This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Malaga Financial Corporation Reports Record Earnings For 6th Consecutive Year; Increases Dividend By 25%

Stocks in this article: MLGF

Malaga Financial Corporation (OTCBB: MLGF), the parent company of Malaga Bank FSB, today reported that net income for the quarter ended December 31, 2011 was $2,906,000 ($0.50 basic and fully diluted earnings per share), an increase of $192,000 or 7% from net income of $2,714,000 ($0.46 basic and fully diluted earnings per share) for the quarter ended December 31, 2010. Net income for the twelve months ended December 31, 2011 was $11,115,000 ($1.90 basic and $1.89 fully diluted earnings per share) as compared to $10,494,000 ($1.80 basic and $1.78 fully diluted earnings per share) for the twelve months ended December 31, 2010, a 6% increase. Earnings for the fourth quarter and twelve months were the highest in Malaga’s history for those periods and resulted in a pre-tax return on average equity of 25.05%.

The Company did not have any delinquent loans or foreclosed real estate owned at December 31, 2011. The Company’s allowance for loan losses was $2,881,000, or 0.36% of total loans, at December 31, 2011.

For 2011, net interest income totaled $28,977,000, an increase of $1,505,000 or 5% from 2010. This increase resulted primarily from an increase of 0.18% in the interest rate spread to 3.45%. The increase in the interest rate spread was due to a decline in the weighted average cost of funds of 0.34%, which exceeded the 0.16% decline in the weighted average yield on interest earning assets. The decrease in the average cost of funds was due to maturity and repricing of certificates of deposits at lower rates and decrease in the outstanding Federal Home Loan Bank borrowings in the amount of $23,000,000 at higher interest rates.

Operating expenses remained stable with a nominal increase of $91,000 to $10,305,000 from $10,214,000 in 2010.

Randy C. Bowers, President and CEO, remarked, “We are pleased to continue to report record earnings which along with our strong capital position has allowed us to significantly increase dividends to our shareholders. Our results for both the 4th quarter and year 2011 reflect the disciplined execution of our business plan emphasizing high asset quality, strong cost control and modest growth during a period of uncertain economic conditions.”

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs