Malaga Financial Corp. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015
Net income for the twelve months ended December 31, 2015 was $11,406,000 ($1.88 basic and $1.87 fully diluted earnings per share) as compared to $11,211,000 ($1.87 basic and $1.86 fully diluted earnings per share) for the twelve months ended December 31, 2014, a 2% increase. Earnings for the twelve months ended December 31, 2015 resulted in a pre-tax return on average equity of 18.20%. For 2015, net interest income totaled $30,336,000, an increase of $644,000 or 2% from 2014. This increase reflected higher average interest-earning assets of $68 million, offset by decrease of 0.16% in the interest rate spread to 3.06%.