Malaga Financial reports lower earnings on ERC impact, maintains strong credit metrics
Malaga Financial Corp (OTCIQ: MLGF), the parent of Malaga Bank FSB, on Wednesday posted a 7% drop in first-half earnings, citing the prior year’s Employment Retention Credit (ERC) and lower net interest income. Net income fell to $10.95 million, or $1.16 per share, for the six months ended June 30, from $11.79 million, or $1.25…