Malaga Finance - MLGF STOCK NEWS

Malaga Financial Corporation (OTCPink: MLGF) reported a net income of $5,875,000 ($0.69 per share) for Q1 2023, up 23% from $4,795,000 ($0.56 per share) in Q1 2022. The company's annualized return on average equity rose to 12.70% from 11.20%, while the return on average assets increased to 1.57% from 1.29%. Net interest income for the quarter reached $11,773,000, a 19% increase year-over-year, attributed to a higher interest rate spread of 3.05%.

The total assets slightly increased to $1.499 billion, and the loan portfolio rose by 5% to $1.288 billion. While retail deposits decreased by $85 million to $776 million, the company remained compliant with all regulatory capital requirements.

Malaga Financial Corporation (OTCPink: MLGF) has declared a cash dividend of 25 cents per share for shareholders of record on March 24, 2023. The payment is scheduled for on or about April 3, 2023, representing an annualized yield of 4.34% based on the recent closing price of $23.05. Chairman, President, and CEO Randy C. Bowers attributed this dividend declaration to strong operating results, expressing gratitude to employees and shareholders. Additionally, Malaga Bank, a subsidiary, has achieved an A+ financial health rating from DepositAccounts.com and continues to hold Bauer Financial's Top 5-Star rating for 61 consecutive quarters.

Malaga Financial Corporation (OTCPink: MLGF) reported a 9% increase in net income for 2022, totaling $21.35 million ($2.50 EPS), up from $19.60 million ($2.30 EPS) in 2021. The fourth quarter profit was $5.97 million ($0.70 EPS), a 20% increase from the previous year. Net interest income rose 8% to $42.85 million, aided by a rise in average interest-earning assets and a slight increase in interest rate spread to 2.85%. The bank maintained excellent credit quality, with no delinquent loans and solid capital ratios, reporting a core capital ratio of 12.94%.

Operating expenses increased by 7% to $13.38 million. The company remains optimistic about 2023 and has declared a quarterly cash dividend.

Malaga Financial Corporation (OTCPink:MLGF) has declared a special 5% stock dividend, payable on or about December 30, 2022, to shareholders of record by December 16, 2022. In addition, a quarterly cash dividend of 25 cents will be paid on or about January 4, 2023. This marks the 11th consecutive year of special dividends along with the regular cash dividend, totaling $1.00 per share for a 4.29% annual yield. Malaga Bank, a subsidiary, has received an A+ financial rating by DepositAccounts.com.