This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

Malaga Financial Corporation Reports Record 3rd Quarter And Year-to-Date Earnings

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 September 30, 2012 was $2,761,000 ($0.47 basic and $0.46 fully diluted earnings per share), an increase of $12,000 from net income of $2,749,000 ($0.47 basic and fully diluted earnings per share) for the quarter ended September 30, 2011. Net income for the nine months ended September 30, 2012 was $8,932,000 ($1.51 basic and $1.50 fully diluted earnings per share) as compared to $8,209,000 ($1.40 basic and $1.39 fully diluted earnings per share) for the nine months ended September 30, 2011, a 9% increase. Earnings for the third quarter and first nine months were the highest in Malaga Financial’s history for those periods and resulted in an annualized pre-tax return on average equity of 24.05%.

At September 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 $87,000 and was one payment delinquent. The Company’s allowance for loan losses was $2,817,000, or 0.36% of total loans, at September 30, 2012.

Net interest income totaled $7,151,000 in the third quarter of 2012, a small decrease from $7,169,000 in the third quarter of 2011. This decrease resulted primarily due to net increase of $46,000 in amortization of net deferred loan costs. Our interest rate spread was 3.47% in the third quarter of 2012 and was comparable to third quarter of 2011 at 3.46%.

Operating expenses increased 5% in the third quarter of 2012, to $2,699,000 from $2,570,000 in the third quarter of 2011. The increase is due primarily to costs related to the opening of our Torrance-Skypark branch in August 2012.

Randy C. Bowers, President and CEO, remarked, “Our financial strength has allowed us to continue to expand our retail banking operations and open our new Torrance-Skypark Branch.”

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW
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!

Markets

DOW 17,239.34 +47.97 0.28%
S&P 500 1,999.24 -2.92 -0.15%
NASDAQ 4,626.4480 -11.5460 -0.25%

Partners Compare Online Brokers

Free Reports

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