Malaga Financial Posts Record Q3 Profit, EPS Climbs 14% to $0.63
MLGF sits 16% above its 52-week low of $19.2 on light trading volume (0.1× avg).
Summary
Malaga Financial reported record third-quarter net income of $6.27M, or $0.63 per share, up 14% from $5.48M ($0.55) a year earlier. Nine-month net income rose 10% to $18.03M ($1.82 per share) from $16.43M ($1.66). The gain was driven by a $1.43M, or 13%, increase in quarterly net interest income to $12.32M as the interest rate spread widened to 3.15% from 2.88%, plus a $307K identity fraud recovery. Asset quality is clean: no delinquent loans and no foreclosed real estate at September 30, with the allowance at 0.31% of total loans. Total assets grew 2% to $1.463B and the bank remains well-capitalized with a 16.85% core capital ratio. For a small OTC-traded community bank, a record quarter with expanding margins and zero problem loans is a solid fundamental update.
At the time of this announcement, MLGF was trading at $22.27 on OTC in the Finance sector, with a market capitalization of approximately $220.4M. The 52-week trading range was $19.20 to $23.45. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.