BROADWAY FINANCIAL CORP DE

For the period ended Jun 30, 2024. Filed Aug 14, 2024.

About 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.

Jun 30, 2024 · Filed Aug 14, 2024

BYFC$11.60+0.7%Stored close · as of Nov 6, 2026

See the whole filing, with its images and exhibits

Contents

Item 1. Consolidated Statements of Financial Condition as of June 30, 2024 and December 31, 2023

ConsolidatedStatements of Financial Condition

(In thousands, except share and per share amounts)

	June 30, 2024	December 31, 2023
(Unaudited)
Assets:
Cash and due from banks	$6,242	$5,460
Interest-bearing deposits in other banks	83,571	99,735
Cash and cash equivalents	89,813	105,195
Securities available-for-sale, at fair value (amortized cost of $280,411 and $335,978)	261,454	316,950
Loans receivable held for investment, net of allowance of $8,104 and $7,348	938,736	880,457
Accrued interest receivable	5,228	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	9,613	9,840
Bank owned life insurance, net	3,297	3,275
Deferred tax assets, net	9,846	9,538
Core deposit intangible, net	1,943	2,111
Goodwill	25,858	25,858
Other assets	7,667	3,543
Total assets	$1,367,290	$1,375,404
Liabilities and stockholders’ equity
Liabilities:
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 (“BTFP”) borrowing	100,000	100,000
Notes payable	–	14,000
Accrued expenses and other liabilities	15,551	13,878
Total liabilities	1,084,820	1,093,307
Non-Cumulative Redeemable Perpetual Preferred stock, Series C; authorized 150,000 shares at June 30, 2024 and December 31, 2023; issued and outstanding 150,000 shares at June 30, 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 June 30, 2024 and December 31, 2023; issued 6,361,071 shares at June 30, 2024 and 6,242,089 shares at December 31, 2023; outstanding 6,033,843 shares at June 30, 2024 and 5,914,861 shares at December 31, 2023	64	62
Common stock, Class B, $0.01 par value, non-voting; authorized 15,000,000 shares at June 30, 2024 and December 31, 2023; issued and outstanding 1,425,574 shares at June 30, 2024 and December 31, 2023	14	14
Common stock, Class C, $0.01 par value, non-voting; authorized 25,000,000 shares at June 30, 2024 and December 31, 2023; issued and outstanding 1,672,562 at June 30, 2024 and December 31, 2023	17	17
Additional paid-in capital	142,690	142,601
Retained earnings	12,657	12,552
Unearned Employee Stock Ownership Plan (“ESOP”) shares	(4,348)	(4,492)
Accumulated other comprehensive loss, net of tax	(13,475)	(13,525)
Treasury stock-at cost, 327,228 shares at June 30, 2024 and at December 31, 2023	(5,326)	(5,326)
Total Broadway Financial Corporation and Subsidiary stockholders’ equity	282,293	281,903
Non-controlling interest	177	194
Total liabilities and stockholders’ equity	$1,367,290	$1,375,404

Consolidated Statements ofOperations and Comprehensive Income (Loss)

(In thousands, except per share amounts)

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Interest income:
Interest and fees on loans receivable	$12,179	$9,098	$23,308	$17,633
Interest on available-for-sale securities	1,876	2,183	3,951	4,363
Other interest income	1,433	359	3,022	687
Total interest income	15,488	11,640	30,281	22,683
Interest expense:
Interest on deposits	3,086	1,549	5,885	2,852
Interest on borrowings	4,484	2,823	8,954	4,289
Total 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:
Service charges	38	38	78	99
Other	235	222	501	450
Total non-interest income	273	260	579	549
Non-interest expense:
Compensation and benefits	4,469	3,734	8,866	7,483
Occupancy expense	432	443	867	888
Information services	663	735	1,370	1,450
Professional services	563	607	1,973	1,112
Supervisory costs	216	201	393	295
Office services and supplies	48	26	82	48
Advertising and promotional expense	63	59	91	127
Corporate insurance	64	61	125	123
Appraisal and other loan expense	–	26	–	69
Amortization of core deposit intangible	84	97	168	195
Travel expense	55	37	134	115
Other expense	623	395	1,021	768
Total 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
Less: Net income (loss) attributable to non-controlling interest	2	3	(17)	25
Net income attributable to Broadway Financial Corporation	$269	$243	$105	$1,816
Other comprehensive income (loss), net of tax:
Unrealized income (losses) on securities available-for-sale arising during the period	$874	$(3,356)	$71	$77
Income tax expense (benefit)	253	(965)	21	23
Other comprehensive income (loss), net of tax	621	(2,391)	50	54
Comprehensive income (loss)	$890	$(2,148)	$155	$1,870
Earnings per common share-basic(1)	$0.03	$0.03	$0.01	$0.20
Earnings per common share-diluted(1)	$0.03	$0.03	$0.01	$0.20

(1)	Retroactively adjusted, as applicable, for the 1-for-8 reverse stock split effective November 1, 2023 - see Note 1

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