Malaga Financial Corporation Reports Record Earnings Fourth Quarter and Year-to-Date 2019 - Seite 2

Malaga Bank’s total assets increased to $1.248 billion at December 31, 2019 compared to $1.088 billion at December 31, 2018. The loan portfolio at December 31, 2019 was $1.143 billion, an increase of $149 million or 15% from December 31, 2018. Malaga originates loans principally for its own portfolio and not for sale.

Malaga Bank funds its assets with a mix of retail deposits, wholesale deposits and FHLB borrowings. Retail deposits totaled $668 million as of December 31, 2019, an $7 million increase from $661 million at December 31, 2018. Wholesale deposits, comprised mainly of State of California certificates of deposit, totaled $135 million as of December 31, 2019 an increase of $38 million or 39% from December 31, 2018. FHLB borrowings were $275 million as of December 31, 2019, a $100 million increase from $175 million at December 31, 2018. The increase in wholesale deposits and FHLB borrowings was used to fund the increase in loans.

As of December 31, 2019, Malaga Bank was in compliance with all applicable regulatory capital requirements and was deemed “well-capitalized” under those regulations. Core capital and risk-based capital ratios were 12.70% and 22.88%, respectively, at December 31, 2019 significantly exceeding the minimum “well-capitalized” requirements of 5% and 10%, respectively.

In the fourth quarter, the Company declared a quarterly cash dividend of 25 cents per share payable in January 2020, and a special stock dividend of 5% per share payable on December 27, 2019, to shareholders of record as of December 13, 2019.

Mr. Bowers concluded, “We appreciate the support and loyalty of our employees, shareholders and Board of Directors and look forward to continuing to serve as the local community bank of choice in the South Bay region.”

Malaga Bank, a subsidiary of Malaga Financial Corporation, is a full-service community bank headquartered on the Palos Verdes Peninsula with six offices located in the South Bay area of Los Angeles. For over ten years Malaga Bank has been consistently recommended by one of the nation’s leading independent bank rating and research firms, Bauer Financial Inc. Malaga Bank was awarded their premier Top 5-Star rating for the 48^th consecutive quarter as of September 2019. Since 1985, Malaga Bank has been delivering competitive banking services to residents and businesses of the South Bay, including real estate loan products custom-tailored to consumers and investors. As the largest community bank in the South Bay, Malaga is proud of its continuing tradition of relationship-based banking and legendary customer service. The Bank’s web site is located at www.malagabank.com.