Malvern Bancorp, Inc. reported unaudited consolidated earnings results for the first quarter ended December 31, 2017. For the quarter, the company reported net interest income of USD 6.382 million compared to USD 5.239 million a year ago. Income before income tax expense was USD 3.622 million compared to USD 1.462 million a year ago. Net income was USD 0.403 million compared to USD 0.973 million a year ago. Basic earnings per share was USD 0.06 compared to USD 0.15 a year ago. Return on average assets was 0.15% for the three months ended December 31, 2017, compared to 0.47% for the three months ended December 31, 2016, and return on average equity was 1.55% for the three months ended December 31, 2017, compared with 4.03% for the three months ended December 31, 2016. Book value per common share amounted to USD 15.70 at December 31, 2017, compared to USD 14.80 at December 31, 2016. Total interest and dividend income was USD 9.511 million compared to USD 7.105 million a year ago.

The company revised its estimated annual effective rate to reflect a change in the federal statutory rate from 35% to 21%, resulting from legislation that was enacted on December 22, 2017. The rate change is administratively effective at the beginning of calendar year, using a blended rate for the annual period. As a result, the blended statutory tax rate for the year is 24.5%.