Malvern writes down sold nonaccrual loans, TDRs

Malvern Bancorp in Paoli, Pa., said it will have a special loan-loss provision in its fiscal fourth quarter after selling three loans and recording a writedown. 

The $1.2 billion-asset company said in a press release Friday that it recorded a $10.4 million writedown after selling loans with an aggregate book balance of $29.3 million. 

The loans sold included about $12.2 million of nonaccruing loans and $17.1 million of performing troubled-debt restructurings. The company classified the loans as held for sale at Sept. 30. 

Malvern said it plans to record a special $10.6 million provision for the quarter that ended on Sept. 30.