Exhibit 99.1

 

+News Release

 

FOR IMMEDIATE RELEASE

 

Broadway Financial Corporation Announces Profits for 4th Quarter and Calendar Year 2014

 

Loan originations in 2014 increased to $95.6 million from $49.1 million a year ago

 

 

LOS ANGELES, CA – (BUSINESS WIRE) – March 18, 2015 – Broadway Financial Corporation (the “Company”) (NASDAQ Capital Market: BYFC), parent company of Broadway Federal Bank, f.s.b. (the “Bank”), today reported net income of $716 thousand, or $0.03 per diluted share, for the fourth quarter of 2014, compared to a net loss of $41 thousand, or approximately $0.00 per diluted common share for the fourth quarter of 2013.  For the year ended December 31, 2014, the Company reported net income of $2.5 million, or $0.11 per diluted share, compared to a net loss of $301 thousand, or ($0.13) per diluted common share for the year ended December 31, 2013.

 

Highlights for 2014 included:

 

·

Loan originations increased $46.5 million, or 95%, to $95.6 million in 2014 from $49.1 million in 2013, which included loan purchases of $10.6 million. The Company continued executing its strategy to focus on originating smaller loans secured by multi-family residential properties within low-to-moderate income communities in Southern California;

 

 

·

Net interest margin increased to 3.62% in 2014 from 3.32% in 2013;

 

 

·

Total loan delinquencies decreased $8.6 million, or 77%, during 2014 to $2.5 million, or 0.72% of assets at the end of 2014 from $11.1 million, or 3.35% of assets at the end of 2013;

 

 

·

Non-performing assets decreased $8.8 million, or 45%, during 2014 to $10.9 million at the end of 2014 from $19.8 million at the end of 2013. Non-performing assets at the end of 2014 included $6.8 million of non-accrual loans for which the borrowers were current in their payments;

 

 

·

Recaptures of loan losses totaled $2.9 million in 2014 compared to a provision for loan losses of $414 thousand in 2013. The recapture of loan losses resulted from recoveries recorded upon the payoff of non-accrual loans which had been written down to net realizable value. In addition, the recapture of loan losses reflected a decline in net charge-offs and overall historical loss factors from improvements in our asset quality;

 

 

·

The restructuring of the Company’s balance sheet was completed in October 2014 with the consummation of a private placement for $9.7 million of common stock and a concurrent extension and modification of the Company’s subordinated debentures;

 

 

·

Recognized an additional gain from debt restructuring of $365 thousand, reflecting payments made on the Company’s senior debt, which was fully repaid in 2014. In contrast, in 2013 the Company recognized $1.2 million in gain from restructuring the senior debt, which was completed in August 2013;

 

1


The following information was filed by Broadway Financial Corp De (BYFC) on Wednesday, March 18, 2015 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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