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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