548    5,553    4,762    4,765    4,369 
Loans held for sale   304    —    —    —    657 
Loans receivable, net of allowance for loan losses   553,971    515,094    461,491    391,307    371,897 
Other real estate owned   700    700    1,168    1,168    1,366 
Accrued interest receivable   2,714    2,622    2,722    2,484    2,404 
Property and equipment, net   6,654    6,490    6,486    6,535    6,502 
Deferred income taxes   1,598    2,202    2,874    2,874    2,816 
Bank-owned life insurance   18,289    18,161    18,033    17,905    18,659 
Other assets   1,755    1,954    1,561    2,814    1,529 
Total assets  $796,305   $763,986   $727,148   $655,690   $624,244 
Deposits  $579,043   $548,790   $534,701   $465,522   $443,218 
Borrowings   123,000    123,000    103,000    103,000    93,000 
Other liabilities   7,612    7,506    6,789    5,777    8,214 
Shareholders' equity   86,650    84,690    82,658    81,391    79,812 
Total liabilities and shareholders’ equity  $796,305   $763,986   $727,148   $655,690   $624,244 

 

6 

 

  

The following table reflects the composition of the Company’s deposits as of the dates indicated.

 

Deposits (unaudited)                    
                     
(in thousands)                    
                     
At quarter ended:  6/30/16   3/31/16   12/31/15   9/30/15   6/30/15 
Demand:                         
Non-interest bearing  $29,416   $30,720   $28,260   $27,010   $26,877 
Interest-bearing   100,609    99,154    86,008    82,897    85,085 
Savings   46,056    44,207    45,312    45,189    44,949 
Money market   147,103    129,652    133,608    108,706    78,963 
Time   255,859    245,057    241,513    201,720    207,344 
Total deposits  $579,043   $548,790   $534,701   $465,522   $443,218 

 

Loans

 

Total net loans were $554.0 million at June 30, 2016 compared to $391.3 million at September 30, 2015, for a net increase of $162.7 million. The allowance for loan losses amounted to $5.3 million and $4.7 million at June 30, 2016 and September 30, 2015, respectively. Average loans during the third quarter of fiscal 2016 totaled $543.0 million as compared to $379.0 million during the third quarter of fiscal 2015, representing a 43.3 percent increase.

 

At the end of the third quarter of fiscal 2016, the loan portfolio remained weighted toward commercial real estate and the core residential portfolio, with single-family residential real estate loans accounting for 37.7 percent of the loan portfolio, construction and development loans for 4.3 percent, commercial loans accounting for 48.2 percent, and consumer loans representing 9.8 percent of the loan portfolio at such date. Total gross loans increased $164.0 million, to $558.2 million at June 30, 2016 compared to $394.2 million at September 30, 2015. The $164.0 million increase in the loan portfolio at June 30, 2016 compared to September 30, 2015, primarily reflected an increase of $160.2 million in commercial loans and a $16.1 million increase in construction and development loans. These increases were partially offset by a $4.3 million decrease in residential mortgage loans and an $8.0 million reduction in consumer loans at June 30, 2016 as compared to September 30, 2015.

 

For the quarter ended June 30, 2016, the Company originated total new loan volume of $82.2 million, which was offset in part by participations, payoffs, prepayments and maturities totaling $42.8 million. The payoffs were primarily confined to the consumer and residential portfolios. “ The gathering of new clients, and our market presence continued throughout the quarter with overall growth in the portfolio despite payoff activity. We anticipate the growth continuing this year and into our 2017 fiscal year,” commented Anthony C. Weagley.

 

7 

 

 

The following reflects the composition of the Company’s loan portfolio as of the dates indicated.

 

Loans (unaudited)                    
(in thousands)                    
At quarter ended:  6/30/16   3/31/16   12/31/15   9/30/15   6/30/15 
Residential mortgage  $210,621   $214,207   $211,302   $214,958   $219,197 
Construction and Development:                         
Residential and commercial   14,050    10,796    6,007    5,677    6,751 
Land   9,904    7,755    6,804    2,142    25 
Total construction and development   23,954    18,551    12,811    7,819    6,776 
Commercial:                         
Commercial real estate   211,516    173,160    142,981    87,686    67,617 
Multi-family   20,102    20,548    10,549    7,444    5,451 
Other   37,091    34,585    25,975    13,380    9,839 
Total commercial   268,709    228,293    179,505    108,510    82,907 
Consumer:                         
Home equity lines of credit   21,035    21,712    23,207    22,919    23,173 
Second mortgages   31,752    33,987    35,533    37,633    40,121 
Other   2,088    2,041    2,299    2,359    2,523 
Total consumer   54,875    57,740    61,039    62,911    65,817 
Total loans   558,159    518,791    464,657    394,198    374,697 
Deferred loan costs, net   1,155    1,240    1,410    1,776    1,774 
Allowance for loan losses   (5,343)   (4,937)   (4,576)   (4,667)   (4,574)
Loans Receivable, net  $553,971   $515,094   $461,491   $391,307   $371,897 

 

At June 30, 2016 , the Company had $116.3 million in overall undisbursed loan commitments, which consisted primarily of unused commercial lines of credit, home equity lines of credit and available usage from active construction facilities. Included in the overall undisbursed commitments are the Company's "Approved, Accepted but Unfunded" pipeline, which includes approximately $11.5 million in construction and $42.9 million in commercial real estate loans, $11.5 million in commercial term loans and lines of credit and $2.4 million in residential mortgage loans expected to fund over the next 90 days.

 

Asset Quality

 

Non-accrual loans were $1.0 at June 30, 2016, as compared to $1.4 million at September 30, 2015 and $1.4 million at June 30, 2015. Other real estate owned, (“OREO”) was $700,000 at June 30, 2016, as compared with $1.2 million at September 30, 2015 and $1.4 million at June 30, 2015, respectively. OREO at June 30, 2016 consisted of one commercial property, which is under contract of sale and scheduled to close within 45 days, reducing OREO to zero. Total performing troubled debt restructured loans were $2.0 million at June 30, 2016, $1.1 million at September 30, 2015 and $109,000 at June 30, 2015, respectively. The increase in performing troubled debt restructured loans at June 30, 2016 compared to September 30, 2015 was primarily due to two commercial loans to one borrower, with an outstanding balance of approximately $493,000, being returned to accruing status during the first quarter of fiscal 2016, as well as a commercial loan with an outstanding balance of $386,000 being classified as a performing TDR during the third quarter of fiscal 2016.  The decrease in OREO at June 30, 2016 compared to September 30, 2015, was attributable to three single residential loans sold during the nine months of fiscal 2016. The $468,000 decrease in OREO at June 30, 2016 compared to September 30, 2015, was due to $493,000 of sale proceeds, at a net gain of $45,000, as well as a $20,000 reduction in the fair value of the remaining property, which is reflected in other REO expense during the nine months of fiscal 2016.

 

8 

 

 

 

At June 30, 2016, non-performing assets totaled $1.7 million, or 0.22 percent of total assets, as compared with $2.6 million, or 0.39 percent, at September 30, 2015 and $2.7 million, or 0.44 percent, at June 30, 2015. The decrease from June 30, 2015 reflects the Company’s continued diligence to satisfactorily work out certain problem assets. The portfolio of remaining non-accrual loans at June 30, 2016 was comprised of ten residential real estate loans with an aggregate outstanding balance of approximately $785,000 and seven consumer loans with an aggregate outstanding balance of approximately $252,000.

 

The following table presents the components of non-performing assets and other asset quality data for the periods indicated.

 

(dollars in thousands, unaudited)                    
As of or for the quarter ended:  6/30/16   3/31/16   12/31/15   9/30/15   6/30/15 
Non-accrual loans(1)  $1,037   $853   $795   $1,399   $1,357 
Loans 90 days or more past due and still accruing   —    —    —    —    — 
Total non-performing loans   1,037    853    795    1,399    1,357 
Other real estate owned   700    700    1,168    1,168    1,366 
Total non-performing assets  $1,737   $1,553   $1,963   $2,567   $2,723 
Performing troubled debt restructured loans  $1,959   $1,577   $1,584   $1,091   $109 
                          
Non-performing assets / total assets   0.22%   0.20%   0.27%   0.39%   0.44%
Non-performing loans / total loans   0.19%   0.16%   0.17%   0.35%   0.36%
Net charge-offs (recoveries)  $66   $14   $91   $(93)  $38 
Net charge-offs (recoveries) / average loans(2)   0.05%   0.01%   0.08%   (0.10)%   0.04%
Allowance for loan losses / total loans   0.96%   0.95%   0.98%   1.18%   1.22%
Allowance for loan losses / non-performing loans   515.2%   578.8%   575.60%   333.60%   337.07%
                          
Total assets  $796,305   $763,986   $727,148   $655,690   $624,244 
Total loans   558,159    518,791    464,657    394,198    374,697 
Average loans   542,985    494,005    420,601    383,092    378,953 
Allowance for loan losses   5,343    4,937    4,576    4,667    4,574 

 

 

(1)12 loans totaling approximately $827,000 or 79.8% of the total non-accrual loan balance were making payments at June 30, 2016.
(2)Annualized.

 

The allowance for loan losses at June 30, 2016 amounted to approximately $5.3 million, or 0.96 percent of total loans, compared to $4.7 million, or 1.18 percent of total loans, at September 30, 2015 and $4.6 million, or 1.22 percent of total loans, at June 30, 2015. The Company had a $472,000 provision for loan losses during the quarter ended June 30, 2016 compared to $375,000 and zero for the quarters ended March 31, 2016 and June 30, 2015, respectively. Provision expense was higher during the quarter ended June 30, 2016 due to an increase in loan growth, despite the level of the unallocated component of the provision.

 

Capital

 

At June 30, 2016, our total shareholders' equity amounted to $86.7 million, or 10.88 percent of total assets, compared to $81.4 million at September 30, 2015 and $79.8 million at June 30, 2015. The Company’s book value per common share was $13.21 at June 30, 2016, compared to $12.41 at September 30, 2015 and $12.17 at June 30, 2015.

 

At June 30, 2016, the Bank’s common equity tier 1 ratio was 13.95 percent, tier 1 leverage ratio was 10.37 percent, tier 1 risk-based capital ratio was 13.95 percent and the total risk-based capital ratio was 14.87 percent. At September 30, 2015, the Bank’s common equity tier 1 ratio was 15.90 percent, tier 1 leverage ratio was 10.80 percent, tier 1 risk-based capital ratio was 15.90 percent and the total risk-based capital ratio was 16.99 percent. At June 30, 2016, the Bank was in compliance with all applicable regulatory capital requirements.

 

9 

 

  

Non-GAAP Financial Measures

 

Reported amounts are presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Company's management believes that the supplemental non-GAAP information provided in this press release is utilized by market analysts and others to evaluate a company's financial condition and, therefore, that such information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures presented by other companies.

 

The Company’s other income is presented in the table below including and excluding net investment securities gains. The Company’s management believes that many investors desire to evaluate other income without regard to such gains.

 

(in thousands)                    
For the quarter ended:  6/30/16   3/31/16   12/31/15   9/30/15   6/30/15 
Other income  $659   $501   $558   $639   $640 
Less: Net investment securities gains   229    61    131    78    145 
Other income, excluding net investment securities gains  $430   $440   $427   $561   $495 

 

“Efficiency ratio” is a non-GAAP financial measure and is defined as other expense, excluding certain non-core items, as a percentage of net interest income on a tax equivalent basis plus other income, excluding net securities gains, calculated as follows:

 

(dollars in thousands)                    
For the quarter ended:  6/30/16   3/31/16   12/31/15   930/15   6/30/15 
Other expense  $3,378   $3,360   $3,425   $3,454   $3,273 
Less: non-core items(1)    —    44    67    42    244 
Other expense, excluding non-core items  $3,378   $3,316   $3,358   $3,412   $3,029 
                          
Net interest income (tax equivalent basis)  $4,847   $4,566   $4,281   $4,056   $3,898 
Other income, excluding net investment  securities gains   430    440    427    561    495 
Total  $5,277   $5,006   $4,708   $4,617   $4,393 
                          
Efficiency ratio   64.0%   66.2%   71.3%   73.9%   69.0%

 

 

(1)Included in non-core items are costs which include expenses related to the Company’s corporate restructuring initiatives, such as professional fees, litigation and settlement costs, severance costs, and external payroll development costs related to such restructuring initiatives. The Company believes these adjustments are necessary to provide the most accurate measure of core operating results as a means to evaluate comparative results.

 

10 

 

  

The Company’s efficiency ratio, calculated on a GAAP basis without excluding net investment securities gains and without deducting non-core items from other expense, follows:

 

For the quarter ended:  6/30/16   3/31/16   12/31/15   9/30/15   6/30/15 
Efficiency ratio on a GAAP basis   62.1%   67.2%   70.4%   73.9%   67.6%

 

Net interest margin, which is non-interest income as a percentage of average interest-earning assets, is presented on a fully tax equivalent (“TE”) basis as we believe this non-GAAP measure is the preferred industry measurement for this item. The TE basis adjusts GAAP interest income and yields for the tax benefit of income on certain tax-exempt investments using the federal statutory rate of 34% for each period presented. Below is a reconciliation of GAAP net interest income to the TE basis and the related GAAP basis and TE net interest margins for the periods presented

 

(dollars in thousands)                    
For the quarter ended:  6/30/16   3/31/16   12/31/15   9/30/15   6/30/15 
Net interest income (GAAP)  $4,780   $4,500   $4,211   $3,979   $3,838 
Tax-equivalent adjustment(1)     67    66    70    77    60 
TE net interest income  $4,847   $4,566   $4,281   $4,056   $3,898 
                          
Net interest income margin (GAAP)   2.52%   2.61%   2.67%   2.66%   2.57%
Tax-equivalent effect   0.04    0.04    0.05    0.05    0.04 
Net interest margin (TE)   2.56%   2.65%   2.72%   2.71%   2.61%

 

 

(1) Reflects tax-equivalent adjustment for tax exempt loans and investments.

 

The following table sets forth the Company’s consolidated average statements of condition for the periods presented.

 

Condensed Consolidated Average Statements of Condition (unaudited)
                     
(in thousands)                    
For the quarter ended:  6/30/16   3/31/16   12/31/15   9/30/15   6/30/15 
Investment securities  $141,292   $164,789   $179,979   $188,424   $178,713 
Loans   542,985    494,005    420,601    383,092    378,953 
Allowance for loan losses   (5,132)   (4,602)   (4,662)   (4,596)   (4,649)
All other assets   107,044    94,581    85,450    82,892    76,915 
Total assets  $786,189   $748,773   $681,368   $649,812   $629,932 
Non-interest bearing deposits  $34,360   $29,592   $28,604   $32,477   $28,943 
Interest-bearing deposits   535,457    514,402    460,999    428,205    415,646 
Borrowings   123,434    113,000    102,998    101,802    96,462 
Other liabilities   7,172    7,847    6,688    6,576    8,674 
Shareholders’ equity   85,766    83,932    82,079    80,752    80,207 
Total liabilities and shareholders’ equity  $786,189   $748,773   $681,368   $649,812   $629,932 

 

11 

 

  

About Malvern Bancorp

 

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 and now serves as one of the oldest banks headquartered on the Philadelphia Mainline. For more than a century, Malvern Federal has been committed to helping people build prosperous communities as a trusted financial partner, forging lasting relationships through teamwork, respect and integrity. 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 Counties, Pennsylvania and a Private Banking Loan Production headquarters office in Morristown, New Jersey.  Its primary market niche is providing personalized service to its client base.

 

 

The Bank, through its Private Banking division and strategic partnership with Bell Rock Capital, Rehoboth, Delaware, provides personalized wealth management and advisory services to high net worth individuals and families. Our services include banking, liquidity management, investment services, 401 accounts and planning, custody, tailored lending, wealth planning, trust and fiduciary services, insurance, family wealth advisory services and philanthropic advisory services

 

For further information regarding Malvern Bancorp, Inc., please visit our web site at http://ir.malvernfederal.com. For information regarding Malvern Federal Savings Bank, please visit our web site at https://www.malvernfederal.com/.

 

Forward-Looking Statements

 

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.

  

12 

 

  

MALVERN BANCORP, INC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CONDITION

 

(in thousands, except for share and per share data)  June 30,
2016		   September 30,
2015		 
(unaudited)        
ASSETS          
Cash and due from depository institutions  $1,331   $16,026 
Interest bearing deposits in depository institutions   77,052    24,237 
Total cash and cash equivalents   78,383    40,263 
Investment securities available for sale, at fair value   80,555    128,354 
Investment securities held to maturity (fair value of $46,146 and $56,825)   45,834    57,221 
Restricted stock, at cost   5,548    4,765 
Loans held for sale   304    — 
Loans receivable, net of allowance for loan losses   553,971    391,307 
Other real estate owned   700    1,168 
Accrued interest receivable   2,714    2,484 
Property and equipment, net   6,654    6,535 
Deferred income taxes, net   1,598    2,874 
Bank-owned life insurance   18,289    17,905 
Other assets   1,755    2,814 
Total assets  $796,305   $655,690 
LIABILITIES          
Deposits:          
Non-interest bearing  $29,416   $27,010 
Interest-bearing   549,627    438,512 
Total deposits   579,043    465,522 
FHLB Advances   123,000    103,000 
Advances from borrowers for taxes and insurance   3,935    1,806 
Accrued interest payable   436    396 
Other liabilities   3,241    3,575 
Total liabilities   709,655    574,299 
SHAREHOLDERS’ EQUITY          
Preferred stock, $0.01 par value, 10,000,000 shares, authorized, none issued   —    — 
Common stock, $0.01 par value, authorized 40,000,000 shares authorized, issued and outstanding: 6,560,713 shares at June 30, 2016  and  6,558,473 shares at September 30, 2015   66    66 
Additional paid in capital   60,437    60,365 
Retained earnings   28,013    23,814 
Unearned Employee Stock Ownership Plan (ESOP) shares   (1,665)   (1,775)
Accumulated other comprehensive loss   (201)   (1,079)
Total shareholders’ equity   86,650    81,391 
Total liabilities and shareholders’ equity  $796,305   $655,690 

 

13 

 

  

MALVERN BANCORP, INC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

 

   Three Months Ended June 30,   Nine Months Ended June 30, 
(in thousands, except for share and per
share data)		  2016   2015   2016   2015 
(unaudited)                
Interest and Dividend Income                    
Loans, including fees  $5,560   $4,028   $15,226   $12,356 
Investment securities, taxable   643    859    2,313    2,151 
Investment securities, tax-exempt   192    172    577    305 
Dividends, restricted stock   65    65    182    244 
Interest-bearing cash accounts   70    15    129    62 
Total Interest and Dividend Income   6,530    5,139    18,427    15,118 
Interest Expense                    
Deposits   1,180    843    3,305    2,561 
Borrowings   570    458    1,631    1,322 
Total Interest Expense   1,750    1,301    4,936    3,883 
Net interest income   4,780    3,838    13,491    11,235 
Provision for Loan Losses   472    —    847    90 
Net Interest Income after Provision for Loan Losses   4,308    3,838    12,644    11,145 
Other Income                    
Service charges and other fees   227    286    665    820 
Rental income-other   55    61    155    189 
Net gains on sales of investments, net   229    145    421    437 
Net gains on sale of loans, net   20    16    90    55 
Earnings on bank-owned life insurance   128    132    387    395 
Total Other Income   659    640    1,718    1,896 
Other Expense                    
Salaries and employee benefits   1,600    1,333    4,621    4,611 
Occupancy expense   469    407    1,348    1,296 
Federal deposit insurance premium   40    203    472    554 
Advertising   26    54    81    199 
Data processing   278    312    845    915 
Professional fees   415    364    1,176    1,141 
Other real estate owned (income) expense, net   (8)   32    (1)   (63)
Other operating expenses   558    568    1,621    1,854 
Total Other Expense   3,378    3,273    10,163    10,507 
Income before income tax expense   1,589    1,205    4,199    2,534 
Income tax expense   —    —    —    — 
Net Income  $1,589   $1,205   $4,199   $2,534 
                     
Earnings per common share                    
Basic  $0.25   $0.19   $0.66   $0.40 
Diluted  $0.25    n/a   $0.66    n/a 
Weighted Average Common Shares Outstanding                    
Basic   6,411,766    6,395,126    6,407,403    6,391,514 
Diluted   6,411,804    n/a    6,407,433    n/a 

 

14 

 

  

MALVERN BANCORP, INC AND SUBSIDIARIES

SELECTED QUARTERLY FINANCIAL AND STATISTICAL DATA

 

   Three Months Ended 
(in thousands, except for share and per share data) (annualized where
applicable)		  6/30/2016   3/31/2016   6/30/2015 
(unaudited)            
Statements of Operations Data               
                
Interest income  $6,530   $6,210   $5,139 
Interest expense   1,750    1,710    1,301 
Net interest income   4,780    4,500    3,838 
Provision for loan losses   472    375    — 
Net interest income after provision for loan losses   4,308    4,125    3,838 
Other income   659    501    640 
Other expense   3,378    3,360    3,273 
Income before income tax expense   1,589    1,266    1,205 
Income tax expense   —    —    — 
Net income  $1,589   $1,266   $1,205 
Earnings (per Common Share)               
Basic  $0.25   $0.20   $0.19 
Diluted  $0.25   $0.20    n/a 
Statements of Condition Data (Period-End)               
Investment securities available for sale, at fair value  $80,555   $100,895   $130,509 
Investment securities held to maturity (fair value of $46,146, $52,176 and $58,181)   45,834    52,272    59,243 
Loans held for sale   304    —    — 
Loans, net of allowance for loan losses   553,971    515,094    371,897 
Total assets   796,305    763,986    624,244 
Deposits   579,043    548,790    443,218 
Borrowings   123,000    123,000    93,000 
Shareholders' equity   86,650    84,690    79,812 
Common Shares Dividend Data               
Cash dividends  $—   $—   $— 
Weighted Average Common Shares Outstanding               
Basic   6,411,766    6,408,167    6,395,126 
Diluted   6,411,804    6,408,167    n/a 
Operating Ratios               
Return on average assets   0.81%   0.68%   0.77%
Return on average equity   7.41%   6.03%   6.01%
Average equity / average assets   10.91%   11.21%   12.73%
Book value per common share (period-end)  $13.21   $12.91   $12.17 
Non-Financial Information (Period-End)               
Common shareholders of record   464    472    488 
Full-time equivalent staff   76    76    71 

 

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