Malvern Ban­corp re­ports quar­terly earn­ings

Daily Local News (West Chester, PA) - - BUSINESS -

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.

DAILY LO­CAL NEWS FILE PHOTO - VINNY TEN­NIS

Tony Wea­gley

Kevin Holleran

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