11-K 1 mlvf-11k_20201231.htm 11-K mlvf-11k_20201231.htm

 

 

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, 2020

 

OR

 

 

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

 

For the transition period fromto

 

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 BANK, NATIONAL ASSOCIATION

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 Bank, National Association

Employees’ Savings & Profit Sharing Plan and Trust

 

Form 11-K Table of Contents

 

 

 

 

 


 

 

Report of Independent Registered Public Accounting Firm

 

Plan Administrator and Participants

Malvern Bank, National Association Employees’ Savings & Profit Sharing Plan and Trust

 

Opinion on the Financial Statements

 

We have audited the accompanying statements of net assets available for benefits of the Malvern Bank, National Association Employees’ Savings & Profit Sharing Plan and Trust (the “Plan”) as of December 31, 2020 and 2019, and the related statement of changes in net assets available for benefits for the year ended December 31, 2020, and the related notes (collectively referred to as 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, 2020 and 2019, and the changes in net assets available for benefits for the year ended December 31, 2020, 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.

 

Our audits included performing procedures to assess the risks 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 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 Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year) as of December 31, 2020 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. 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/ Baker Tilly US, LLP

 

We have served as the Plan’s auditor since 2018.

 

Pittsburgh, Pennsylvania

June 15, 2021

 

1


 

 

Malvern Bank, National Association Employees’ Savings & Profit Sharing Plan and Trust

 

Statements of Net Assets Available For Benefits

 

 

 

 

December 31,

 

 

 

2020

 

 

2019

Assets:

 

 

 

 

 

 

Investments, at fair value

 

$

7,760,449

 

$

6,688,761

Notes receivable from participants

 

 

135,974

 

 

104,534

Non-interest-bearing cash

 

 

3,889

 

 

175

Total assets

 

 

7,900,312

 

 

6,793,470

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Excess contributions payable

 

 

14,304

 

 

24,952

Total liabilities

 

 

14,304

 

 

24,952

 

 

 

 

 

 

 

Net assets available for benefits

 

$

7,886,008

 

$

6,768,518

 

See the accompanying notes to the financial statements.

 

2


 

 

Malvern Bank, National Association Employees’ Savings & Profit Sharing Plan and Trust

 

Statement of Changes in Net Assets Available For Benefits

 

 

 

For the Year

Ended

 

 

December 31,

2020

Investment Income:

 

 

 

Net appreciation in fair value of investments

 

$

780,567

Dividend income

 

 

54,648

Total investment income

 

 

835,215

 

 

 

 

Interest income on notes receivable from participants

 

 

6,507

 

 

 

 

Contributions:

 

 

 

Participants

 

 

370,523

Employer

 

 

114,627

Rollovers

 

 

15,537

Total contributions

 

 

500,687

Total additions

 

 

1,342,409

 

 

 

 

Deductions:

 

 

 

Benefits paid to participants

 

 

167,818

Administrative and other expense

 

 

57,101

Total deductions

 

 

224,919

 

 

 

 

Net increase in net assets available for benefits

 

 

1,117,490

 

 

 

 

Net assets available for benefits, beginning of year

 

 

6,768,518

 

 

 

 

Net assets available for benefits, end of year

 

$

7,886,008

 

See the accompanying notes to the financial statements.

3


 

Malvern Bank, National Association Employees’ Savings & Profit Sharing Plan and Trust

 

Notes to Financial Statements

 

1.

Description of Plan

 

General

 

The Malvern Bank, National Association Employees’ Savings & Profit Sharing Plan and Trust, as amended, (the “Plan”), is a defined contribution plan covering all eligible employees of Malvern Bank, National Association (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 document. 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. Previously, the Employer contributed an amount equal to 50% of the participant’s contributions up to 6% of eligible compensation. Effective August 29, 2020, the employer reduced the matching contribution to 50% of the participant’s contributions up to 3% 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 document, 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.

 

 

4


 

 

In the event of hardship and subject to certain restrictions and limitations, as defined by the plan document, a participant may withdraw their vested interest in the portion of their account attributable to deferred savings contributions and related earnings. See also the Coronavirus Aid Relief and Economic Security Act (CARES Act) disclosure below.

 

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 6.50% on existing loans at December 31, 2020. See also the CARES Act disclosure below.

 

CARES Act

 

On March 27, 2020, the CARES Act was signed into law. This aid package was designed to help the economy from the effects of the coronavirus pandemic, several of the provisions of CARES Act affected employee benefit plans. The provisions of the CARES Act were optional. During 2020, the Plan has opted into the following provisions of the CARES Act:

 

 

Hardship distributions - Qualified plan participants were permitted to take a coronavirus related distribution of up to $100,000 from the Plan without a 10 percent early withdrawal penalty. Eligible distributions were permitted to be taken until December 31, 2020. Distributions may be repaid within three years or a participant may elect these distributions to be included in taxable income on a pro rata basis over three years.

 

 

Participant loans - Participants with loans outstanding were permitted to defer payment on the loans that were due during 2020 to after January 1, 2021.

 

 

Participant loans - Participants may have borrowed up to $100,000 during 2020 (an increase from $50,000 previously permitted), these repayments may be delayed to 2021.

 

 

Required minimum distributions (RMDs) - A temporary waiver of required minimum distributions rules permitted participants to suspend their RMDs for 2020 for participants that turned 70 ½ in 2019 and 72 in 2020.

 

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 document. 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.

 

 

 

5


 

 

Administrative expenses are deducted from participant accounts on a quarterly basis from all funds except the Malvern Bancorp, Inc. 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.

 

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 expressed any intent to do so, the Plan Sponsor has 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.

 

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, 2020 and 2019.

 

6


 

 

Concentration of Credit Risk

 

As of December 31, 2020 and 2019, the Plan had investments of $2,858,676 and $2,580,503, respectively, that were concentrated in three funds.

 

Payment of Benefits

 

Benefit payments to participants are recorded when paid.

 

Recent Accounting Standard

 

In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. ASU No. 2018-13 modifies the disclosure requirements for fair value measurements in Topic 820, Fair Value Measurement. The amendments are based on the concepts in the FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements, which the FASB finalized on August 28, 2018. ASU No. 2018-13 is effective for fiscal years beginning after December 15, 2019. The adoption had no impact on the Plan’s financial statements.

 

Subsequent Events

 

The Company has evaluated the effects of events that have occurred subsequent to December 31, 2020 through the issuance of these financial statements and have identified no subsequent events which require reporting or disclosure in these financial statements.

 

3.

Fair Value Measurements

 

The Plan follows Accounting Standards Codification (“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.

 

 

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, 2020.

 

 

Common stock: Malvern Bancorp, Inc. common stock is traded on a national exchange and is valued using the last trading price on the last business day of the plan year.

 

 

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

7


 

 

 

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.

The following tables set forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2020 and 2019:

 

 

 

Assets at Fair Value as of December 31, 2020

 

Total

 

Level 1

 

Level 2

 

Level 3

Mutual funds

$

1,368,555

 

$

1,368,555

 

$

 

$

Exchange traded funds

 

2,369,184

 

 

2,369,184

 

 

 

 

Common stock

 

187,364

 

 

187,364

 

 

 

 

Common collective trust funds*

 

3,835,346

 

 

 

 

 

 

Total investments

$

7,760,449

 

$

3,925,103

 

$

 

$

 

 

 

Assets at Fair Value as of December 31, 2019

 

Total

 

Level 1

 

Level 2

 

Level 3

Mutual funds

$

1,066,413

 

$

1,066,413

 

$

 

$

Exchange traded funds

 

1,856,904

 

 

1,856,904

 

 

 

 

Common stock

 

280,613

 

 

280,613

 

 

 

 

Common collective trust funds*

 

3,484,831

 

 

 

 

 

 

Total investments

$

6,688,761

 

$

3,203,930

 

$

 

$

 

 

*

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.

 

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 funds’ trustee or other inputs principally from or corroborated by observable market data.  The common collective trust funds are valued at their 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 funds’ 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, 2020 as described below:

 

The objective of the Wilmington Trust Collective Investment Trust III, a 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. 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.

 

 

 

8


 

 

The objective of the Bell Rock Capital Common Collective Trust Funds 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. There are no unfunded commitments.

 

The following table for December 31, 2020 and 2019 sets forth a summary of the Plan's investments reported at NAV as a practical expedient to estimate fair value:

 

 

 

December 31, 2020

 

Investment

 

Fair

Value

 

 

Unfunded

commitment

 

 

Redemption

frequency

 

Redemption

notice period

 

Wilmington Trust Collective Investment Trust III

 

$

292,167

 

 

$

—  

 

 

Daily

 

60 days

 

Bell Rock Capital, Conservative Fund

 

 

1,079,723

 

 

 

—  

 

 

Daily

 

N/A

 

Bell Rock Capital, Moderate Fund

 

 

804,605

 

 

 

—  

 

 

Daily

 

N/A

 

Bell Rock Capital, Aggressive Fund

 

 

158,454

 

 

 

—  

 

 

Daily

 

N/A

 

Bell Rock Capital, Balanced Fund

 

 

526,049

 

 

 

—  

 

 

Daily

 

N/A

 

Bell Rock Capital, Capital Preservation Fund

 

 

974,348

 

 

 

—  

 

 

Daily

 

N/A

 

 

 

 

December 31, 2019

 

Investment

 

Fair

Value

 

 

Unfunded

commitment

 

 

Redemption

frequency

 

Redemption

notice period

 

Wilmington Trust Collective Investment Trust III

 

$

275,735

 

 

$

—  

 

 

Daily

 

60 days

 

Bell Rock Capital, Conservative Fund

 

 

953,814

 

 

 

—  

 

 

Daily

 

N/A

 

Bell Rock Capital, Moderate Fund

 

 

687,595

 

 

 

—  

 

 

Daily

 

N/A

 

Bell Rock Capital, Aggressive Fund

 

 

119,795

 

 

 

—  

 

 

Daily

 

N/A

 

Bell Rock Capital, Balanced Fund

 

 

508,798

 

 

 

—  

 

 

Daily

 

N/A

 

Bell Rock Capital, Capital Preservation Fund

 

 

939,094

 

 

 

—  

 

 

Daily

 

N/A

 

 

4.

Tax Status

 

The IRS informed the Company by letter dated March 31, 2014, that the Plan is qualified under 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 IRS. The plan administrator has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2020, 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 2017.

 

5.

Party-in-Interest Transactions

 

At December 31, 2020 and 2019, approximately 2.4% and 4.1%, respectively, of the Plan’s assets were invested in Malvern Bancorp, Inc. common stock. 

 

9


 

 

During 2020, purchases and sales of Malvern Bancorp, Inc. common stock were $0 and $762, respectively. There were no dividends earned on Malvern Bancorp, Inc. common stock in 2020. As of December 31, 2020 and 2019, the Plan owned 12,088 and 12,153 shares of Malvern Bancorp, Inc. common stock, respectively.

 

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 with 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

 

Malvern Bank, National Association Employees’ Savings & Profit Sharing Plan and Trust

 

Schedule of Assets (Held at End of Year)

(Line 4(i) of Schedule H to the 2020 Form 5500)

EIN: 23-0835060 – Plan Number: 004

December 31, 2020

 

(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

 

Common Collective Trust Fund

 

*

 

$

158,454

 

 

Bell Rock Capital Balanced Fund

 

Common Collective Trust Fund

 

*

 

 

526,049

 

 

Bell Rock Capital Preservation Fund

 

Common Collective Trust Fund

 

*

 

 

974,348

 

 

Bell Rock Capital Conservative Fund

 

Common Collective Trust Fund

 

*

 

 

1,079,723

 

 

Bell Rock Capital Moderate Fund

 

Common Collective Trust Fund

 

*

 

 

804,605

 

 

DFA US Large Cap Value III

 

Mutual Fund Investments

 

*

 

 

179,830

 

 

DFA Global Equity (DGEIX)

 

Mutual Fund Investments

 

*

 

 

68,972

 

 

Invesco NASDAQ Internet  

 

Exchange Traded Fund

 

*

 

 

53,745

 

 

Invesco QQQ Trust

 

Exchange Traded Fund

 

*

 

 

220,317

 

 

iShares 20+ Treasury Bond

 

Exchange Traded Fund

 

*

 

 

47,092

 

 

iShares Barclays TIPS

 

Exchange Traded Fund

 

*

 

 

10,739

 

 

iShares Morningstar MidCap Val

 

Exchange Traded Fund

 

*

 

 

71,427

 

 

iShares Russell 2000 Grow ETF

 

Exchange Traded Fund

 

*

 

 

162,800

 

 

iShares Russell MidCap Gr ETF

 

Exchange Traded Fund

 

*

 

 

421,598

 

 

iShares S&P 500 Index ETF

 

Exchange Traded Fund

 

*

 

 

592,100

 

 

iShares Core S&P Small-Cap ETF

 

Exchange Traded Fund

 

*

 

 

86,957

 

 

iShares US Aerospace & Def ETF

 

Exchange Traded Fund

 

*

 

 

74,533

 

 

JPMorgan Core Plus Bond R6

 

Mutual Fund Investments

 

*

 

 

30,506

 

 

Lord Abbett Bond Debenture I

 

Mutual Fund Investments

 

*

 

 

218,608

 

**

Malvern Bancorp, Inc.

 

Common Stock

 

*

 

 

187,364

 

 

PIMCO Enhanced Short Maturity ETF

 

Exchange Traded Fund

 

*

 

 

57,697

 

 

SPDR S&P 600 SmCap Value ETF

 

Exchange Traded Fund

 

*

 

 

10,049

 

 

SPDR S&P Emerging Asia Pacific ETF

 

Exchange Traded Fund

 

*

 

 

17,907

 

 

SPDR S&P Insurance ETF

 

Exchange Traded Fund

 

*

 

 

30,313

 

 

SPDR S&P Regional Banking ETF

 

Exchange Traded Fund

 

*

 

 

14,652

 

 

Vanguard Consumer Discretion ETF

 

Exchange Traded Fund

 

*

 

 

185,718

 

 

Vanguard Energy Fund Adm

 

Exchange Traded Fund

 

*

 

 

1,613

 

 

Vanguard FTSE Developed Mkts ETF

 

Exchange Traded Fund

 

*

 

 

51,058

 

 

Vanguard Health Care Fund Adm

 

Exchange Traded Fund

 

*

 

 

146,422

 

 

Vanguard Inter Term Corp Bond ETF

 

Exchange Traded Fund

 

*

 

 

11,633

 

 

Vanguard Materials ETF

 

Exchange Traded Fund

 

*

 

 

35,184

 

 

Vanguard REIT Index ETF

 

Exchange Traded Fund

 

*

 

 

45,257

 

 

Vanguard Target Ret 2020 Inv

 

Mutual Fund Investments

 

*

 

 

131,151

 

 

Vanguard Target Ret 2025 Inv

 

Mutual Fund Investments

 

*

 

 

193,614

 

 

Vanguard Target Ret 2030 Inv

 

Mutual Fund Investments

 

*

 

 

261,975

 

 

Vanguard Target Ret 2035 Inv

 

Mutual Fund Investments

 

*

 

 

15,289

 

 

Vanguard Target Ret 2045 Inv

 

Mutual Fund Investments

 

*

 

 

26,893

 

 

Vanguard Target Ret 2060 Inv

 

Mutual Fund Investments

 

*

 

 

10,671

 

 

Vanguard Target Ret 2055 Inv

 

Mutual Fund Investments

 

*

 

 

215,018

 

 

Vanguard Total Intl Bond ETF

 

Exchange Traded Fund

 

*

 

 

12,367

 

 

Vanguard Target Ret 2050 Inv

 

Mutual Fund Investments

 

*

 

 

16,028

 

 

Wilmington Trust Collective Investment Trust III

 

Common Collective Trust Fund

 

*

 

 

292,167

 

 

WisdomTree Europe SmCap Div.

 

Exchange Traded Fund

 

*

 

 

785

 

 

WisdomTree Intl SmCap Div.

 

Exchange Traded Fund

 

*

 

 

7,221

 

**

Participant Loans

 

Interest rates 4.25% - 6.50%

 

*

 

 

135,974

 

 

 

 

 

 

 

 

$

7,896,423

 

*

Cost is not required for participant directed investments

 

 

 

 

 

 

 

 

**

Party-in-Interest

 

 

 

 

 

 

 

 

11


 

 

EXHIBIT INDEX

 

Exhibit

 

Description

Number

 

 

23.1

 

Consent of Baker Tilly US, LLP

 

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 Bank, National Association Employees’ Savings & Profit Sharing Plan and Trust

 

 

 

 

 

By:

 

/s/ Joseph D. Gangemi

June 15, 2021

 

 

Executive Vice President and Chief Financial Officer

 

 

 

Malvern Bank, National Association

 

13