{"id":729953,"date":"2023-02-08T16:52:45","date_gmt":"2023-02-08T21:52:45","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/malvern-bancorp-inc-reports-first-fiscal-quarter-operating-results\/"},"modified":"2023-02-08T16:52:45","modified_gmt":"2023-02-08T21:52:45","slug":"malvern-bancorp-inc-reports-first-fiscal-quarter-operating-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/malvern-bancorp-inc-reports-first-fiscal-quarter-operating-results\/","title":{"rendered":"Malvern Bancorp, Inc. Reports First Fiscal Quarter Operating Results"},"content":{"rendered":"
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PAOLI, Pa., Feb. 08, 2023 (GLOBE NEWSWIRE) — Malvern Bancorp, Inc. (NASDAQ: MLVF)<\/strong> (the \u201cCompany\u201d), the parent company of Malvern Bank, National Association (the \u201cBank\u201d), today reported operating results for the first fiscal quarter ended December 31, 2022. Net income amounted to $1.9 million, or $0.25 per fully diluted common share, compared with a net income of $2.0 million, or $0.27 per fully diluted common share, for the first fiscal quarter ended December 31, 2021. Annualized return on average assets (\u201cROAA\u201d) was 0.75% for the quarter ended December 31, 2022, compared to 0.69% for the quarter ended December 31, 2021, and annualized return on average equity (\u201cROAE\u201d) was 5.14% for the quarter ended December 31, 2022, compared with 5.61% for the quarter ended December 31, 2021.<\/p>\n

On a non-GAAP basis, core net income, which excludes merger-related expenses related to the pending merger with First Bank N.J. (\u201cFirst Bank\u201d), as detailed in the non-GAAP section of this earnings release, was $2.3 million, or $0.30 per fully diluted common shares, for the three months ended December 31, 2022. There were no meaningful non-core income or expense items for the three months ended December 31, 2021. Management believes the core net income measure is important in evaluating the Company\u2019s performance on a more comparable basis between periods.<\/p>\n

\u201cWe are pleased with the start of fiscal year 2023, posting another quarter of solid earnings and strong core performance,\u201d commented Anthony C. Weagley, President and Chief Executive Officer. \u201cWe look forward to the rest of the year as we work to complete our pending merger with First Bank and strive to deliver strong results\u201d, continued Mr. Weagley.<\/p>\n

\n Statement of Operations Highlights for the three months ended December 31, 2022<\/strong>\n <\/p>\n