Malaga Financial Corporation Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
The company net income for the twelve months ended December 31, 2014 was $11,211,000 ($1.87 basic and $1.86 fully diluted earnings per share) as compared to $11,494,000 ($1.94 basic and $1.93 fully diluted earnings per share) for the twelve months ended December 31, 2013, a 2% decrease. Earnings for the twelve months ended December 31, 2014 resulted in a pre-tax return on average equity of 19.10%. For 2014, net interest income totaled $29,692,000, an increase of $49,000 or 0.2% from 2013. This increase reflected higher average interest-earning assets of $62 million, offset by decrease of 0.24% in the interest rate spread to 3.22%. The decrease in the interest rate spread is primarily attributable to a decrease in yield on average interest-earning assets of 0.38%, primarily from a decrease in loan portfolio yield.