Company Quick10K Filing
Malvern Bancorp
Price22.02 EPS1
Shares8 P/E18
MCap171 P/FCF17
Net Debt-154 EBIT31
TEV17 TEV/EBIT1
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-11
10-Q 2019-12-31 Filed 2020-02-10
10-K 2019-09-30 Filed 2019-12-16
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-09
10-Q 2018-12-31 Filed 2019-02-11
10-K 2018-09-30 Filed 2018-12-14
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-Q 2017-12-31 Filed 2018-02-09
10-K 2017-09-30 Filed 2017-12-29
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-Q 2016-12-31 Filed 2017-02-09
10-K 2016-09-30 Filed 2016-12-14
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-10
10-Q 2015-12-31 Filed 2016-02-09
10-K 2015-09-30 Filed 2015-12-23
10-Q 2015-06-30 Filed 2015-08-13
10-Q 2015-03-31 Filed 2015-05-14
10-Q 2014-12-31 Filed 2015-02-13
10-K 2014-09-30 Filed 2014-12-18
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-13
10-Q 2013-12-31 Filed 2014-02-12
10-K 2013-09-30 Filed 2013-12-19
10-Q 2013-06-30 Filed 2013-08-13
10-Q 2013-03-31 Filed 2013-05-20
10-Q 2012-12-31 Filed 2013-02-12
10-K 2012-09-30 Filed 2012-12-26
10-Q 2012-06-30 Filed 2012-09-21
8-K 2020-08-05 Earnings, Exhibits
8-K 2020-05-06
8-K 2020-05-05
8-K 2020-02-28
8-K 2020-01-31
8-K 2019-11-01
8-K 2019-08-02
8-K 2019-05-01
8-K 2019-03-26
8-K 2019-03-14
8-K 2019-02-26
8-K 2019-01-31
8-K 2018-11-01
8-K 2018-10-09
8-K 2018-10-03
8-K 2018-10-01
8-K 2018-08-02
8-K 2018-07-09
8-K 2018-04-25
8-K 2018-02-22
8-K 2018-02-09
8-K 2018-01-31
8-K 2017-12-28

MLVF 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - The Company
Note 2 - Summary of Significant Accounting Policies
Note 3 - Significant Events
Note 4 - Non - Interest Income
Note 5 - Earnings per Share
Note 6 - Employee Stock Ownership Plan
Note 7 - Investment Securities
Note 8 - Loans Receivable and Related Allowance for Loan Losses
Note 9 - Regulatory Matters
Note 10 - Derivatives and Hedging Activities
Note 11 - Fair Value Measurements
Note 12 - Comprehensive Income (Loss)
Note 13 - Equity Based Incentive Compensation Plan
Note 14 - Deposits
Note 15 - Leases
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Note 2 Discusses The Expected Impact of Accounting Pronouncements Recently Issued or Proposed But Not Yet Required To Be Adopted.
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
Item 3 - Defaults Upon Senior Securities
Item 4 - Mine Safety Disclosure
Item 5 - Other Information
Item 6 - Exhibits
EX-31.1 mlvf-ex311_6.htm
EX-31.2 mlvf-ex312_8.htm
EX-32 mlvf-ex32_7.htm

Malvern Bancorp Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.31.00.80.50.30.02012201420172020
Assets, Equity
0.10.10.10.00.00.02018201820192020
Rev, G Profit, Net Income
0.10.0-0.0-0.1-0.1-0.22012201420172020
Ops, Inv, Fin

mlvf-10q_20200630.htm
0001550603 false --09-30 Accelerated Filer Q3 2020 P90D P90D true 2020 0.00 0.050 0.00 0.12 0.053 0.00 0.12 0.00 0.12 P8Y25D P7Y16D 0001550603 2019-10-01 2020-06-30 xbrli:shares 0001550603 2020-08-10 iso4217:USD 0001550603 2020-06-30 0001550603 2019-09-30 iso4217:USD xbrli:shares 0001550603 2020-04-01 2020-06-30 0001550603 2019-04-01 2019-06-30 0001550603 2018-10-01 2019-06-30 0001550603 us-gaap:CommonStockMember 2019-03-31 0001550603 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0001550603 us-gaap:RetainedEarningsMember 2019-03-31 0001550603 mlvf:UnearnedESOPSharesMember 2019-03-31 0001550603 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0001550603 us-gaap:TreasuryStockMember 2019-03-31 0001550603 2019-03-31 0001550603 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0001550603 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0001550603 us-gaap:TreasuryStockMember 2019-04-01 2019-06-30 0001550603 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0001550603 mlvf:UnearnedESOPSharesMember 2019-04-01 2019-06-30 0001550603 us-gaap:CommonStockMember 2019-06-30 0001550603 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0001550603 us-gaap:RetainedEarningsMember 2019-06-30 0001550603 mlvf:UnearnedESOPSharesMember 2019-06-30 0001550603 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0001550603 us-gaap:TreasuryStockMember 2019-06-30 0001550603 2019-06-30 0001550603 us-gaap:CommonStockMember 2020-03-31 0001550603 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0001550603 us-gaap:RetainedEarningsMember 2020-03-31 0001550603 mlvf:UnearnedESOPSharesMember 2020-03-31 0001550603 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0001550603 us-gaap:TreasuryStockMember 2020-03-31 0001550603 2020-03-31 0001550603 us-gaap:RetainedEarningsMember 2020-04-01 2020-06-30 0001550603 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-04-01 2020-06-30 0001550603 us-gaap:CommonStockMember 2020-04-01 2020-06-30 0001550603 us-gaap:TreasuryStockMember 2020-04-01 2020-06-30 0001550603 us-gaap:AdditionalPaidInCapitalMember 2020-04-01 2020-06-30 0001550603 mlvf:UnearnedESOPSharesMember 2020-04-01 2020-06-30 0001550603 us-gaap:CommonStockMember 2020-06-30 0001550603 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0001550603 us-gaap:RetainedEarningsMember 2020-06-30 0001550603 mlvf:UnearnedESOPSharesMember 2020-06-30 0001550603 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30 0001550603 us-gaap:TreasuryStockMember 2020-06-30 0001550603 us-gaap:CommonStockMember 2018-09-30 0001550603 us-gaap:AdditionalPaidInCapitalMember 2018-09-30 0001550603 us-gaap:RetainedEarningsMember 2018-09-30 0001550603 mlvf:UnearnedESOPSharesMember 2018-09-30 0001550603 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-30 0001550603 2018-09-30 0001550603 us-gaap:RetainedEarningsMember 2018-10-01 2019-06-30 0001550603 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-10-01 2019-06-30 0001550603 us-gaap:TreasuryStockMember 2018-10-01 2019-06-30 0001550603 us-gaap:CommonStockMember 2018-10-01 2019-06-30 0001550603 us-gaap:AdditionalPaidInCapitalMember 2018-10-01 2019-06-30 0001550603 mlvf:UnearnedESOPSharesMember 2018-10-01 2019-06-30 0001550603 us-gaap:CommonStockMember 2019-09-30 0001550603 us-gaap:AdditionalPaidInCapitalMember 2019-09-30 0001550603 us-gaap:RetainedEarningsMember 2019-09-30 0001550603 mlvf:UnearnedESOPSharesMember 2019-09-30 0001550603 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-30 0001550603 us-gaap:TreasuryStockMember 2019-09-30 0001550603 us-gaap:RetainedEarningsMember 2019-10-01 2020-06-30 0001550603 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-10-01 2020-06-30 0001550603 us-gaap:CommonStockMember 2019-10-01 2020-06-30 0001550603 us-gaap:TreasuryStockMember 2019-10-01 2020-06-30 0001550603 us-gaap:AdditionalPaidInCapitalMember 2019-10-01 2020-06-30 0001550603 mlvf:UnearnedESOPSharesMember 2019-10-01 2020-06-30 0001550603 us-gaap:AccountingStandardsUpdate201602Member 2019-10-01 0001550603 mlvf:LoanModificationAgreementsMember 2019-10-01 2020-06-30 mlvf:Number 0001550603 mlvf:LoanModificationAgreementsMember 2020-04-30 2020-04-30 0001550603 mlvf:LoanModificationAgreementsMember 2020-06-30 0001550603 mlvf:LoanModificationAgreementsMember 2020-04-30 xbrli:pure 0001550603 mlvf:COVID19ModifiedLoansMember us-gaap:SubsequentEventMember 2020-08-01 2020-08-01 0001550603 mlvf:COVID19ModifiedLoansMember mlvf:InitialForbearancePeriodMember us-gaap:SubsequentEventMember 2020-08-01 0001550603 mlvf:COVID19ModifiedLoansMember mlvf:OriginalContractualMonthlyPaymentsMember mlvf:InitialForbearancePeriodMember us-gaap:SubsequentEventMember 2020-08-01 0001550603 mlvf:COVID19ModifiedLoansMember mlvf:SecondForbearancePeriodMember us-gaap:SubsequentEventMember 2020-08-01 0001550603 mlvf:COVID19ModifiedLoansMember mlvf:InterestOnlyPaymentsMember mlvf:SecondForbearancePeriodMember us-gaap:SubsequentEventMember 2020-08-01 0001550603 mlvf:COVID19ModifiedLoansMember mlvf:InitialForbearancePeriodMember us-gaap:SubsequentEventMember 2020-08-01 2020-08-01 0001550603 mlvf:COVID19ModifiedLoansMember mlvf:OriginalContractualMonthlyPaymentsMember mlvf:InitialForbearancePeriodMember us-gaap:SubsequentEventMember 2020-08-01 2020-08-01 0001550603 mlvf:COVID19ModifiedLoansMember mlvf:SecondForbearancePeriodMember us-gaap:SubsequentEventMember 2020-08-01 2020-08-01 0001550603 mlvf:COVID19ModifiedLoansMember mlvf:InterestOnlyPaymentsMember mlvf:SecondForbearancePeriodMember us-gaap:SubsequentEventMember 2020-08-01 2020-08-01 0001550603 mlvf:PaycheckProtectionProgramLoansMember 2020-03-27 mlvf:Loan 0001550603 mlvf:PaycheckProtectionProgramLoansMember 2019-10-01 2020-06-30 0001550603 mlvf:PaycheckProtectionProgramLoansMember 2020-06-30 mlvf:Employee 0001550603 mlvf:ATMMember 2020-04-01 2020-06-30 0001550603 mlvf:ATMMember 2019-04-01 2019-06-30 0001550603 mlvf:ATMMember 2019-10-01 2020-06-30 0001550603 mlvf:ATMMember 2018-10-01 2019-06-30 0001550603 us-gaap:CreditCardMember 2020-04-01 2020-06-30 0001550603 us-gaap:CreditCardMember 2019-04-01 2019-06-30 0001550603 us-gaap:CreditCardMember 2019-10-01 2020-06-30 0001550603 us-gaap:CreditCardMember 2018-10-01 2019-06-30 0001550603 mlvf:DDAFeeMember 2020-04-01 2020-06-30 0001550603 mlvf:DDAFeeMember 2019-04-01 2019-06-30 0001550603 mlvf:DDAFeeMember 2019-10-01 2020-06-30 0001550603 mlvf:DDAFeeMember 2018-10-01 2019-06-30 0001550603 mlvf:DDAServiceFeeMember 2020-04-01 2020-06-30 0001550603 mlvf:DDAServiceFeeMember 2019-04-01 2019-06-30 0001550603 mlvf:DDAServiceFeeMember 2019-10-01 2020-06-30 0001550603 mlvf:DDAServiceFeeMember 2018-10-01 2019-06-30 0001550603 us-gaap:DebitCardMember 2020-04-01 2020-06-30 0001550603 us-gaap:DebitCardMember 2019-04-01 2019-06-30 0001550603 us-gaap:DebitCardMember 2019-10-01 2020-06-30 0001550603 us-gaap:DebitCardMember 2018-10-01 2019-06-30 0001550603 mlvf:OtherLoanFeeIncomeMember 2020-04-01 2020-06-30 0001550603 mlvf:OtherLoanFeeIncomeMember 2019-04-01 2019-06-30 0001550603 mlvf:OtherLoanFeeIncomeMember 2019-10-01 2020-06-30 0001550603 mlvf:OtherLoanFeeIncomeMember 2018-10-01 2019-06-30 0001550603 mlvf:OtherFeeIncomeMember 2020-04-01 2020-06-30 0001550603 mlvf:OtherFeeIncomeMember 2019-04-01 2019-06-30 0001550603 mlvf:OtherFeeIncomeMember 2019-10-01 2020-06-30 0001550603 mlvf:OtherFeeIncomeMember 2018-10-01 2019-06-30 0001550603 mlvf:OtherNonInterestIncomeMember 2020-04-01 2020-06-30 0001550603 mlvf:OtherNonInterestIncomeMember 2019-04-01 2019-06-30 0001550603 mlvf:OtherNonInterestIncomeMember 2019-10-01 2020-06-30 0001550603 mlvf:OtherNonInterestIncomeMember 2018-10-01 2019-06-30 0001550603 2008-09-30 0001550603 2008-05-20 2008-09-30 0001550603 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2020-06-30 0001550603 us-gaap:USStatesAndPoliticalSubdivisionsMember 2020-06-30 0001550603 mlvf:SingleIssuerTrustPreferredSecurityMember 2020-06-30 0001550603 us-gaap:CorporateDebtSecuritiesMember 2020-06-30 0001550603 us-gaap:MutualFundMember 2020-06-30 0001550603 us-gaap:CollateralizedMortgageObligationsMember mlvf:FixedRateMember 2020-06-30 0001550603 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2019-09-30 0001550603 us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-09-30 0001550603 mlvf:SingleIssuerTrustPreferredSecurityMember 2019-09-30 0001550603 us-gaap:CorporateDebtSecuritiesMember 2019-09-30 0001550603 us-gaap:MutualFundMember 2019-09-30 0001550603 us-gaap:CollateralizedMortgageObligationsMember mlvf:FixedRateMember 2019-09-30 mlvf:Investment 0001550603 us-gaap:ResidentialPortfolioSegmentMember 2020-06-30 0001550603 us-gaap:ResidentialPortfolioSegmentMember 2019-09-30 0001550603 mlvf:ResidentialAndCommercialMember 2020-06-30 0001550603 mlvf:ResidentialAndCommercialMember 2019-09-30 0001550603 mlvf:ConstructionAndDevelopmentLandMember 2020-06-30 0001550603 mlvf:ConstructionAndDevelopmentLandMember 2019-09-30 0001550603 mlvf:ConstructionAndDevelopmentMember 2020-06-30 0001550603 mlvf:ConstructionAndDevelopmentMember 2019-09-30 0001550603 us-gaap:CommercialRealEstatePortfolioSegmentMember 2020-06-30 0001550603 us-gaap:CommercialRealEstatePortfolioSegmentMember 2019-09-30 0001550603 mlvf:FarmlandMember 2020-06-30 0001550603 mlvf:FarmlandMember 2019-09-30 0001550603 mlvf:CommercialMultiFamilyMember 2020-06-30 0001550603 mlvf:CommercialMultiFamilyMember 2019-09-30 0001550603 us-gaap:CommercialAndIndustrialSectorMember 2020-06-30 0001550603 us-gaap:CommercialAndIndustrialSectorMember 2019-09-30 0001550603 mlvf:CommercialOtherLoanMember 2020-06-30 0001550603 mlvf:CommercialOtherLoanMember 2019-09-30 0001550603 us-gaap:CommercialPortfolioSegmentMember 2020-06-30 0001550603 us-gaap:CommercialPortfolioSegmentMember 2019-09-30 0001550603 us-gaap:HomeEquityMember 2020-06-30 0001550603 us-gaap:HomeEquityMember 2019-09-30 0001550603 mlvf:ConsumerSecondMortgagesMember 2020-06-30 0001550603 mlvf:ConsumerSecondMortgagesMember 2019-09-30 0001550603 mlvf:ConsumerOtherLoanMember 2020-06-30 0001550603 mlvf:ConsumerOtherLoanMember 2019-09-30 0001550603 us-gaap:ConsumerPortfolioSegmentMember 2020-06-30 0001550603 us-gaap:ConsumerPortfolioSegmentMember 2019-09-30 0001550603 us-gaap:ResidentialPortfolioSegmentMember 2020-03-31 0001550603 mlvf:ResidentialAndCommercialMember 2020-03-31 0001550603 mlvf:ConstructionAndDevelopmentLandMember 2020-03-31 0001550603 us-gaap:CommercialRealEstatePortfolioSegmentMember 2020-03-31 0001550603 mlvf:FarmlandMember 2020-03-31 0001550603 mlvf:CommercialMultiFamilyMember 2020-03-31 0001550603 us-gaap:CommercialAndIndustrialSectorMember 2020-03-31 0001550603 mlvf:CommercialOtherLoanMember 2020-03-31 0001550603 us-gaap:HomeEquityMember 2020-03-31 0001550603 mlvf:ConsumerSecondMortgagesMember 2020-03-31 0001550603 mlvf:ConsumerOtherLoanMember 2020-03-31 0001550603 us-gaap:UnallocatedFinancingReceivablesMember 2020-03-31 0001550603 us-gaap:ResidentialPortfolioSegmentMember 2020-04-01 2020-06-30 0001550603 us-gaap:CommercialRealEstatePortfolioSegmentMember 2020-04-01 2020-06-30 0001550603 us-gaap:CommercialAndIndustrialSectorMember 2020-04-01 2020-06-30 0001550603 us-gaap:HomeEquityMember 2020-04-01 2020-06-30 0001550603 mlvf:ConsumerSecondMortgagesMember 2020-04-01 2020-06-30 0001550603 mlvf:ResidentialAndCommercialMember 2020-04-01 2020-06-30 0001550603 mlvf:ConstructionAndDevelopmentLandMember 2020-04-01 2020-06-30 0001550603 mlvf:FarmlandMember 2020-04-01 2020-06-30 0001550603 mlvf:CommercialMultiFamilyMember 2020-04-01 2020-06-30 0001550603 mlvf:CommercialOtherLoanMember 2020-04-01 2020-06-30 0001550603 mlvf:ConsumerOtherLoanMember 2020-04-01 2020-06-30 0001550603 us-gaap:UnallocatedFinancingReceivablesMember 2020-04-01 2020-06-30 0001550603 us-gaap:UnallocatedFinancingReceivablesMember 2020-06-30 0001550603 us-gaap:ResidentialPortfolioSegmentMember 2019-03-31 0001550603 mlvf:ResidentialAndCommercialMember 2019-03-31 0001550603 mlvf:ConstructionAndDevelopmentLandMember 2019-03-31 0001550603 us-gaap:CommercialRealEstatePortfolioSegmentMember 2019-03-31 0001550603 mlvf:FarmlandMember 2019-03-31 0001550603 mlvf:CommercialMultiFamilyMember 2019-03-31 0001550603 us-gaap:CommercialAndIndustrialSectorMember 2019-03-31 0001550603 mlvf:CommercialOtherLoanMember 2019-03-31 0001550603 us-gaap:HomeEquityMember 2019-03-31 0001550603 mlvf:ConsumerSecondMortgagesMember 2019-03-31 0001550603 mlvf:ConsumerOtherLoanMember 2019-03-31 0001550603 us-gaap:UnallocatedFinancingReceivablesMember 2019-03-31 0001550603 us-gaap:CommercialRealEstatePortfolioSegmentMember 2019-04-01 2019-06-30 0001550603 us-gaap:CommercialAndIndustrialSectorMember 2019-04-01 2019-06-30 0001550603 mlvf:ConsumerSecondMortgagesMember 2019-04-01 2019-06-30 0001550603 mlvf:ConsumerOtherLoanMember 2019-04-01 2019-06-30 0001550603 us-gaap:ResidentialPortfolioSegmentMember 2019-04-01 2019-06-30 0001550603 mlvf:ResidentialAndCommercialMember 2019-04-01 2019-06-30 0001550603 mlvf:ConstructionAndDevelopmentLandMember 2019-04-01 2019-06-30 0001550603 mlvf:FarmlandMember 2019-04-01 2019-06-30 0001550603 mlvf:CommercialMultiFamilyMember 2019-04-01 2019-06-30 0001550603 mlvf:CommercialOtherLoanMember 2019-04-01 2019-06-30 0001550603 us-gaap:HomeEquityMember 2019-04-01 2019-06-30 0001550603 us-gaap:UnallocatedFinancingReceivablesMember 2019-04-01 2019-06-30 0001550603 us-gaap:ResidentialPortfolioSegmentMember 2019-06-30 0001550603 mlvf:ResidentialAndCommercialMember 2019-06-30 0001550603 mlvf:ConstructionAndDevelopmentLandMember 2019-06-30 0001550603 us-gaap:CommercialRealEstatePortfolioSegmentMember 2019-06-30 0001550603 mlvf:FarmlandMember 2019-06-30 0001550603 mlvf:CommercialMultiFamilyMember 2019-06-30 0001550603 us-gaap:CommercialAndIndustrialSectorMember 2019-06-30 0001550603 mlvf:CommercialOtherLoanMember 2019-06-30 0001550603 us-gaap:HomeEquityMember 2019-06-30 0001550603 mlvf:ConsumerSecondMortgagesMember 2019-06-30 0001550603 mlvf:ConsumerOtherLoanMember 2019-06-30 0001550603 us-gaap:UnallocatedFinancingReceivablesMember 2019-06-30 0001550603 us-gaap:UnallocatedFinancingReceivablesMember 2019-09-30 0001550603 us-gaap:CommercialRealEstatePortfolioSegmentMember 2019-10-01 2020-06-30 0001550603 us-gaap:HomeEquityMember 2019-10-01 2020-06-30 0001550603 mlvf:ConsumerSecondMortgagesMember 2019-10-01 2020-06-30 0001550603 us-gaap:ResidentialPortfolioSegmentMember 2019-10-01 2020-06-30 0001550603 us-gaap:CommercialAndIndustrialSectorMember 2019-10-01 2020-06-30 0001550603 mlvf:ConsumerOtherLoanMember 2019-10-01 2020-06-30 0001550603 mlvf:ResidentialAndCommercialMember 2019-10-01 2020-06-30 0001550603 mlvf:ConstructionAndDevelopmentLandMember 2019-10-01 2020-06-30 0001550603 mlvf:FarmlandMember 2019-10-01 2020-06-30 0001550603 mlvf:CommercialMultiFamilyMember 2019-10-01 2020-06-30 0001550603 mlvf:CommercialOtherLoanMember 2019-10-01 2020-06-30 0001550603 us-gaap:UnallocatedFinancingReceivablesMember 2019-10-01 2020-06-30 0001550603 us-gaap:CommercialAndIndustrialSectorMember mlvf:PaycheckProtectionProgramLoansMember 2020-06-30 0001550603 us-gaap:ResidentialPortfolioSegmentMember 2018-09-30 0001550603 mlvf:ResidentialAndCommercialMember 2018-09-30 0001550603 mlvf:ConstructionAndDevelopmentLandMember 2018-09-30 0001550603 us-gaap:CommercialRealEstatePortfolioSegmentMember 2018-09-30 0001550603 mlvf:FarmlandMember 2018-09-30 0001550603 mlvf:CommercialMultiFamilyMember 2018-09-30 0001550603 us-gaap:CommercialAndIndustrialSectorMember 2018-09-30 0001550603 mlvf:CommercialOtherLoanMember 2018-09-30 0001550603 us-gaap:HomeEquityMember 2018-09-30 0001550603 mlvf:ConsumerSecondMortgagesMember 2018-09-30 0001550603 mlvf:ConsumerOtherLoanMember 2018-09-30 0001550603 us-gaap:UnallocatedFinancingReceivablesMember 2018-09-30 0001550603 us-gaap:ResidentialPortfolioSegmentMember 2018-10-01 2019-06-30 0001550603 us-gaap:CommercialRealEstatePortfolioSegmentMember 2018-10-01 2019-06-30 0001550603 mlvf:ConsumerSecondMortgagesMember 2018-10-01 2019-06-30 0001550603 mlvf:ConsumerOtherLoanMember 2018-10-01 2019-06-30 0001550603 us-gaap:CommercialAndIndustrialSectorMember 2018-10-01 2019-06-30 0001550603 us-gaap:HomeEquityMember 2018-10-01 2019-06-30 0001550603 mlvf:ResidentialAndCommercialMember 2018-10-01 2019-06-30 0001550603 mlvf:ConstructionAndDevelopmentLandMember 2018-10-01 2019-06-30 0001550603 mlvf:FarmlandMember 2018-10-01 2019-06-30 0001550603 mlvf:CommercialMultiFamilyMember 2018-10-01 2019-06-30 0001550603 mlvf:CommercialOtherLoanMember 2018-10-01 2019-06-30 0001550603 us-gaap:UnallocatedFinancingReceivablesMember 2018-10-01 2019-06-30 0001550603 us-gaap:ResidentialPortfolioSegmentMember 2018-10-01 2019-09-30 0001550603 us-gaap:CommercialRealEstatePortfolioSegmentMember 2018-10-01 2019-09-30 0001550603 mlvf:ConsumerSecondMortgagesMember 2018-10-01 2019-09-30 0001550603 mlvf:ConsumerOtherLoanMember 2018-10-01 2019-09-30 0001550603 2018-10-01 2019-09-30 0001550603 us-gaap:CommercialAndIndustrialSectorMember 2018-10-01 2019-09-30 0001550603 us-gaap:HomeEquityMember 2018-10-01 2019-09-30 0001550603 mlvf:ResidentialAndCommercialMember 2018-10-01 2019-09-30 0001550603 mlvf:ConstructionAndDevelopmentLandMember 2018-10-01 2019-09-30 0001550603 mlvf:FarmlandMember 2018-10-01 2019-09-30 0001550603 mlvf:CommercialMultiFamilyMember 2018-10-01 2019-09-30 0001550603 mlvf:CommercialOtherLoanMember 2018-10-01 2019-09-30 0001550603 us-gaap:UnallocatedFinancingReceivablesMember 2018-10-01 2019-09-30 0001550603 us-gaap:CommercialRealEstatePortfolioSegmentMember 2019-12-31 0001550603 2019-10-01 2019-12-31 0001550603 us-gaap:SubstandardMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2020-01-01 2020-03-31 0001550603 us-gaap:SubstandardMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2020-03-31 0001550603 us-gaap:PassMember us-gaap:ResidentialPortfolioSegmentMember 2020-06-30 0001550603 us-gaap:PassMember mlvf:ResidentialAndCommercialMember 2020-06-30 0001550603 us-gaap:PassMember mlvf:ConstructionAndDevelopmentLandMember 2020-06-30 0001550603 us-gaap:PassMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2020-06-30 0001550603 us-gaap:PassMember mlvf:FarmlandMember 2020-06-30 0001550603 us-gaap:PassMember mlvf:CommercialMultiFamilyMember 2020-06-30 0001550603 us-gaap:PassMember us-gaap:CommercialAndIndustrialSectorMember 2020-06-30 0001550603 us-gaap:PassMember mlvf:CommercialOtherLoanMember 2020-06-30 0001550603 us-gaap:PassMember us-gaap:HomeEquityMember 2020-06-30 0001550603 us-gaap:PassMember mlvf:ConsumerSecondMortgagesMember 2020-06-30 0001550603 us-gaap:PassMember mlvf:ConsumerOtherLoanMember 2020-06-30 0001550603 us-gaap:PassMember 2020-06-30 0001550603 us-gaap:SpecialMentionMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2020-06-30 0001550603 us-gaap:SpecialMentionMember mlvf:CommercialMultiFamilyMember 2020-06-30 0001550603 us-gaap:SpecialMentionMember mlvf:ConsumerSecondMortgagesMember 2020-06-30 0001550603 us-gaap:SpecialMentionMember 2020-06-30 0001550603 us-gaap:SubstandardMember us-gaap:ResidentialPortfolioSegmentMember 2020-06-30 0001550603 us-gaap:SubstandardMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2020-06-30 0001550603 us-gaap:SubstandardMember us-gaap:CommercialAndIndustrialSectorMember 2020-06-30 0001550603 us-gaap:SubstandardMember us-gaap:HomeEquityMember 2020-06-30 0001550603 us-gaap:SubstandardMember mlvf:ConsumerSecondMortgagesMember 2020-06-30 0001550603 us-gaap:SubstandardMember mlvf:ConsumerOtherLoanMember 2020-06-30 0001550603 us-gaap:SubstandardMember 2020-06-30 0001550603 us-gaap:PassMember us-gaap:ResidentialPortfolioSegmentMember 2019-09-30 0001550603 us-gaap:PassMember mlvf:ResidentialAndCommercialMember 2019-09-30 0001550603 us-gaap:PassMember mlvf:ConstructionAndDevelopmentLandMember 2019-09-30 0001550603 us-gaap:PassMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2019-09-30 0001550603 us-gaap:PassMember mlvf:FarmlandMember 2019-09-30 0001550603 us-gaap:PassMember mlvf:CommercialMultiFamilyMember 2019-09-30 0001550603 us-gaap:PassMember us-gaap:CommercialAndIndustrialSectorMember 2019-09-30 0001550603 us-gaap:PassMember mlvf:CommercialOtherLoanMember 2019-09-30 0001550603 us-gaap:PassMember us-gaap:HomeEquityMember 2019-09-30 0001550603 us-gaap:PassMember mlvf:ConsumerSecondMortgagesMember 2019-09-30 0001550603 us-gaap:PassMember mlvf:ConsumerOtherLoanMember 2019-09-30 0001550603 us-gaap:PassMember 2019-09-30 0001550603 us-gaap:SpecialMentionMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2019-09-30 0001550603 us-gaap:SpecialMentionMember mlvf:CommercialMultiFamilyMember 2019-09-30 0001550603 us-gaap:SpecialMentionMember mlvf:ConsumerSecondMortgagesMember 2019-09-30 0001550603 us-gaap:SpecialMentionMember 2019-09-30 0001550603 us-gaap:SubstandardMember us-gaap:ResidentialPortfolioSegmentMember 2019-09-30 0001550603 us-gaap:SubstandardMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2019-09-30 0001550603 us-gaap:SubstandardMember us-gaap:CommercialAndIndustrialSectorMember 2019-09-30 0001550603 us-gaap:SubstandardMember us-gaap:HomeEquityMember 2019-09-30 0001550603 us-gaap:SubstandardMember mlvf:ConsumerSecondMortgagesMember 2019-09-30 0001550603 us-gaap:SubstandardMember 2019-09-30 0001550603 us-gaap:FinancingReceivables30To59DaysPastDueMember us-gaap:ResidentialPortfolioSegmentMember 2020-06-30 0001550603 us-gaap:FinancingReceivables30To59DaysPastDueMember mlvf:ConsumerSecondMortgagesMember 2020-06-30 0001550603 us-gaap:FinancingReceivables30To59DaysPastDueMember 2020-06-30 0001550603 us-gaap:FinancingReceivables60To89DaysPastDueMember us-gaap:ResidentialPortfolioSegmentMember 2020-06-30 0001550603 us-gaap:FinancingReceivables60To89DaysPastDueMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2020-06-30 0001550603 us-gaap:FinancingReceivables60To89DaysPastDueMember us-gaap:HomeEquityMember 2020-06-30 0001550603 us-gaap:FinancingReceivables60To89DaysPastDueMember mlvf:ConsumerSecondMortgagesMember 2020-06-30 0001550603 us-gaap:FinancingReceivables60To89DaysPastDueMember mlvf:ConsumerOtherLoanMember 2020-06-30 0001550603 us-gaap:FinancingReceivables60To89DaysPastDueMember 2020-06-30 0001550603 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember us-gaap:ResidentialPortfolioSegmentMember 2020-06-30 0001550603 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember us-gaap:HomeEquityMember 2020-06-30 0001550603 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember mlvf:ConsumerSecondMortgagesMember 2020-06-30 0001550603 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember mlvf:ConsumerOtherLoanMember 2020-06-30 0001550603 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2020-06-30 0001550603 us-gaap:ResidentialPortfolioSegmentMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2019-09-30 0001550603 us-gaap:FinancingReceivables30To59DaysPastDueMember us-gaap:CommercialAndIndustrialSectorMember 2019-09-30 0001550603 mlvf:ConsumerSecondMortgagesMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2019-09-30 0001550603 us-gaap:FinancingReceivables30To59DaysPastDueMember 2019-09-30 0001550603 us-gaap:ResidentialPortfolioSegmentMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2019-09-30 0001550603 mlvf:ConsumerSecondMortgagesMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2019-09-30 0001550603 us-gaap:FinancingReceivables60To89DaysPastDueMember 2019-09-30 0001550603 us-gaap:ResidentialPortfolioSegmentMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2019-09-30 0001550603 us-gaap:CommercialRealEstatePortfolioSegmentMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2019-09-30 0001550603 mlvf:ConsumerSecondMortgagesMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2019-09-30 0001550603 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2019-09-30 0001550603 us-gaap:PerformingFinancingReceivableMember us-gaap:ResidentialPortfolioSegmentMember 2020-06-30 0001550603 us-gaap:PerformingFinancingReceivableMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2020-06-30 0001550603 us-gaap:PerformingFinancingReceivableMember mlvf:ConsumerSecondMortgagesMember 2020-06-30 0001550603 us-gaap:PerformingFinancingReceivableMember 2020-06-30 0001550603 us-gaap:NonperformingFinancingReceivableMember us-gaap:ResidentialPortfolioSegmentMember 2020-06-30 0001550603 us-gaap:NonperformingFinancingReceivableMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2020-06-30 0001550603 us-gaap:NonperformingFinancingReceivableMember 2020-06-30 0001550603 us-gaap:PerformingFinancingReceivableMember us-gaap:ResidentialPortfolioSegmentMember 2019-09-30 0001550603 us-gaap:PerformingFinancingReceivableMember us-gaap:CommercialRealEstatePortfolioSegmentMember 2019-09-30 0001550603 us-gaap:PerformingFinancingReceivableMember mlvf:ConsumerSecondMortgagesMember 2019-09-30 0001550603 us-gaap:PerformingFinancingReceivableMember 2019-09-30 0001550603 us-gaap:NonperformingFinancingReceivableMember us-gaap:ResidentialPortfolioSegmentMember 2019-09-30 0001550603 us-gaap:NonperformingFinancingReceivableMember 2019-09-30 0001550603 srt:MaximumMember 2019-03-14 0001550603 2019-03-14 0001550603 srt:SubsidiariesMember 2015-01-01 0001550603 srt:SubsidiariesMember 2014-12-31 0001550603 srt:SubsidiariesMember 2016-01-01 0001550603 srt:SubsidiariesMember 2019-01-01 0001550603 srt:ParentCompanyMember 2020-06-30 0001550603 srt:ParentCompanyMember 2019-09-30 0001550603 srt:SubsidiariesMember 2020-06-30 0001550603 srt:SubsidiariesMember 2019-09-30 0001550603 us-gaap:InterestRateSwapMember 2019-10-01 2020-06-30 0001550603 us-gaap:NondesignatedMember us-gaap:OtherAssetsMember us-gaap:InterestRateSwapMember 2020-06-30 0001550603 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:OtherLiabilitiesMember us-gaap:InterestRateSwapMember 2020-06-30 0001550603 us-gaap:NondesignatedMember us-gaap:OtherLiabilitiesMember us-gaap:InterestRateSwapMember 2020-06-30 0001550603 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:OtherAssetsMember 2019-09-30 0001550603 us-gaap:InterestRateSwapMember us-gaap:NondesignatedMember us-gaap:OtherAssetsMember 2019-09-30 0001550603 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:OtherLiabilitiesMember 2019-09-30 0001550603 us-gaap:InterestRateSwapMember us-gaap:NondesignatedMember us-gaap:OtherLiabilitiesMember 2019-09-30 0001550603 us-gaap:InterestRateSwapMember 2020-04-01 2020-06-30 0001550603 us-gaap:InterestRateSwapMember 2019-04-01 2019-06-30 0001550603 us-gaap:InterestRateSwapMember 2018-10-01 2019-06-30 0001550603 us-gaap:NondesignatedMember us-gaap:InterestRateSwapMember us-gaap:OtherIncomeMember 2019-10-01 2020-06-30 0001550603 us-gaap:NondesignatedMember 2019-10-01 2020-06-30 0001550603 us-gaap:NondesignatedMember us-gaap:InterestRateSwapMember us-gaap:OtherIncomeMember 2018-10-01 2019-06-30 0001550603 us-gaap:NondesignatedMember 2018-10-01 2019-06-30 0001550603 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2020-06-30 0001550603 us-gaap:FairValueInputsLevel2Member us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2020-06-30 0001550603 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember 2020-06-30 0001550603 us-gaap:FairValueInputsLevel2Member us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember 2020-06-30 0001550603 mlvf:SingleIssuerTrustPreferredSecurityMember us-gaap:FairValueMeasurementsRecurringMember 2020-06-30 0001550603 us-gaap:FairValueInputsLevel2Member mlvf:SingleIssuerTrustPreferredSecurityMember us-gaap:FairValueMeasurementsRecurringMember 2020-06-30 0001550603 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2020-06-30 0001550603 us-gaap:FairValueInputsLevel2Member us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2020-06-30 0001550603 us-gaap:MutualFundMember us-gaap:FairValueMeasurementsRecurringMember 2020-06-30 0001550603 us-gaap:FairValueInputsLevel3Member us-gaap:MutualFundMember us-gaap:FairValueMeasurementsRecurringMember 2020-06-30 0001550603 us-gaap:FairValueMeasurementsRecurringMember 2020-06-30 0001550603 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2020-06-30 0001550603 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2020-06-30 0001550603 us-gaap:FairValueInputsLevel1Member us-gaap:MutualFundMember us-gaap:FairValueMeasurementsRecurringMember 2020-06-30 0001550603 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2020-06-30 0001550603 us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001550603 us-gaap:FairValueInputsLevel2Member us-gaap:USGovernmentAgenciesDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001550603 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001550603 us-gaap:FairValueInputsLevel2Member us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001550603 mlvf:SingleIssuerTrustPreferredSecurityMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001550603 us-gaap:FairValueInputsLevel2Member mlvf:SingleIssuerTrustPreferredSecurityMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001550603 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001550603 us-gaap:FairValueInputsLevel2Member us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001550603 us-gaap:MutualFundMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001550603 us-gaap:FairValueInputsLevel3Member us-gaap:MutualFundMember us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001550603 us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001550603 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001550603 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-09-30 0001550603 us-gaap:FairValueInputsLevel3Member 2019-09-30 0001550603 us-gaap:FairValueInputsLevel3Member 2019-10-01 2020-06-30 0001550603 us-gaap:FairValueInputsLevel3Member 2020-06-30 0001550603 us-gaap:FairValueInputsLevel3Member 2018-09-30 0001550603 us-gaap:FairValueInputsLevel3Member 2018-10-01 2019-06-30 0001550603 us-gaap:FairValueInputsLevel3Member 2019-06-30 0001550603 mlvf:OtherRealEstateOwnedMember us-gaap:FairValueMeasurementsNonrecurringMember 2020-06-30 0001550603 us-gaap:FairValueInputsLevel3Member mlvf:OtherRealEstateOwnedMember us-gaap:FairValueMeasurementsNonrecurringMember 2020-06-30 0001550603 mlvf:ImpairedLoansNetMember us-gaap:FairValueMeasurementsNonrecurringMember 2020-06-30 0001550603 us-gaap:FairValueInputsLevel3Member mlvf:ImpairedLoansNetMember us-gaap:FairValueMeasurementsNonrecurringMember 2020-06-30 0001550603 us-gaap:FairValueMeasurementsNonrecurringMember 2020-06-30 0001550603 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2020-06-30 0001550603 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member 2020-06-30 0001550603 srt:MinimumMember us-gaap:FairValueInputsLevel3Member 2020-06-30 0001550603 srt:MaximumMember us-gaap:FairValueInputsLevel3Member 2020-06-30 0001550603 us-gaap:FairValueMeasurementsNonrecurringMember mlvf:OtherRealEstateOwnedMember 2019-09-30 0001550603 us-gaap:FairValueMeasurementsNonrecurringMember mlvf:OtherRealEstateOwnedMember us-gaap:FairValueInputsLevel3Member 2019-09-30 0001550603 us-gaap:FairValueMeasurementsNonrecurringMember mlvf:ImpairedLoansNetMember 2019-09-30 0001550603 us-gaap:FairValueMeasurementsNonrecurringMember mlvf:ImpairedLoansNetMember us-gaap:FairValueInputsLevel3Member 2019-09-30 0001550603 us-gaap:FairValueMeasurementsNonrecurringMember 2019-09-30 0001550603 us-gaap:FairValueMeasurementsNonrecurringMember us-gaap:FairValueInputsLevel3Member 2019-09-30 0001550603 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member 2019-09-30 0001550603 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-06-30 0001550603 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-06-30 0001550603 us-gaap:FairValueInputsLevel1Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-06-30 0001550603 us-gaap:FairValueInputsLevel2Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-06-30 0001550603 us-gaap:FairValueInputsLevel3Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-06-30 0001550603 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-09-30 0001550603 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-09-30 0001550603 us-gaap:FairValueInputsLevel1Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-09-30 0001550603 us-gaap:FairValueInputsLevel2Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-09-30 0001550603 us-gaap:FairValueInputsLevel3Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-09-30 0001550603 mlvf:MalvernBancorpInc2014LongTermIncentiveCompensationPlanMember 2020-06-30 0001550603 mlvf:MalvernBancorpInc2014LongTermIncentiveCompensationPlanMember 2019-10-01 2020-06-30 0001550603 mlvf:MalvernBancorpInc2014LongTermIncentiveCompensationPlanMember us-gaap:ShareBasedCompensationAwardTrancheOneMember 2019-10-01 2020-06-30 0001550603 mlvf:MalvernBancorpInc2014LongTermIncentiveCompensationPlanMember 2020-04-01 2020-06-30 0001550603 mlvf:MalvernBancorpInc2014LongTermIncentiveCompensationPlanMember 2019-04-01 2019-06-30 0001550603 mlvf:MalvernBancorpInc2014LongTermIncentiveCompensationPlanMember 2018-10-01 2019-06-30 0001550603 us-gaap:RestrictedStockMember mlvf:MalvernBancorpInc2014LongTermIncentiveCompensationPlanMember 2020-04-01 2020-06-30 0001550603 us-gaap:RestrictedStockMember mlvf:MalvernBancorpInc2014LongTermIncentiveCompensationPlanMember 2019-10-01 2020-06-30 0001550603 us-gaap:RestrictedStockMember mlvf:MalvernBancorpInc2014LongTermIncentiveCompensationPlanMember 2019-04-01 2019-06-30 0001550603 us-gaap:RestrictedStockMember mlvf:MalvernBancorpInc2014LongTermIncentiveCompensationPlanMember 2018-10-01 2019-06-30 0001550603 mlvf:MalvernBancorpInc2014LongTermIncentiveCompensationPlanMember us-gaap:StockOptionMember 2019-10-01 2020-06-30 0001550603 mlvf:MalvernBancorpInc2014LongTermIncentiveCompensationPlanMember us-gaap:StockOptionMember 2018-10-01 2019-06-30 0001550603 mlvf:MalvernBancorpInc2014LongTermIncentiveCompensationPlanMember 2019-09-30 0001550603 us-gaap:RestrictedStockMember mlvf:MalvernBancorpInc2014LongTermIncentiveCompensationPlanMember 2019-09-30 0001550603 us-gaap:RestrictedStockMember mlvf:MalvernBancorpInc2014LongTermIncentiveCompensationPlanMember 2020-06-30 mlvf:Office 0001550603 stpr:DE mlvf:PrivateBankingOfficeMember 2019-10-01 2020-06-30 0001550603 stpr:NJ mlvf:PrivateBankingOfficeMember 2019-10-01 2020-06-30 0001550603 stpr:FL mlvf:PrivateBankingOfficeMember 2019-10-01 2020-06-30 0001550603 stpr:FL mlvf:RepresentativeOfficeMember 2019-10-01 2020-06-30 0001550603 country:PA mlvf:RepresentativeOfficeMember 2019-10-01 2020-06-30 0001550603 mlvf:PrivateBankingOfficeMember mlvf:ShortTermLeasesMember 2019-10-01 2020-06-30 0001550603 mlvf:RepresentativeOfficeMember mlvf:ShortTermLeasesMember 2019-10-01 2020-06-30 mlvf:Lease 0001550603 mlvf:PrivateBankingOfficeMember 2019-10-01 2020-06-30

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                to

Commission File Number:  000-54835

 

MALVERN BANCORP, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Pennsylvania

45-5307782

(State or Other Jurisdiction of

Incorporation or Organization)

(IRS Employer

Identification No.)

42 Lancaster Avenue, Paoli, Pennsylvania 19301

(Address of Principal Executive Offices) (Zip Code)

(610) 644-9400

(Registrant’s Telephone Number, Including Area Code)

 

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

MLVF

Nasdaq Stock Market, LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes       No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer 

 

Accelerated filer 

Non-accelerated filer 

 

Smaller reporting company 

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.      Yes     No  

 

APPLICABLE ONLY TO CORPORATE ISSUERS

 

Common Stock, par value $0.01:

7,609,953 shares

(Title of Class)

(Outstanding as of August 10, 2020)

 

 

 


 

Table of Contents

 

 

 

Page

 

 

 

PART I – FINANCIAL INFORMATION

3

 

 

 

Item  1.

Financial Statements

4

 

Consolidated Statements of Financial Condition at June 30, 2020 (unaudited) and September 30, 2019

4

 

Consolidated Statements of Operations for the three and nine months ended June 30, 2020 and 2019 (unaudited)

5

 

Consolidated Statements of Comprehensive Income for the three and nine months ended June 30, 2020 and 2019 (unaudited)

6

 

Consolidated Statements of Changes in Shareholders’ Equity for the nine months ended June 30, 2020 and 2019 (unaudited)

7

 

Consolidated Statements of Cash Flows for the nine months ended June 30, 2020 and 2019 (unaudited)

8

 

Notes to Unaudited Consolidated Financial Statements

9

 

 

 

Item  2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

46

 

 

 

Item  3.

Qualitative and Quantitative Disclosures about Market Risk

62

 

 

 

Item  4.

Controls and Procedures

62

 

 

 

PART II – OTHER INFORMATION.

63

 

 

 

Item  1.

Legal Proceedings

63

 

 

 

Item  1A.

Risk Factors

63

 

 

 

Item  2.

Unregistered Sales of Equity Securities and Use of Proceeds

65

 

 

 

Item  3.

Default Upon Senior Securities

65

 

 

 

Item  4.

Mine Safety Disclosure

65

 

 

 

Item  5.

Other Information

65

 

 

 

Item  6.

Exhibits

65

 

 

 

SIGNATURES

67

 

 

 


 

PART I – FINANCIAL INFORMATION

The following (a) consolidated balance sheet as of September 30, 2019, which has been derived from audited financial statements, and (b) unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X, and, accordingly, do not include all of the information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, all adjustments (consisting only of normal and recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the full year ending September 30, 2020, or for any interim period. The Malvern Bancorp, Inc. Annual Report on Form 10-K for the fiscal year ended September 30, 2019 (the “2019 Annual Report”) should be read in conjunction with these financial statements.

 

-3-


 

Item 1. Financial Statements

MALVERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

 

 

 

June 30,

2020

 

 

September 30,

2019

 

 

 

(Unaudited)

 

 

 

 

 

 

 

(In thousands, except share data)

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from depository institutions

 

$

30,653

 

 

$

1,400

 

Interest bearing deposits in depository institutions

 

 

28,291

 

 

 

152,143

 

Cash and Cash Equivalents

 

 

58,944

 

 

 

153,543

 

Investment securities available for sale, at fair value (amortized cost of

   $32,704 and $18,522, respectively)

 

 

32,222

 

 

 

18,411

 

Investment securities held to maturity (fair value of $16,507 and $22,609,

   respectively)

 

 

15,921

 

 

 

22,485

 

Other investments

 

 

1,023

 

 

 

-

 

Restricted stock, at cost

 

 

9,766

 

 

 

11,129

 

Loans receivable, net of allowance for loan losses of $11,067 and $10,095,

   respectively

 

 

1,028,093

 

 

 

1,007,714

 

Other real estate owned

 

 

5,796

 

 

 

5,796

 

Accrued interest receivable

 

 

5,680

 

 

 

4,253

 

Operating lease right-of-use assets

 

 

2,799

 

 

 

-

 

Property and equipment, net

 

 

6,355

 

 

 

6,678

 

Deferred income taxes

 

 

3,103

 

 

 

2,840

 

Bank-owned life insurance

 

 

20,270

 

 

 

19,891

 

Other assets

 

 

13,873

 

 

 

12,482

 

Total Assets

 

$

1,203,845

 

 

$

1,265,222

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Deposits-non-interest-bearing

 

 

47,443

 

 

 

55,684

 

Deposits-interest-bearing

 

 

837,001

 

 

 

898,127

 

Total Deposits

 

 

884,444

 

 

 

953,811

 

FHLB advances

 

 

130,000

 

 

 

133,000

 

Subordinated debt

 

 

24,737

 

 

 

24,619

 

Advances from borrowers for taxes and insurance

 

 

3,630

 

 

 

1,761

 

Accrued interest payable

 

 

1,096

 

 

 

978

 

Operating lease liabilities

 

 

2,824

 

 

 

-

 

Other liabilities

 

 

13,583

 

 

 

8,545

 

Total Liabilities

 

 

1,060,314

 

 

 

1,122,714

 

Commitments and Contingencies

 

 

-

 

 

 

-

 

Shareholders’ Equity

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued

 

 

-

 

 

 

-

 

Common stock, $0.01 par value, 50,000,000 shares authorized; 7,804,469 and

   7,609,953 shares issued and outstanding, respectively, at June 30, 2020

   and 7,782,258 and 7,765,395 shares issued and outstanding, respectively, at September 30, 2019

 

 

76

 

 

 

78

 

Additional paid-in-capital

 

 

85,068

 

 

 

84,783

 

Retained earnings

 

 

63,891

 

 

 

59,744

 

Unearned Employee Stock Ownership Plan (ESOP) shares

 

 

(1,083

)

 

 

(1,192

)

Accumulated other comprehensive loss

 

 

(1,558

)

 

 

(569

)

    Treasury stock, at cost: 194,516 shares and 16,863 shares at June 30, 2020 and September 30, 2019, respectively

 

 

(2,863

)

 

 

(336

)

Total Shareholders’ Equity

 

 

143,531

 

 

 

142,508

 

Total Liabilities and Shareholders’ Equity

 

$

1,203,845

 

 

$

1,265,222

 

 

See accompanying notes to unaudited consolidated financial statements.

-4-


 

MALVERN BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Nine Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(In thousands, except share data)

 

Interest and Dividend Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

10,024

 

 

$

11,415

 

 

$

31,492

 

 

$

32,171

 

Investment securities, taxable

 

 

253

 

 

 

259

 

 

 

699

 

 

 

760

 

Investment securities, tax-exempt

 

 

27

 

 

 

49

 

 

 

100

 

 

 

167

 

Dividends, restricted stock

 

 

124

 

 

 

159

 

 

 

494

 

 

 

450

 

Interest-bearing cash accounts

 

 

26

 

 

 

574

 

 

 

1,048

 

 

 

1,421

 

Total Interest and Dividend Income

 

 

10,454

 

 

 

12,456

 

 

 

33,833

 

 

 

34,969

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

2,876

 

 

 

3,926

 

 

 

10,236

 

 

 

10,265

 

Short-term borrowings

 

 

-

 

 

 

-

 

 

 

-

 

 

 

7

 

Long-term borrowings

 

 

564

 

 

 

686

 

 

 

2,136

 

 

 

1,891

 

Subordinated debt

 

 

383

 

 

 

383

 

 

 

1,149

 

 

 

1,149

 

Total Interest Expense

 

 

3,823

 

 

 

4,995

 

 

 

13,521

 

 

 

13,312

 

Net Interest Income

 

 

6,631

 

 

 

7,461

 

 

 

20,312

 

 

 

21,657

 

Provision for Loan Losses

 

 

435

 

 

 

56

 

 

 

3,210

 

 

 

2,379

 

Net Interest Income after Provision for Loan losses

 

 

6,196

 

 

 

7,405

 

 

 

17,102

 

 

 

19,278

 

Other Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges and other fees

 

 

195

 

 

 

252

 

 

 

1,058

 

 

 

1,430

 

Rental income

 

 

54

 

 

 

53

 

 

 

163

 

 

 

184

 

Net gains on sale and call of investments

 

 

1

 

 

 

27

 

 

 

181

 

 

 

27

 

Net gains on sale of loans

 

 

11

 

 

 

-

 

 

 

14

 

 

 

37

 

Earnings on bank-owned life insurance

 

 

128

 

 

 

122

 

 

 

380

 

 

 

363

 

Total Other Income

 

 

389

 

 

 

454

 

 

 

1,796

 

 

 

2,041

 

Other Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

2,279

 

 

 

2,223

 

 

 

6,675

 

 

 

6,444

 

Occupancy expense

 

 

576

 

 

 

560

 

 

 

1,749

 

 

 

1,676

 

Federal deposit insurance premium

 

 

79

 

 

 

78

 

 

 

79

 

 

 

220

 

Advertising

 

 

33

 

 

 

30

 

 

 

87

 

 

 

90

 

Data processing

 

 

275

 

 

 

259

 

 

 

825

 

 

 

764

 

Professional fees

 

 

524

 

 

 

405

 

 

 

1,467

 

 

 

1,359

 

Other real estate owned expense, net

 

 

29

 

 

 

30

 

 

 

99

 

 

 

79

 

Pennsylvania shares tax

 

 

169

 

 

 

169

 

 

 

509

 

 

 

261

 

Other operating expenses

 

 

720

 

 

 

743

 

 

 

2,254

 

 

 

2,141

 

Total Other Expenses

 

 

4,684

 

 

 

4,497

 

 

 

13,744

 

 

 

13,034

 

Income before income tax expense

 

 

1,901

 

 

 

3,362

 

 

 

5,154

 

 

 

8,285

 

Income tax expense

 

 

447

 

 

 

706

 

 

 

1,007

 

 

 

1,652

 

Net Income

 

$

1,454

 

 

$

2,656

 

 

$

4,147

 

 

$

6,633

 

Earnings Per Common Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.19

 

 

$

0.35

 

 

$

0.54

 

 

$

0.87

 

Diluted

 

$

0.19

 

 

$

0.35

 

 

$

0.54

 

 

$

0.87

 

Weighted Average Common Shares Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

7,538,375

 

 

 

7,669,851

 

 

 

7,622,820

 

 

 

7,630,650

 

Diluted

 

 

7,538,375