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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 Treasurys Community Development Financial Institution (CDFI) Fund. In addition, during the first quarter of 2019, the Companys 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 Banks 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 Banks prime single-family residential loans.
While adjusting our loan portfolio, we remain vigilant in maintaining the high quality of the Banks assets. During the first quarter, the Bank decreased non-accrual loans to 0.21% of the Banks 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 Banks 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. Treasurys TARP investments in Broadway in 2008 and 2009. These shares represented approximately 14.1% of our total voting shares and 9.7% of the Companys total equity at March 31, 2019 and were sold to two purchasers in separate transactions.
Our dedicated team remains focused on Broadways mission, which includes addressing the unrelenting demand for affordable housing, particularly within the Banks 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.
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.
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