Malvern Bancorp continues to prosper, as the parent company of Malvern Federal Savings Bank has reported strong operating results for the fourth fiscal quarter ended September 30, 2016.
Net income amounted to $7.7 million, or $1.21 per fully diluted common share, for the quarter ended September 30, 2016. That represents an increase of $6.6 million, or 565.2 percent, as compared with the net income of $1.2 million, or $0.18 per fully diluted common share, for the quarter ended September 30, 2015.
For the year ended September 30, 2016, net income amounted to $11.9 million, or $1.86 per fully diluted common share, compared with net income of $3.7 million, or $0.58 per fully diluted common share, for the year ended September 30, 2015.
“In closing out 2016, we continued to perform with growth in key areas of our business,” said Anthony C. Weagley, President and CEO of Malvern Bancorp. “We continue to see strong credit metrics with nonperforming assets remaining low as our loan growth remained strong.
“Our financial performance continues to allow Malvern to expand its brand through our private banking model and expansion of geographic footprint. We successfully opened our Villanova location and our Private Banking Loan Production headquarters in Morristown, N.J. Our ability to continue to gather client relationships underscores the success of our business plans.
“We are maintaining our course with our business strategy, and our performance reflected that and the strength of our balance sheet. Our core loan growth increased 46.7 percent at September 30, 2016 compared to September 30, 2015. The company also had strong deposit growth at September 30, 2016 with total deposits increasing 29.3 percent compared to September 30, 2015.”