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PAOLI, Pa., May 10, 2021 (GLOBE NEWSWIRE)
Malvern Bancorp, Inc. (NASDAQ: MLVF) (the “Company”), the parent company of Malvern Bank, National Association (the “Bank”), today reported operating results for the second fiscal quarter ended March 31, 2021. Net income amounted to $2.2 million, or $0.30 per fully diluted common share, compared with net income of $1.9 million, or $0.25 per fully diluted common share, for the quarter ended March 31, 2020. The increases in net income and diluted earnings per share from the second quarter of 2020 were primarily due to a decrease in provision for loan losses. Annualized return on average assets (“ROAA”) was 0.73 percent for the quarter ended March 31, 2021, compared to 0.61 percent for the quarter ended March 31, 2020, and annualized return on average equity (“ROAE”) was 6.14 percent for the quarter ended March 31, 2021, compared with 5.29 percent for the quarter ended March 31, 2020.
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Net Interest Income
Net interest income was $7.3 million for the quarter ended December 31, 2020, an increase of $416,000, or 6.0 percent, from $6.9 million for the quarter ended December 31, 2019. The NIM on an annualized basis increased from 2.33 for the quarter ended December 31, 2019 to 2.62 percent for the quarter ended December 31, 2020.
For the quarter ended December 31, 2020, NIM increased by 29 basis points to 2.62 percent, as compared to the quarter ended December 31, 2019. This increase was primarily driven by the decrease in the cost of interest-bearing deposits, which decreased by 67 basis points compared to the first fiscal quarter of 2020.
Total Interest Income
For the quarters ended December 31, 2020 and December 31, 2019, total interest income was $10.6 million and $11.8 million, respectively. Average interest-earning assets decreased $71.2 million for the quarter ended December 31, 2020 when compared to the quarter ended December 31, 2019, while the average yiel
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Malvern Bancorp, Inc. Reports Additional Impairment to Previously Announced Impaired Loan and .
Malvern Bancorp, Inc.February 16, 2021 GMT
PAOLI, Pa., Feb. 16, 2021 (GLOBE NEWSWIRE) Malvern Bancorp, Inc. (NASDAQ: MLVF) (the “Company”), the parent company of Malvern Bank, National Association, today announced an additional impairment with respect to a previously announced impaired commercial real estate loan. As reported in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on January 29, 2021 (the “10-K”), the Company partially charged-off a $13.5 million New York City commercial real estate loan (the “Loan”), and classified the Loan as “non-accruing” as of September 30, 2020. The partial charge off, as reported in the 10-K, amounted to approximately $2.9 million and resulted in a specific reserve of approximately $581,000, pe
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