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10-Q
2022 Q2
MLVF Malvern Bancorp Inc
16 May 22
Quarterly report
5:17pm
Six Months Ended March 31,
20222021
(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 expense316336
Provision for loan losses-550
Valuation allowance for loan held for sale1,683-
Deferred income tax expense(102)145
ESOP expense117115
Stock based compensation109102
Amortization of premiums and discounts on investments securities, net14494
Amortization of loan origination fees and costs641,108
(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 loans3,10818,934
Originations of secondary market loans(3,045)(18,256)
Earnings on bank-owned life insurance(452)(325)
Decrease in accrued interest receivable3479
Decrease in accrued interest payable(220)(80)
Operating lease liability payments(293)(326)
Increase (decrease) in other liabilities3,816(4,492)
Decrease in other assets2,3075,395
Amortization of subordinated debt6679
Net Cash Provided by Operating Activities10,1156,678
Cash Flows from Investing Activities
Investment securities available-for-sale:
Purchases(17,569)(10,500)
Sales-13,132
Maturities, calls and principal repayments1,455446
Investment securities held-to-maturity:
Purchases(23,783)(12,500)
Maturities, calls and principal repayments3,6401,571
Proceeds from sale of loans held for sale18,900-
Net decrease in loans held for investment104,29050,640
Net decrease in restricted stock1,314731
Purchase of property and equipment(26)(102)
Net Cash Provided by Investing Activities88,22143,418
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 insurance819297
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 - Beginning136,59061,439
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 DevelopmentCommercialConsumer
Residential MortgageResidential and CommercialLandCommercial Real EstateFarmlandMulti- FamilyCommercial and IndustrialOtherHome Equity Lines of CreditSecond MortgagesOtherUnallocatedTotal
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)
Recoveries1--76--1--50--128
Provisions(121)(276)12(914)218(123)1,169(54)269(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 AllowanceImpaired Loans with No Specific AllowanceTotal Impaired Loans
Recorded InvestmentRelated AllowanceRecorded InvestmentRecorded InvestmentUnpaid Principal Balance
(In thousands)
March 31, 2022
Residential mortgage$482$58$2,394$2,876$2,876
Commercial:
Commercial real estate--13,84013,84013,840
Farmland2,232180-2,2322,232
Commercial and industrial6255356981981
Consumer:
Home equity lines of credit--212121
Second mortgages--253253253
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 estate2861833,54333,82933,368
Farmland2,2542,2542,254
Commercial and industrial2,5171,4886303,1473,584
Consumer:
Home equity lines of credit--232328
Second mortgages10238696798874
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 DerivativeAmount of Loss Reclassified from OCI to Interest Expense
(In thousands)
Interest rate swap agreements$1,748$(26)
Total derivatives1,748(26)
Six Months Ended March 31, 2022
Amount of Gain Recognized in OCI on DerivativeAmount of Loss Reclassified from OCI to Interest Expense
(In thousands)
Interest rate swap agreements$2,142$(111)
Total derivatives2,142(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
TotalLevel 1Level 2Level 3
(In thousands)
Assets:
Investment securities available for sale:
Debt securities:
U.S. government agencies4,442$-$4,442$-
State and municipal obligations9,951-9,951-
Single issuer trust preferred security922-922-
Corporate debt securities34,950-34,950-
Mortgage backed securities2,439-2,439-
U.S. treasury note1,479-1,479-
Total investment Securities available -for-sale54,183-54,183-
Equity Securities:
Mutual Funds1,445945-500
Total equity investment securities1,445945-500
Total investment securities available for sale$55,628$945$54,183$500
Assets:
Derivative instruments$5,804$-$5,804$-
Liabilities:
Derivative instruments$2,862$-$2,862$-
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