Malaga Financial Corp., parent company of Malaga Bank FSB, today reported its financial results for the third quarter and nine months ended September 30, 2010.
Net income for the third quarter of 2010 was $2.70 million, or $0.47 basic and $0.46 fully diluted earnings per share, up 8 percent from net income of $2.50 million, or $0.44 basic and $0.43 fully diluted earnings per share, for the comparable quarter of 2009. Net income for the nine months ended September 30, 2010, increased 9 percent to $7.78 million, or $1.34 basic and $1.32 fully diluted earnings per share, as compared to $7.13 million, or $1.24 basic and $1.23 fully diluted earnings per share, for the nine months ended September 30, 2009.
Malaga attributes the increase in net income primarily to growth in interest earning assets and improvement in the interest rate spread. The company said its earnings for the third quarter and first nine months were the highest in the bank’s history.
“We are pleased to announce record earnings for the third quarter and nine months ended September 30, 2010. With no foreclosures, asset quality remains exceptional while expenses continue to be well controlled. We thank our employees for their contributions and our customers for their business and continued loyalty,” Randy C. Bowers, president and CEO, stated in the press release.
Third-quarter net interest income for 2010 totaled $6.98 million, up 5 percent from the third quarter of 2009, due to a 4-percent increase in average interest earning assets to $805 million, and a 0.05 percent increase in the interest rate spread to 3.35 percent.
Operating expenses for the third quarter increased 2 percent to $2.56 million compared to $2.50 million in the third quarter of 2009. The bank’s efficiency ratio (operating expenses to net interest margin plus other operating income) was 37 percent for the nine months ended September 30, 2010, as compared to 39 percent for the comparable nine months of 2009.
Malaga reported total assets of $821 million at September 30, 2010, compared to $796 million at September 30, 2009. The loan portfolio at September 30, 2010, was $763 million, up $3 million from September 30, 2009.
For more information visit www.malagabank.com
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