Malaga Financial Corporation (ID) (MLGF)

$MLGF Malaga Financial Corporation Announces Special Year End 2021 Stock Dividend in Addition to First Quarter 2022 Cash Dividend
Press Release | 10/25/2021
PALOS VERDES ESTATES, Calif., Oct. 25, 2021 (GLOBE NEWSWIRE) -- Malaga Financial Corporation (OTCPink:MLGF). Malaga Financial Corporation announced today that its Board of Directors had declared a special 5% stock dividend on the company’s common stock outstanding, payable on or about December 30, 2021 to shareholders of record at the close of business on December 17, 2021. The dividend will be issued in the form of additional shares of common stock. Cash will be issued in lieu of fractional shares. Additionally, a quarterly cash dividend of 25 cents was declared payable to shareholders of record at the close of business on December 17, 2021 to be paid on or about January 4, 2022. Randy C. Bowers, President and CEO, remarked, “We are pleased to declare a special year-end stock dividend in addition to our 70th consecutive quarterly dividend. This will result in total cash dividends paid in 2021 of $1.00 per share for a 3.92% annual yield based on a closing share price of $25.50 on October 22, 2021 in addition to the special stock dividend. This is the 10th consecutive year that we have declared a special year-end dividend along with the quarterly cash dividend.”

Malaga Bank, a subsidiary of Malaga Financial Corporation, is a full-service community bank headquartered on the Palos Verdes Peninsula with six offices located in the South Bay area of Los Angeles. Malaga Bank has been awarded an A+ financial health rating by DepositAccounts.com. A more detailed breakdown of Malaga Bank’s A+ health score may be found in the health section of its dedicated page at www.depositaccounts.com/banks/malaga-bank-fsb.html#health. For over ten years Malaga Bank has been consistently recommended by one of the nation’s leading independent bank rating and research firms, Bauer Financial Inc. Malaga Bank was awarded Bauer’s premier Top 5-Star rating for the 55th consecutive quarter as of June 2021. Since 1985, Malaga Bank has been delivering competitive banking services to residents and businesses of the South Bay, including real estate loan products custom-tailored to consumers and investors. As the largest community bank in the South Bay, Malaga is proud of its continuing tradition of relationship-based banking and legendary customer service. The Bank’s web site is located at www.malagabank.com.

Contact: Randy Bowers
Chairman of the Board, President and Chief Executive Officer
Malaga Financial Corporation
(310) 375-9000
rbowers@malagabank.com

$MLGF Malaga Financial Corporation Reports 8% Increase in Earnings For the First Nine Months of 2021
Press Release | 10/15/2021
PALOS VERDES ESTATES, Calif., Oct. 15, 2021 (GLOBE NEWSWIRE) -- Malaga Financial Corporation (OTCPink:MLGF), the parent company of Malaga Bank FSB, today reported that net income for the nine months ended September 30, 2021 was $14,639,000 ($1.90 basic and fully diluted earnings per share) compared to $13,592,000 ($1.77 basic and fully diluted earnings per share, as adjusted for the stock dividend declared on November 13, 2020) for the same period ended September 30, 2020, an increase of $1,047,000 or 8%. Net income for the quarter ended September 30, 2021 was $5,017,000 ($0.65 basic and fully diluted earnings per share), an increase of $229,000 or 5% from net income of $4,788,000 ($0.63 basic and fully diluted earnings per share, as adjusted for the stock dividend declared on November 13, 2020) for the quarter ended September 30, 2020. Net income for the quarter ended September 30, 2021 was $5,017,000 ($0.65 basic and fully diluted earnings per share), an increase of $111,000 or 2% from net income of $4,906,000 ($0.64 basic and fully diluted earnings per share) for the quarter ended June 30, 2021. For the first nine months of 2021, the Company’s annualized return on average equity was 12.09% and the annualized return on average assets was 1.43%.

The increase in earnings of $111,000 for the third quarter of 2021 compared to second quarter of 2021 was attributable to a $255,000 increase in net interest income after provision for loan losses, offset by a $56,000 decrease in other operating income, a $39,000 increase in other operating expenses, and a $49,000 increase in income tax expense.

Net interest income totaled $10,051,000 in the third quarter of 2021, an increase of $382,000 or 4% from the same period in 2020. This resulted primarily due to an increase in excess interest-bearing assets over interest-bearing liabilities of $11.6 million, offset by a decrease in the interest rate spread from 2.94% to 2.84%. The decrease in the interest rate spread is primarily attributable to a decrease of 0.25% in yield on average interest-earning assets offset by a decrease of 0.15% in yield on average interest-bearing liabilities.

Other operating income increased 15% in the third quarter of 2021 to $206,000 from $179,000 in the third quarter of 2020. Income increased primarily due to deposit related fees.

Operating expenses increased slightly in the third quarter of 2021 to $3,070,000 from $3,064,000 in the third quarter of 2020.

The Company had no delinquent loans or loans with deferred payments and no foreclosed real estate owned at September 30, 2021. The Company’s allowance for loan losses was $3,775,000, or 0.30% of total loans, at September 30, 2021.

Randy C. Bowers, Chairman, President and CEO, commented, “We are pleased to report record earnings for both the quarter and first nine months of 2021. As a result of the continued execution of our business plan, earnings are improving, asset quality remains excellent and expenses are well controlled. Trends are positive and we are optimistic about the remainder of this year and 2022.”

The Company’s total assets increased by 11% to $1.429 billion at September 30, 2021 compared to $1.283 billion at September 30, 2020. The loan portfolio at September 30, 2021 was $1.246 billion, an increase of $58.9 million or 5% from September 30, 2020. The Company originates loans principally for its own portfolio and not for sale.

The Company funds its assets with a mix of retail deposits, wholesale deposits and FHLB borrowings. Retail deposits totaled $806.1 million as of September 30, 2021, a $107.0 million increase from $699.1 million at September 30, 2020. Wholesale deposits increased $51.2 million or 46% from $110.6 million at September 30, 2020 to $161.8 million at September 30, 2021. Wholesale deposits are primarily comprised of State of California certificates of deposit in the amount of $60.0 million and $88.0 million of long-term brokered certificates of deposits. FHLB borrowings decreased $25.0 million or 8% from $295.0 million at September 30, 2020 to $270.0 million at September 30, 2021.

As of September 30, 2021, Malaga Bank was in compliance with all applicable regulatory capital requirements and was deemed “well-capitalized” under applicable regulations. Core capital and risk-based capital ratios were 12.43% and 22.01%, respectively, significantly exceeding the minimum “well-capitalized” requirements of 5% and 10%, respectively.

Malaga Bank, a subsidiary of Malaga Financial Corporation, is a full-service community bank headquartered on the Palos Verdes Peninsula with six offices located in the South Bay area of Los Angeles. Malaga Bank has been awarded an A+ financial health rating by DepositAccounts.com. A more detailed breakdown of Malaga Bank’s A+ health score may be found in the health section of its dedicated page at www.depositaccounts.com/banks/malaga-bank-fsb.html#health. For over ten years Malaga Bank has been consistently recommended by one of the nation’s leading independent bank rating and research firms, Bauer Financial Inc. Malaga Bank was awarded Bauer’s premier Top 5-Star rating for the 55th consecutive quarter as of June 2021. Since 1985 Malaga has been delivering competitive banking services to residents and businesses of the South Bay, including real estate loan products custom-tailored to consumers and investors. As the largest community bank in the South Bay, Malaga is proud of its continuing tradition of relationship-based banking and legendary customer service. The Bank’s web site is located at www.malagabank.com.

Contact:
Randy Bowers
Chairman of the Board, President and Chief Executive Officer
Malaga Financial Corporation
310-375-9000
rbowers@malagabank.com

Malaga Bank Ranked Thrift in the United States

Business Wire - Jun 23 at 20:24

Company Symbols: NASDAQ-OTCBB:MLGF


PALOS VERDES ESTATES, Calif.--(BUSINESS WIRE)-- Malaga Financial Corporation (OTCBB:MLGF), the parent company of Malaga Bank FSB, today announced that it has been ranked the top-performing thrift in the United States for the most recent 12 month period ending March 31, 2010. SNL Financial ranked the 100 largest publicly traded thrifts according to six performance metrics, weighted the rankings and gave each institution a final composite score. The higher the score, the better the final ranking with Malaga coming out # 1 in the nation. For example, according to the six metrics--total assets; core return on average assets (ROAA); core return on average equity (ROAE); three-year compound annual growth rate in tangible book value per share; efficiency ratio; nonperforming assets and net charge-offs--Malaga received a score of 95.80 which surpassed the ranking--coming in at 90.70--by over 5 points! In fact, Malaga ranked in the top five in five of the six metrics, with the highest core ROAA and the second highest ROAE. During the ranking period Malaga also grew deposits (by 28% compared to a median of only 8%) and loans (by 3% compared to a median LOSS of 2% for the group) as well as having a return of over 75% on our common stock!

"We are extremely pleased with this recognition which can be attributed to the long term support and guidance of our Board of Directors, along with the continued loyalty and hard work of all of our employees. Our continued success and ranking are a result of the disciplined execution of our business plan with its focus on customer service and conservative, prudent business practices," commented Randy Bowers, President and CEO.

Malaga Bank, a subsidiary of MFC, is a full-service community bank headquartered on the Palos Verdes Peninsula with branch offices located on the Peninsula, in Torrance and San Pedro. For over 25 years, Malaga Bank has been delivering competitive banking services to residents and businesses of the South Bay, including real estate loan products custom-tailored to consumers and investors. As the largest community bank in the South Bay, Malaga is proud of its continuing tradition of relationship-based banking and legendary customer service. The Bank's web site is located at www.malagabank.com.




Source: Malaga Financial Corporation

Malaga Financial Corporation Reports 51% Increase in Earnings in First Quarter
Apr 29, 2009 8:13:00 PM
Copyright Business Wire 2009


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View Additional ProfilesPALOS VERDES ESTATES, Calif.--(BUSINESS WIRE)-- Malaga Financial Corporation (OTCBB:MLGF), the parent company of Malaga Bank FSB, today reported that net income for the quarter ended March 31, 2009 was $2,411,000 ($0.42 per share basic and fully diluted), an increase of $819,000 or 51% from net income of $1,592,000 ($0.28 per share basic and fully diluted) for the quarter ended March 31, 2008, another record quarter. This resulted in return on average equity of 17.32% for the quarter ended March 31, 2009, versus 12.87% for the same period last year. Net income increased due to continued growth in interest earning assets, improvement in the interest rate spread and excellent credit quality.

The Company did not have any delinquent loans or non-performing assets at March 31, 2009. Net loan charge-offs during the quarter were minimal. The Company's allowance for loan losses was $ 2,691,000 or 0.36% of total loans, at March 31, 2009.

Net interest income totaled $6,482,000 in the first quarter of 2009, up $1,615,000 or 33% from the first quarter of 2008. This increase resulted from a $59 million or 8.5% increase in average interest earning assets to $754 million and a 0.69% increase in the interest rate spread to 3.23%. The improvement in the interest rate spread was due to a 1.44% decline in the weighted average cost of funds, while the weighted average yield on interest earning assets declined only 0.75%. Malaga's liabilities reprice more frequently than its interest earning assets, and thus Malaga will generally see an improvement in its interest rate spread during periods of declining market rates.

Operating expenses increased 17% in the first quarter of 2009, to $2,524,000 from $2,152,000 in the first quarter of 2008. Increased costs resulted primarily from $177,000 in FDIC insurance premiums and $130,000 in salary and related benefits due to branch expansion.

Randy C. Bowers, President and CEO, remarked, "We are pleased to report record quarterly earnings in spite of the continued challenging times for the banking industry and the general economy."

Malaga's total assets reached $780 million at March 31, 2009 compared to $728 million at March 31, 2008. The loan portfolio at March 31, 2009 was $745 million, an increase of $58 million or 8% from March 31, 2008. Malaga originates loans principally for its own portfolio and not for sale.

Malaga funds its assets with a mix of retail deposits, wholesale deposits and FHLB borrowings. Retail deposits totaled $327 million as of March 31, 2009, a 5% increase from $311 million at March 31, 2008. Wholesale deposits and FHLB borrowings totaled $377 million at March 31, 2009 versus $347 million at March 31, 2008, a 9% increase. The weighted average cost of funds for the first three months of 2009 was 2.62% versus 4.05% for the first three months of 2008.

As of March 31, 2009, Malaga Bank was in compliance with all applicable regulatory capital requirements and was deemed "well-capitalized" under applicable regulations. Core capital and risk-based capital ratios were 8.64% and 13.72%, respectively, at March 31, 2009 significantly exceeding the minimum "well capitalized" requirements of 5% and 10% respectively. In the first quarter, Malaga Financial paid a quarterly dividend for the 18th consecutive quarter.

Mr. Bowers concluded, "In this volatile environment our strategy continues to be moderate internal growth combined with prudent loan underwriting and diligent cost control. We are in our 25th year of providing our customers, shareholders and the community a strong and safe place to bank. Malaga Bank continues as a five-star rated bank, the highest rating available from Bauer Financial. We are proud of our strength and exceptional team of bankers and our leadership in the communities we serve. We appreciate the support provided by our customers and board of directors and the continued hard work by our staff."

Malaga Bank, a subsidiary of MFC, is a full-service community bank headquartered on the Palos Verdes Peninsula with branch offices located on the Peninsula, in Torrance and San Pedro. In its 25th year, Malaga Bank has been delivering competitive banking services to residents and businesses of the South Bay, including real estate loan products custom-tailored to consumers and investors. As the largest community bank in the South Bay, Malaga is proud of its continuing tradition of relationship-based banking and legendary customer service. The Bank's web site is located at www.malagabank.com.



Source: Malaga Financial Corporation


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Malaga Financial Corporation
Randy Bowers
President and Chief Executive Officer
310-375-9000
rbowers@malagabank.com