MALAGA FINANCIAL CORP - 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.

Malaga Financial Corporation (OTCPink:MLGF) reported a net income of $15.38 million for the nine months ending September 30, 2022, reflecting a 5% increase year-over-year. For Q3 2022, the net income was $5.61 million, up 12% from the previous year. Net interest income rose by 11% to $11.12 million, driven by increased interest-earning assets and a wider interest rate spread. The company maintained strong asset quality with no delinquent loans, and total assets grew 3% to $1.477 billion.

Malaga Financial Corporation (OTCPink:MLGF) has declared a cash dividend of 25 cents per share for shareholders of record on September 23, 2022, to be paid on or about October 3, 2022. This quarterly dividend translates to an annualized yield of 4.26% based on the recent closing price of $23.47. CEO Randy Bowers stated that solid earnings and strong capital position enable the company to reward shareholders effectively. Malaga Bank, a subsidiary, is ranked among the Top 200 Healthiest Banks in the U.S.

Malaga Financial Corporation (OTCPink:MLGF) reported net income of $9,774,000 for the first six months of 2022, marking a 2% increase from $9,622,000 in the same period of 2021.

For Q2 2022, net income reached $4,979,000, a 1% increase year-over-year. The annualized return on average equity was 11.34% and return on average assets was 1.31%.

Net interest income increased by 3% to $10,120,000, driven by growth in interest-bearing assets. Retail deposits rose by $107.8 million to total $888.4 million.