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Malvern Federal Savings Bank

Paoli, PA · Cert 27861

FDIC · 8 branches

Q2 2023

$970.0MAssets
$792.0MLoans
$678.2MDeposits
$165.5MEquity
Loan mix
78%RE $349.9M22%C&I $98.2M0%Consumer $1.8MQ2 2022Q2 2023
Deposit mix
92%Interest-bearing $625.7M8%Noninterest $52.5MQ2 2022Q2 2023

NIM

3.12%Q2 ’213.22%Q2 ’224.40%Q2 ’23+15%-6%

Non-interest income vs. expense

1.90%Q2 ’212.02%Q2 ’222.17%Q2 ’23+9%-13%

Market Position · Philadelphia-Camden-Wilmington, PA-NJ-DE-MD · 2023 SOD (annual) · 0.1% share · #33 of 95 inst. · $0.5B of $598.3B

2.9% Chester
0.5% Morris
0.2% Delaware
0.0% Palm Beach

Executive Summary

  • Earnings: ROA of 0.39%, down 41 bps year over year; NIM at 2.67%.
  • Asset quality: problem loans at 2.27% of loans (+50 bps YoY), with net charge-offs at 0.00%.
  • Capital: tier 1 leverage ratio of 17.60%, up 227 bps from a year ago.
  • Funding: loans stand at 116.78% of deposits as of Q2 2023.

Financial Results

Return on Assets (quarter, annualized)

0.39%-41 bps YoY

Net Interest Margin (quarter, annualized)

2.67%-18 bps YoY

Efficiency Ratio (quarter, annualized)

67.03%+61 bps YoY

Tier 1 Leverage Ratio

17.60%+227 bps YoY

Discrete quarter, annualized.

MetricQ2 2022Q3 2022Q4 2022Q1 2023Q2 2023YoY ΔTrend
Earnings
Return on Assets0.80%1.15%0.89%0.47%0.39%-41 bps
Return on Equity5.27%7.36%5.56%2.83%2.29%-297 bps
Net Interest Margin2.85%3.23%3.20%2.91%2.67%-18 bps
Efficiency Ratio66.41%59.44%64.62%80.11%67.03%+61 bps
Non-Interest Burden1.83%1.85%1.95%2.28%1.60%-23 bps
Growth
Asset Growth (YoY)-13.23%-13.57%-11.60%-9.47%-5.58%+765 bps
Loan Growth (YoY)-12.94%-12.97%-6.88%-1.49%-4.48%+846 bps
Deposit Growth (YoY)-12.85%-16.30%-19.23%-13.45%-15.22%-237 bps
Asset Quality
Nonperforming Loans / Loans1.77%1.73%1.85%1.84%2.27%+50 bps
Net Charge-Offs / Loans0.00%0.11%0.00%0.00%0.00%0 bps
Allowance / Loans1.12%1.10%1.11%1.13%1.15%+3 bps
Allowance Coverage of NPLs0.6x0.6x0.6x0.6x0.5x-0.1x
Capital
Tier 1 Leverage Ratio15.33%16.30%16.53%17.01%17.60%+227 bps
Total Risk-Based Capital19.87%20.34%20.77%21.13%21.61%+174 bps
Equity / Assets15.73%15.64%16.30%16.63%17.06%+133 bps
Liquidity & Funding
Loans / Deposits103.65%104.15%110.38%108.31%116.78%+1,313 bps
Liquid Assets / Assets7.88%10.05%8.84%8.42%7.61%-27 bps
CRE / Total Capitaln/an/an/an/an/an/an/a