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FOR IMMEDIATE RELEASE
Broadway Financial Corporation Announces Increased Profits for 4th Quarter and Calendar Year 2015
LOS ANGELES, CA (BUSINESS WIRE) February 24, 2016 Broadway Financial Corporation (the Company) (NASDAQ Capital Market: BYFC), parent company of Broadway Federal Bank, f.s.b. (the Bank, and collectively with the Company, Broadway), today reported net income of $5.6 million, or $0.19 per diluted share, for the fourth quarter of 2015, compared to net income of $716 thousand, or $0.03 per diluted share for the fourth quarter of 2014.
For the year ended December 31, 2015, the Company reported net income of $9.1 million, or $0.31 per diluted share, compared to $2.5 million, or $0.11 per diluted share for the year ended December 31, 2014.
The results for the fourth quarter and calendar year 2015 include an income tax benefit of $4.6 million, which resulted from a partial reversal of the valuation allowance on the deferred tax assets based on an analysis of the increased potential for utilization of those assets. As of December 31, 2015, Broadway had a remaining valuation allowance of $2.5 million on its deferred tax assets.
Highlights for 2015 included:
· The Office of the Comptroller of the Currency (OCC) terminated the Banks Consent Order on November 23, 2015 and the Federal Reserve Bank terminated the Companys Order to Cease and Desist on February 5, 2016. These actions officially recognize Broadways status as a safe and sound financial institution;
· Loan originations grew 17.7% reaching $112.5 million in 2015 compared to $95.6 million in 2014. During 2015, the Bank also underwrote and purchased $99.7 million of single family loans, bringing total originations and purchases for the year to $212.2 million;
· Due to continued improvement in the Banks asset quality,
· Total loan delinquencies declined 44% to $1.4 million, or 0.36% of total assets, at the end of 2015, from $2.5 million, or 0.72% of total assets at the end of 2014;
· Total non-accrual loans decreased 53% to $4.2 million at the end of 2015, from $8.9 million at the end of 2014. Non-accrual loans at the end of 2015 included $3.2 million of loans for which the borrowers were current in their payments, but the loans were classified as non-accruals for reasons other than payment history;
· The Bank held only one property in real estate owned as of December 31, 2015, which was sold before the end of January 2016.
· The Bank recaptured $3.7 million in loan loss provisions during 2015 after recapturing $2.9 million in 2014;
The following information was filed by Broadway Financial Corp De (BYFC) on Wednesday, February 24, 2016 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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