Quarterly results a testament to how Malvern Bancorp ‘goes beyond client expectations’

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Malvern Bancorp – parent company of Malvern Bank, National Association – has reported operating results for the third fiscal quarter ended June 30, 2018.

Net income amounted to $2.2 million or $0.35 per fully diluted common share, for the quarter ended June 30, 2018, an increase of $0.5 million, or 30.5 percent, as compared with net income of $1.7 million, or $0.27 per fully diluted common share, for the quarter ended June 30, 2017.

For the nine months ended June 30, 2018, net income amounted to $4.7 million, or $0.72 per fully diluted common share, compared with net income of $3.9 million, or $0.60 per fully diluted common share, for the nine months ended June 30, 2017.

“We see our third-quarter results as strong and highlighted by increased revenue, net income, and fully diluted earnings per common share,” said Anthony C. Weagley, President and CEO. “We continue to deliver improved profitability metrics, including a return on tangible common equity and return on average assets.

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“In addition to these solid results, we are focused on continuing with our plans to build client relationships. We continued loan growth that will aid in building these client relationships. Our goal to have each of our employees ‘go beyond our clients’ expectations’ is what ultimately drives our financial performance.”

Other highlights for the quarter include:

  • Return on average assets (ROAA) was 0.85 percent for the three months ended June 30, 2018, compared to 0.70 percent for the three months ended June 30, 2017, and return on average equity (ROAE) was 8.40 percent for the three months ended June 30, 2018, compared with 6.90 percent for the three months ended June 30, 2017.
  • The balance sheet reflected total asset growth of $7.6 million at June 30, 2018, compared to September 30, 2017, coupled with stable asset quality, and capital levels that exceeded regulatory standards for a well-capitalized institution.

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