Reported Earnings • May 14
Second quarter 2023 earnings released: EPS: US$0.075 (vs US$0.069 in 2Q 2022) Second quarter 2023 results: EPS: US$0.075 (up from US$0.069 in 2Q 2022). Revenue: US$6.71m (down 11% from 2Q 2022). Net income: US$571.0k (up 9.4% from 2Q 2022). Profit margin: 8.5% (up from 6.9% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Reported Earnings • Feb 10
First quarter 2023 earnings released: EPS: US$0.25 (vs US$0.27 in 1Q 2022) First quarter 2023 results: EPS: US$0.25 (down from US$0.27 in 1Q 2022). Revenue: US$8.16m (up 3.5% from 1Q 2022). Net income: US$1.91m (down 5.4% from 1Q 2022). Profit margin: 23% (down from 26% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. お知らせ • Jan 11
Malvern Bancorp, Inc., Annual General Meeting, Feb 23, 2023 Malvern Bancorp, Inc., Annual General Meeting, Feb 23, 2023, at 10:00 US Eastern Standard Time. Agenda: To consider elect seven directors for a one-year term expiring in 2024 and until their successors are elected and qualified; to consider adopt a non-binding resolution to approve the compensation of our named executive officers; to consider ratify the appointment of Wolf & Company, P.C. as our independent registered public accounting firm for the fiscal year ending September 30, 2023; and to consider other matters. お知らせ • Dec 15
First Bank (NasdaqGM:FRBA) entered into a definitive merger agreement to acquire Malvern Bancorp, Inc. (NasdaqGM:MLVF) for approximately $150 million. First Bank (NasdaqGM:FRBA) entered into a definitive merger agreement to acquire Malvern Bancorp, Inc. (NasdaqGM:MLVF) for approximately $150 million on December 13, 2022. According to terms of the merger agreement, Malvern Bancorp, Inc. shareholders will receive 0.7733 shares of First Bank common stock and $7.80 in cash per each Malvern Bancorp, Inc. common share outstanding. First Bank expects to issue approximately 5.9 million new shares of First Bank common stock and $59.4 million in cash consideration to consummate this transaction. This Agreement provides for the acquisition of Malvern by First Bank pursuant to the merger of Malvern with and into First Bank with First Bank as the surviving corporation. The Agreement provides certain termination rights for both First Bank and Malvern and further provides that a termination fee of $5.9 million will be payable by Malvern upon termination of the Agreement under certain circumstances.
The merger subject to the approval of First Bank and Malvern Bancorp, Inc. shareholders, as well as customary regulatory approvals including the approval for listing on the Nasdaq Global Select Market of the First Bank Common Stock to be issued in the Merger and Malvern shall have caused Malvern Bank to execute and deliver the Bank Merger Agreement to First Bank. The merger has been unanimously approved by the boards of directors of First Bank and Malvern. In connection with the Agreement, First Bank entered into Voting Agreements with Malvern and each director of Malvern and certain Malvern Insiders, in their capacity as shareholders of Malvern, who beneficially own in the aggregate approximately 5.6% of the outstanding shares of Malvern Common Stock. Transaction is expected to be completed in the second quarter of 2023. The transaction will be significantly and immediately accretive to First Bank earnings per share and that the earn back on tangible book dilution to be under two and a half years.
Kirk Steven Hovde and William Davis D. Curtiss of Hovde Group, LLC acted as financial advisor to First Bank and Piper Sandler & Co. acted as financial advisor and fairness opinion provider to Malvern Bancorp, Inc. Lawrence Spaccasi and Marc Levy of Luse Gorman, PC provided legal counsel to First Bank and Paul Aguggia of Holland & Knight LLP provided legal counsel to Malvern Bancorp, Inc. Valuation Update With 7 Day Price Move • Dec 14
Investor sentiment improved over the past week After last week's 16% share price gain to US$17.75, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 9x in the Banks industry in the US. Total loss to shareholders of 22% over the past three years. Reported Earnings • Dec 07
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: US$0.92 (up from US$0.012 loss in FY 2021). Revenue: US$31.6m (up 53% from FY 2021). Net income: US$6.95m (up US$7.04m from FY 2021). Profit margin: 22% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 5.7%. Revenue is expected to decline by 1.4% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 6.2%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. 