Exhibit 99.1

 

News Release

 

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 Company’s 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 Company’s 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 Broadway’s 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 Bank’s 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 Company’s 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

 

1


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.

View differences made from one year to another to evaluate Broadway Financial Corp De's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Broadway Financial Corp De.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

FREE Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue for FREE

Log in with your credentials

or    

Forgot your details?

Create Account