Malaga Financial Corporation Reports Annual Earnings for 2024

PALOS VERDES ESTATES, Calif., Jan. 22, 2025 (GLOBE NEWSWIRE) -- Malaga Financial Corporation, “Company” (OTCPink:MLGF), the parent company of Malaga Bank FSB, today reported that net income for the twelve months ended December 31, 2024 was $22,651,000 ($2.40 basic and fully diluted earnings per share) compared to $22,981,000 ($2.44 basic and fully diluted earnings per share, as adjusted for the stock dividend declared on November 14, 2024) for the twelve months ended December 31, 2023, a 1% decrease. Net income for the quarter ended December 31, 2024, was $5,312,000 ($0.56 basic and fully diluted earnings per share), a decrease of $471,000 or 8% from net income of $5,783,000 for the quarter ended December 31, 2023 ($0.61 basic and fully diluted earnings per share, as adjusted for the stock dividend declared on November 14, 2024). For the twelve months ended December 31, 2024, the Company’s annualized return on average equity was 11.08% and the annualized return on average assets was 1.58%, as compared to 12.08% and 1.52%, respectively, for the same period in 2023.