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As of 8:10 PM 01/26/15 All times are local (Market data is delayed by at least 15 minutes).

malvern bancorp inc (MLVF) Key Developments

Malvern Bancorp, Inc. and Malvern Federal Savings Bank Announce Management Changes

On December 31, 2014, Malvern Bancorp, Inc., the holding company for Malvern Federal Savings Bank reported that Dennis Boyle resigned from his positions as Senior Vice President, Treasurer and Chief Financial Officer of Malvern Bancorp, Inc. and its wholly owned subsidiary, Malvern Federal Savings Bank effective as of January 1, 2015, to pursue other opportunities. The Bank announced that Anthony C. Weagley, President & Chief Executive Officer, would assume the role of interim chief financial officer of the Company.

Malvern Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended September 30, 2014

Malvern Bancorp, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended September 30, 2014. For the quarter, the company reported total interest income of $4,832,000 against $5,360,000 a year ago. Income before income tax expense was $311,000 against loss before income tax expense of $12,122,000 a year ago. Net income was $294,000 or $0.05 per basic share against net loss of $18,770,000 or $2.95 per basic share a year ago. Return on average assets was 0.21% against negative return on average assets of 11.57% a year ago. Return on average equity was 1.53% against negative return on average equity of 82.74% a year ago. Book value per common share as at September 30, 2014, was $11.71 against $11.50 a year ago. Tangible book value per common share as at September 30, 2014, was $11.71 against $11.50 a year ago. For the year, the company reported total interest income of $20,167,000 against $22,301,000 a year ago. Income before income tax expense was $344,000 against loss before income tax expense of $12,793,000 a year ago. Net income was $323,000 or $0.05 per basic share against net loss of $18,803,000 or $2.96 per basic share a year ago.

Malvern Bancorp, Inc. Announces Changes in Board Leadership

Malvern Bancorp, Inc. has announced changes in leadership of the boards of directors of the Company and the Bank. Vice chairman George E. Steinmetz has assumed the chairmanship, and board member Therese H. Woodman has been named vice chair of the Company board of directors. F. Claire Hughes, who previously served as chairman of the board, will continue to serve as a director. Steinmetz has served on the board since 2007. Woodman has served on the board since 2009.

Malvern Bancorp, Inc. and Malvern Federal Savings Bank Appoint Anthony C. Weagley as President and Chief Executive Officer

Malvern Bancorp, Inc., the holding company for Malvern Federal Savings Bank, announced that the company and its wholly owned subsidiary have agreed to hire Anthony C. Weagley as the President and Chief Executive Officer of the company and the bank. Mr. Weagley has received all necessary regulatory approvals and has commenced service in his new positions. Most recently he had served as President and Chief Executive Officer of Center Bancorp, Inc. and its wholly owned subsidiary Union Center National Bank since 2007.

Malvern Bancorp, Inc. Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended June 30, 2014

Malvern Bancorp, Inc. reported unaudited earnings results for the third quarter and nine months ended June 30, 2014. For the quarter, the company's total interest and dividend income was $5,091,000 compared to $5,528,000 a year ago. The decrease was due primarily to a $455,000 or 9.2% decrease in interest income earned on loans, which was partially offset by a $52,000 increase on Federal Home Loan Bank stock dividends. The decrease in interest earned on loans in the third quarter of fiscal 2014 was due primarily to a $33.1 million, or 7.5%, decrease in the average balance of outstanding loans as well as a nine basis point decrease in the average yield earned on its loan portfolio in the third quarter of fiscal 2014 compared to the third quarter of fiscal 2013. Net interest income was $3,826,000 compared to $3,902,000 a year ago. Net interest income after provision for loan losses was $3,826,000 compared to $4,092,000 a year ago. Net income was $391,000 compared to $141,000 a year ago. Net income per share was $0.06 compared to $0.02 a year ago. Return on average assets was 0.27% compared to 0.08% a year ago. Return on average equity was 2.05% compared to 0.58% a year ago. For the nine months, the company's total interest and dividend income was $15,335,000 compared to $16,941,000 a year ago. The decrease was due primarily to a $2.0 million or 13.0% decrease in interest income earned on loans. This decrease was partially offset by a $395,000 or 28.9% increase in interest income on investment securities and a $77,000 increase in dividends earned on restricted stock. The decrease in interest earned on loans in the first nine months of fiscal 2014 was due primarily to a $41.2 million, or 9.2%, decrease in the average balance of its outstanding loans as well as a 20 basis point decrease in the average yield earned on its loan portfolio in the first nine months of fiscal 2014 compared to the first nine months of fiscal 2013. Net interest income was $11,479,000 compared to $11,530,000 a year ago. Net interest income after provision for loan losses was $11,399,000 compared to $10,275,000 a year ago. Net income was $29,000 compared to net loss of $33,000 a year ago. Net income per share was $0.00 compared to loss of $0.01 a year ago. Return on average assets was 0.01% compared to negative return on average assets of 0.01% a year ago. Return on average equity was 0.05% compared to negative return on average equity of 0.05% a year ago.

 

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