BROADWAY FINANCIAL CORP DE

For the period ended Dec 31, 2023. Filed May 20, 2024.

About this filing

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

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Contents

Consolidated Statements of Operations and Comprehensive Income (Loss)

	Years Ended December 31,
	2023	2022
(In thousands, except per share)
Interest income:
Interest and fees on loans receivable	$37,143	$28,732
Interest on available-for-sale securities	8,697	5,596
Other interest income	1,388	1,941
Total interest income	47,228	36,269
Interest expense:
Interest on deposits	7,512	2,104
Interest on borrowings	10,254	1,305
Total interest expense	17,766	3,409
Net interest income	29,462	32,860
Provision for credit losses	933	997
Net interest income after provision for credit losses	28,529	31,863
Non-interest income:
Service charges	179	145
Grants	4,156	-
Other	1,022	1,050
Total non-interest income	5,357	1,195
Non-interest expense:
Compensation and benefits	15,653	14,303
Occupancy expense	1,870	1,615
Information services	2,777	2,933
Professional services	3,126	2,758
Supervisory costs	613	413
Office services and supplies	101	174
Corporate insurance	245	231
Amortization of core deposit intangible	390	435
Advertising and promotional expense	168	137
Travel expense	221	188
Other	2,199	1,752
Total non-interest expense	27,363	24,939
Income before income taxes	6,523	8,119
Income tax expense	1,985	2,413
Net income	$4,538	$5,706
Less: Net income attributable to non-controlling interest	24	70
Net income attributable to Broadway Financial Corporation	$4,514	$5,636
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on securities available-for-sale arising during the period	$5,552	$(24,047)
Income tax expense (benefit)	1,604	(7,125)
Other comprehensive income (loss), net of tax	3,948	(16,922)
Comprehensive income (loss)	$8,462	$(11,286)
Earnings per common share-basic	$0.52	$0.62
Earnings per common share-diluted	$0.51	$0.62

See accompanying notes to consolidated financial statements

Consolidated

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.