This Day On The Street
Continue to site
ADVERTISEMENT
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

Malaga Financial Corporation Reports Record 2nd Quarter And Year-to-Date Earnings

Malaga Financial Corporation (OTCBB:MLGF), the parent company of Malaga Bank FSB, today reported that net income for the quarter ended June 30, 2012 was $3,117,000 ($0.52 basic and fully diluted earnings per share), an increase of $369,000 or 13% from net income of $2,748,000 ($0.47 basic and $0.46 fully diluted earnings per share) for the quarter ended June 30, 2011. Net income for the six months ended June 30, 2012 was $6,171,000 ($1.04 basic and fully diluted earnings per share) as compared to $5,460,000 ($0.93 basic and $0.92 fully diluted earnings per share) for the six months ended June 30, 2011, a 13% increase. Earnings for the second quarter and first six months were the highest in Malaga Financial’s history for those periods and resulted in an annualized pre-tax return on average equity of 25.26%.

At June 30, 2012, the Company reported one delinquent loan and no real estate owned. The delinquent loan is a single family loan with an outstanding principal balance of $2.7 million and was one payment delinquent. The Company’s allowance for loan losses was $2,920,000, or 0.37% of total loans, at June 30, 2012.

Net interest income totaled $7,731,000 in the second quarter of 2012, up $606,000 or 9% from the second quarter of 2011. This increase resulted from a $7 million or 1% increase in average interest earning assets to $809 million, and an increase of 0.29% in the interest rate spread to 3.71%. The increase in the interest rate spread was due to a decline in the weighted average cost of funds of 0.53%, which exceeded the 0.24% decline in the weighted average yield on interest earning assets.

Operating expenses remained stable with a small decrease of less than 1% in the second quarter of 2012, to $2,577,000 from $2,583,000 in the second quarter of 2011.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,155.49 -219.27 -1.34%
S&P 500 1,929.88 -21.25 -1.09%
NASDAQ 4,705.6530 -27.8440 -0.59%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs