Malaga Financial Corporation Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015
October 20, 2015 at 04:02 am IST
Malaga Financial Corporation reported earnings results for the third quarter and nine months ended September 30, 2015. The company reported net income for the quarter ended September 30, 2015 was $2,829,000 ($0.47 basic and $0.46 fully diluted earnings per share), a decrease of $78,000 from income of $2,907,000 for the quarter ended June 30, 2015 and an increase of $1,000 from net income of $2,828,000 ($0.47 per share basic and fully diluted) for the quarter ended September 30, 2014. Net interest income totaled $7,513,000 in the third quarter of 2015, an increase of $68,000 or 1% from the third quarter of 2014. This increase resulted from an increase in average interest earning assets of $69 million offset by a decrease in the interest spread from 3.20% to 2.99%.
Net income for the nine months ended September 30, 2015 was $8,485,000 ($1.40 basic and $1.39 fully diluted earnings per share) as compared to $8,372,000 ($1.39
basic and fully diluted earnings per share) for the nine months ended September 30, 2014, a 1% increase. Net income for the first nine months of 2015 resulted in an annualized pre-tax return on average equity of 18.17%.