Malvern Federal Bancorp, Inc. Announces Results for the Second Quarter of ... MarketWatch (press release)
, The "mid-tier" holding company for Malvern Federal Savings Bank (the "Bank"), today announced a net loss for the three months ended March 31, 2010 of $1.2 million, or $0.21 per share, compared to net income of $371,000, or $0.06 per share, for the three months ended March 31, 2009. Additionally, the Company reported a net loss of $1.2 million, or $0.21 per share, for the six months ended March 31, 2010 compared to net income of $887,000, or $0.15 per share, for the six months ended March 31, 2009.Ronald Anderson, President and CEO of the Company, said, "Similar to the national economic conditions, our local economy continues to be weak and collateral values of real estate remain stressed. We are disappointed with our increase in non-performing assets and the related increase in the provision for loan losses during the March 2010 quarter. Our capital base allowed us to absorb these losses and we remain well-capitalized under regulatory and financial standards. A major focus of the management team during fiscal year 2009 and into fiscal year 2010 will be to reduce our level of non-performing assets and to continue to work with our business clients and homeowners who are experiencing financial difficulties. We are committed to increasing the earnings of the Company and shareholder value as market conditions allow."
