UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 9, 2021 (
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| Item 8.01 | Other Events |
On November 5, 2021, Malvern Bancorp, Inc. (the “Company”), the holding company for Malvern Bank, National Association, issued a press release announcing that it completed a sale to a single investor of certain problem loans. Specifically, the Company sold three loans with a book balance of $29.3 million with a write down of approximately $10.4 million. The loans sold included approximately $12.2 million of non-accruing loans and $17.1 million of performing troubled debt restructurings. The Company has classified the loans as “held for sale” at September 30, 2021, after taking write downs to reflect the anticipated sale price of such loans.
Including the write down, the Company expects to record a provision for loan and lease losses of approximately $10.6 million at the quarter ended September 30, 2021. Accordingly, the loan sale will have a material negative impact on the Company’s earnings for the quarter and year ended September 30, 2021.
The Bank’s regulatory capital will continue to exceed all applicable requirements at September 30, 2021 after giving effect to the items described herein.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits |
| Exhibit No. | Description | |
| 99.1 | Press release, dated November 5, 2021. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MALVERN BANCORP, INC. | ||||||
| Dated: November 9, 2021 | By: | /s/ Joseph D. Gangemi | ||||
| Joseph D. Gangemi Executive Vice President and Chief Financial Officer | ||||||
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