Malaga Financial Corp. reported earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported net income of $2,757,000 or $0.46 fully diluted earnings per share, a decrease of $149,000 or 5% from net income of $2,906,000 or $0.50 basic and fully diluted earnings per share a year ago.

For the year, the company reported net income of $11,689,000 or $1.96 fully diluted earnings per share as compared to $11,115,000 or $1.89 fully diluted earnings per share a year ago, a 5% increase. A pre-tax return on average equity of 23.54%. Net interest income totaled $29,503,000, an increase of $873,000 or 3% from 2011. This increase resulted primarily from an increase of 0.10% in the interest rate spread to 3.55%. The increase in the interest rate spread was due to a decline in the weighted average cost of funds of 0.44%, which exceeded the 0.34% decline in the weighted average yield on interest earning assets.