Malaga Financial Corporation Reports Record Earnings
PALOS VERDES ESTATES, Calif., Oct. 19, 2022 (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, 2022 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, 2022. The Company’s allowance for loan losses was
Randy C. Bowers, Chairman, President and CEO, commented, “In a difficult operating environment we are pleased to report record earnings for both the quarter and first nine months of 2022. The year has presented challenges that were not anticipated at the start of 2022, however, our business plan has proven to be resilient with the result that earnings continue to improve, asset quality remains excellent, and expenses are well controlled. We expect further challenges going forward but remain cautiously optimistic about the remainder of this year and 2023.”
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, 2022, 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. Malaga Bank has been awarded an A+ financial health rating by DepositAccounts.com. A more detailed breakdown of Malaga Bank’s A+ health score may be found in the health section of its dedicated page at www.depositaccounts.com/banks/malaga-bank-fsb.html#health. For over ten 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 59th consecutive quarter as of June 2022. 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 |