BROADWAY FINANCIAL CORP DE
For the period ended Dec 31, 2023. Filed May 20, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed May 20, 2024
BYFC$11.52-3.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Financial Condition
| December 31, 2023 | December 31, 2022 | |
|---|---|---|
| (In thousands, except share and per share) | ||
| Assets: | ||
| Cash and due from banks | $5,460 | $7,459 |
| Interest-bearing deposits in other banks | 99,735 | 8,646 |
| Cash and cash equivalents | 105,195 | 16,105 |
| Securities available-for-sale, at fair value | 316,950 | 328,749 |
| Loans receivable held for investment, net of allowance of $7,348 and $4,388 | 880,457 | 768,046 |
| Accrued interest receivable | 4,938 | 3,973 |
| Federal Home Loan Bank (FHLB) stock | 10,156 | 5,535 |
| Federal Reserve Bank (FRB) stock | 3,543 | 5,264 |
| Office properties and equipment, net | 9,840 | 10,291 |
| Bank owned life insurance | 3,275 | 3,233 |
| Deferred tax assets, net | 9,538 | 11,872 |
| Core deposit intangible, net | 2,111 | 2,501 |
| Goodwill | 25,858 | 25,858 |
| Other assets | 3,543 | 2,866 |
| Total assets | $1,375,404 | $1,184,293 |
| Liabilities and stockholders’ equity | ||
| Liabilities: | ||
| Deposits | $682,635 | $686,916 |
| Securities sold under agreements to repurchase | 73,475 | 63,471 |
| FHLB advances | 209,319 | 128,344 |
| Bank Term Funding Program borrowing | 100,000 | – |
| Notes payable | 14,000 | 14,000 |
| Accrued expenses and other liabilities | 13,878 | 11,910 |
| Total liabilities | 1,093,307 | 904,641 |
| Stockholders’ equity: | ||
| Non-Cumulative Redeemable Perpetual Preferred stock, Series C; authorized 150,000 shares at December 31, 2023 and December 31, 2022; issued and outstanding 150,000 shares at December 31, 2023 and December 31, 2022; liquidation value $1,000 per share | 150,000 | 150,000 |
| Common stock, Class A, $0.01 par value, voting; authorized 75,000,000 shares at December 31, 2023 and December 31, 2022; issued 6,230,705 shares at December 31, 2023 and 6,408,151(1) shares at December 31, 2022; outstanding 5,914,861 shares at December 31, 2023 and 6,080,745(1) shares at December 31, 2022 | 62 | 64 |
| Common stock, Class B, $0.01 par value, non-voting; authorized 15,000,000 shares at December 31, 2023 and December 31, 2022; issued and outstanding 1,425,574(1) shares at December 31, 2023 and December 31, 2022 | 14 | 14 |
| Common stock, Class C, $0.01 par value, non-voting; authorized 25,000,000 shares at December 31, 2023 and December 31, 2022; issued and outstanding 1,672,562(1) at December 31, 2023 and December 31, 2022 | 17 | 17 |
| Additional paid-in capital | 142,601 | 144,157 |
| Retained earnings | 12,552 | 9,294 |
| Unearned Employee Stock Ownership Plan (ESOP) shares | (4,492) | (1,265) |
| Accumulated other comprehensive loss, net of tax | (13,525) | (17,473) |
| Treasury stock-at cost, 327,228(1) shares at December 31, 2023 and at December 31, 2022 | (5,326) | (5,326) |
| Total Broadway Financial Corporation and Subsidiary stockholders’ equity | 281,903 | 279,482 |
| Non-controlling interest | 194 | 170 |
| Total liabilities and stockholders’ equity | $1,375,404 | $1,184,293 |
| (1) | Retroactively adjusted, as applicable, for the 1-for-8 reverse stock split effective November 1, 2023 - see Note 2 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.