Broadway Financial Corporation Announces Results for Third Quarter 2024
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) ha registrato un reddito netto di $522 mila per il terzo trimestre del 2024, in aumento rispetto ai $91 mila nel terzo trimestre del 2023. Il reddito di interesse netto è aumentato di $1,5 milioni (23%) raggiungendo $8,3 milioni. I prestiti lordi totali sono cresciuti di $87,5 milioni (9,9%) raggiungendo $975,3 milioni. Tuttavia, la società ha riportato una perdita netta per gli azionisti comuni di $228 mila dopo aver sottratto i dividendi privilegiati di $750 mila. La perdita diluita per azione è stata di $0,03 rispetto ad un guadagno di $0,01 nel terzo trimestre del 2023. Nonostante un miglioramento del reddito da interessi, le prestazioni sono state limitate dalla compressione del margine d'interesse netto a causa dell'aumento dei costi di finanziamento dovuti ai rialzi dei tassi da parte della Federal Reserve.
Broadway Financial (NASDAQ: BYFC) reportó un ingreso neto de $522 mil para el tercer trimestre de 2024, un aumento desde $91 mil en el tercer trimestre de 2023. Los ingresos por intereses netos aumentaron en $1.5 millones (23%) a $8.3 millones. Los préstamos brutos totales crecieron en $87.5 millones (9.9%) alcanzando $975.3 millones. Sin embargo, la compañía reportó una pérdida neta para los accionistas comunes de $228 mil tras deducir los dividendos preferidos de $750 mil. La pérdida diluida por acción fue de $0.03 en comparación con ganancias de $0.01 en el tercer trimestre de 2023. A pesar del aumento en los ingresos por intereses, el rendimiento se vio limitado por la compresión del margen de interés neto debido al aumento de los costos de financiamiento por los incrementos de tasas de la Reserva Federal.
브로드웨이 파이낸셜 (NASDAQ: BYFC)는 2024년 3분기 순이익이 52만2천 달러로, 2023년 3분기의 9만1천 달러에서 증가했다고 보고했습니다. 순이자 수익은 150만 달러(23%) 증가하여 830만 달러에 도달했습니다. 총 대출 원금은 8750만 달러(9.9%) 증가하여 9억7530만 달러에 달했습니다. 그러나 이 회사는 우선주 배당금 75만 달러를 차감한 후 22만8천 달러의 보통주 주주에 대한 순손실을 보고했습니다. 희석 주당 손실은 0.03달러로, 2023년 3분기의 0.01달러 수익에 비해 떨어졌습니다. 이자 수익이 개선되었음에도 불구하고, 연준의 금리 인상으로 인한 자금 조달 비용 증가로 인해 순이자 마진이 압축되어 성과가 제한되었습니다.
Broadway Financial (NASDAQ: BYFC) a annoncé un revenu net de 522 000 dollars pour le troisième trimestre de 2024, en hausse par rapport à 91 000 dollars au troisième trimestre de 2023. Les revenus d’intérêts nets ont augmenté de 1,5 million de dollars (23%) pour atteindre 8,3 millions de dollars. Les prêts bruts totaux ont progressé de 87,5 millions de dollars (9,9%) pour s'élever à 975,3 millions de dollars. Cependant, la société a signalé une perte nette pour les actionnaires ordinaires de 228 000 dollars après avoir déduit les dividendes préférentiels de 750 000 dollars. La perte diluée par action s'est chiffrée à 0,03 dollar contre un bénéfice de 0,01 dollar au troisième trimestre de 2023. Malgré l'augmentation des revenus d’intérêts, la performance a été limitée par la compression de la marge d'intérêt net due à l'augmentation des coûts de financement liée aux hausses de taux de la Réserve fédérale.
Broadway Financial (NASDAQ: BYFC) hat für das dritte Quartal 2024 einen Nettogewinn von 522.000 US-Dollar gemeldet, im Vergleich zu 91.000 US-Dollar im dritten Quartal 2023. Die Nettozinseinnahmen stiegen um 1,5 Millionen US-Dollar (23%) auf 8,3 Millionen US-Dollar. Die gesamten Bruttokredite wuchsen um 87,5 Millionen US-Dollar (9,9%) auf 975,3 Millionen US-Dollar. Das Unternehmen berichtete jedoch von einem Nettoverlust von 228.000 US-Dollar für die Stammaktionäre, nachdem bevorzugte Dividenden in Höhe von 750.000 US-Dollar abgezogen wurden. Der verwässerte Verlust pro Aktie betrug 0,03 US-Dollar im Vergleich zu einem Gewinn von 0,01 US-Dollar im dritten Quartal 2023. Trotz der verbesserten Zinserträge war die Leistung durch die Kompression der Nettozinsspanne aufgrund gestiegener Finanzierungskosten durch die Zinserhöhungen der Federal Reserve eingeschränkt.
- Net income increased by $431,000 year-over-year to $522,000 in Q3 2024
- Net interest income grew 23% to $8.3 million in Q3 2024
- Total gross loans increased 9.9% to $975.3 million
- Only one non-performing loan representing 0.03% of total loans
- Securities portfolio value increased by $6.0 million in first nine months of 2024
- Net loss to common stockholders of $228,000 after preferred dividends in Q3 2024
- Diluted loss per share of $0.03 compared to $0.01 earnings in Q3 2023
- Net interest margin compressed due to higher funding costs
- Non-interest expenses increased by $3.0 million (15.4%) in first nine months
- Deposits decreased by $10.4 million to $672.2 million
Insights
Broadway Financial (BYFC) reported mixed Q3 2024 results with some positive developments but ongoing challenges. Net income increased to
Key positives include a
However, margin pressure continues due to higher funding costs, with interest expense up
The bank's funding profile shows some concerning trends despite overall stability. While total deposits declined marginally by
The allowance for credit losses increased to
During the third quarter of 2024, net interest income increased by
For the first nine months of 2024, the Company reported net income attributable to Broadway of
Third Quarter 2024 Highlights:
-
During the third quarter of 2024, total interest income increased by
, or$4.2 million 35.5% , compared to the third quarter of 2023. -
The yield on average interest-earning assets increased by 73 basis points to
4.82% for the third quarter of 2024, compared to4.09% for the third quarter of 2023. -
Total gross loans receivable increased by
, or$87.5 million 9.9% , to at September 30, 2024, compared to$975.3 million at December 31, 2023.$887.8 million -
The value of the Company’s portfolio of securities available-for-sale increased by
during the first nine months of 2024 and resulted in other comprehensive income of$6.0 million , net of taxes.$4.2 million
Chief Executive Officer, Brian Argrett commented, “During the third quarter, we continued our record of sequentially growing total interest income, which increased
“Despite these improvements, our bottom-line performance has been constrained by compression in our net interest margin, which reflects the sharp increase in the Bank’s cost of funds resulting from the rate hikes implemented by the Federal Reserve through 2023. Nonetheless, we increased net interest income, net interest income after provisions for credit losses, and net income attributable to Broadway during the third quarter as compared to the second quarter of 2024 and the third quarter of 2023.”
“Finally, I want to thank our team members for their commitment to our mission, and their focus on improving operating performance and serving the low-to-moderate income communities within our targeted geographic markets. In addition, I wish to thank our stockholders and depositors for their continued support, which is pivotal as we strive to expand the service and support that City First Broadway provides to our customers and broader stakeholders.”
Net Interest Income
Third Quarter of 2024 Compared to Third Quarter of 2023
Net interest income before provision for credit losses for the third quarter of 2024 totaled
First Nine Months of 2024 Compared to the First Nine Months of 2023
Net interest income before provision for credit losses for the nine months ended September 30, 2024 totaled
The following tables set forth the average balances, average yields and costs, and certain other information for the periods indicated. All average balances are daily average balances. The yields set forth below include the effect of deferred loan fees, and discounts and premiums that are amortized or accreted to interest income or expense.
For the Three Months Ended September 30, |
|
||||||||||||||||
2024 |
|
2023 |
|
||||||||||||||
(Dollars in thousands) |
|
||||||||||||||||
Average Balance |
Interest |
Average Yield |
Average Balance |
Interest |
Average Yield |
||||||||||||
Assets |
|
|
|
|
|
|
|||||||||||
Interest-earning assets: |
|||||||||||||||||
Interest-earning deposits in other banks |
$ |
106,569 |
$ |
1,491 |
5.57 |
% |
$ |
10,629 |
$ |
139 |
5.23 |
% |
|||||
Securities |
248,833 |
1,635 |
2.61 |
% |
319,866 |
2,180 |
2.73 |
% |
|||||||||
Loans receivable (1) |
963,849 |
12,796 |
5.28 |
% |
822,031 |
9,406 |
4.58 |
% |
|||||||||
FRB and FHLB stock (2) |
13,835 |
244 |
7.02 |
% |
12,538 |
202 |
6.44 |
% |
|||||||||
Total interest-earning assets |
1,333,086 |
$ |
16,166 |
4.82 |
% |
1,165,064 |
$ |
11,927 |
4.09 |
% |
|||||||
Non-interest-earning assets |
48,980 |
67,047 |
|||||||||||||||
Total assets |
$ |
1,382,066 |
$ |
1,232,111 |
|||||||||||||
Liabilities and Stockholders’ Equity |
|||||||||||||||||
Interest-bearing liabilities: |
|||||||||||||||||
Money market deposits |
$ |
282,808 |
$ |
1,740 |
2.45 |
% |
$ |
259,184 |
$ |
1,256 |
1.94 |
% |
|||||
Savings deposits |
55,198 |
90 |
0.65 |
% |
58,686 |
42 |
0.29 |
% |
|||||||||
Interest checking and other demand deposits |
67,023 |
107 |
0.64 |
% |
101,657 |
93 |
0.37 |
% |
|||||||||
Certificate accounts |
165,483 |
1,272 |
3.06 |
% |
152,577 |
735 |
1.93 |
% |
|||||||||
Total deposits |
570,512 |
3,209 |
2.24 |
% |
572,104 |
2,126 |
1.49 |
% |
|||||||||
FHLB advances |
209,064 |
2,588 |
4.92 |
% |
196,184 |
2,571 |
5.24 |
% |
|||||||||
Bank Term Funding Program borrowing |
|
100,000 |
|
|
1,220 |
|
4.85 |
% |
- |
|
|
- |
|
- |
% |
||
Other borrowings |
86,397 |
819 |
3.77 |
% |
67,533 |
457 |
2.71 |
% |
|||||||||
Total borrowings |
395,461 |
4,627 |
4.65 |
% |
263,717 |
3,028 |
4.59 |
% |
|||||||||
Total interest-bearing liabilities |
965,973 |
$ |
7,836 |
3.23 |
% |
835,821 |
$ |
5,154 |
2.47 |
% |
|||||||
Non-interest-bearing liabilities |
131,750 |
120,162 |
|||||||||||||||
Stockholders’ equity |
284,343 |
276,128 |
|||||||||||||||
Total liabilities and stockholders’ equity |
$ |
1,382,066 |
$ |
1,232,111 |
|||||||||||||
Net interest rate spread (3) |
$ |
8,330 |
1.60 |
% |
$ |
6,773 |
1.62 |
% |
|||||||||
Net interest rate margin (4) |
2.49 |
% |
2.33 |
% |
|||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities |
138.00 |
% |
139.39 |
% |
(1) |
Amount is net of deferred loan fees, loan discounts and loans in process, and includes deferred origination costs and loan premiums. |
||||
(2) |
FRB is Federal Reserve Board. FHLB is Federal Home Loan Bank. |
||||
(3) |
Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. |
||||
(4) |
Net interest rate margin represents net interest income as a percentage of average interest-earning assets. |
For the Nine Months Ended September 30, |
|
||||||||||||||||
2024 |
|
2023 |
|
||||||||||||||
|
(Dollars in thousands) |
|
|||||||||||||||
Average Balance |
Interest |
Average Yield |
Average Balance |
Interest |
Average Yield |
||||||||||||
Assets |
|
|
|
|
|
|
|||||||||||
Interest-earning assets: |
|||||||||||||||||
Interest-earning deposits in other banks |
$ |
102,082 |
$ |
4,024 |
5.27 |
% |
$ |
13,889 |
$ |
425 |
4.08 |
% |
|||||
Securities |
276,892 |
5,586 |
2.69 |
% |
324,719 |
6,543 |
2.69 |
% |
|||||||||
Loans receivable (1) |
938,666 |
36,104 |
5.14 |
% |
794,524 |
27,039 |
4.54 |
% |
|||||||||
FRB and FHLB stock (2) |
13,794 |
733 |
7.10 |
% |
11,577 |
603 |
6.94 |
% |
|||||||||
Total interest-earning assets |
1,331,434 |
$ |
46,447 |
4.66 |
% |
1,144,709 |
$ |
34,610 |
4.03 |
% |
|||||||
Non-interest-earning assets |
50,591 |
67,712 |
|||||||||||||||
Total assets |
$ |
1,382,025 |
$ |
1,212,421 |
|||||||||||||
Liabilities and Stockholders’ Equity |
|||||||||||||||||
Interest-bearing liabilities: |
|||||||||||||||||
Money market deposits |
$ |
276,802 |
$ |
4,805 |
2.32 |
% |
$ |
263,102 |
$ |
2,959 |
1.50 |
% |
|||||
Savings deposits |
57,272 |
294 |
0.69 |
% |
60,275 |
71 |
0.16 |
% |
|||||||||
Interest checking and other demand deposits |
75,636 |
418 |
0.74 |
% |
100,921 |
257 |
0.34 |
% |
|||||||||
Certificate accounts |
164,718 |
3,577 |
2.90 |
% |
150,651 |
1,691 |
1.50 |
% |
|||||||||
Total deposits |
574,428 |
9,094 |
2.11 |
% |
574,949 |
4,978 |
1.15 |
% |
|||||||||
FHLB advances |
209,198 |
7,779 |
4.97 |
% |
173,312 |
6,035 |
4.64 |
% |
|||||||||
Bank Term Funding Program borrowing |
|
100,000 |
|
|
3,633 |
|
4.85 |
% |
- |
|
|
- |
|
- |
% |
||
Other borrowings |
80,974 |
2,169 |
3.58 |
% |
70,957 |
1,282 |
2.41 |
% |
|||||||||
Total borrowings |
390,172 |
13,581 |
4.65 |
% |
244,269 |
7,317 |
3.99 |
% |
|||||||||
Total interest-bearing liabilities |
964,600 |
$ |
22,675 |
3.14 |
% |
819,218 |
$ |
12,295 |
2.00 |
% |
|||||||
Non-interest-bearing liabilities |
134,455 |
115,362 |
|||||||||||||||
Stockholders’ equity |
282,970 |
277,841 |
|||||||||||||||
Total liabilities and stockholders’ equity |
$ |
1,382,025 |
$ |
1,212,421 |
|||||||||||||
Net interest rate spread (3) |
$ |
23,722 |
1.52 |
% |
$ |
22,315 |
2.03 |
% |
|||||||||
Net interest rate margin (4) |
2.38 |
% |
2.60 |
% |
|||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities |
138.03 |
% |
139.73 |
% |
(1) |
Amount is net of deferred loan fees, loan discounts and loans in process, and includes deferred origination costs and loan premiums. |
|
(2) |
FRB is Federal Reserve Board. FHLB is Federal Home Loan Bank. |
|
(3) |
Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. |
|
(4) |
Net interest rate margin represents net interest income as a percentage of average interest-earning assets. |
Provision for Credit Losses
For the three months ended September 30, 2024, the Company recorded a provision for credit losses of
The allowance for credit losses (“ACL”) increased to
The Bank had one non-accrual loan at September 30, 2024 with an unpaid principal balance of
Non-interest Income
Non-interest income for the third quarter of 2024 totaled
For the first nine months of 2024, non-interest income totaled
Non-interest Expense
Total non-interest expense was
For the first nine months of 2024, non-interest expense totaled
Income Taxes
The Company recorded an income tax expense of
For the nine months ended September 30, 2024, income tax expense was
Balance Sheet Summary
Total assets decreased by
Loans held for investment, net of the ACL, increased by
The value of the Company’s portfolio of securities available-for-sale appreciated by
Deposits decreased by
Total borrowings increased by
Stockholders’ equity was
About Broadway Financial Corporation
Broadway Financial Corporation operates through its wholly-owned banking subsidiary, City First Bank, National Association, which is a leading mission-driven bank that serves low-to-moderate income communities within urban areas in
About the City First Branded Family
City First Bank offers a variety of commercial real estate loan products, services, and depository accounts that support investments in affordable housing, small businesses, and nonprofit community facilities located within low-to-moderate income neighborhoods. City First Bank is a Community Development Financial Institution, Minority Depository Institution, Certified B Corp, and a member of the Global Alliance of Banking on Values. The Bank and the City First network of nonprofits, City First Enterprises, Homes By CFE, and City First Foundation, represent the City First branded family of community development financial institutions, which offer a robust lending and deposit platform.
Stockholders, analysts, and others seeking information about the Company are invited to write to: Broadway Financial Corporation, Investor Relations, 4601 Wilshire Boulevard, Suite 150,
Cautionary Statement Regarding Forward-Looking Information
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations and capital allocation and structure, are forward-looking statements. Forward‑looking statements typically include the words “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” “poised,” “optimistic,” “prospects,” “ability,” “looking,” “forward,” “invest,” “grow,” “improve,” “deliver” and similar expressions, but the absence of such words or expressions does not mean a statement is not forward-looking. These forward‑looking statements are subject to risks and uncertainties, including those identified below, which could cause actual future results to differ materially from historical results or from those anticipated or implied by such statements. The following factors, among others, could cause future results to differ materially from historical results or from those indicated by forward‑looking statements included in this press release: (1) the level of demand for mortgage and commercial loans, which is affected by such external factors as general economic conditions, market interest rate levels, tax laws, and the demographics of our lending markets; (2) the direction and magnitude of changes in interest rates and the relationship between market interest rates and the yield on our interest‑earning assets and the cost of our interest‑bearing liabilities; (3) the rate and amount of credit losses incurred and projected to be incurred by us, increases in the amounts of our nonperforming assets, the level of our loss reserves and management’s judgments regarding the collectability of loans; (4) changes in the regulation of lending and deposit operations or other regulatory actions, whether industry-wide or focused on our operations, including increases in capital requirements or directives to increase allowances for credit losses or make other changes in our business operations; (5) legislative or regulatory changes, including those that may be implemented by the current administration in
Forward-looking statements in this press release speak only as of the date they are made, and we undertake no obligation, and do not intend, to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except to the extent required by law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
BROADWAY FINANCIAL CORPORATION AND SUBSIDIARY | |||||||||||||||||||||||
Selected Financial Data and Ratios (Unaudited) | |||||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||
September 30, 2024 | December 31, 2023 | ||||||||||||||||||||||
Selected Financial Condition Data and Ratios: | |||||||||||||||||||||||
Cash and cash equivalents | $ |
97,079 |
|
$ |
105,195 |
|
|||||||||||||||||
Securities available-for-sale, at fair value |
|
238,489 |
|
|
316,950 |
|
|||||||||||||||||
Loans receivable held for investment |
|
975,315 |
|
|
887,805 |
|
|||||||||||||||||
Allowance for credit losses |
|
(8,527 |
) |
|
(7,348 |
) |
|||||||||||||||||
Loans receivable held for investment, net of allowance |
|
966,788 |
|
|
880,457 |
|
|||||||||||||||||
Total assets |
|
1,373,055 |
|
|
1,375,404 |
|
|||||||||||||||||
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 borrowing |
|
100,000 |
|
|
100,000 |
|
|||||||||||||||||
Notes payable |
|
- |
|
|
14,000 |
|
|||||||||||||||||
Total stockholders' equity |
|
286,392 |
|
|
281,903 |
|
|||||||||||||||||
Book value per share | $ |
14.97 |
|
$ |
14.65 |
|
|||||||||||||||||
Equity to total assets |
|
20.86 |
% |
|
20.50 |
% |
|||||||||||||||||
Asset Quality Ratios: | |||||||||||||||||||||||
Non-accrual loans to total loans |
|
0.03 |
% |
|
0.00 |
% |
|||||||||||||||||
Non-performing assets to total assets |
|
0.02 |
% |
|
0.00 |
% |
|||||||||||||||||
Allowance for credit losses to total gross loans |
|
0.87 |
% |
|
0.83 |
% |
|||||||||||||||||
Allowance for credit losses to non-performing loans |
|
2930.24 |
% |
|
N/A |
|
|||||||||||||||||
Non-Performing Assets: | |||||||||||||||||||||||
Non-accrual loans | $ |
291 |
|
$ |
- |
|
|||||||||||||||||
Loans delinquent 90 days or more and still accruing |
|
- |
|
|
- |
|
|||||||||||||||||
Real estate acquired through foreclosure |
|
- |
|
|
- |
|
|||||||||||||||||
Total non-performing assets | $ |
291 |
|
$ |
- |
|
|||||||||||||||||
Delinquent loans 31 to 89 days delinquent | $ |
1,665 |
|
$ |
780 |
|
|||||||||||||||||
Delinquent loans greater than 90 days delinquent | $ |
- |
|
$ |
- |
|
|||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
Selected Operating Data and Ratios: |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|||||||||||
Interest income | $ |
16,166 |
|
$ |
11,927 |
|
$ |
46,447 |
|
$ |
34,610 |
|
|||||||||||
Interest expense |
|
7,836 |
|
|
5,154 |
|
|
22,675 |
|
|
12,295 |
|
|||||||||||
Net interest income |
|
8,330 |
|
|
6,773 |
|
|
23,772 |
|
|
22,315 |
|
|||||||||||
Provision for 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 |
|
416 |
|
|
331 |
|
|
995 |
|
|
880 |
|
|||||||||||
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 |
|
|||||||||||
Net income (loss) - non-controlling interest |
|
22 |
|
|
(5 |
) |
|
5 |
|
|
20 |
|
|||||||||||
Net income Broadway Financial Corporation | $ |
522 |
|
$ |
91 |
|
$ |
627 |
|
$ |
1,907 |
|
|||||||||||
Preferred share dividends |
|
750 |
|
|
- |
|
|
817 |
|
|
- |
|
|||||||||||
Net (loss) income common shareholders | $ |
(228 |
) |
$ |
91 |
|
$ |
(190 |
) |
$ |
1,907 |
|
|||||||||||
(Loss) Earnings per common share-diluted | $ |
(0.03 |
) |
$ |
0.01 |
|
(3 |
) |
$ |
(0.02 |
) |
$ |
0.21 |
|
(3) |
||||||||
Loan originations (1) | $ |
39,195 |
|
$ |
14,016 |
|
$ |
136,221 |
|
$ |
112,235 |
|
|||||||||||
Net recoveries to average loans |
|
(0.00 |
)% |
(2 |
) |
|
(0.00 |
)% |
(2 |
) |
|
(0.00 |
)% |
(2 |
) |
|
(0.00 |
)% |
|||||
Return on average assets |
|
0.16 |
% |
(2 |
) |
|
0.03 |
% |
(2 |
) |
|
0.06 |
% |
(2 |
) |
|
0.21 |
% |
|||||
Return on average equity |
|
0.77 |
% |
(2 |
) |
|
0.12 |
% |
(2 |
) |
|
0.30 |
% |
(2 |
) |
|
0.92 |
% |
|||||
Net interest margin |
|
2.49 |
% |
(2 |
) |
|
2.33 |
% |
(2 |
) |
|
2.38 |
% |
(2 |
) |
|
2.60 |
% |
(1) |
Does not include net deferred origination costs. |
|
(2) |
Annualized |
|
(3) |
Retroactively adjusted for a 1-for-8 reverse stock split effective November 1, 2023. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241028172480/en/
Investor Relations
Zack Ibrahim, Chief Financial Officer, (202) 243-7100
Investor.relations@cityfirstbroadway.com
Source: Broadway Financial Corporation
FAQ
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