Malaga Financial Corporation reported earnings results for the first quarter ended March 31, 2015. The company reported net income for the first quarter ended March 31, 2015 was $2,749,000 or $0.45 per share basic and fully diluted, an increase of $16,000 or 1% from net income of $2,733,000 or $0.46 per share basic and $0.45 fully diluted for the quarter ended March 31, 2014. Net income in the first quarter resulted in a pre-tax return on average equity of 18%.

Net interest income totaled $7,424,000 in the first quarter of 2015, an increase of $51,000 or 1% from the first quarter of 2014. This increase resulted from an increase in average interest earning assets of $62,279,000, offset by a decrease in the interest spread from 3.30% to 3.10%. The decrease in the interest spread was due to a 0.22% decline in the weighted average yield on interest earning assets, while the weighted average rate on interest-bearing liabilities declined only 0.02%.