Malaga Financial Corporation Reports Earnings Results for Third Quarter and Nine Months Ended September 30, 2016
October 11, 2016 at 07:06 pm EDT
Malaga Financial Corporation reported earnings results for third quarter and nine months ended September 30, 2016. The company reported that net income for the quarter ended September 30, 2016 was $2,812,000 or $0.46 basic and fully diluted earnings per share, a decrease of $17,000 from income of $2,829,000 for the quarter ended September 30, 2015. Net interest income totaled $7,524,000 in the third quarter of 2016, an increase of $11,000 from the third quarter of 2015. This increase resulted mainly from an increase in average interest earning assets of $11.5 million partially offset by a decrease in the interest spread from 2.99% to 2.97%.
Net income for the nine months ended September 30, 2016 was $8,469,000 or $1.39 basic and $1.38 fully diluted earnings per share as compared to $8,485,000 or $1.40 basic and $1.39 fully diluted earnings per share for the nine months ended September 30, 2015. Net income for the first nine months of 2016 resulted in an annualized pre-tax return on average equity of 17.09%.