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 net income attributable to
Broadway of $522 thousand for the third quarter of 2024 compared to
$91 thousand for the third quarter of 2023, an increase of $431
thousand. Net loss attributable to common stockholders was $228
thousand during the third quarter of 2024 after deducting preferred
dividends of $750 thousand, compared to net income attributable to
common stockholders of $91 thousand for the third quarter of 2023.
Diluted loss per common share was $0.03 for the third quarter of
2024, compared to $0.01 of earnings per diluted common share for
the third quarter of 2023. Diluted loss per common share for the
third quarter of 2024 reflects preferred dividends of $0.09 per
diluted common share.
During the third quarter of 2024, net interest income increased
by $1.5 million, or 23.0%, to $8.3 million, compared to $6.8
million for the third quarter of 2023. The increase resulted from
higher interest income of $4.2 million, primarily due to an
increase in interest on loans and interest-bearing deposits at
other banks, partially offset by higher interest expense of $2.7
million, primarily due to an increase in the cost of borrowings and
deposits.
For the first nine months of 2024, the Company reported net
income attributable to Broadway of $627 thousand compared to $1.9
million for the first nine months of 2023. Net loss attributable to
common stockholders was $190 thousand during the first nine months
of 2024 after deducting preferred dividends of $817 thousand,
compared to net income attributable to common stockholders of $1.9
million for the first nine months of 2023. Diluted loss per common
share was $0.02 for the first nine months of 2024 compared to $0.21
of earnings per diluted common share for the first nine months of
2023. Diluted earnings per share for the first nine months of 2024
reflects preferred dividends of $0.10 per diluted common share. The
decrease in net income attributable to the Company primarily
resulted from an increase in non-interest expense of $3.0 million
during the first nine months of 2024, compared to the first nine
months of 2023, primarily due to increases in compensation and
benefits expense of $1.4 million and professional services expense
of $1.2 million. The increase in non-interest expense was partially
offset by an increase of $1.5 million in net interest income and a
decrease in income tax expense of $508 thousand during the first
nine months of 2024, compared to the first nine months of 2023.
Third Quarter 2024 Highlights:
- During the third quarter of 2024, total interest income
increased by $4.2 million, or 35.5%, compared to the third quarter
of 2023.
- The yield on average interest-earning assets increased by 73
basis points to 4.82% for the third quarter of 2024, compared to
4.09% for the third quarter of 2023.
- Total gross loans receivable increased by $87.5 million, or
9.9%, to $975.3 million at September 30, 2024, compared to $887.8
million at December 31, 2023.
- The value of the Company’s portfolio of securities
available-for-sale increased by $6.0 million during the first nine
months of 2024 and resulted in other comprehensive income of $4.2
million, net of taxes.
Chief Executive Officer, Brian Argrett commented, “During the
third quarter, we continued our record of sequentially growing
total interest income, which increased 4.4% as compared to the
second quarter of 2024, and over 35% as compared to the third
quarter of 2023. The increase in interest income reflects growth of
50% in our loan portfolio 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 173 basis points, or over 56%, 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 only had one non-performing loan as
of September 30, 2024, which represented less than $300 thousand,
or 0.03% of total loans.”
“Despite these improvements, our bottom-line performance has
been constrained by 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 through
2023. Nonetheless, we increased net interest income, net interest
income after provisions for credit losses, and net income
attributable to Broadway during the third quarter as compared to
the second quarter of 2024 and the third quarter of 2023.”
“Finally, I want to thank our team members for their commitment
to our mission, and their focus on improving operating performance
and serving the low-to-moderate income communities within our
targeted geographic markets. In addition, I wish to thank our
stockholders and depositors for their continued support, which is
pivotal as we strive to expand the service and support that City
First Broadway provides to our customers and broader
stakeholders.”
Net Interest Income
Third Quarter of 2024 Compared to Third Quarter of
2023
Net interest income before provision for credit losses for the
third quarter of 2024 totaled $8.3 million, representing an
increase of $1.5 million, or 23.0%, from net interest income before
provision for credit losses of $6.8 million for the third quarter
of 2023. The increase resulted from higher interest income of $4.2
million, partially offset by an increase in interest expense of
$2.7 million. The increase in interest income was primarily due to
growth of $141.8 million in average loans receivable and $95.9
million in average interest-earning deposits, which were partially
offset by a decline of $71.0 million in average securities during
the third quarter of 2024, compared to the third quarter of 2023.
In addition, the overall rate earned on interest-earning assets
increased by 73 basis points as the Bank earned higher rates on the
loan portfolio, as well as on interest-earning deposits. The
increase in interest income was partially offset by an increase in
the average cost of funds, which increased to 3.23% for the third
quarter of 2024 from 2.47% for the third quarter of 2023, due to
higher average balances of borrowings and higher rates paid on
deposits. Net interest margin increased to 2.49% for the third
quarter of 2024 from 2.33% for the third quarter of 2023.
First Nine Months of 2024 Compared to the First Nine Months
of 2023
Net interest income before provision for credit losses for the
nine months ended September 30, 2024 totaled $23.8 million,
representing an increase of $1.5 million, or 6.5%, from net
interest income before provision for credit losses of $22.3 million
for the nine months ended September 30, 2023. The increase resulted
from higher interest income of $11.8 million, partially offset by
an increase in interest expense of $10.4 million. The increase in
interest income was primarily due to an increase of $144.1 million
in the average balance of loans receivable and an increase of $88.2
million in average interest-bearing deposits, which were partially
offset by a decrease of $47.8 million in average securities. In
addition, interest income increased due to an increase of 63 basis
points, or 15.6%, in the overall rate earned on interest-earning
assets during the nine months ended September 30, 2024, as the Bank
earned higher rates on the loan portfolio, interest-bearing
deposits and stock investments with the Federal Reserve and Federal
Home Loan Bank. The increase in interest income was partially
offset by an increase in the average cost of funds, which increased
to 3.14% for the nine months ended September 30, 2024 from 2.00%
for the nine months ended September 30, 2023, due to higher average
balances of borrowings and higher rates paid on borrowings and
deposits. Net interest margin decreased to 2.38% for the nine
months ended September 30, 2024, compared to 2.60% for the nine
months ended September 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
September 30,
2024
2023
(Dollars in thousands)
Average Balance
Interest
Average Yield
Average Balance
Interest
Average Yield
Assets
Interest-earning assets:
Interest-earning deposits in other
banks
$
106,569
$
1,491
5.57
%
$
10,629
$
139
5.23
%
Securities
248,833
1,635
2.61
%
319,866
2,180
2.73
%
Loans receivable (1)
963,849
12,796
5.28
%
822,031
9,406
4.58
%
FRB and FHLB stock (2)
13,835
244
7.02
%
12,538
202
6.44
%
Total interest-earning assets
1,333,086
$
16,166
4.82
%
1,165,064
$
11,927
4.09
%
Non-interest-earning assets
48,980
67,047
Total assets
$
1,382,066
$
1,232,111
Liabilities and Stockholders’
Equity
Interest-bearing liabilities:
Money market deposits
$
282,808
$
1,740
2.45
%
$
259,184
$
1,256
1.94
%
Savings deposits
55,198
90
0.65
%
58,686
42
0.29
%
Interest checking and other demand
deposits
67,023
107
0.64
%
101,657
93
0.37
%
Certificate accounts
165,483
1,272
3.06
%
152,577
735
1.93
%
Total deposits
570,512
3,209
2.24
%
572,104
2,126
1.49
%
FHLB advances
209,064
2,588
4.92
%
196,184
2,571
5.24
%
Bank Term Funding Program borrowing
100,000
1,220
4.85
%
-
-
-
%
Other borrowings
86,397
819
3.77
%
67,533
457
2.71
%
Total borrowings
395,461
4,627
4.65
%
263,717
3,028
4.59
%
Total interest-bearing liabilities
965,973
$
7,836
3.23
%
835,821
$
5,154
2.47
%
Non-interest-bearing liabilities
131,750
120,162
Stockholders’ equity
284,343
276,128
Total liabilities and stockholders’
equity
$
1,382,066
$
1,232,111
Net interest rate spread (3)
$
8,330
1.60
%
$
6,773
1.62
%
Net interest rate margin (4)
2.49
%
2.33
%
Ratio of interest-earning assets to
interest-bearing liabilities
138.00
%
139.39
%
(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 Nine Months Ended
September 30,
2024
2023
(Dollars in thousands)
Average Balance
Interest
Average Yield
Average Balance
Interest
Average Yield
Assets
Interest-earning assets:
Interest-earning deposits in
other banks
$
102,082
$
4,024
5.27
%
$
13,889
$
425
4.08
%
Securities
276,892
5,586
2.69
%
324,719
6,543
2.69
%
Loans receivable (1)
938,666
36,104
5.14
%
794,524
27,039
4.54
%
FRB and FHLB stock (2)
13,794
733
7.10
%
11,577
603
6.94
%
Total interest-earning assets
1,331,434
$
46,447
4.66
%
1,144,709
$
34,610
4.03
%
Non-interest-earning assets
50,591
67,712
Total assets
$
1,382,025
$
1,212,421
Liabilities and
Stockholders’ Equity
Interest-bearing liabilities:
Money market deposits
$
276,802
$
4,805
2.32
%
$
263,102
$
2,959
1.50
%
Savings deposits
57,272
294
0.69
%
60,275
71
0.16
%
Interest checking and other
demand deposits
75,636
418
0.74
%
100,921
257
0.34
%
Certificate accounts
164,718
3,577
2.90
%
150,651
1,691
1.50
%
Total deposits
574,428
9,094
2.11
%
574,949
4,978
1.15
%
FHLB advances
209,198
7,779
4.97
%
173,312
6,035
4.64
%
Bank Term Funding Program
borrowing
100,000
3,633
4.85
%
-
-
-
%
Other borrowings
80,974
2,169
3.58
%
70,957
1,282
2.41
%
Total borrowings
390,172
13,581
4.65
%
244,269
7,317
3.99
%
Total interest-bearing
liabilities
964,600
$
22,675
3.14
%
819,218
$
12,295
2.00
%
Non-interest-bearing
liabilities
134,455
115,362
Stockholders’ equity
282,970
277,841
Total liabilities and
stockholders’ equity
$
1,382,025
$
1,212,421
Net interest rate spread (3)
$
23,722
1.52
%
$
22,315
2.03
%
Net interest rate margin (4)
2.38
%
2.60
%
Ratio of interest-earning assets to
interest-bearing
liabilities
138.03
%
139.73
%
(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 September 30, 2024, the Company
recorded a provision for credit losses of $399 thousand, compared
to a recovery of provision for credit losses of $2 thousand for the
three months ended September 30, 2023. For the nine months ended
September 30, 2024, the Company recorded a provision for credit
losses of $1.2 million, compared to $808 thousand for the nine
months ended September 30, 2023. The provisions for credit losses
during the third quarter and nine months ended September 30, 2024
include recoveries of provisions for credit losses for off-balance
sheet loan commitments of $24 thousand and $26 thousand,
respectively. The increases in the provisions for credit losses
during the third quarter and nine months ended September 30, 2024
were primarily due to growth in the loan portfolio.
The allowance for credit losses (“ACL”) increased to $8.5
million as of September 30, 2024, compared to $7.3 million as of
December 31, 2023 due to growth in the loan portfolio.
The Bank had one non-accrual loan at September 30, 2024 with an
unpaid principal balance of $291 thousand. No loan charge-offs were
recorded during the quarters or nine months ended September 30,
2024 or 2023.
Non-interest Income
Non-interest income for the third quarter of 2024 totaled $416
thousand, compared to $331 thousand for the third quarter of
2023.
For the first nine months of 2024, non-interest income totaled
$995 thousand, compared to $880 thousand for the same period in the
prior year.
Non-interest Expense
Total non-interest expense was $7.6 million for the third
quarter of 2024, compared to $7.0 million for the third quarter of
2023, representing an increase of $613 thousand, or 8.8%. The
increase was primarily due to an increase in professional and
accounting fees in connection with the Company’s remediation
efforts of the weaknesses in internal controls that were identified
during preparation of the financial statements for the third
quarter of 2023.
For the first nine months of 2024, non-interest expense totaled
$22.7 million, representing an increase of $3.0 million, or 15.4%,
from $19.7 million for the same period in the prior year. The
increase primarily resulted from increases in compensation and
benefits expense of $1.4 million and professional services expense
of $1.2 million. The increase in compensation and benefits expense
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 hired a General Counsel and
Chief Risk Officer, Chief Accounting Officer, and Treasurer during
the first six months of 2024. The increase in professional services
expense was primarily due to the costs associated with third-party
professionals that were retained 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
The Company recorded an income tax expense of $209 thousand for
the third quarter of 2024, compared to $39 thousand for the third
quarter of 2023. The increase in income tax expense reflected an
increase of $628 thousand in pre-tax income between the two
periods. The effective tax rate was 27.76% for the third quarter of
2024, compared to 31.20% for the third quarter of 2023.
For the nine months ended September 30, 2024, income tax expense
was $298 thousand, compared to $806 thousand for the nine months
ended September 30, 2023. The decrease in income tax expense
reflected a decrease in pretax earnings of $1.8 million between the
two periods. The effective tax rate was 32.04% for the nine months
ended September 30, 2024, compared to 29.49% for the nine months
ended September 30, 2023.
Balance Sheet Summary
Total assets decreased by $2.3 million at September 30, 2024,
compared to December 31, 2023, reflecting decreases in securities
available-for-sale of $78.5 million, primarily due to maturities
and paydowns, cash and cash equivalents of $8.1 million, other
assets of $1.3 million, and deferred tax assets of $1.1 million,
partially offset by growth in net loans of $86.3 million.
Loans held for investment, net of the ACL, increased by $86.3
million to $966.8 million at September 30, 2024, compared to $880.5
million at December 31, 2023. The increase was primarily due to
loan originations of $136.2 million during the first nine months of
2024, which consisted of $65.7 million in multi-family loans, $46.6
million in commercial real estate loans, $17.6 million in other
commercial loans, $5.5 million in construction loans, and $800
thousand in SBA loans, partially offset by loan payoffs and
repayments of $49.9 million.
The value of the Company’s portfolio of securities
available-for-sale appreciated by $6.0 million during the first
nine months of 2024 and resulted in other comprehensive income of
$4.2 million, net of taxes.. The unrealized appreciation reflected
the lower short-term interest rates that occurred after the Federal
Reserve lowered its benchmark range by 50 basis points. The average
maturity for the Bank’s portfolio of securities available-for-sale
was 2.9 years as of September 30, 2024.
Deposits decreased by $10.4 million to $672.2 million at
September 30, 2024, from $682.6 million at December 31, 2023. The
decrease in deposits was attributable to a decrease of $33.1
million in liquid deposits (demand, interest checking, and money
market accounts), a decrease of $7.4 million in savings deposits,
and a decrease of $2.2 million in Certificate of Deposit Registry
Service (“CDARS”) deposits (CDARS deposits are certificates of
deposit in excess of FDIC insured limits whereby the Bank makes
reciprocal arrangements for insurance with other banks), partially
offset by an increase of $32.2 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) and $148
thousand in other certificates of deposit 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 September 30, 2024, the Bank’s uninsured
deposits, including deposits from Broadway and other affiliates,
represented 34% of the Bank’s total deposits, compared to 37% as of
December 31, 2023.
Total borrowings increased by $1.6 million to $398.4 million at
September 30, 2024, from $396.8 million at December 31, 2023,
primarily due to an increase of $16.3 million in securities sold
under agreements to repurchase, partially offset by 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 $286.4 million, or 20.9% of the
Company’s total assets, at September 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 $14.97 at September 30, 2024,
compared to $14.65 at December 31, 2023. The increases in total
stockholders’ equity, the ratio of equity to total assets, and book
value per share primarily reflect unrealized income from securities
available for sale during the quarter, and, to a lesser extent, the
net income generated by the Bank during the third quarter and nine
months ended September 30, 2024.
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)
September 30, 2024 December 31, 2023
Selected Financial Condition Data and Ratios: Cash
and cash equivalents
$
97,079
$
105,195
Securities available-for-sale, at fair value
238,489
316,950
Loans receivable held for investment
975,315
887,805
Allowance for credit losses
(8,527
)
(7,348
)
Loans receivable held for investment, net of allowance
966,788
880,457
Total assets
1,373,055
1,375,404
Deposits
672,248
682,635
Securities sold under agreements to repurchase
89,798
73,475
FHLB advances
208,568
209,319
Bank Term Funding Program borrowing
100,000
100,000
Notes payable
-
14,000
Total stockholders' equity
286,392
281,903
Book value per share
$
14.97
$
14.65
Equity to total assets
20.86
%
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
0.87
%
0.83
%
Allowance for credit losses to non-performing loans
2930.24
%
N/A
Non-Performing Assets:
Non-accrual loans
$
291
$
-
Loans delinquent 90 days or more and still accruing
-
-
Real estate acquired through foreclosure
-
-
Total non-performing assets
$
291
$
-
Delinquent loans 31 to 89 days delinquent
$
1,665
$
780
Delinquent loans greater than 90 days delinquent
$
-
$
-
Three Months Ended September
30, Nine Months Ended September 30, Selected
Operating Data and Ratios:
2024
2023
2024
2023
Interest income
$
16,166
$
11,927
$
46,447
$
34,610
Interest expense
7,836
5,154
22,675
12,295
Net interest income
8,330
6,773
23,772
22,315
Provision for credit losses
399
(2
)
1,153
808
Net interest income after provision for credit losses
7,931
6,775
22,619
21,507
Non-interest income
416
331
995
880
Non-interest expense
7,594
6,981
22,684
19,654
Income before income taxes
753
125
930
2,733
Income tax expense
209
39
298
806
Net income
$
544
$
86
$
632
$
1,927
Net income (loss) - non-controlling interest
22
(5
)
5
20
Net income Broadway Financial Corporation
$
522
$
91
$
627
$
1,907
Preferred share dividends
750
-
817
-
Net (loss) income common shareholders
$
(228
)
$
91
$
(190
)
$
1,907
(Loss) Earnings per common share-diluted
$
(0.03
)
$
0.01
(3
)
$
(0.02
)
$
0.21
(3)
Loan originations (1)
$
39,195
$
14,016
$
136,221
$
112,235
Net recoveries to average loans
(0.00
)%
(2
)
(0.00
)%
(2
)
(0.00
)%
(2
)
(0.00
)%
Return on average assets
0.16
%
(2
)
0.03
%
(2
)
0.06
%
(2
)
0.21
%
Return on average equity
0.77
%
(2
)
0.12
%
(2
)
0.30
%
(2
)
0.92
%
Net interest margin
2.49
%
(2
)
2.33
%
(2
)
2.38
%
(2
)
2.60
%
(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/20241028172480/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
