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Malaga Financial Corporation Reports Record Earnings For 7th Consecutive Year; Increases Quarterly Dividend By 20%

Stocks in this article: MLGF

Malaga funds its assets with a mix of retail deposits, wholesale deposits and FHLB borrowings. Retail deposits totaled $544 million as of December 31, 2012, a $53 million or 11% increase from $491 million at December 31, 2011. The retail deposit growth was used primarily to increase on-balance sheet liquidity and to repay FHLB borrowings. FHLB borrowings decreased $39 million or 23% from $169 million at December 31, 2011 to $130 million at December 31, 2012.

As of December 31, 2012, Malaga Bank was in compliance with all applicable regulatory capital requirements and was deemed “well-capitalized” under applicable regulations. Core capital and risk-based capital ratios were 13.05% and 22.82%, respectively, at December 31, 2012, significantly exceeding the minimum “well capitalized” requirements of 5% and 10% respectively.

In the fourth quarter, the Company declared a quarterly cash dividend of 15 cents per share, payable in January 2013 and a special dividend of 10 cents per share payable in 2012. The quarterly dividend reflected a 20% increase in the quarterly dividend amount in effect for the past four quarters.

Mr. Bowers concluded, “We are honored that earlier this year we were ranked #1 of the 100 largest publicly traded thrifts in the United States for the third consecutive year by SNL Financial and as one of the 349 safest banks in the United States by MSN.money using the complex Texas Ratio. In addition, for over ten years, Malaga Bank has consistently received premier Top 5-Star rating by one of the nation’s leading independent bank rating and research firms, BauerFinancial Inc. These recognitions are a direct result of the contributions of our dedicated staff and board of directors, in addition to our loyal shareholders and customers.”

Malaga Bank, a subsidiary of Malaga Financial Corporation, is a full-service community bank headquartered on the Palos Verdes Peninsula with six offices located in the South Bay area of Los Angeles. It has been ranked the #1 performing thrift in the nation for three consecutive years by SNL Financial. Since 1985 Malaga has been delivering competitive banking services to residents and businesses of the South Bay, including real estate loan products custom-tailored to consumers and investors. As the largest community bank in the South Bay, Malaga is proud of its continuing tradition of relationship-based banking and legendary customer service. The Bank’s web site is located at www.malagabank.com.

Copyright Business Wire 2010
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