Malvern Bancorp, Inc., parent company of Malvern Federal Savings Bank, said it is using several strategies to reduce operating overhead and improve banking efficiency.
The bank recently released financials for the third quarter of fiscal 2014 which ended June 30. In an effort to save costs, Malvern Bancorp closed the Westtown branch located at 100 Skiles Blvd. in West Chester on June 27, and customers are being pointed toward the Concordville Financial Center, 940 Baltimore Pike in Glen Mills.
Malvern Bancorp announced net income of $391,000 or $0.06 per share for the quarter ended June 30, compared to net income of $141,000 or $0.02 per share in the same quarter last year. Also, the company reported net income of $29,000, or $0.00 per share, for the nine months ended June 30, 2014 compared to a net loss of $33,000, or ($0.01) per share, for the same nine months in 2013.
The company’s total assets decreased $23.5 million or 3.9 percent to $578.1 million on June 30, 2014 compared to $601.6 million last Sept. 30.
The decrease was primarily due to a $10.4 million or 100 percent decrease in loans held for sale, a $19.7 million or 15.8 percent decrease in investment securities, a $9.3 million or 2.3 percent decrease in net loans receivable and a $2.3 million or 58.5 percent reduction in other real estate owned. These decreases were partially offset by an $18.8 million or 79.2 percent increase in cash and cash equivalents.
The company’s total liabilities on June 30 were $501.4 million compared to $526.1 million on Sept. 30, 2013. The $24.7 million, or 4.7 percent decrease in total liabilities was due primarily to a $36.6 million decrease in interest bearing deposits. Total deposits were $446 million on June 30, compared to $484.6 million on Sept. 30, 2013.
The full financial report is here.
Malvern Federal Savings Bank, founded in 1857, is one of the largest and oldest banks headquartered in Chester County.
