Malaga Financial first-half net income rises 7.38% to $11.76 million

Malaga Financial reported six-month net income of $11.76 million, up 7.38% year over year. Diluted earnings per share for the period were $1.19.

For the second quarter, net income increased 3% to $5.7 million, while EPS rose to $0.58. Second-quarter net interest income climbed 5.18% to $11.59 million.

Total assets were $1.45 billion at June 30, up 4%, and the loan portfolio rose 3% to $1.24 billion. Management cited year-over-year earnings growth, strong asset quality and tight expense control. The bank said it had no 30-day delinquencies and no foreclosed real estate owned.