Malaga Financial Corporation Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2018
July 19, 2018 at 02:20 pm EDT
Malaga Financial Corporation reported earnings results for the second quarter and six months ended June 30, 2018. The company reported net income for the quarter ended June 30, 2018 was $3,745,000 or $0.57 basic and fully diluted earnings per share, an increase of $627,000 or 20% from income of $3,118,000 for the quarter ended June 30, 2017. Net interest income totaled $8,099,000 in the second quarter of 2018, an increase of $93,000 or 1% from the second quarter of 2017. This resulted from an increase in average interest-earning assets of $38 million offset by a decrease in interest rate spread from 3.18% to 3.06%. This decrease in the interest spread is primarily attributed to an increase of 0.17% in yield on average interest-earning assets offset by an increase of 0.29% in yield on average interest-bearing liabilities.
Net income for the six months ended June 30, 2018 was $7,594,000 or $1.16 basic and $1.15 fully diluted earnings per share compared to $6,170,000 or $0.95 basic and $0.94 fully diluted earnings per share, as adjusted for the stock dividend declared on November 16, 2017 for the six months ended June 30, 2017, a 23% increase. For the first six months 2018, the company’s annualized return on average equity was 11.78% and the annualized return on average assets was 1.45%, as compared to 10.32% and 1.24%, respectively, for the same period in 2017.