BROADWAY FINANCIAL CORP DE

For the period ended Sep 30, 2024. Filed Nov 13, 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.

Sep 30, 2024 · Filed Nov 13, 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 September 30, 2024 and December 31, 2023

ConsolidatedStatements of Financial Condition

(In thousands, except share and per share amounts)

	September 30, 2024	December 31, 2023
(Unaudited)
Assets:
Cash and due from banks	$3,232	$5,460
Interest-bearing deposits in other banks	93,847	99,735
Cash and cash equivalents	97,079	105,195
Securities available-for-sale, at fair value (amortized cost of $251,545 and $335,978)	238,489	316,950
Loans receivable held for investment, net of allowance of $8,527 and $7,348	966,788	880,457
Accrued interest receivable	5,744	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	9,467	9,840
Bank owned life insurance, net	3,309	3,275
Deferred tax assets, net	8,415	9,538
Core deposit intangible, net	1,859	2,111
Goodwill	25,858	25,858
Other assets	2,212	3,543
Total assets	$1,373,055	$1,375,404
Liabilities and stockholders’ equity
Liabilities:
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 (“BTFP”) borrowing	100,000	100,000
Notes payable	–	14,000
Accrued expenses and other liabilities	15,850	13,878
Total liabilities	1,086,464	1,093,307
Non-Cumulative Redeemable Perpetual Preferred stock, Series C; authorized 150,000 shares at September 30, 2024 and December 31, 2023; issued and outstanding 150,000 shares at September 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 September 30, 2024 and December 31, 2023; issued 6,341,869 shares at September 30, 2024 and 6,242,089 shares at December 31, 2023; outstanding 6,014,641 shares at September 30, 2024 and 5,914,861 shares at December 31, 2023	63	62
Common stock, Class B, $0.01 par value, non-voting; authorized 15,000,000 shares at September 30, 2024 and December 31, 2023; issued and outstanding 1,425,574 shares at September 30, 2024 and December 31, 2023	14	14
Common stock, Class C, $0.01 par value, non-voting; authorized 25,000,000 shares at September 30, 2024 and December 31, 2023; issued and outstanding 1,672,562 at September 30, 2024 and December 31, 2023	17	17
Additional paid-in capital	141,998	142,601
Retained earnings	13,179	12,552
Unearned Employee Stock Ownership Plan (“ESOP”) shares	(4,275)	(4,492)
Accumulated other comprehensive loss, net of tax	(9,278)	(13,525)
Treasury stock-at cost, 327,228 shares at September 30, 2024 and at December 31, 2023	(5,326)	(5,326)
Total Broadway Financial Corporation and Subsidiary stockholders’ equity	286,392	281,903
Non-controlling interest	199	194
Total liabilities and stockholders’ equity	$1,373,055	$1,375,404

Consolidated Statements of Operations and Comprehensive Income (Loss)

(In thousands, except per share amounts)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Interest income:
Interest and fees on loans receivable	$12,796	$9,406	$36,104	$27,039
Interest on available-for-sale securities	1,635	2,180	5,586	6,543
Other interest income	1,735	341	4,757	1,028
Total interest income	16,166	11,927	46,447	34,610
Interest expense:
Interest on deposits	3,209	2,126	9,094	4,978
Interest on borrowings	4,627	3,028	13,581	7,317
Total interest expense	7,836	5,154	22,675	12,295
Net interest income	8,330	6,773	23,772	22,315
Provision for (recovery of) 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:
Service charges	36	42	114	141
Other	380	289	881	739
Total non-interest income	416	331	995	880
Non-interest expense:
Compensation and benefits	4,432	4,380	13,298	11,863
Occupancy expense	505	466	1,372	1,354
Information services	754	698	2,124	2,148
Professional services	982	629	2,955	1,741
Supervisory costs	196	157	589	452
Office services and supplies	33	24	115	72
Advertising and promotional expense	19	11	110	138
Corporate insurance	27	61	152	184
Appraisal and other loan expense	47	69	98	138
Amortization of core deposit intangible	84	98	252	293
Travel expense	50	39	184	154
Other expense	465	349	1,435	1,117
Total 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
Less: Net income (loss) attributable to non-controlling interest	22	(5)	5	20
Net income attributable to Broadway Financial Corporation	$522	$91	$627	$1,907
Less: Preferred stock dividends	750	–	817	–
Net (loss) income attributable to common stockholders	$(228)	$91	$(190)	$1,907
Other comprehensive income (loss), net of tax:
Unrealized income (losses) on securities available-for-sale arising during the period	$5,900	$(2,677)	$5,971	$(2,600)
Income tax expense (benefit)	1,703	(770)	1,724	(747)
Other comprehensive income (loss), net of tax	4,197	(1,907)	4,247	(1,853)
Comprehensive income (loss)	$3,969	$(1,816)	$4,057	$54
(Loss) earnings per common share-basic(1)	$(0.03)	$0.01	$(0.02)	$0.21
(Loss) earnings per common share-diluted(1)	$(0.03)	$0.01	$(0.02)	$0.21

(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.