Malvern Federal reports quarterly results, is ‘Well-positioned to advance in 2018’

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Malvern Federal has reported operating results for the first fiscal quarter ended Dec. 31, 2017.

Net income amounted to $403,000 or $0.06 per fully diluted common share, for the quarter ended Dec. 31, 2017, a decrease of $570,000, or 58.6 percent, as compared with net income of $973,000, or $0.15 per fully diluted common share, for the quarter ended Dec. 31, 2016.

Malvern’s financial results for the first fiscal quarter ended Dec. 31, 2017 included one-time charges to provision for income tax expense, to reduce the carrying value of deferred tax assets by $2.2 million or $0.34 per fully diluted common share. This was required as a result of the reduction in corporate income tax rates to 21 percent in the Tax Cuts and Jobs Act enacted on Dec. 22, 2017.

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Also, during the current quarter, Malvern realized a gain on sale of real estate of approximately $900,000 (after-tax effect), or $0.14 per fully diluted common share.

“Our top-line revenue remained constant despite the extraordinary paydowns we experienced in our loan portfolio during the period,” said Anthony C. Weagley, Malvern Federal’s President and CEO. “Other aspects of operations were also positive, and we feel we are well positioned to advance in 2018.

“Our continued focus on client service has not changed course, and it’s a key factor in our continuing to gather customer relationships, fueling the business model focus and our resulting performance. While the first fiscal quarter results were negatively impacted by the Tax Act, we look forward to the benefit of the lower effective corporate tax rate in the future.”

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