Broadway Financial Corp/Del - BYFC STOCK NEWS

Broadway Financial Corporation (BYFC) reported a consolidated net income of $1.9 million ($0.03 per share) for Q2 2022, up from $701 thousand ($0.01 per share) in Q2 2021. Year-to-date earnings reached $2.8 million, a significant recovery from a $2.8 million loss in 2021. The firm raised $150 million from the U.S. Treasury through Series C Preferred Stock to enhance lending capabilities. Total assets increased by $130.7 million, and net interest income rose 38.1%. However, non-interest income fell by $1.9 million due to a prior one-time grant. Operating expenses increased by $892 thousand due to higher compensation and professional services.

Broadway Financial Corporation (BYFC) announced the completion of a $150 million private placement of Senior Non-Cumulative Perpetual Preferred Stock, Series C, with the U.S. Department of the Treasury as part of the Emergency Capital Investment Program (ECIP). This investment aims to enhance capital access for underserved communities. The initial dividend rate is zero percent for the first two years, with future rates based on qualified lending. This capital raise will more than double Broadway's Tier 1 Capital, strengthening operational growth and community impact.

Broadway Financial Corporation (NASDAQ: BYFC) has appointed Mr. John Driver to its Board of Directors, effective May 13, 2022, to fill a vacancy. Driver, with extensive experience in technology and marketing, is the CEO of Lynx Technology and has held leadership roles at notable companies. His nomination followed a thorough review by the Corporate Governance Committee. He will serve on the Audit, Corporate Governance, and Risk and Compliance Committees. CEO Brian Argrett expressed confidence in Driver's ability to contribute significantly to the Board and management.

Broadway Financial Corporation (NASDAQ: BYFC) reported a consolidated net earnings of $958,000 or $0.01 per diluted share for Q1 2022, a recovery from a net loss of $3.5 million or ($0.13) per share in Q1 2021. The positive results stem from a $4.3 million increase in net interest income and a $2.7 million reduction in non-interest expenses, influenced by the merger with CFBanc Corporation. Total assets surpassed $1.1 billion, with loan originations rising over 125% year-over-year. The company also simplified its capital structure by exchanging Series A Preferred Stock for Class A Common Stock, anticipating a $150 million issuance under the ECIP.

Broadway Financial Corporation (NASDAQ: BYFC) reported a consolidated net loss of $1.4 million for Q4 2021, an increase from a loss of $581 thousand in Q4 2020. This loss was attributed to a $2 million rise in non-interest expenses, including significant data processing costs related to their recent merger with CFBanc Corporation. For the full year 2021, the net loss was $4.1 million, up from $642 thousand in 2020. Total assets surged to $1.1 billion, driven by merger activities, while net interest income increased by 72.6% year-over-year, reflecting growth in interest-earning assets. Non-performing loans decreased to 0.06% of total assets.

Broadway Financial Corporation (BYFC) announced eligibility for a $142.5 million equity investment from the U.S. Treasury under the Emergency Capital Investment Program (ECIP). This initiative involves over $8.7 billion allocated to 186 Community Development Financial Institutions to enhance funding for underserved communities. The investment will take the form of Senior Perpetual Noncumulative Preferred Stock, with a dividend rate of 0.5% to 2%.

As of September 30, 2021, Broadway reported stockholders’ equity of $143.3 million.

Broadway Financial Corporation reported a net income of $182,000, or $0.00 per diluted share, for Q3 2021, a decrease from $701,000 in Q2 2021 and an increase from a net loss of $244,000 in Q3 2020. Net interest income rose by $2.2 million due to increased loan and grant income, but operating expenses rose by $1.7 million due to the merger with CFBanc Corporation. Total assets reached nearly $1.1 billion, with loans receivable growing to $642 million. For the first nine months of 2021, the company reported a net loss of $2.6 million, primarily due to merger-related costs.

Broadway Financial Corporation (BYFC) announced the resignation of Mr. Jack T. Thompson from its Board and the Board of its subsidiary, City First Bank, effective September 15, 2021. His resignation was due to personal professional reasons and not due to any disagreements with the company. Mr. Thompson has been influential in the company's operations since joining in January 2019, particularly in financing its recapitalization. The company plans to fill his vacancy following a thorough search process.

Broadway Financial Corporation (BYFC) reported a consolidated net income of $701,000, or $0.01 per diluted share, for Q2 2021. This contrasts with a net loss of $3.5 million in Q1 2021. The results reflect the merger with CFBanc Corporation, completed on April 1, 2021, which significantly boosted total assets to over $1 billion. The company raised $32.9 million through common stock sales, enhancing liquidity. However, a high tax rate of 71.3% affected the bottom line. Overall, Broadway's net interest income improved substantially, driven by a growing loan portfolio.