MALAGA FINANCIAL CORP - MLGF STOCK NEWS

Malaga Financial (OTCPink:MLGF) reported record earnings for the first nine months of 2024. Net income reached $17,339,000 ($1.93 per share), a 1% increase from the same period in 2023. However, Q3 2024 net income decreased by 3% to $5,548,000 ($0.62 per share) compared to Q3 2023.

Key financial highlights include:

• Annualized return on average equity: 11.39%
• Annualized return on average assets: 1.61%
• Net interest income in Q3 2024: $11,044,000 (3% decrease)
• Interest rate spread increased from 2.82% to 2.95%
• Operating expenses decreased by 3% to $3,427,000 in Q3 2024

The company's total assets decreased by 10% to $1.404 billion, while the loan portfolio decreased by 4% to $1.232 billion. Malaga Bank maintains strong capital ratios, with core capital at 15.59% and risk-based capital at 27.11%, exceeding 'well-capitalized' requirements.

Malaga Financial (OTCPink:MLGF) has declared its 81st consecutive quarterly cash dividend of 25 cents per share. The dividend will be paid on or about October 2, 2024, to shareholders of record on September 20, 2024. This represents a 4.38% annualized yield based on the most recent closing price of $22.84. Malaga Bank, a subsidiary of Malaga Financial , is a full-service community bank with six offices in the South Bay area of Los Angeles. The bank has maintained Bauer Financial Inc.'s premier Top 5-Star rating for 67 consecutive quarters as of June 2024, highlighting its financial stability and performance.

Malaga Financial (OTCPink: MLGF) reported a net income of $11.791 million for the first six months of 2024, marking a 3% increase from the same period in 2023. The company's earnings per share (EPS) rose to $1.31 from $1.28. For Q2 2024, net income was $5.779 million, up by $185,000 or 3% compared to Q2 2023. The annualized return on average equity was 11.73%, and the return on average assets was 1.62% for the first half of 2024. Notably, net interest income slightly increased despite a decline in average interest-earning assets. Operating expenses dropped by 2% due to reduced deposit insurance premiums and general administrative costs. Total assets decreased by 8% to $1.425 billion, and the loan portfolio declined by 5% to $1.236 billion. Retail deposits fell by $90.2 million, while wholesale deposits grew by $15 million. FHLB borrowings decreased by $55 million. The company remains well-capitalized, with core and risk-based capital ratios significantly above regulatory requirements.

Malaga Financial (OTCPink:MLGF) declared its 80th consecutive quarterly cash dividend of 25 cents per share. Shareholders of record on June 21, 2024, will receive the dividend on or around July 2, 2024. This dividend represents a 4.43% annualized yield, based on the closing share price of $22.56. Randy C. Bowers, Chairman, President, and CEO, highlighted the company's commitment to shareholders and acknowledged the efforts of its employees. Malaga Bank, its subsidiary, has received Bauer Financial's Top 5-Star rating for 66 consecutive quarters and offers full-service community banking in the South Bay area of Los Angeles.

Malaga Financial , the parent company of Malaga Bank FSB, reported strong first-quarter earnings in 2024, with a net income of $6,012,000, showing a 2% increase from the previous year. The company's annualized return on average equity was 12.06%, and on average assets was 1.64%. Net interest income decreased by 5% due to a lower interest rate spread, partially offset by an increase in excess interest-earning assets. Operating expenses increased by 2%, primarily due to higher deposit insurance premiums and data processing costs. The company also benefited from the Employee Retention Credit related to the COVID-19 pandemic.

Malaga Financial (MLGF) declares a cash dividend of 25 cents per share, benefiting shareholders of record on March 26, 2024. The dividend payout reflects the company's commitment to rewarding its investors.

Malaga Financial Corporation reported a net income of $22,981,000 for the twelve months ended December 31, 2023, representing an 8% increase from the previous year. The annualized return on average equity was 12.08%, and the annualized return on average assets was 1.52%. The Company experienced a decrease in net income for the quarter ended December 31, 2023, compared to the same period in 2022. However, the overall financial position remains strong, with no delinquent loans over 30 days and a well-capitalized status. Malaga Bank's total assets decreased to $1.475 billion, while the loan portfolio increased to $1.269 billion. The Company declared a quarterly cash dividend of 25 cents per share and a special stock dividend of 5% per share.

Malaga Financial Corporation (MLGF) Declares 5% Special Stock Dividend

Malaga Financial Corporation reports increase in net income for the nine months ended September 30, 2023