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Broadway Financial Corp/Del (BYFC) is a prominent player in the financial services sector with a primary focus on savings and loan holding operations within the United States. As a dynamic institution, the company's core business revolves around collecting deposits from the general public, which are then utilized, along with other borrowings and funds, to extend mortgage loans secured by residential and commercial real estate properties.
Broadway Financial's deposit offerings include a range of products such as passbook savings accounts, checking accounts, negotiable order of withdrawal accounts, money market accounts, and fixed-term certificates of deposit. The company generates revenue primarily through interest income derived from loans and investments.
Recent achievements underscore Broadway Financial's commitment to growth and stability within the financial landscape. The institution has consistently delivered value to its shareholders by maintaining a robust financial condition and strategically expanding its portfolio. Current projects and partnerships are aimed at enhancing their service offerings and market reach, ensuring a solid foundation for future growth.
With a comprehensive understanding of the financial needs of its clients, Broadway Financial Corp continues to innovate and adapt, providing essential services that facilitate financial security and investment opportunities for individuals and businesses alike.
Broadway Financial (NASDAQ: BYFC) reported net income of $522 thousand for Q3 2024, up from $91 thousand in Q3 2023. Net interest income increased by $1.5 million (23%) to $8.3 million. Total gross loans grew by $87.5 million (9.9%) to $975.3 million. However, the company reported a net loss to common stockholders of $228 thousand after deducting preferred dividends of $750 thousand. The diluted loss per share was $0.03 compared to earnings of $0.01 in Q3 2023. Despite improved interest income, performance was constrained by net interest margin compression due to increased funding costs from Federal Reserve rate hikes.
Broadway Financial (NASDAQ: BYFC) reported second-quarter 2024 net earnings of $269K, or $0.03 per diluted share, up from $243K in Q2 2023. Net interest income rose by 8.9% to $7.9M, driven by a $3.8M increase in interest income, primarily due to higher loan interest, offset by a $3.2M rise in interest expenses. Non-interest expenses increased by 13.4% to $7.3M, mainly due to higher compensation and benefits.
For the first six months of 2024, net earnings were $105K, down from $1.8M in the same period in 2023, owing to a $2.4M increase in non-interest expenses and a slight decline in net interest income by $100K. The loan portfolio grew by $59M to $946.8M, and deposits increased by $4.7M to $687.4M. CEO Brian Argrett noted the continuation of interest income growth despite challenges from higher cost of funds.
Net interest margin decreased to 2.41% in Q2 2024 from 2.52% in Q2 2023. The provision for credit losses dropped to $494K from $768K. Stockholders' equity stood at $282.3M, with a book value per share of $14.49.
Broadway Financial (NASDAQ: BYFC) reported a consolidated net loss of $164 thousand for Q1 2024, down from net earnings of $1.6 thousand in Q1 2023.
Net interest income decreased by $750 thousand (9.1%) due to higher interest expenses, while non-interest expenses rose by $1.6 million (25.8%) due to increased professional services and employee compensation costs.
Total interest income rose by $3.6 million (32.4%), with a yield increase on average interest-earning assets.
Gross loans receivable grew by $46.2 million (5.2%), and total deposits increased by $12.9 million.
Despite these positive aspects, the quarter's performance was impacted by rising costs and one-time expenses related to internal control investigations.
Broadway Financial (NASDAQ: BYFC), the parent company of City First Bank, announced it has regained compliance with Nasdaq Listing Rule 5250(c)(1). This compliance pertains to the timely filing of the Form 10-Q for the period ending March 31, 2024. The compliance status was confirmed by Nasdaq in a letter dated May 30, 2024, following the company's filing on May 24, 2024. The matter is now considered closed.
Broadway Financial (NASDAQ: BYFC) announced net earnings of $2.6 million ($0.31 per diluted share) for Q4 2023, up from $1.5 million ($0.16 per share) in Q4 2022. This increase was driven by $4.1 million in grants from the U.S. Treasury's CDFI Fund and a $2.0 million rise in interest income. However, higher interest expenses ($3.9 million) and non-interest expenses ($1.1 million) offset these gains. For FY 2023, net earnings were $4.5 million ($0.51 per share), down from $5.6 million in 2022 due to higher interest and non-interest expenses. Despite this, total assets grew to $1.4 billion, and net loans receivable increased to $880.5 million. Broadway also faced internal control issues, delaying financial filings but has since strengthened its controls. The company repurchased 245,000 shares, reflecting a cautious yet optimistic outlook.
Broadway Financial (NASDAQ: BYFC) announced that it received a letter from Nasdaq on May 22, 2024, notifying the company of non-compliance with Listing Rule 5250(c)(1) due to the late filing of its Form 10-Q for the period ended March 31, 2024.
The company must submit a plan to regain compliance within 60 days. If accepted, Nasdaq may grant an extension up to November 18, 2024. Broadway filed the Form 10-Q on May 24, 2024, and disclosed the notification in a Form 8-K filed on May 29, 2024.
Broadway Financial (BYFC), the holding company of City First Bank, announced significant additions to its senior management team as of May 15, 2024. The new appointees include Zack Ibrahim as Executive Vice President and CFO, Elizabeth Sur as Executive Vice President, General Counsel, and Chief Risk Officer, Elise Adams as Chief Accounting Officer and Senior Vice President, and Gary Castellaw as Corporate Treasurer and Senior Vice President. These strategic hires aim to strengthen the company's financial and operational capabilities, enhancing its focus on serving low-to-moderate income communities. Previously, Zack Ibrahim led corporate finance at Texas Capital Bancshares, Elizabeth Sur held regulatory positions at Wells Fargo Bank, Elise Adams was Chief Accounting Officer at EagleBank, and Gary Castellaw was Treasurer and Controller at IDEMIA North America. These new roles are essential to City First Broadway's goal of creating differentiated, transformational leadership in banking services.
Broadway Financial (BYFC), the parent company of City First Bank, received a Staff Delisting Determination letter from Nasdaq on May 14, 2024. The notification was due to the company's failure to timely file its Q3 2023 Form 10-Q and its 2023 Form 10-K with the SEC. Although Broadway submitted materials to Nasdaq earlier in the year and was granted an extension until May 13, 2024, it missed the deadline. The company has since filed the required reports as of May 20, 2024, except for its Q1 2024 Form 10-Q. Nasdaq acknowledged the company's compliance with its Q3 2023 and 2023 filings. Broadway intends to appeal the delisting decision before a Nasdaq Hearing Panel and is working to file the remaining delinquent report promptly to regain full compliance.
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