Please wait while we load the requested 10-Q report or click the link below:
FOR IMMEDIATE RELEASE
Broadway Financial Corporation Announces Results for 1st Quarter 2020
LOS ANGELES, CA – (BUSINESS WIRE) – May 11, 2020 – 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 a net loss of $33 thousand, or $0.00 per share, for the first quarter of 2020, compared to net income of $277 thousand, or $0.01 per diluted share, for the first quarter of 2019.
Earnings during the first quarter of 2020 were favorably impacted by increases in net interest income of $85 thousand, service charges on deposits of $22 thousand, miscellaneous fee income of $25 thousand and lower professional services fees of $75 thousand compared to the first quarter of 2019. Earnings were negatively impacted, however, by a provision for loan losses of $29 thousand during the first quarter of 2020 compared to a loan loss provision recapture of $190 thousand in the first quarter of 2019, and by an increase in compensation costs of $173 thousand. In addition, the Bank received a grant of $233 thousand from the U.S. Department of the Treasury’s Community Development Financial Institution (“CDFI”) Fund during the first quarter of 2019, but did not receive a grant during the first quarter of 2020.
Chief Executive Officer, Wayne Bradshaw, commented, “The start of the first quarter of 2020 presented Broadway with many of the same issues that Broadway has been facing over the past 18 months: a highly challenging interest rate environment and a very competitive market for originating loans and attracting deposits. While those issues have remained, the first quarter presented a new set of unanticipated challenges as the effects of the COVID-19 Pandemic wrought huge dislocations in the economy, and required prompt changes to our operations to protect the health and welfare of our employees and customers. I am extremely proud of the positive attitude and dedication of our employees, who have demonstrated their resourcefulness and resiliency in adapting to the new realities facing the country.”
“Despite the enormous diversion of time and human resources, the Bank, the parent company’s operating subsidiary, remained profitable in the first quarter, driven in part by strong growth in loan originations. During the first quarter our loan originations exceeded $65 million, representing an increase of over $11.3 million, or 20.8%, compared to originations during the fourth quarter of 2019. In addition, Broadway’s ability to adapt has been aided by the Bank’s strong capital base, defined market niche, long-standing customer relationships, and high-quality loan portfolio. The Bank ended the quarter with non-performing loans and assets of $280 thousand, or 0.06% of Broadway’s assets.”
“While the economic environment remains unclear, we are being cautious about originating new loans and are defensively pricing and structuring our loan products. In addition, we are being extra vigilant in monitoring our portfolio, which to-date has shown few indications of problems from our borrowers. Given the circumstances, it was fortuitous that early in the quarter we began implementing plans to reduce non-interest expenses and improve our operating efficiency and the profitability of Broadway.”
“As always throughout Broadway’s history, we remain committed to our mission of serving the low-to-moderate income communities of Southern California, many of which have been disproportionately impacted by the COVID-19 Pandemic. Our hopes and prayers go out to everyone that has been adversely affected by the Pandemic, and I wish to extend my sincere gratitude to our employees who are working tirelessly to assist the Bank’s customers and communities during this unprecedented crisis.”
The following information was filed by Broadway Financial Corp De (BYFC) on Tuesday, May 12, 2020 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 this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Broadway Financial Corp De.