Malvern Bancorp, Inc (MLVF) has reported 12.95 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $1.17 million, or $0.18 a share in the quarter, compared with $1.34 million, or $0.21 a share for the same period last year.
Revenue during the quarter grew 5.51 percent to $5.03 million from $4.77 million in the previous year period. Net interest income for the quarter rose 24.41 percent over the prior year period to $5.24 million. Non-interest income for the quarter fell 18.82 percent over the last year period to $0.45 million.
Net interest margin contracted 8 basis points to 2.64 percent in the quarter from 2.72 percent in the last year period. Efficiency ratio for the quarter improved to 61.60 percent from 71.30 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
“Thanks to the consistent effort of our talented management team across the organization, the Company produced another quarter of profitability driven by asset deployment of new loans,” commented President & Chief executive officer, Anthony C Weagley. “The Bank is creating value from the benefits resulting from all the hard work from the past,” he added. “We’re improving in nearly every measure of profitability and asset quality. We have tremendous momentum.”
Loans to deposits ratio was 102.29 percent for the quarter, up from 86.90 percent for the previous year quarter.
Investments stood at $103.27 million as on Dec. 31, 2016. Shareholders equity was at $95.74 million as on Dec. 31, 2016.
Return on average assets moved down 23 basis points to 0.56 percent in the quarter from 0.79 percent in the last year period. At the same time, return on average equity decreased 163 basis points to 4.92 percent in the quarter from 6.55 percent in the last year period.
Nonperforming assets were almost stable over the past one year at $1.95 million on Dec. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.22 percent in the quarter, down from 0.27 percent in the last year period.
Equity to assets ratio was 10.89 percent for the quarter, down from 11.37 percent for the previous year quarter. Book value per share was $14.59 for the quarter, up 15.79 percent or $1.99 compared to $12.60 for the same period last year.
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