Malaga Financial Corporation reported earnings results for first quarter ended March 31, 2016. For the quarter, the company reported net income of $2,859,000 or $0.47 basic and fully diluted earnings per share, an increase of $110,000 or 4% from net income of $2,749,000 or $0.45 basic and fully diluted earnings per share for the quarter ended March 31, 2015. Earnings resulted in a pre-tax return on average equity of 17.53%.

Net interest income totaled $7,640,000, an increase of $216,000 or 3% from the first quarter of 2015. This increase resulted from higher average interest-earning assets of $46 million, offset by a decrease in the interest rate spread from 3.10% to 3.04%. The decrease in the interest rate spread is primarily attributable to a decrease in yield on average interest-earning assets of 0.16%, partially offset by a decrease of 0.10% in the average cost of funds.