Broadway Finl Corp Del Stock Price, News & Analysis

Broadway Financial Corporation (Nasdaq: BYFC) has announced a leadership transition within its Board of Directors. Effective April 1, 2023, Brian E. Argrett has been appointed as Board Chair while retaining his role as CEO. Wayne-Kent A. Bradshaw has been elected as Vice Chair and Marie C. Johns continues as Lead Independent Director. This move is part of the governance succession plan post the merger with CFBanc Corporation. The Board reaffirmed its Corporate Governance Guidelines during this transition, emphasizing strengthened governance.

Broadway Financial Corporation (NASDAQ: BYFC) has announced key executive appointments, enhancing its management team. John Tellenbach joins as Executive Vice President and West Commercial Regional Executive, bringing over 30 years of banking experience. LaShanya Washington is promoted to Executive Vice President and Chief Credit Officer, with a strong background in credit risk management. Sonja Wells, also promoted, will lead lending activities in the eastern U.S. markets. CEO Brian E. Argrett highlighted these appointments as crucial for executing growth plans, particularly in Southern California, supported by $150 million of equity capital raised last June.

Broadway Financial Corporation (NASDAQ: BYFC) reported consolidated net earnings of $1.5 million for Q4 2022, a notable improvement from a net loss of $1.4 million in Q4 2021. The increase in net interest income was $2.7 million, or 42.5%, reaching $9.0 million due to higher loan and investment rates. Year-end net earnings totaled $5.6 million, compared to a loss of $4.1 million in 2021. Total assets grew 8.3% to $1.2 billion, with stockholders’ equity rising 98.2% to $279.5 million, largely due to a $150 million equity raise. However, loan loss provisions increased by $674 thousand due to portfolio growth.

Broadway Financial Corporation (BYFC) announced an extension of loans totaling up to $5 million to the City First Bank Employee Stock Ownership Trust. The initial loan of $0.5 million aims to increase employee ownership in a non-dilutive manner, aligning employee interests with shareholders. This initiative seeks to recover dilution from past mergers and positions Broadway to leverage its $150 million in raised equity capital for future growth. Current employee ownership stands at approximately 2.2%, down from 5.9% prior to the merger.

Broadway Financial Corporation (BYFC) reported net earnings of $1.3 million ($0.02/share) for Q3 2022, significantly up from $182 thousand ($0.00/share) in Q3 2021. Key performance indicators include a 43.7% rise in net interest income to $8.6 million and a net interest margin increase to 3.02%. The company originated over $101 million in new loans, a 20.7% increase year-over-year, and total assets grew to $1.2 billion, marking a 7.0% rise. However, loan loss provisions increased by $656 thousand due to an $80.8 million rise in loans receivable.