Malvern Bancorp, parent company of Malvern Federal Savings Bank, has reported strong results for the third quarter of 2016 with net income of $1.6 million or $0.25 per share for the period, an increase of 31.9 percent over the same quarter last year.
In fact, for the nine months ended June 30, 2016, net income was $4.2 million or $0.66 per share, showing significant growth from $2.5 million or $0.40 per share for the same period the year before.
Loan performance was also strong as $82.2 million in new loans were issued during the quarter, growing the overall loan portfolio by $39.4 million. Compared to June 30, 2015, gross loans increased 41.6 percent to $558.2 million.
Interest income showed similar strength, with net interest income for the quarter up 24.4 percent at $4.8 million compared to the same period last year. Deposits also grew by $113.5 million over the last 12 months to $579 million, an increase of 24.4 percent. Overall, total assets went up by $140.6 million to $796.3 million, a 27.6 percent over the last year.
“We continued to perform well this quarter with solid growth in key areas of our business,” said Anthony C. Weagley, CEO and President of Malvern Bancorp. “We are maintaining our course with our business strategy and our performance reflected that and the strength of our balance sheet.”
For a complete summary of Malvern Bancorp’s quarterly earnings report, visit its Investors page here.