Malaga Financial Corporation reported earnings results for the first quarter ended March 31, 2017. For the quarter, the company reported net income of $3,052,000 or $0.49 basic and fully diluted earnings per share, an increase of $193,000 or 7% from net income of $2,859,000 or $0.47 basic and fully diluted earnings per share for the quarter ended March 31, 2016. Earnings resulted in a pre-tax return on average equity of 16.77%. Net interest income totaled $7,791,000, an increase of $151,000 or 2% from the first quarter of 2016. This resulted from an increase in the interest rate spread from 3.04% to 3.15% offset by a decrease in average interest-earning assets of $12 million. The increase in the interest rate spread is primarily attributable to a decrease of 0.16% in average cost of funds offset by a decrease of 0.05% in yield on average interest-earning assets.