Welcome to our dedicated page for Malaga Finance news (Ticker: MLGF), a resource for investors and traders seeking the latest updates and insights on Malaga Finance stock.
Malaga Financial Corp (MLGF) maintains its position as a trusted community banking institution through consistent financial performance and local engagement. This dedicated news hub provides investors and community members with essential updates directly impacting the company's operations and service offerings.
Access timely information about MLGF's financial disclosures, leadership developments, and community banking initiatives. Our curated collection features official announcements regarding quarterly earnings, loan portfolio updates, and community reinvestment programs that demonstrate the bank's dual focus on fiscal responsibility and local impact.
Regular updates include details about MLGF's mortgage rate adjustments, commercial lending expansions, and participation in Southern California economic development projects. These materials serve stakeholders needing to assess the bank's stability and community commitment.
Bookmark this page for streamlined access to verified MLGF developments. Combine financial data tracking with insights into how this institution continues supporting personal and business banking needs across its service areas.
Malaga Financial (OTCPink: MLGF) reported a net income of $11.791 million for the first six months of 2024, marking a 3% increase from the same period in 2023. The company's earnings per share (EPS) rose to $1.31 from $1.28. For Q2 2024, net income was $5.779 million, up by $185,000 or 3% compared to Q2 2023. The annualized return on average equity was 11.73%, and the return on average assets was 1.62% for the first half of 2024. Notably, net interest income slightly increased despite a decline in average interest-earning assets. Operating expenses dropped by 2% due to reduced deposit insurance premiums and general administrative costs. Total assets decreased by 8% to $1.425 billion, and the loan portfolio declined by 5% to $1.236 billion. Retail deposits fell by $90.2 million, while wholesale deposits grew by $15 million. FHLB borrowings decreased by $55 million. The company remains well-capitalized, with core and risk-based capital ratios significantly above regulatory requirements.
Malaga Financial (OTCPink:MLGF) declared its 80th consecutive quarterly cash dividend of 25 cents per share. Shareholders of record on June 21, 2024, will receive the dividend on or around July 2, 2024. This dividend represents a 4.43% annualized yield, based on the closing share price of $22.56. Randy C. Bowers, Chairman, President, and CEO, highlighted the company's commitment to shareholders and acknowledged the efforts of its employees. Malaga Bank, its subsidiary, has received Bauer Financial's Top 5-Star rating for 66 consecutive quarters and offers full-service community banking in the South Bay area of Los Angeles.
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