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FOR IMMEDIATE RELEASE
Broadway Financial Corporation Announces Results for 4th Quarter and Year 2013
Non-Performing Assets Reduced by 56.3% During 2013
Focusing on Growth after Recapitalization as Capital Ratios Exceed Targets
LOS ANGELES, CA (BUSINESS WIRE) March 27, 2014 Broadway Financial Corporation (the Company) (NASDAQ Capital Market: BYFC), parent company of Broadway Federal Bank, f.s.b. (the Bank), today reported a net loss of $41 thousand for the fourth quarter ended December 31, 2013, compared to a net loss of $650 thousand for the comparable period in 2012. Loss allocable to common stockholders was $41 thousand, or less than $.01 per diluted common share, for the fourth quarter of 2013 compared to a loss of $1.1 million, or $0.57 per diluted common share, for the fourth quarter of 2012.
For the year ended December 31, 2013, the Company reported a net loss of $301 thousand, which included a gain of $1.2 million on the restructuring of debt, compared to net income of $588 thousand for the same period in 2012, which included a gain of $2.5 million from the sale of the Companys former headquarters building. Loss allocable to common stockholders for the year ended December 31, 2013 was $1.1 million, or $0.13 per diluted common share, compared to a loss of $693 thousand, or $0.38 per diluted common share, for the year ended December 31, 2012. During the third quarter of 2013, all of the Companys preferred stock was exchanged into common shares.
Chief Executive Officer, Wayne Bradshaw stated, I am pleased to announce that we achieved our major goals for calendar 2013, which represents a pivotal year in Broadways history. On the operating side of our business, we successfully reduced our non-performing assets by over 56%. On the capital side of the Company, we completed the Recapitalization and related financing activities that strengthened both the Bank and the Company. At year end, the Banks Tier 1 capital ratio was 10.24% and its Total Risk-Based Capital ratio was 16.95%. The Company now has a simple equity capital structure with only common stock and non-voting common stock outstanding and reduced liabilities. In addition, the Recapitalization allowed us to reduce the Companys annual servicing requirement for its debt and preferred stock by $1.2 million.
Since the end of the year, we have further reduced our non-performing assets while rebuilding our loan portfolio. In addition, we obtained conditional approval of our proposal to extend the maturity of our subordinated debentures until March 17, 2024, in exchange for payment of a portion of the principal of the debentures and payment of all accrued interest on the debentures through the effective date of the extension. As a result, we are moving forward to satisfy the conditions for the extension, including requirements to raise at least $6.0 million of equity capital, obtain approvals from our regulators and senior lender, and prepare an appropriate supplemental indenture and other related documentation.
Looking ahead, we will continue to rebuild our loan portfolio in order to generate net interest income, with a particular focus on loans in three categories that are consistent with our mission to serve low-to-moderate income communities in Southern California: multi-family residential properties, particularly those
The following information was filed by Broadway Financial Corp De (BYFC) on Thursday, March 27, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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