Malaga Bank Reports Strong Second Quarter Earnings

PALOS VERDES ESTATES, CA — Malaga Financial Corporation, the parent company of Malaga Bank FSB, on Thursday reported a net income of $2.798 million for the quarter that ended June 30. That's down from $2.907 million earned at the same time last year.

So far this year, Malaga earnings are $5.657 million, up from $5.656 last year. Malaga did not report any delinquent loans or real estate owned for the second quarter.

“The 1st half of 2016 has presented a very difficult operating environment for the banking industry," Malaga president and CEO Randy C. Bowers said. "Interest rates continue at historically low levels, regulatory requirements are increasing and competition is intense. In spite of these challenges we are pleased to report earnings remain strong and stable with excellent asset quality and increasing levels of capital. We are grateful to our colleagues for their contributions in achieving these results.”

Malaga’s total assets increased to $994 million at June 30, 2016, compared to $990 million at June 30, 2015. The loan portfolio at June 30, 2016, was $888 million.

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