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Section 1: 11-K (11-K)

 

UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549

 

FORM 11-K

 

(Mark one) 

ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended December 31, 2017

 

OR

 

TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ________ to ________

 

Commission File Number: 000-54835

 

A.Full title of the plan and address of the plan, if different from that of the issuer named below:

 

MALVERN FEDERAL SAVINGS BANK

EMPLOYEES’ SAVINGS & PROFIT SHARING PLAN and TRUST

 

B.Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

 

Malvern Bancorp, Inc. 

42 East Lancaster Avenue 

Paoli, Pennsylvania 19301

 

 

 

 

Malvern Federal Savings Bank  

Employees’ Savings & Profit Sharing Plan and Trust  

   

Form 11-K Table of Contents  

 

  Page
Report of Independent Registered Public Accounting Firm 1
   
Financial Statements  
Statements of Net Assets Available for Benefits at December 31, 2017 and 2016 2
Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2017 3
Notes to Financial Statements 4
   
Supplemental Schedule  
Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year), December 31, 2017 11
   
Exhibit Index 12
   
Signature 13
   

 

 

 

 

Report of Independent Registered Public Accounting Firm

 

Plan Administrator and Participants 

Malvern Federal Savings Bank Employees’ 

Savings & Profit Sharing Plan and Trust 

Paoli, Pennsylvania

 

Opinion on the Financial Statements

 

We have audited the accompanying statements of net assets available for benefits of the Malvern Federal Savings Bank Employees’ Savings & Profit Sharing Plan and Trust (the “Plan”) as of December 31, 2017 and 2016, the related statement of changes in net assets available for benefits for the year ended December 31, 2017, and the related notes (collectively, the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2017 and 2016, and the changes in net assets available for benefits for the year ended December 31, 2017, in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinion

 

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by the Plan’s management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

Supplemental Information

 

The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2017 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but included supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

 

/s/ BDO USA, LLP

 

We have served as the Plan’s auditor since 2015. 

 

Philadelphia, Pennsylvania 

June 29, 2018

 

1 

 

 

Malvern Federal Savings Bank Employees’ Savings & Profit Sharing Plan and Trust

 

Statements of Net Assets Available For Benefits

 

   December 31, 
   2017   2016 
Assets:        
Investments, at fair value  $6,543,604   $6,265,709 
Notes receivable from participants   ​96,172    ​105,814 
Employer contribution receivables   4,299    6,752 
Participant contribution receivables   13,071    17,845 
Total assets   6,657,146    6,396,120 
           
Liabilities:          
Excess contributions payable   17,240     
Total liabilities   17,240     
           
Net assets available for benefits  $6,639,906   $6,396,120 

 

See the accompanying notes to the financial statements.

 

2 

 

 

Malvern Federal Savings Bank Employees’ Savings & Profit Sharing Plan and Trust

 

Statement of Changes in Net Assets Available For Benefits

 

   For the Year Ended 
   December 31, 2017 
Investment Income:     
Net appreciation in fair value of investments  $738,979 
Dividend income   39,641 
Total investment income   778,620 
      
Interest income on notes receivable from participants   4,864 
      
Contributions:     
Participants   334,533 
Employer   112,941 
Rollovers    
Total contributions   447,474 
Total additions   1,230,958 
      
Deductions:     
Benefits paid to participants   926,625 
Administrative and other expense   60,547 
Total deductions   987,172 
      
Net increase in net assets available for benefits   243,786 
      
Net assets available for benefits, beginning of year   6,396,120 
      
Net assets available for benefits, end of year  $6,639,906 

 

See the accompanying notes to the financial statements.

 

3 

 

 

Malvern Federal Savings Bank Employees’ Savings & Profit Sharing Plan and Trust

 

Notes to Financial Statements

 

1.Description of Plan

 

General

 

The Malvern Federal Savings Bank Employees’ Savings & Profit Sharing Plan and Trust, as amended, (the “Plan”) is a defined contribution plan covering all eligible employees of Malvern Federal Savings Bank (the “Employer” or “Plan Sponsor”). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).

 

The following brief description of the Plan is provided for general information purposes only. Participants should refer to the Plan document for more complete information.

 

Eligibility

 

Employees are eligible to make elective deferral contributions on the first day of the calendar month, coincident with or next following the date when they have attained age 18 and completed one month of service, measured from the date of hire, provided that they are an eligible employee at the end of that period.

 

For employer matching contributions, employees must have attained age 18 and completed six months of service, provided that they are an eligible employee at the end of that period.

 

Contributions

 

Participants may contribute an amount up to 50% of pretax annual compensation, as defined in the Plan. Contributions are subject to certain Internal Revenue Code (“IRC”) limitations. Participants 50 years of age or older may make catch-up contributions. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans. Participants direct the investment of their contributions into various investment options offered by the Plan. The Employer will contribute an amount equal to 50% of the participant’s contributions up to 6% of eligible compensation.

 

Vesting

 

Participants are 100% vested in all contributions plus actual earnings, including unrealized income or losses thereon.

 

Payment of Benefits

 

A participant’s interest in the Plan’s assets are not distributable until the participant terminates employment, reaches retirement age as defined by the Plan, dies or becomes permanently disabled. At that time, the participant may receive lump-sum amount equal to the value of his or her account. If the value of a participant’s balance does not exceed $1,000, the distribution is automatically made. If such interest is greater than $1,000, then the participant may elect to defer distribution. However, the Plan administrator will distribute the balance in a lump sum without participant’s consent at the time that payments must begin under applicable federal law - generally the April 1 following the later of the calendar year in which the participant attains age 70-1/2 or terminates employment. Special rules apply to participants who are deemed to own more than 5% of the Company.

 

A financial hardship withdrawal can be made for an immediate and heavy financial need that, among other things, cannot be satisfied through certain other sources available to the participant.

 

4 

 

 

Malvern Federal Savings Bank Employees’ Savings & Profit Sharing Plan and Trust

 

Notes to Financial Statements

 

Participant Accounts

 

Each participant’s account is credited with the participant’s contribution and the Employer’s contribution and allocations of Plan earnings, and charged with an allocation of administrative expenses. Allocations are based on participant earnings, deferrals or account balances, as defined by the Plan. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s account. Investments are participant-directed.

 

Administrative Expenses

 

Various expenses related to the administration of the Plan are paid by the Plan Sponsor and partly by participants. A participant’s share of these expenses is allocated on a pro rata basis. The participant’s share of these expenses is based on the value of the participant’s account balance over the total assets in the Plan.

 

Administrative expenses are deducted from participant accounts on a quarterly basis from all funds except the Common Stock Fund. The rate for the Plan is determined quarterly based on the following tiered schedule for the total assets in the plan: 0.50% on the first $6,000,000 and 0.35% on assets over $6,000,000.

 

Notes Receivable from Participants

 

The Plan permits participants to borrow from their account balance. A participant is permitted to borrow a minimum of $1,000 up to a maximum equal to the lesser of 50% of his or her account balance, or $50,000. Loans must be repaid over a period not extending beyond five years from the date of the loan, unless such loan is used to acquire a dwelling unit that, within a reasonable time (determined at the time the loan is made), will be used as the principal residence. The maximum loan term for a principal residence loan is 20 years. The loans are secured by the balance in the participant’s account and bear interest at a rate equal to the current prime rate plus 1 percent. The interest rate was between 4.25% and 6.00% on existing loans at December 31, 2017.

 

Excess Contributions Payable

 

Amounts payable to participants for contributions in excess of amounts allowed by the Internal Revenue Service (“IRS”) are recorded as a liability with a corresponding reduction to contributions.

 

Plan Termination

 

Although it has not been expressed any intent to do so, the Plan Sponsor had the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of termination of the Plan, all participants may elect to have distributions paid directly or transferred to another eligible retirement plan or individual retirement account.

 

2.Summary of Significant Accounting Policies

 

Basis of Accounting

 

The financial statements of the Plan are prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosures of contingent assets and liabilities reported in the financial statements.

Actual results could differ from those estimates.

 

5 

 

 

Malvern Federal Savings Bank Employees’ Savings & Profit Sharing Plan and Trust

 

Notes to Financial Statements

 

Investment Valuation and Income Recognition

 

Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 3 for a discussion of fair value measurements.

 

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

 

Investment Fees

 

Net investment returns reflect certain fees paid by the investment funds to their affiliated investment advisors, transfer agents, and others as further described in each fund prospectus or other published documents. These fees are deducted prior to allocation of the Plan’s investment earnings activity and thus are not separately identifiable as an expense.

 

Notes Receivable from Participants

 

Notes receivable from participants are stated at their unpaid principal balance plus accrued unpaid interest. Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses and expensed as incurred. Delinquent notes receivable from participants are treated as distributions based on the terms of the Plan Agreement. No allowances for credit losses have been recorded as of December 31, 2017 and 2016.

 

Concentration of Credit Risk

 

At December 31, 2017 and 2016, approximately 10.3% and 9.1%, respectively, of the Plan’s assets were invested in Malvern Bancorp, Inc. common stock.

 

Payment of Benefits

 

Benefit payments to participants are recorded when paid.

 

6 

 

 

Malvern Federal Savings Bank Employees’ Savings & Profit Sharing Plan and Trust

 

Notes to Financial Statements

 

Subsequent Events

 

The Company has evaluated the effects of events that have occurred subsequent to December 31, 2017 through the issuance of these financial statements and have identified no subsequent events.

 

3.Fair Value Measurements

 

The Plan follows ASC 820, which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Plan considers the principal or most advantageous market in which it would transact and consider assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance.

 

ASC 820 also establishes a fair value hierarchy that categorizes the inputs to valuation techniques that are used to measure fair value into three levels:

 

Level 1: includes observable inputs which reflect quoted prices for identical assets or liabilities in active markets at the measurement date.

 

Level 2: observable inputs for assets or liabilities other than quoted prices included in Level 1 and it includes valuation techniques which use prices for similar assets and liabilities.

 

7 

 

 

Malvern Federal Savings Bank Employees’ Savings & Profit Sharing Plan and Trust

 

Notes to Financial Statements

 

 

Level 3: includes unobservable inputs which reflect the reporting entity’s estimates of the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk.

 

The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Following is a description of the valuation methodologies used for assets measured at fair value. There have been no significant changes in the methodologies used or transfers between levels during the year ended December 31, 2017.

 

Common stock: Malvern Bancorp, Inc. common stock fund, “Common Stock Fund,” is an employer stock unitized fund. The fund consists of both Malvern Bancorp, Inc. common stock and a short-term cash component that provides liquidity for daily trading. Malvern Bancorp, Inc. common stock is valued at the quoted market price from a national securities exchange and the short term investments are valued at cost, which approximates fair value.

 

Exchange traded funds: Exchange traded funds are valued at quoted market price from a national securities exchange.

 

Mutual funds: Mutual funds are valued at the total market value of the underlying assets based on published market prices as of the close of the last day of the plan year. These values represent the net asset values (NAV) of shares held by the Plan.

 

Money Market Funds: Money Market funds are valued at carrying value, which approximates fair value.

 

The following tables set forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2017 and 2016:

 

   Assets at Fair Value as of December 31, 2017 
   Total   Level 1   Level 2   Level 3 
Mutual funds  $1,188,258   $1,188,258   $   $ 
Exchange traded funds   1,122,634    1,122,634         
Common stock   681,174    681,174         
Common collective/trust funds*   3,551,538             
Total investments  $6,543,604   $2,992,066   $   $ 
  

 

Assets at Fair Value as of December 31, 2016

 
   Total   Level 1   Level 2   Level 3 
Mutual funds  $907,852   $907,852   $   $ 
Money market fund   886,211    886,211         
Common stock   582,492    582,492         
Common collective/trust funds*   3,889,154             
Total investments  $6,265,709   $2,376,555   $   $ 

 

*Certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Net Assets Available for Benefits.

 

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Malvern Federal Savings Bank Employees’ Savings & Profit Sharing Plan and Trust

 

Notes to Financial Statements

 

Net Asset Value (NAV) as Fair Value

 

The common collective/trust funds are comprised of units that are not publicly traded.  The underlying assets in these funds are valued where applicable on exchanges and price quotes for the assets held by the fund when readily available.  When current market prices or quotations are not available, valuations are determined using valuation models adopted by the Trustee or other inputs principally from or corroborated by observable market data.  The common collective/trust funds are valued at their net asset value (NAV) on the last day of the calendar year of the period; as a result, these investments are not classified within the fair value hierarchy.

 

The Plan’s investment in common collective/trust funds are valued at the net value of participation units held by the Plan at year-end. The value of these units is determined by the trustee based on the current market values of the underlying assets of the common collective/trust funds as based on information reported by the investment advisor using the audited financial statements of the common collective/trust funds at year end.  The Plan held the following common collective/trust funds at December 31, 2017 as described below:

 

The objective of the Metlife Stable Value Fund – Series 25554 Class J, common collective/trust fund is to provide safety and preservation of principal and accumulated interest for participant-initiated transactions.  The interest credited to balances in this fund will reflect both current market conditions and performance of the underlying investments in this fund.  This fund invests entirely in the MetLife Group Annuity Contract 25554 which consists of separately managed investment portfolios directed by Wilmington Trust, N.A.  This fund is a bank collective trust fund for which Wilmington Trust, N.A. (the “Trustee”) serves as the Trustee of the Fund and maintains ultimate fiduciary authority over the management of, and investments made in, the Fund.  This fund is not FDIC-insured or registered with the Securities and Exchange Commission. There are no unfunded commitments.

 

The objective of the Bell Rock Capital Unitized ModelxChange Investments is to provide asset allocation portfolios for plan participants. These risk-based models are actively managed and rebalanced to maintain the portfolio’s risk/reward characteristics. MidAtlantic Trust Company manages unitization of selected model strategies subject to the terms of its custodial agreement with the Plan Sponsor. The Plan Sponsor agrees to price and execute trades at the computed net asset value as established by MidAtlantic Trust Company. The unitization formula is comprised of a weighting of the underlying holdings published closing prices and the cash liquidity of the account. The unitization formula adjusts for external cash flows (i.e. purchase/redemption of units), daily accrual of fees, and underlying investment transactions/income. These funds are not FDIC-insured or registered with the Securities and Exchange Commission.

 

The following table for December 31, 2017 and 2016 sets forth a summary of the Plan’s investments reported at NAV as a practical expedient to estimate fair value:

 

   December 31, 2017 
Investment 

Fair

Value

  

Unfunded

commitment

  

Redemption

frequency

 

Redemption

notice period

 
MetLife Stable Value Fund  $823   $   Daily   60 days 
Bell Rock Capital, Conservative Fund   1,137,433       Daily    
Bell Rock Capital, Moderate Fund   562,418       Daily    
Bell Rock Capital, Aggressive Fund   120,670       Daily    
Bell Rock Capital, Balanced Fund   673,165       Daily    
Bell Rock Capital, Capital Preservation Fund   1,057,029       Daily    

 

 9

 

 

Malvern Federal Savings Bank Employees’ Savings & Profit Sharing Plan and Trust

 

Notes to Financial Statements

 

   December 31, 2016 
Investment 

Fair

Value

  

Unfunded

commitment

  

Redemption

frequency

 

Redemption

notice period

 
MetLife Stable Value Fund  $212,702   $   Daily   60 days 
Bell Rock Capital, LLC BRC Conservative Fund   1,263,011       Daily    
Bell Rock Capital, LLC BRC Moderate Fund   440,724       Daily    
Bell Rock Capital, LLC BRC Aggressive Fund   161,374       Daily    
Bell Rock Capital, LLC BRC Balanced Fund   605,296       Daily    
Bell Rock Capital, LLC BRC Capital Preservation Fund   1,206,047       Daily    

 

4.Tax Status

 

The Internal Revenue Service (“IRS”) informed the Company by letter dated March 31, 2014, that the Plan is qualified under Internal Revenue Code (“IRC”) Section 401(a).  The Plan has since been amended, however, the plan administrator continues to believe the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC. 

 

Accounting principles generally accepted in the United States of America require plan management to evaluate tax

 

positions taken by the plan and recognize a tax liability if the organization has taken an uncertain position that more

 

likely than not would not be sustained upon examination by the Internal Revenue Service. The plan administrator has analyzed the tax positions taken by the plan and has concluded that as of December 31, 2017, there are no uncertain positions taken, or expected to be taken, that would require recognition of a liability or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The plan administrator believes it is no longer subject to income tax examinations for years prior to 2014.

 

5.Party-in-Interest Transactions

 

The Plan owns shares of Malvern Bancorp, Inc. common stock.  The Employer pays for fees for accounting and other administrative services.  In addition, the Plan issues loans to participants, which are secured by the balances in the participants’ accounts. Additionally, certain employees and officers of the Company, who are also participants in the plan, perform administrative services for the Plan at no cost.  Therefore, related transactions qualify as party-in-interest transactions. All other transactions which may be considered party-in-interest transactions relate to normal plan management and administrative services, and the related payment of fees.

 

6.Risks and Uncertainties

 

The Plan provides participants various investment options whose values are exposed to various risks, such as interest rate, market and credit. Due to the level of risk associated certain investments and the level of uncertainties related to changes in the value of investments it is at least reasonably possible that changes in risk in the near term would materially affect investment assets reported in participant account balances and in the statements of net assets available for benefits.

 

 10

 

 

Supplemental Schedule 1

 

Malvern Federal Savings Bank Employees’ Savings & Profit Sharing Plan and Trust

 

Schedule of Assets (Held at End of Year)

(Line 4i of Schedule H to the 2017 Form 5500)

EIN: 23-0835060 – Plan Number: 004

 

December 31, 2017

 

(a)   (b)   (c)   (d)     (e)
    Identity of Issuer, Borrower, Lessor, or Similar Party  

Description of Investment, Including  Maturity Date, Rate of Interest,
Collateral Par or Maturity Date

  Cost     Current Value
    Bell Rock Capital   Aggressive Fund   *   $ 120,670
    Bell Rock Capital   Balanced Fund   *     673,165
    Bell Rock Capital   Capital Preservation Fund   *     1,057,029
    Bell Rock Capital   Conservative Fund   *     1,137,433
    Bell Rock Capital Moderate Fund   Moderate Fund   *     562,418
    DFA   US Large Cap Value III   *     179,597
    DFA   Global Equity (DGEIX)   *     51,185
    DFA   US Small Cap Port Inst   *     25,549
    PowerShares NASDAQ Internet Port   PowerShares NASDAQ Internet Port   *     12,183
    PowerShares QQQ   PowerShares QQQ   *     88,651
    PowerShares Dynamic Pharma Port   PowerShares Dynamic Pharma Port   *     44,914
    PowerShares Dynamic Media Port   PowerShares Dynamic Media Port   *     28,055
    IShares 20+ Treasury Bond   IShares 20+ Treasury Bond   *     39,246
    IShares Barclays TIPS   IShares Barclays TIPS   *     5,599
    IShares Morningstar MidCap Val   IShares Morningstar MidCap Val   *     54,789
    IShares Russell 2000 Grow ETF   IShares Russell 2000 Grow ETF   *     35,034
    IShares Russell MidCap Gr ETF   IShares Russell MidCap Gr ETF   *     220,461
    iShares S&P 500 Index ZETF   iShares S&P 500 Index   *     351,177
    iShares Core S&P Small-Cap EFT   iShares Core S&P Small-Cap EFT   *     31,714
    IShares US Aerospace & Def ETF   IShares US Aerospace & Def ETF   *     57,715
    IShares Nasdaq Biotechnology ETF   IShares Nasdaq Biotechnology ETF   *     44,225
    IShares MSCI EAFE Small-Cap ETF   IShares MSCI EAFE Small-Cap ETF   *     2,861
    IShares 3-7 Year Treasury Bond ETF   IShares 3-7 Year Treasury Bond ETF   *     4,312
    JPMorgan   Core Plus Bond R6   *     10,507
    Lord Abbett   Bond Debenture I   *     169,780
  ** Malvern Bancorp Inc.   Company Stock   *     681,174
    PIMCO   Enhanced Short Maturity ETF   *     44,151
    SPDR   S&P 600 SmCap Value ETF   *     5,017
    SPDR   S&P Emerging Asia Pacific ETF   *     4,436
    SPDR   S&P Insurance ETF   *     26,662
    SPDR   S&P Regional Banking ETF   *     3,451
    Energy Select Sector SPDR ETF   Energy Select Sector SPDR ETF   *     2,029
    Vanguard   Consumer Discretion ETF   *     45,846
    Vanguard   Small-Cap Growth Index ETF   *     31,890
    Vanguard   FTSE Developed Mkts ETF   *     26,173
    Vanguard   Value Index Fund ETF   *     25,111
    Vanguard    Inter Term Corp Bond ETF   *     2,760
    Vanguard    Materials ETF   *     31,723
    Vanguard    REIT Index ETF   *     23,407
    Vanguard    Target Ret 2015 Inv   *     239,180
    Vanguard    Target Ret 2020 Inv   *     104,420
    Vanguard    Target Ret 2025 Inv   *     14,924
    Vanguard    Target Ret 2030 Inv   *     122,315
    Vanguard    Target Ret 2035 Inv   *     269
    Vanguard    Target Ret 2040 Inv   *     1,256
    Vanguard    Target Ret 2045 Inv   *     7,290
    Vanguard    Target Ret 2050 Inv   *     2,068
    Vanguard    Target Ret 2055 Inv   *     86,115
    Vanguard    Total Intl Bond ETF   *     2,751
    Wilmington    Metlife GAC   *     823
    WisdomTree    Europe SmCap Div.   *     47
    WisdomTree    Intl SmCap Div.   *     47
  ** Participant Loans   Interest rates 4.25% - 6.00%   *     96,172
                $ 6,639,776
  * Cost is not required for participant directed investments              
  ** Party in Interest              

 

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EXHIBIT INDEX

 

 

 

Exhibit Number Description  
23.1 Consent of Independent Registered Public Accounting Firm  
     
     
     

 

 

 

 12

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustee (or other persons who administer the employee benefit plan) has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    Malvern Federal Savings Bank Employees’ Savings & Profit
    Sharing Plan and Trust 
     
  By: /s/ Joseph D. Gangemi
June 29, 2018   Senior Vice President and Chief Financial Officer Malvern Bank, National Association

 

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Section 2: EX-23.1 (EXHIBIT 23.1)

 

Exhibit 23.1

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

Malvern Federal Savings Bank Employees’ Savings & Profit Sharing Plan and Trust 

Paoli, Pennsylvania

 

We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (No. 333-207214 and 333-184445) of Malvern Bancorp, Inc. of our report dated June 29, 2018, relating to the financial statements and supplemental schedule of Malvern Federal Savings Bank Employees’ Savings & Profit Sharing Plan and Trust which appear in this Form 11-K for the year ended December 31, 2017.

 

/s/ BDO USA, LLP

 

BDO USA, LLP 

Philadelphia, Pennsylvania 

June 29, 2018

 

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