Malvern Bancorp reports quarterly earnings
Malvern Bancorp Inc., parent company of Malvern Federal Savings Bank, recently reported operating results for the fourth fiscal quarter ended Sept. 30.
Net income amounted to $7.7 million, or $1.21 per fully diluted common share, for the quarter, an increase of $6.6 million, or 565.2 percent, as compared with the net income of $1.2 million, or 18 cents per fully diluted common share, for the 2015 fourth quarter. For the year, net income amounted to $11.9 million, or $1.86 per fully diluted common share, compared with net income of $3.7 million, or 58 cents per fully diluted common share for the year ended Sept. 30, 2015.
During the fourth quarter of 2016, the Company reversed approximately $7.8 million representing the valuation allowance related to net deferred tax assets, which contributed to a net tax benefit for the quarter of $6.0 million. The impact of the reversal and subsequent income tax benefit positively affected net income for the fourth quarter and full fiscal year 2016 results. Excluding the net tax benefit of $6.0 million, net income attributable to the company would have been approximately $1.8 million, or 28 cents per fully diluted common share, for the fourth quarter, and $6.0 million, or 93 cents per fully diluted common share, for the full fiscal year 2016.
Anthony C. Weagley, president and Chief Executive Officer, said, “In closing out 2016, we continued to perform with growth in key areas of our business. We continue to see strong credit metrics with non- performing 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, in Pennsylvania, and our Private Banking Loan Production headquarters in Morristown, New Jersey ...”
Attorney elected to hospital board
Kevin Holleran, a partner with the law firm Gawthrop Greenwood, PC, has been elected as trustee of the Chester County Hospital Foundation.
This will be Holleran’s second consecutive term as trustee with the non-profit, which raises and manages funds that provide healthcare to the local community through Chester County Hospital, since the organization merged with University of Pennsylvania Health System in 2013. He led the hospital’s biggest transition in its 121-year history as a premerger trustee and chairman of the board of trustees, ensuring economic well-being in a competitive healthcare environment. Prior to that, he oversaw fundraising efforts and operational efficiency that ensured the hospital was one of only a handful of independent hospitals still thriving in the Delaware Valley, and the last independent hospital in Chester County.
A longtime practitioner in the trusts and estates field, Holleran is a member of Gawthrop Greenwood’s Trusts & Estates department, practicing Estate Planning and Estate and Trust Administration. He has spoken regularly before the Pennsylvania Bar Institute and other professional organizations on estate planning and other legal issues. He has also taught Estate Planning classes for the University of Delaware’s School of Business for seven years, and taught the Estate Administration & Planning class for the Pennsylvania Bar Institute for 11 years.