Published on Friday, February 05, 2010
By Daily Breeze Staff Writer
The parent company of Malaga Bank reported a record profit for last year of $9.5 million, or $1.64 per diluted share.
That was up 34 percent from the 2008 profit of $7.1 million or $1.24 per diluted share. Palos Verdes Estates-based Malaga Financial Corp. is the largest South Bay-based bank by deposits.
Profit rose in 2009 mainly because of a $5.3 million increase in net interest income that came from a $57 million growth in average interest-earning assets. Profit also increased because of a higher interest rate spread in 2009 compared to 2008.
Profit for the fourth quarter, ended Dec. 31, was $2.4 million, or 41 cents per diluted shared, compared to of $1.9 million, or 34 per diluted share, for the fourth quarter of 2008, an increase of 22 percent.
- Muhammed El-Hasan
http://dailybreeze.com/business/ci_14342938
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