Sincethe initial conversioncheck-in in August 2015, Paoli, Pa.-based hascontinued making progress toward becoming a premier community bank. In shortorder, the company has radically revamped its management team and board ofdirectors. And in the quarter ended Dec. 31, 2015, Malvern record earnings.

FromAugust 2015 to January 2016, Malvern made a slew of management changes. Thecompany named a new COO, in addition to bringing in a , a , a and adivision head forits New Jersey commercial lending division.

Theboard composition began changing before the company's annual meeting inFebruary. Lawrence Seidman and related investment vehicles a Schedule 13D Jan. 19, claimingan ownership stake in Malvern of 5.39%. In the filing, the group said it wouldwithhold support for the company's three director nominees. Around two weekslater, Malvern announced that two of those nominees — F. Claire HughesJr. and Robert Willson — submitted their resignations. The next day, theSeidman group said it was "gratified" by the and pledged to support theelection of the other director nominee, Ralph Packard. At the annual meeting,shareholders electedPackard, but he chose to resign.

Additionally,the board named HowardKent to serve as chairman. He had been to the board in July 2015. Andon Feb. 22, Michael Moss steppeddown as a director, citing a disagreement with the companyaccepting a foreign national deposit account.

Financial performance

Malvernearned $1.34 million, or 21 cents per share, for the quarter ended Dec. 31,2015. Since its mutual holding company conversion in May 2008, Malvern'sprevious records were $1.25 million and 20 cents per share, respectively, setin the quarter ended Dec. 31, 2011. Balance sheet growth was the highlight ofthe quarter ended Dec. 31, 2015 — on a linked-quarter, annualized basis, netloans increased 72% while total deposits were up 59%. The commercial realestate loan portfolio showed particularly strong growth, rising to $143.0million from $87.7 million.

Market performance

FromAug. 4, 2015, to March 30, 2016, Malvern's total return was approximately 7%,putting it in a virtual tie with the conversion peer group. As of March 30, thecompany traded at 128% of tangible book value.