Malaga Financial Corporation Reports Record Earnings - Seite 2

The Company’s total assets increased by 5% to $1.554 billion at September 30, 2023, compared to $1.477 billion at September 30, 2022. The loan portfolio at September 30, 2023, was $1.283 billion, an increase of $48.3 million or 4% from September 30, 2022. The Company originates loans principally for its own portfolio and not for sale.

The Company funds its assets with a mix of retail deposits, wholesale deposits and FHLB borrowings. Retail deposits totaled $839.2 million as of September 30, 2023, a $25.0 million decrease from $864.2 million at September 30, 2022. Wholesale deposits at September 30, 2023, were $159.6 million and comparable to $160.0 million at September 30, 2022. Wholesale deposits are primarily comprised of State of California certificates of deposit in the amount of $51.0 million and $108.6 million of long-term brokered certificates of deposits. FHLB borrowings increased $80.0 million or 32% from $250.0 million at September 30, 2022, to $330.0 million at September 30, 2023. The increase in longer-term FHLB borrowings is to better manage interest rate risk.

As of September 30, 2023, Malaga Bank was in compliance with all applicable regulatory capital requirements and was deemed “well-capitalized” under applicable regulations. Core capital and risk-based capital ratios were 13.19% and 25.80%, respectively, significantly exceeding the minimum “well-capitalized” requirements of 5% and 10%, respectively.

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 fifteen 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 Bauer’s premier Top 5-Star rating for the 63^rd consecutive quarter as of June 2023. Since 1985 Malaga 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.

Contact:	Randy Bowers
	Chairman of the Board, President and Chief Executive Officer
	Malaga Financial Corporation
	310-375-9000
	[e-mail]