Broadway Financial Corporation (“Broadway” or the “Company”)
(NASDAQ: BYFC), parent company of City First Bank, National
Association (the “Bank”, and collectively, with the Company, “we”
or “City First Broadway”), reported consolidated net earnings of
$269 thousand, or $0.03 per diluted share, for the second quarter
of 2024, compared to consolidated net earnings of $243 thousand, or
$0.03 per diluted share (adjusted for the 1-for-8 reverse stock
split effective November 1, 2023), for the second quarter of
2023.
During the second quarter of 2024, net interest income increased
by $650 thousand, or 8.9%, to $7.9 million, compared to the second
quarter of 2023. The increase resulted from higher interest income
of $3.8 million, primarily due to an increase in interest on loans,
partially offset by higher interest expense of $3.2 million, which
was primarily due to an increase in the cost of borrowings and
deposits. During the second quarter of 2024, non-interest expense
increased $859 thousand, or 13.4%, compared to the first quarter of
2024, mainly due to an increase of $735 thousand in compensation
and benefits expense.
For the first six months of 2024, the Company reported
consolidated net earnings of $105 thousand, or $0.01 per diluted
share, compared to consolidated net earnings of $1.8 million, or
$0.20 per diluted share (adjusted for the 1-for-8 reverse stock
split effective November 1, 2023), for the first six months of
2023. The decrease primarily resulted from an increase in
non-interest expense of $2.4 million during the first six months of
2024, compared to the first six months of 2023, primarily due to
increases in compensation and benefits expense of $1.4 million and
professional services expense of $861 thousand. Additionally, net
interest income declined by $100 thousand as interest expense
increased by $7.7 million, more than offsetting an increase of $7.6
million in interest income. These decreases were partially offset
by a decrease in tax expense of $678 thousand during the first six
months of 2024, compared to the first six months of 2023.
Second Quarter 2024 Highlights:
- During the second quarter of 2024, total interest income
increased by $3.8 million, or 33.1%, compared to the second quarter
of 2023.
- The yield on average interest-earning assets increased by 67
basis points to 4.71% for the second quarter of 2024, compared to
4.04% for the second quarter of 2023.
- Total gross loans receivable increased by $59.0 million, or
6.6%, to $946.8 million at June 30, 2024, compared to $887.8
million at December 31, 2023.
- Total deposits increased by $4.7 million during the first six
months of 2024 to $687.4 million, compared to $682.6 million at
December 31, 2023.
Chief Executive Officer, Brian Argrett commented, “During the
second quarter we were able to return to profitability, based upon
robust growth of over 33% in our total interest income and over 14%
in net interest income after provision for credit losses, as
compared to the second quarter of 2023. The growth in our top line
results continued our record of increasing total interest income,
which has increased in each of the thirteen quarters since the
merger of Broadway and CFBanc Corporation. The increase in interest
income reflects an increase of approximately 60% in our loan
portfolio since the merger, and almost 46% since receipt of the
equity investment under the U.S. Treasury’s Emergency Capital
Investment Program in June 2022. In addition, the growth in
interest income reflects improving yields on our interest-earning
assets, which have increased by 160 basis points, or almost 52%,
since the end of March 2022 when the Federal Open Market Committee
of the Federal Reserve began implementing interest rate hikes to
curb inflation. I am pleased to report again that we have been able
to achieve these increases while maintaining the quality of the
Bank’s loan portfolio, as our delinquencies remain modest.”
“Despite these improvements, our bottom-line performance has
continued to suffer from the compression in our net interest
margin, which reflects the sharp increase in the Bank’s cost of
funds resulting from the rate hikes implemented by the Federal
Reserve. We are continuing our efforts to reduce our cost of funds
and were able to increase our average balance of
non-interest-bearing liabilities by $26 million during the second
quarter, complementing the reduction in higher cost borrowings
during the first quarter of the year.”
“In addition, our performance during the second quarter was
impacted by the remediation steps that have been undertaken to
address identified weaknesses in our controls over financial
disclosures. The results for the second quarter were impacted by
the investments in people that we made over the past fifteen months
to enhance our operational capabilities to professionally manage
our business, improve our efficiency, and promote our continued
growth. We are excited to welcome the new members of our team,
including the senior executives who joined the Company during the
second quarter.”
“We remain focused on serving low-to-moderate income communities
within our target markets and are confident in our ability to
execute our plans in pursuit of our mission because of the
investments in our team and the Company’s strong base of equity
capital, which represented over 20.6% of Broadway’s total assets at
June 30, 2024.”
“Finally, I wish to thank our team members for their tremendous
dedication to our mission and operating performance, and our
stockholders and depositors for their continued support of our
broader strategy and growth. Your efforts and financial support are
fundamental to our ability to expand the service and support that
City First Broadway provides to our communities, customers, and
broader stakeholders.”
Net Interest Income
Second Quarter of 2024 Compared to Second Quarter of
2023
Net interest income before provision for credit losses for the
second quarter of 2024 totaled $7.9 million, representing an
increase of $650 thousand, or 8.9%, from net interest income before
provision for credit losses of $7.3 million for the second quarter
of 2023. The increase resulted from higher interest income,
primarily due to an increase in interest on loans, partially offset
by an increase in interest expense, due to increases in the cost of
borrowings and deposits. The increase in interest income was
primarily due to growth of $145.5 million in average loans
receivable during the second quarter of 2024, compared to the
second quarter of 2023. In addition, the overall rate earned on
interest-earning assets increased by 67 basis points as the Bank
earned higher rates on the loan portfolio, as well as on
interest-earning deposits and securities. Net interest margin
decreased to 2.41% for the second quarter of 2024 from 2.52% for
the second quarter of 2023, primarily due to an increase in the
average cost of funds, which increased to 3.19% for the second
quarter of 2024 from 2.12% for the second quarter of 2023, due to
higher rates paid on deposits and borrowings after eleven rate
increases by the Federal Open Market Committee of the Federal
Reserve (the “FRB”) from March 2022 through December 2023.
First Six Months of 2024 Compared to the First Six Months of
2023
Net interest income before provision for credit losses for the
six months ended June 30, 2024, totaled $15.4 million, representing
a decrease of $100 thousand, or 0.6%, from net interest income
before provision for credit losses of $15.5 million for the six
months ended June 30, 2023. The decrease resulted from an increase
of $7.7 million in interest expense, primarily due to an increase
in the average cost of funds, which increased to 3.11% for the
first six months of 2024 from 1.76% for the first six months of
2023, due to higher interest rates on both deposits and borrowings.
This decrease was partially offset by an increase of $7.6 million
in interest income for the six months ended June 30, 2024, compared
to the six months ended June 30, 2023, primarily due to an increase
of $143.3 million in the average balance of loans receivable. In
addition, interest income increased due to an increase of 60 basis
points in the overall rate earned on interest-earning assets during
the six months ended June 30, 2024, as the Bank earned higher rates
on interest-earning deposits, the loan portfolio, and, to a lesser
extent, securities. Net interest margin decreased to 2.34% for the
six months ended June 30, 2024, compared to 2.74% for the six
months ended June 30, 2023.
The following tables set forth the average balances, average
yields and costs, and certain other information for the periods
indicated. All average balances are daily average balances. The
yields set forth below include the effect of deferred loan fees,
and discounts and premiums that are amortized or accreted to
interest income or expense.
For the Three Months Ended
June 30,
2024
2023
(Dollars in thousands)
Average Balance
Interest
Average Yield
Average Balance
Interest
Average Yield
Assets
Interest-earning assets:
Interest-earning deposits
$
88,294
$
1,189
5.42
%
$
16,615
$
167
4.02
%
Securities
276,457
1,876
2.73
%
326,051
2,183
2.68
%
Loans receivable (1)
943,072
12,179
5.19
%
797,550
9,098
4.56
%
FRB and FHLB stock (2)
13,835
244
7.09
%
11,602
192
6.62
%
Total interest-earning assets
1,321,658
$
15,488
4.71
%
1,151,818
$
11,640
4.04
%
Non-interest-earning assets
53,507
67,173
Total assets
$
1,375,165
$
1,218,991
Liabilities and Stockholders’
Equity
Interest-bearing liabilities:
Money market deposits
$
274,915
$
1,623
2.37
%
$
253,110
$
931
1.47
%
Savings deposits
57,684
102
0.71
%
60,826
16
0.11
%
Interest checking and other demand
deposits
73,853
166
0.90
%
96,340
88
0.37
%
Certificate accounts
163,237
1,195
2.94
%
153,972
514
1.34
%
Total deposits
569,689
3,086
2.18
%
564,248
1,549
1.10
%
FHLB advances
209,261
2,593
4.98
%
186,664
2,141
4.59
%
Bank Term Funding Program borrowing
100,000
1,210
4.87
%
-
-
-
%
Other borrowings
74,523
681
3.68
%
75,821
682
3.60
%
Total borrowings
383,784
4,484
4.70
%
262,485
2,823
4.30
%
Total interest-bearing liabilities
953,473
$
7,570
3.19
%
826,733
$
4,372
2.12
%
Non-interest-bearing liabilities
139,900
113,803
Stockholders’ equity
281,792
278,455
Total liabilities and stockholders’
equity
$
1,375,165
$
1,218,991
Net interest rate spread (3)
$
7,918
1.52
%
$
7,268
1.93
%
Net interest rate margin (4)
2.41
%
2.52
%
Ratio of interest-earning assets to
interest-bearing liabilities
138.62
%
139.32
%
(1)
Amount is net of deferred loan fees, loan
discounts and loans in process, and includes deferred origination
costs and loan premiums.
(2)
FRB is Federal Reserve Board. FHLB is
Federal Home Loan Bank.
(3)
Net interest rate spread represents the
difference between the yield on average interest-earning assets and
the cost of average interest-bearing liabilities.
(4)
Net interest rate margin represents net
interest income as a percentage of average interest-earning
assets.
For the Six Months Ended June
30,
2024
2023
(Dollars in thousands)
Average Balance
Interest
Average Yield
Average Balance
Interest
Average Yield
Assets
Interest-earning assets:
Interest-earning deposits
$
97,640
$
2,533
5.22
%
$
15,187
$
286
3.77
%
Securities
290,721
3,951
2.73
%
327,178
4,363
2.67
%
Loans receivable (1)
925,443
23,308
5.06
%
782,101
17,633
4.51
%
FRB and FHLB stock (2)
13,777
489
7.14
%
11,175
401
7.18
%
Total interest-earning assets
1,327,581
$
30,281
4.59
%
1,135,641
$
22,683
3.99
%
Non-interest-earning assets
51,988
67,953
Total assets
$
1,379,569
$
1,203,594
Liabilities and Stockholders’
Equity
Interest-bearing liabilities:
Money market deposits
$
272,290
$
3,065
2.26
%
$
263,265
$
1,700
1.29
%
Savings deposits
58,377
204
0.70
%
61,201
29
0.09
%
Interest checking and other demand
deposits
78,772
311
0.79
%
100,006
167
0.33
%
Certificate accounts
164,319
2,305
2.82
%
149,550
956
1.28
%
Total deposits
573,758
5,885
2.06
%
574,022
2,852
0.99
%
FHLB advances
209,280
5,191
4.99
%
165,521
3,464
4.19
%
Bank Term Funding Program borrowing
100,000
2,413
4.85
-
-
-
%
Other borrowings
76,688
1,350
3.54
%
72,973
825
2.26
%
Total borrowings
385,968
8,954
4.67
%
238,494
4,289
3.60
%
Total interest-bearing liabilities
959,726
$
14,839
3.11
%
812,516
$
7,141
1.76
%
Non-interest-bearing liabilities
138,012
112,281
Stockholders’ equity
281,831
278,797
Total liabilities and stockholders’
equity
$
1,379,569
$
1,203,594
Net interest rate spread (3)
$
15,442
1.48
%
15,542
2.24
%
Net interest rate margin (4)
2.34
%
2.74
%
Ratio of interest-earning assets to
interest-bearing liabilities
138.33
%
139.77
%
(1)
Amount is net of deferred loan fees, loan
discounts and loans in process, and includes deferred origination
costs and loan premiums.
(2)
FRB is Federal Reserve Board. FHLB is
Federal Home Loan Bank.
(3)
Net interest rate spread represents the
difference between the yield on average interest-earning assets and
the cost of average interest-bearing liabilities.
(4)
Net interest rate margin represents net
interest income as a percentage of average interest-earning
assets.
Provision for Credit Losses
For the three months ended June 30, 2024, the Company recorded a
provision for credit losses of $494 thousand, compared to a
provision for credit losses of $768 thousand for the three months
ended June 30, 2023. For the six months ended June 30, 2024, the
Company recorded a provision for credit losses of $754 thousand,
compared to a provision for credit losses of $810 thousand for the
six months ended June 30, 2023. The provisions for credit losses
during the second quarter and six months ended June 30, 2024
include recoveries of provisions for credit losses for off-balance
sheet loan commitments of $57 thousand and $1 thousand,
respectively. The decreases in the provisions for credit losses
during the second quarter and six months ended June 30, 2024 were
primarily due to lower loan originations and declines in the
provision for credit losses for off-balance sheet loan
commitments.
The allowance for credit losses (“ACL”) increased to $8.1
million as of June 30, 2024, compared to $7.3 million as of
December 31, 2023 due to growth in the loan portfolio.
The Bank had two non-accrual loans at June 30, 2024 with total
unpaid principal balances of $328 thousand. No loan charge-offs
were recorded during the quarters or six months ended June 30, 2024
or 2023.
Non-interest Income
Non-interest income for the second quarter of 2024 totaled $273
thousand, compared to $260 thousand for the second quarter of
2023.
For the first six months of 2024, non-interest income totaled
$579 thousand, compared to $549 thousand for the same period in the
prior year. The increase was primarily due to an increase in fees
from a revenue sharing agreement with another financial
institution.
Non-interest Expense
Total non-interest expense was $7.3 million for the second
quarter of 2024, compared to $6.4 million for the second quarter of
2023, representing an increase of $859 thousand, or 13.4%. The
increase was primarily due to an increase of $735 thousand in
compensation and benefits expense, which reflects the investment in
additional executives and staff to support growth and strengthen
overall controls and management depth. As previously reported, the
Company hired a new Chief Financial Officer. The Company also
recently hired a new General Counsel and Chief Risk Officer, Chief
Accounting Officer, and Treasurer.
For the first six months of 2024, non-interest expense totaled
$15.1 million, representing an increase of $2.4 million, or 19.1%,
from $12.7 million for the same period in the prior year. The
increase of $2.4 million primarily resulted from increases in
compensation and benefits expense of $1.4 million and professional
services expense of $861 thousand. The increase in compensation and
benefits expense was primarily attributable to the addition of
full-time employees during 2023 in various production and
administrative positions as part of the Bank’s efforts to expand
its operational capabilities to grow its balance sheet and fulfill
the intersecting lending objectives of the Company’s mission and
the ECIP funding received in June 2022. The increase in
professional service expense was primarily due to hiring a
third-party firm to assist with reviewing certain general ledger
account reconciliations, as well as other professionals, in
connection with the Company’s investigation of the weaknesses in
internal controls that were identified during preparation of the
financial statements for the third quarter of 2023.
Income Taxes
Income taxes are computed by applying the statutory federal
income tax rate of 21% and the combined California and Washington,
D.C. income tax rate of 9.75% to taxable income. The Company
recorded an income tax expense of $146 thousand for the second
quarter of 2024, compared to $93 thousand for the second quarter of
2023. The increase in tax expense reflected an increase of $78
thousand in pre-tax income between the two periods. The effective
tax rate was 35.01% for the second quarter of 2024, compared to
27.43% for the second quarter of 2023. The increase in the
effective tax rate was primarily due to the vesting of stock
awards, which are non-deductible expenses for taxes.
For the six months ended June 30, 2024, income tax expense was
$89 thousand, compared to $767 thousand for the six months ended
June 30, 2023. The decrease in tax expense reflected a decrease in
pretax earnings of $2.4 million between the two periods. The
effective tax rate was 50.28% for the six months ended June 30,
2024, compared to 29.41% for the six months ended June 30, 2023.
The increase in the effective tax rate was primarily due to the
vesting of stock awards.
Balance Sheet Summary
Total assets decreased by $8.1 million at June 30, 2024,
compared to December 31, 2023, reflecting decreases in securities
available-for-sale of $55.5 million and cash and cash equivalents
of $15.4 million, partially offset by growth in net loans of $58.3
million and other assets of $4.1 million.
Loans held for investment, net of the ACL, increased by $58.3
million to $938.7 million at June 30, 2024, compared to $880.5
million at December 31, 2023. The increase was primarily due to
loan originations of $97.0 million during the first six months of
2024, which consisted of $53.8 million in multi-family loans, $21.5
million in commercial real estate loans, $17.5 million in other
commercial loans, $3.7 million in construction loans, and $500
thousand in SBA loans, partially offset by loan payoffs and
repayments of $38.7 million.
Deposits increased by $4.7 million to $687.4 million at June 30,
2024, from $682.6 million at December 31, 2023. The increase in
deposits was attributable to an increase of $19.4 million in
Insured Cash Sweep (“ICS”) deposits (ICS deposits are the Bank’s
money market deposit accounts in excess of FDIC insured limits
whereby the Bank makes reciprocal arrangements for insurance with
other banks), partially offset by decreases of $8.4 million in
liquid deposits (demand, interest checking, and money market
accounts), $3.2 million in savings deposits, $1.7 million in other
certificates of deposit accounts and $1.4 million in Certificate of
Deposit Registry Service (“CDARS”) deposits (CDARS deposits are
similar to ICS deposits, but involve certificates of deposit,
instead of money market accounts). We leverage our long-standing
partnership with IntraFi Deposit Solutions to offer deposit
insurance for accounts exceeding the FDIC deposit insurance limit
of $250,000. As of June 30, 2024, the Bank’s uninsured deposits,
including deposits from Broadway and other affiliates, represented
35% of the Bank’s total deposits, compared to 37% as of December
31, 2023.
Total borrowings decreased by $14.9 million to $381.9 million at
June 30, 2024, from $396.8 million at December 31, 2023, primarily
due to the payoff of two notes payable totaling $14.0 million
during January 2024. The notes payable had a blended interest cost
of approximately 3.75%.
Stockholders’ equity was $282.3 million, or 20.7% of the
Company’s total assets, at June 30, 2024, compared to $281.9
million, or 20.5% of the Company’s total assets, at December 31,
2023. Book value per share was $14.49 at June 30, 2024, compared to
$14.65 at December 31, 2023.
About Broadway Financial Corporation
Broadway Financial Corporation operates through its wholly-owned
banking subsidiary, City First Bank, National Association, which is
a leading mission-driven bank that serves low-to-moderate income
communities within urban areas in Southern California and the
Washington, D.C. market.
About the City First Branded Family
City First Bank offers a variety of commercial real estate loan
products, services, and depository accounts that support
investments in affordable housing, small businesses, and nonprofit
community facilities located within low-to-moderate income
neighborhoods. City First Bank is a Community Development Financial
Institution, Minority Depository Institution, Certified B Corp, and
a member of the Global Alliance of Banking on Values. The Bank and
the City First network of nonprofits, City First Enterprises, Homes
By CFE, and City First Foundation, represent the City First branded
family of community development financial institutions, which offer
a robust lending and deposit platform.
Stockholders, analysts, and others seeking information about the
Company are invited to write to: Broadway Financial Corporation,
Investor Relations, 4601 Wilshire Boulevard, Suite 150, Los
Angeles, CA 90010 or contact Investor Relations at the phone number
or email address below.
Cautionary Statement Regarding Forward-Looking
Information
This press release includes “forward-looking statements” within
the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. All statements
other than statements of historical facts contained in this press
release, including statements regarding our future results of
operations or financial condition, business strategy and plans and
objectives of management for future operations and capital
allocation and structure, are forward-looking statements.
Forward‑looking statements typically include the words “expect,”
“estimate,” “project,” “budget,” “forecast,” “anticipate,”
“intend,” “plan,” “may,” “will,” “could,” “should,” “believes,”
“predicts,” “potential,” “continue,” “poised,” “optimistic,”
“prospects,” “ability,” “looking,” “forward,” “invest,” “grow,”
“improve,” “deliver” and similar expressions, but the absence of
such words or expressions does not mean a statement is not
forward-looking. These forward‑looking statements are subject to
risks and uncertainties, including those identified below, which
could cause actual future results to differ materially from
historical results or from those anticipated or implied by such
statements. The following factors, among others, could cause future
results to differ materially from historical results or from those
indicated by forward‑looking statements included in this press
release: (1) the level of demand for mortgage and commercial loans,
which is affected by such external factors as general economic
conditions, market interest rate levels, tax laws, and the
demographics of our lending markets; (2) the direction and
magnitude of changes in interest rates and the relationship between
market interest rates and the yield on our interest‑earning assets
and the cost of our interest‑bearing liabilities; (3) the rate and
amount of credit losses incurred and projected to be incurred by
us, increases in the amounts of our nonperforming assets, the level
of our loss reserves and management’s judgments regarding the
collectability of loans; (4) changes in the regulation of lending
and deposit operations or other regulatory actions, whether
industry-wide or focused on our operations, including increases in
capital requirements or directives to increase allowances for
credit losses or make other changes in our business operations; (5)
legislative or regulatory changes, including those that may be
implemented by the current administration in Washington, D.C. and
the Federal Reserve Board; (6) possible adverse rulings, judgments,
settlements and other outcomes of litigation; (7) actions
undertaken by both current and potential new competitors; (8) the
possibility of adverse trends in property values or economic trends
in the residential and commercial real estate markets in which we
compete; (9) the effect of changes in general economic conditions;
(10) the effect of geopolitical uncertainties; (11) the impact of
health crises on our future financial condition and operations;
(12) the impact of any volatility in the banking sector due to the
failure of certain banks due to high levels of exposure to
liquidity risk, interest rate risk, uninsured deposits and
cryptocurrency risk; and (13) other risks and uncertainties. All
such factors are difficult to predict and are beyond our control.
Additional factors that could cause results to differ materially
from those described above can be found in our annual reports on
Form 10-K, quarterly reports on Form 10-Q, current reports on Form
8-K or other filings made with the SEC and are available on our
website at http://www.cityfirstbank.com and on the SEC’s website at
http://www.sec.gov.
Forward-looking statements in this press release speak only as
of the date they are made, and we undertake no obligation, and do
not intend, to update these forward-looking statements to reflect
events or circumstances occurring after the date of this press
release, except to the extent required by law. You are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date of this press release.
BROADWAY FINANCIAL CORPORATION AND SUBSIDIARY Selected
Financial Data and Ratios (Unaudited) (Dollars in thousands,
except per share data) June 30, 2024 December
31, 2023 Selected Financial Condition Data and Ratios:
Cash and cash equivalents
$
89,813
$
105,195
Securities available-for-sale, at fair value
261,454
316,950
Loans receivable held for investment
946,840
887,805
Allowance for credit losses
(8,104
)
(7,348
)
Loans receivable held for investment, net of allowance
938,736
880,457
Total assets
1,367,290
1,375,404
Deposits
687,369
682,635
Securities sold under agreements to repurchase
72,658
73,475
FHLB advances
209,242
209,319
Bank Term Funding Program borrowing
100,000
100,000
Notes payable
-
14,000
Total stockholders' equity
282,293
281,903
Book value per share
$
14.49
$
14.65
Equity to total assets
20.65
%
20.50
%
Asset Quality Ratios: Non-accrual loans to total
loans
0.03
%
0.00
%
Non-performing assets to total assets
0.02
%
0.00
%
Allowance for credit losses to total gross loans
0.86
%
0.83
%
Allowance for credit losses to non-performing loans
2470.73
%
N/A
Non-Performing Assets: Non-accrual loans
$
328
$
-
Loans delinquent 90 days or more and still accruing
-
-
Real estate acquired through foreclosure
-
-
Total non-performing assets
$
328
$
-
Delinquent loans less than 30 days delinquent
$
5,068
$
7,022
Delinquent loans 31 to 89 days delinquent
$
710
$
780
Delinquent loans greater than 90 days delinquent
$
5
$
-
Three Months Ended June 30, Six Months
Ended June 30, Selected Operating Data and Ratios:
2024
2023
2024
2023
Interest income
$
15,488
$
11,640
$
30,281
$
22,683
Interest expense
7,570
4,372
14,839
7,141
Net interest income
7,918
7,268
15,442
15,542
Provision for credit losses
494
768
754
810
Net interest income after provision for credit losses
7,424
6,500
14,688
14,732
Non-interest income
273
260
579
549
Non-interest expense
(7,280
)
(6,421
)
(15,090
)
(12,673
)
Income before income taxes
417
339
177
2,608
Income tax expense
146
93
89
767
Net income
$
271
$
246
$
88
$
1,841
Net income (loss) - non-controlling interest
2
3
(17
)
25
Net income Broadway Financial Corporation
$
269
$
243
$
105
$
1,816
Earnings per common share-diluted
$
0.03
$
0.03
(3)
$
0.01
$
0.20
(3)
Loan originations (1)
$
25,510
$
63,983
$
97,026
$
98,219
Net recoveries to average loans
(0.00
)%
(2)
(0.00
)%
(2)
(0.00
)%
(2)
(0.00
)%
(2)
Return on average assets
0.08
%
(2)
0.06
%
(2)
0.01
%
(2)
0.29
%
(2)
Return on average equity
0.38
%
(2)
0.24
%
(2)
0.06
%
(2)
1.26
%
(2)
Net interest margin
2.40
%
(2)
2.52
%
(2)
2.33
%
(2)
2.74
%
(2)
(1) Does not include net deferred origination costs. (2) Annualized
(3) Retroactively adjusted for a 1-for-8 reverse stock split
effective November 1, 2023
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240730984395/en/
Investor Relations Zack Ibrahim, Chief Financial Officer, (202)
243-7100 Investor.relations@cityfirstbroadway.com
Broadway Financial (NASDAQ:BYFC)
過去 株価チャート
から 11 2024 まで 12 2024
Broadway Financial (NASDAQ:BYFC)
過去 株価チャート
から 12 2023 まで 12 2024
