Malaga Financial Corporation Reports Record Earnings
- Net income for the nine months ended September 30, 2023 was $17,198,000, an increase of 12% compared to the same period in 2022.
- Net interest income increased by 3% in the third quarter of 2023.
- Total assets increased by 5% to $1.554 billion at September 30, 2023, compared to the previous year.
- None.
PALOS VERDES ESTATES, Calif., Oct. 13, 2023 (GLOBE NEWSWIRE) -- Malaga Financial Corporation “Company” (OTCPink:MLGF), the parent company of Malaga Bank FSB, today reported that net income for the nine months ended September 30, 2023 was
Net interest income totaled
Other operating income increased
Operating expenses increased
The Company had no delinquent loans or loans with deferred payments and no foreclosed real estate owned at September 30, 2023. The Company’s allowance for loan losses was
Randy C. Bowers, Chairman, President and CEO, commented, “As we continue to experience a very challenging operating environment, we are pleased to report an increase in earnings for the first nine months of 2023 over the prior year. While earnings continue to improve, asset quality remains excellent, capital levels are strong, and expenses are well controlled. We anticipate the remainder of 2023 and 2024 will be difficult, however are optimistic regarding our ability to continue to achieve favorable results.”
The Company’s total assets increased by
The Company funds its assets with a mix of retail deposits, wholesale deposits and FHLB borrowings. Retail deposits totaled
As of September 30, 2023, 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
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. For over fifteen years Malaga Bank has been consistently recommended by one of the nation’s leading independent bank rating and research firms, Bauer Financial Inc. Malaga Bank was awarded Bauer’s premier Top 5-Star rating for the 63rd consecutive quarter as of June 2023. 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.
Contact: | Randy Bowers |
Chairman of the Board, President and Chief Executive Officer | |
Malaga Financial Corporation | |
310-375-9000 | |
rbowers@malagabank.com |
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