BROADWAY FINANCIAL CORP DE
For the period ended Mar 31, 2024. Filed May 24, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 24, 2024
BYFC$11.60+0.7%Stored close · as of Nov 6, 2026
Contents
Item 1. Consolidated Statements of Financial Condition as of March 31, 2024 and December 31, 2023
Consolidated Statements of Financial Condition
(In thousands, except share and per share amounts)
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| (Unaudited) | ||
| Assets: | ||
| Cash and due from banks | $6,037 | $5,460 |
| Interest-bearing deposits in other banks | 61,085 | 99,735 |
| Cash and cash equivalents | 67,122 | 105,195 |
| Securities available-for-sale, at fair value | 293,243 | 316,950 |
| Loans receivable held for investment, net of allowance of $7,552 and $7,348 | 926,497 | 880,457 |
| Accrued interest receivable | 5,638 | 4,938 |
| Federal Home Loan Bank (“FHLB”) stock | 10,292 | 10,156 |
| Federal Reserve Bank (“FRB”) stock | 3,543 | 3,543 |
| Office properties and equipment, net | 9,731 | 9,840 |
| Bank owned life insurance, net | 3,286 | 3,275 |
| Deferred tax assets, net | 9,827 | 9,538 |
| Core deposit intangible, net | 2,027 | 2,111 |
| Goodwill | 25,858 | 25,858 |
| Other assets | 13,400 | 3,543 |
| Total assets | $1,370,464 | $1,375,404 |
| Liabilities and stockholders’ equity | ||
| Liabilities: | ||
| Deposits | $695,494 | $682,635 |
| Securities sold under agreements to repurchase | 71,681 | 73,475 |
| FHLB advances | 209,280 | 209,319 |
| Bank Term Funding Program (“BTFP”) borrowing | 100,000 | 100,000 |
| Notes payable | – | 14,000 |
| Accrued expenses and other liabilities | 12,542 | 13,878 |
| Total liabilities | 1,088,997 | 1,093,307 |
| Non-Cumulative Redeemable Perpetual Preferred stock, Series C; authorized 150,000 shares at March 31, 2024 and December 31, 2023; issued and outstanding 150,000 shares at March 31, 2024 and December 31, 2023; 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 March 31, 2024 and December 31, 2023; issued 6,230,705 shares at March 31, 2024 and December 31, 2023; outstanding 6,009,274 shares at March 31, 2024 and 5,914,861 shares at December 31, 2023 | 62 | 62 |
| Common stock, Class B, $0.01 par value, non-voting; authorized 15,000,000 shares at March 31, 2024 and December 31, 2023; issued and outstanding 1,425,574 shares at March 31, 2024 and December 31, 2023 | 14 | 14 |
| Common stock, Class C, $0.01 par value, non-voting; authorized 25,000,000 shares at March 31, 2024 and December 31, 2023; issued and outstanding 1,672,562 at March 31, 2024 and December 31, 2023 | 17 | 17 |
| Additional paid-in capital | 142,653 | 142,601 |
| Retained earnings | 12,388 | 12,552 |
| Unearned Employee Stock Ownership Plan (“ESOP”) shares | (4,420) | (4,492) |
| Accumulated other comprehensive loss, net of tax | (14,096) | (13,525) |
| Treasury stock-at cost, 327,228 shares at March 31, 2024 and at December 31, 2023 | (5,326) | (5,326) |
| Total Broadway Financial Corporation and Subsidiary stockholders’ equity | 281,292 | 281,903 |
| Non-controlling interest | 175 | 194 |
| Total liabilities and stockholders’ equity | $1,370,464 | $1,375,404 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.