Malaga Financial Corporation Reports Record Earnings Year-to-Date 2020 19% Increase
PALOS VERDES ESTATES, Calif., Jan. 26, 2021 (GLOBE NEWSWIRE) —
Malaga Financial Corporation, “Company” (OTCPink:MLGF), the parent company of Malaga Bank FSB, today reported that net income for the twelve months ended December 31, 2020 was $18,335,000 ($2.38 basic and fully diluted earnings per share) compared to $15,387,000 ($2.01 basic and $2.00 fully diluted earnings per share, as adjusted for the stock dividend declared on November 13, 2020) for the twelve months ended December 31, 2019, a 19% increase. Net income for the quarter ended December 31, 2020 was $4,743,000 ($0.62 basic and fully diluted earnings per share), an increase of $456,000 or 11% from net income of $4,287,000 for the quarter ended December 31, 2019 ($0.56 basic and fully diluted earnings per share, as adjusted for the stock dividend declared on November 13, 2020). For the twelve months ended December 31, 2020, the Company’s annualized return on average equity was 12.15% and the annualized return on average assets was 1.43%, as compared to 10.94% and 1.33%, respectively, for the same period in 2019.