Malaga Financial Corporation reported earnings results for the fourth quarter and full year ended December 31, 2014. The company reported that net income for the quarter ended December 31, 2014 was $2,839,000 ($0.48 basic and $0.47 fully diluted earnings per share), an increase of $59,000 or 2% from net income of $2,780,000 ($0.47 basic and fully diluted earnings per share) for the quarter ended December 31, 2013.

The company net income for the twelve months ended December 31, 2014 was $11,211,000 ($1.87 basic and $1.86 fully diluted earnings per share) as compared to $11,494,000 ($1.94 basic and $1.93 fully diluted earnings per share) for the twelve months ended December 31, 2013, a 2% decrease. Earnings for the twelve months ended December 31, 2014 resulted in a pre-tax return on average equity of 19.10%. For 2014, net interest income totaled $29,692,000, an increase of $49,000 or 0.2% from 2013. This increase reflected higher average interest-earning assets of $62 million, offset by decrease of 0.24% in the interest rate spread to 3.22%. The decrease in the interest rate spread is primarily attributable to a decrease in yield on average interest-earning assets of 0.38%, primarily from a decrease in loan portfolio yield.