The week started off with a number of companies coming into focus for a variety of reasons, and one of those was the Malaga Bank FSB parent company, Malaga Financial Corporation (OTC:MLGF). On April 15, it announced its financial results for the first fiscal quarter ended March 31, 2024, and it may be a good move to take a closer look into it this morning.
The company announced that in the quarter it generated net income to the tune of $6,012,000, which worked out to income of $0.67 per basic and diluted share. That worked out to a rise of 2% from the net income of $5,875,000 that had been generated in the prior-year period. In that quarter, Malaga Financial Corporation generated a 12.06% annualized return on equity, while the annualized return on average assets stood at 1.64%. In the corresponding period in 2023, the annualized return on equity was 12.70%, and the annualized return on average assets stood at 1.57%.
Malaga Financial Corporation did not have any foreclosed real estate or delinquent loans in its books in the first quarter, and the allowances for credit losses stood at $388,1000, or 0.31% of all loans, as of March 31, 2024. The net interest income earned by the company came in at $11,173,000, but that reflected a drop of $600,000, or 5%, from the net interest income in the first quarter of 2023. The operating expenses for the first quarter went up by 2% to reach $3,540,000. In the prior-year period, the operating expenses had been $3,487,000.
The President and Chief Executive Officer of the company, Randy C. Bowers, spoke about the development as well. He noted that although the business environment had been difficult, Malaga Financial Corporation had managed to report strong net income for the quarter. It could be a good idea to keep an eye on the stock today.
