288,045 results
10-Q
2022 Q2
MLVF
Malvern Bancorp Inc
16 May 22
Quarterly report
5:17pm
| Six Months Ended March 31, | ||||||||
| 2022 | 2021 | |||||||
| (In thousands) | ||||||||
| Cash Flows from Operating Activities | ||||||||
| Net income | $ | 2,539 | $ | 4,497 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation expense | 316 | 336 | ||||||
| Provision for loan losses | - | 550 | ||||||
| Valuation allowance for loan held for sale | 1,683 | - | ||||||
| Deferred income tax expense | (102) | 145 | ||||||
| ESOP expense | 117 | 115 | ||||||
| Stock based compensation | 109 | 102 | ||||||
| Amortization of premiums and discounts on investments securities, net | 144 | 94 | ||||||
| Amortization of loan origination fees and costs | 64 | 1,108 | ||||||
| (Accretion) Amortization of mortgage servicing rights | (13) | 15 | ||||||
| Net gain on sale and call of investments securities available-for-sale | - | (614) | ||||||
| Net gain on sale of secondary market loans | (63) | (678) | ||||||
| Proceeds from sale of secondary market loans | 3,108 | 18,934 | ||||||
| Originations of secondary market loans | (3,045) | (18,256) | ||||||
| Earnings on bank-owned life insurance | (452) | (325) | ||||||
| Decrease in accrued interest receivable | 34 | 79 | ||||||
| Decrease in accrued interest payable | (220) | (80) | ||||||
| Operating lease liability payments | (293) | (326) | ||||||
| Increase (decrease) in other liabilities | 3,816 | (4,492) | ||||||
| Decrease in other assets | 2,307 | 5,395 | ||||||
| Amortization of subordinated debt | 66 | 79 | ||||||
| Net Cash Provided by Operating Activities | 10,115 | 6,678 | ||||||
| Cash Flows from Investing Activities | ||||||||
| Investment securities available-for-sale: | ||||||||
| Purchases | (17,569) | (10,500) | ||||||
| Sales | - | 13,132 | ||||||
| Maturities, calls and principal repayments | 1,455 | 446 | ||||||
| Investment securities held-to-maturity: | ||||||||
| Purchases | (23,783) | (12,500) | ||||||
| Maturities, calls and principal repayments | 3,640 | 1,571 | ||||||
| Proceeds from sale of loans held for sale | 18,900 | - | ||||||
| Net decrease in loans held for investment | 104,290 | 50,640 | ||||||
| Net decrease in restricted stock | 1,314 | 731 | ||||||
| Purchase of property and equipment | (26) | (102) | ||||||
| Net Cash Provided by Investing Activities | 88,221 | 43,418 | ||||||
| Cash Flows from Financing Activities | ||||||||
| Net (decrease) increase in deposits | (83,722) | 21,307 | ||||||
| Proceeds for long-term borrowings | - | 160,000 | ||||||
| Repayment of long-term borrowings | (30,000) | (180,000) | ||||||
| Repayment of secured borrowings | - | (4,225) | ||||||
| Increase in advances from borrowers for taxes and insurance | 819 | 297 | ||||||
| Net Cash (Used in) Financing Activities | (112,903) | (2,621) | ||||||
| Net (Decrease) Increase in Cash and Cash Equivalents | (14,567) | 47,475 | ||||||
| Cash and Cash Equivalents - Beginning | 136,590 | 61,439 | ||||||
| Cash and Cash Equivalents - Ending | $ | 122,023 | $ | 108,914 | ||||
| Supplemental Cash Flows Information | ||||||||
| Interest paid | $ | 3,235 | $ | 6,109 | ||||
| Income taxes paid | $ | - | $ | 894 | ||||
| Non-cash investing activities: | $ | - | $ | - | ||||
| Bank owned life insurance death benefit proceeds receivable | $ | 612 | $ | - | ||||
10-Q
2022 Q2
MLVF
Malvern Bancorp Inc
16 May 22
Quarterly report
5:17pm
| Construction and Development | Commercial | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential Mortgage | Residential and Commercial | Land | Commercial Real Estate | Farmland | Multi- Family | Commercial and Industrial | Other | Home Equity Lines of Credit | Second Mortgages | Other | Unallocated | Total | ||||||||||||||||||||||||||||||||||||||||
| Allowance for loan losses: | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning balance | $ | 934 | $ | 428 | $ | 15 | $ | 7,043 | $ | 56 | $ | 450 | $ | 2,221 | $ | 54 | $ | 76 | $ | 87 | $ | 20 | $ | 88 | $ | 11,472 | ||||||||||||||||||||||||||
| Charge-offs | - | - | - | - | - | - | (2,194) | - | - | (105) | - | - | (2,299) | |||||||||||||||||||||||||||||||||||||||
| Recoveries | 1 | - | - | 76 | - | - | 1 | - | - | 50 | - | - | 128 | |||||||||||||||||||||||||||||||||||||||
| Provisions | (121) | (276) | 12 | (914) | 218 | (123) | 1,169 | (54) | 2 | 69 | (3) | 21 | - | |||||||||||||||||||||||||||||||||||||||
| Ending balance | $ | 814 | $ | 152 | $ | 27 | $ | 6,205 | $ | 274 | $ | 327 | $ | 1,197 | $ | - | $ | 78 | $ | 101 | $ | 17 | $ | 109 | $ | 9,301 | ||||||||||||||||||||||||||
| Ending balance: individually evaluated for impairment | $ | 58 | $ | - | $ | - | $ | - | $ | 180 | $ | - | $ | 5 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 243 | ||||||||||||||||||||||||||
| Ending balance: collectively evaluated for impairment | $ | 756 | $ | 152 | $ | 27 | $ | 6,205 | $ | 94 | $ | 327 | $ | 1,192 | $ | - | $ | 78 | $ | 101 | $ | 17 | $ | 109 | $ | 9,058 | ||||||||||||||||||||||||||
| Loans receivable: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ending balance | $ | 177,669 | $ | 25,558 | $ | 4,603 | $ | 400,974 | $ | 15,624 | $ | 54,789 | $ | 101,354 | $ | 7,977 | $ | 12,283 | $ | 4,969 | $ | 2,237 | $ | 808,037 | ||||||||||||||||||||||||||||
| Ending balance: individually evaluated for impairment | $ | 482 | $ | - | $ | - | $ | - | $ | 2,232 | $ | - | $ | 625 | $ | - | $ | - | $ | - | $ | - | $ | 3,339 | ||||||||||||||||||||||||||||
| Ending balance: collectively evaluated for impairment | $ | 177,187 | $ | 25,558 | $ | 4,603 | $ | 400,974 | $ | 13,392 | $ | 54,789 | $ | 100,729 | $ | 7,977 | $ | 12,283 | $ | 4,969 | $ | 2,237 | $ | 804,698 | ||||||||||||||||||||||||||||
10-Q
2022 Q2
MLVF
Malvern Bancorp Inc
16 May 22
Quarterly report
5:17pm
Impaired loans with no specific allowance decreased by $22.9 million from $39.7 million at September 30, 2021 to $16.9 million at March 31, 2022, due primarily to three commercial real estate loans totaling $18.9 million being sold during the six months period, as part of the note sale, previously announced, $2.2 million partial charge down of one commercial and industrial loan and a $1.7 million valuation allowance recorded on loans held for sale. The valuation allowance adjustment consists of approximately $395,000 in reduced value and approximately $1.3 million in real estate tax expense. The following table presents impaired loans in the portfolio by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary, as of March 31, 2022 and September 30, 2021:
| Impaired Loans with Specific Allowance | Impaired Loans with No Specific Allowance | Total Impaired Loans | ||||||||||||||||||||
| Recorded Investment | Related Allowance | Recorded Investment | Recorded Investment | Unpaid Principal Balance | ||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||
| March 31, 2022 | ||||||||||||||||||||||
| Residential mortgage | $ | 482 | $ | 58 | $ | 2,394 | $ | 2,876 | $ | 2,876 | ||||||||||||
| Commercial: | ||||||||||||||||||||||
| Commercial real estate | - | - | 13,840 | 13,840 | 13,840 | |||||||||||||||||
| Farmland | 2,232 | 180 | - | 2,232 | 2,232 | |||||||||||||||||
| Commercial and industrial | 625 | 5 | 356 | 981 | 981 | |||||||||||||||||
| Consumer: | ||||||||||||||||||||||
| Home equity lines of credit | - | - | 21 | 21 | 21 | |||||||||||||||||
| Second mortgages | - | - | 253 | 253 | 253 | |||||||||||||||||
| Total impaired loans | $ | 3,339 | $ | 243 | $ | 16,864 | $ | 20,203 | $ | 20,203 | ||||||||||||
| September 30, 2021 | ||||||||||||||||||||||
| Residential mortgage | $ | - | $ | - | $ | 2,594 | $ | 2,594 | $ | 2,766 | ||||||||||||
| Commercial: | ||||||||||||||||||||||
| Commercial real estate | 286 | 18 | 33,543 | 33,829 | 33,368 | |||||||||||||||||
| Farmland | 2,254 | 2,254 | 2,254 | |||||||||||||||||||
| Commercial and industrial | 2,517 | 1,488 | 630 | 3,147 | 3,584 | |||||||||||||||||
| Consumer: | ||||||||||||||||||||||
| Home equity lines of credit | - | - | 23 | 23 | 28 | |||||||||||||||||
| Second mortgages | 102 | 38 | 696 | 798 | 874 | |||||||||||||||||
| Total impaired loans | $ | 2,905 | $ | 1,544 | $ | 39,740 | $ | 42,645 | $ | 42,874 | ||||||||||||
10-Q
2022 Q2
MLVF
Malvern Bancorp Inc
16 May 22
Quarterly report
5:17pm
The tables below present the net gains (losses) recorded in accumulated other comprehensive income (loss) and the Consolidated Statements of Operations relating to the cash flow derivative instruments for the three and six months ended March 31, 2022 and 2021:
| Three Months Ended March 31, 2022 | ||||||||||
| Amount of Gain Recognized in OCI on Derivative | Amount of Loss Reclassified from OCI to Interest Expense | |||||||||
| (In thousands) | ||||||||||
| Interest rate swap agreements | $ | 1,748 | $ | (26) | ||||||
| Total derivatives | 1,748 | (26) | ||||||||
| Six Months Ended March 31, 2022 | ||||||||||
| Amount of Gain Recognized in OCI on Derivative | Amount of Loss Reclassified from OCI to Interest Expense | |||||||||
| (In thousands) | ||||||||||
| Interest rate swap agreements | $ | 2,142 | $ | (111) | ||||||
| Total derivatives | 2,142 | (111) | ||||||||
10-Q
2022 Q2
MLVF
Malvern Bancorp Inc
16 May 22
Quarterly report
5:17pm
The tables below present the balances of assets measured at fair value on a recurring basis as of March 31, 2022 and September 30, 2021:
| March 31, 2022 | ||||||||||||||||
| Total | Level 1 | Level 2 | Level 3 | |||||||||||||
| (In thousands) | ||||||||||||||||
| Assets: | ||||||||||||||||
| Investment securities available for sale: | ||||||||||||||||
| Debt securities: | ||||||||||||||||
| U.S. government agencies | 4,442 | $ | - | $ | 4,442 | $ | - | |||||||||
| State and municipal obligations | 9,951 | - | 9,951 | - | ||||||||||||
| Single issuer trust preferred security | 922 | - | 922 | - | ||||||||||||
| Corporate debt securities | 34,950 | - | 34,950 | - | ||||||||||||
| Mortgage backed securities | 2,439 | - | 2,439 | - | ||||||||||||
| U.S. treasury note | 1,479 | - | 1,479 | - | ||||||||||||
| Total investment Securities available -for-sale | 54,183 | - | 54,183 | - | ||||||||||||
| Equity Securities: | ||||||||||||||||
| Mutual Funds | 1,445 | 945 | - | 500 | ||||||||||||
| Total equity investment securities | 1,445 | 945 | - | 500 | ||||||||||||
| Total investment securities available for sale | $ | 55,628 | $ | 945 | $ | 54,183 | $ | 500 | ||||||||
| Assets: | ||||||||||||||||
| Derivative instruments | $ | 5,804 | $ | - | $ | 5,804 | $ | - | ||||||||
| Liabilities: | ||||||||||||||||
| Derivative instruments | $ | 2,862 | $ | - | $ | 2,862 | $ | - | ||||||||
10-Q
al0krl4i2b2qdaw ce
16 May 22
Quarterly report
5:17pm
10-Q
pu11c opp5ukl47la
16 May 22
Quarterly report
5:17pm
10-Q
e6h0 0452j
16 May 22
Quarterly report
5:17pm
10-Q
ip47 823z5
16 May 22
Quarterly report
5:17pm
10-Q
fcd88rfew u9s
16 May 22
Quarterly report
5:17pm
10-Q
2qzk2ogczdghy dv
16 May 22
Quarterly report
5:17pm
10-Q
d090mjtt4wf
16 May 22
Quarterly report
5:17pm
10-Q
vt1lanj8wtbydcs xqp4
16 May 22
Quarterly report
5:17pm
10-Q
8ohp7klttgg3a6qg az
16 May 22
Quarterly report
5:17pm
10-Q
9ct47
16 May 22
Quarterly report
5:17pm
10-Q
vn76 t5cd7
16 May 22
Quarterly report
5:17pm
10-Q
2wi4l4bhf3z9ec8
16 May 22
Quarterly report
5:17pm
10-Q
c89p n3578bg
16 May 22
Quarterly report
5:17pm
10-Q
s0iu 68ul4
16 May 22
Quarterly report
5:17pm
10-Q
fstvri8
16 May 22
Quarterly report
5:17pm