PALOS VERDES ESTATES, Calif., Oct. 15, 2024 (GLOBE NEWSWIRE) -- Malaga Financial Corporation "Company" (OTC:MLGF), the parent company of Malaga Bank FSB, today reported that net income for the nine months ended September 30, 2024 was $17,339,000 ($1.93 basic and fully diluted earnings per share) compared to $17,198,000 ($1.92 basic and fully diluted earnings per share, as adjusted for the stock dividend declared on November 9, 2023) for the same period ended September 30, 2023, an increase of $141,000 or 1%. Net income for the quarter ended September 30, 2024, was $5,548,000 ($0.62 basic and fully diluted earnings per share), a decrease of $181,000 or 3% from net income of $5,729,000 ($0.64 basic and fully diluted earnings per share, as adjusted for the stock dividend declared on November 9, 2023) for the quarter ended September 30, 2023. For the first nine months of 2024, the Company's annualized return on average equity was 11.39% and the annualized return on average assets was 1.61%.
Net interest income totaled $11,044,000 in the third quarter of 2024, a decrease of $381,000 or 3% from the same period in 2023. This resulted primarily from a decrease in average interest-earning assets of $142.3 million offset by an increase in the interest rate spread from 2.82% to 2.95%. The increase in the interest rate spread is primarily attributable to an increase of 0.34% in yield on average interest-earning assets offset by an increase of 0.21% in yield on average ...
