PAOLI, Pa., Oct. 30, 2019 (GLOBE NEWSWIRE) — Malvern Bancorp, Inc. (NASDAQ: MLVF) (the “Company”), parent company of Malvern Bank, National Association (“Malvern” or the “Bank”), today reported operating results for the fourth quarter ended September 30, 2019. Net income amounted to $2.7 million, or $0.35 per fully diluted common share, for the quarter ended September 30, 2019, compared with net income of $2.6 million, or $0.41 per fully diluted common share, for the quarter ended September 30, 2018. Annualized return on average assets (“ROAA”) was 0.86 percent for the quarter ended September 30, 2019, compared to 1.02 percent for the quarter ended September 30, 2018, and annualized return on average equity (“ROAE”) was 7.65 percent for the quarter ended September 30, 2019, compared with 9.63 percent for the quarter ended September 30, 2018.
For the fiscal year ended September 30, 2019, net income amounted to $9.3 million, or $1.22 per fully diluted common share, compared with net income of $7.3 million, or $1.13 per fully diluted common share, for fiscal year ended September 30, 2018. ROAA was 0.80 percent for the fiscal year ended September 30, 2019, compared to 0.69 percent for the fiscal year ended September 30, 2018, and ROAE was 6.78 percent for the fiscal year ended September 30, 2019, compared with 6.88 percent for the fiscal year ended September 30, 2018. Excluding provision for loan loss expense, net of tax, of $1.9 million, adjusted ROAA was 0.96 percent and adjusted ROAE was 8.14 percent for the fiscal year ended September 30, 2019.“We are proud of our accomplishments throughout our fiscal year, especially with respect to our year over year growth in gross loans of 11.7%, total assets of 22.4% and deposits of 23.2%. We did so in a challenging environment and while maintaining strong asset quality and a solid efficiency ratio. We believe we are well positioned to grow and continue to execute on our strategic plan,” commented Anthony C. Weagley, President & Chief Executive Officer.Joseph D. Gangemi, Chief Financial Officer of the Company, added: “The change in the net interest margin was primarily due to new margin compression caused by the continued high levels of cash and elevated loan payoffs. Absent these items, the core net interest margin likely would have been closer to 2.70 percent and more in-line with our internal business plans.” He added, “As a result of the September cut in the Federal Funds Rate and the expectation of another 25 basis point cut later this year, we believe that the near-term compression will be abated through the combined deployment of cash and reduction of excess cash, improving spreads.”
Bay Street News