Exhibit 99.1

 

News Release

 

FOR IMMEDIATE RELEASE

 

Broadway Financial Corporation Announces Results for 1st Quarter 2019

 

LOS ANGELES, CA — (BUSINESS WIRE) — May 9, 2019 — 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 $277 thousand, or $0.01 per diluted share, for the first quarter of 2019, compared to a net loss of $84 thousand, or ($0.00) per diluted share, for the first quarter of 2018.

 

The higher earnings during the first quarter of 2019 compared to the first quarter of 2018 primarily resulted from an increase of $245 thousand in non-interest income as the Bank received a grant of $233 thousand from U.S. Department of the Treasury’s Community Development Financial Institution (“CDFI”) Fund.  In addition, during the first quarter of 2019, the Company’s reported income was enhanced by a loan loss provision recapture of $190 thousand and interest recoveries of $351 thousand due to the payoff of two non-accrual loans. There were no recaptures or recoveries recorded during the first quarter of 2018.

 

Chief Executive Officer, Wayne Bradshaw, commented, “I am pleased to announce that Broadway was profitable during the first quarter of 2019, despite a difficult interest rate environment that has continued to compress net interest margins for the banking industry.  Our team generated higher loan origination volumes during the first quarter compared to the first quarter of 2018, and we are continuing to modify the Bank’s mix of loans by reinvesting payoffs into originations of new multi-family loans and non-multi-family commercial real estate loans, including construction loans, which typically generate superior margins to those earned from the Bank’s prime single-family residential loans.”

 

“While adjusting our loan portfolio, we remain vigilant in maintaining the high quality of the Bank’s assets.  During the first quarter, the Bank decreased non-accrual loans to 0.21% of the Bank’s total loans at the end of March, compared to 0.25% at the end of 2018.  In addition, shortly after the end of the quarter we completed the sale of the Bank’s sole REO property, which will lower expenses moving forward.”

 

“I also wish to mention that on May 1st, the U.S. Treasury sold the remaining 2.7 million voting common shares that it owned in Broadway, which were the last remnants of the U.S. Treasury’s TARP investments in Broadway in 2008 and 2009.  These shares represented approximately 14.1% of our total voting shares and 9.7% of the Company’s total equity at March 31, 2019 and were sold to two purchasers in separate transactions.”

 

“Our dedicated team remains focused on Broadway’s mission, which includes addressing the unrelenting demand for affordable housing, particularly within the Bank’s target market of low to moderate income communities in Southern California.”

 

Net Interest Income

 

For the first quarter of 2019, net interest income was $2.8 million, which was substantially the same as the net interest income for the first quarter of 2018.  Average interest-earning assets increased by $11.0 million compared to the first quarter of the prior year, but this increase was offset by a decrease of 4 basis points in the net interest margin.

 

1


The following information was filed by Broadway Financial Corp De (BYFC) on Thursday, May 9, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter 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-Q Quarterly 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