Exhibit 99.1

News Release

FOR IMMEDIATE RELEASE

Broadway Financial Corporation Reports Profit for 4th Quarter

and Year Ended December 31, 2010

LOS ANGELES, CA – (BUSINESS WIRE) – March 15, 2011 – Broadway Financial Corporation (the “Company”) (NASDAQ Capital Market: BYFC), parent company of Broadway Federal Bank, f.s.b. (the “Bank”), today reported net earnings of $1.9 million, or $0.44 per diluted common share, for the year ended December 31, 2010, as compared to a net loss of ($6.5) million, or ($4.14) per diluted common share, for 2009. The improvement in net earnings reflected higher net interest income before loan loss provisions, substantially reduced provisions for losses, and higher non-interest income. The Company reported total provisions for losses of $6.8 million during 2010, compared to total provisions for losses of $20.4 million during 2009.

Net earnings for the fourth quarter of 2010 were $237 thousand, or ($0.03) loss per diluted common share, as compared to a net loss of ($7.5) million, or ($4.43) per diluted common share, for the fourth quarter of 2009. During the fourth quarter of 2010, the Bank recognized total provisions of $2.2 million compared to total provisions of $15.8 million in the comparable quarter in 2009.

Chief Executive Officer, Paul C. Hudson noted that, “2010 was a tumultuous but defining year in which we refocused on core profitability, balance sheet strength and management processes and procedures. As a result, we increased the Bank’s capital ratios to levels that exceed regulatory requirements, implemented more stringent and comprehensive procedures for originating, underwriting, documenting and servicing loans, enhanced our management team in various loan review and servicing functions, attained a much stronger liquidity position, and substantially reduced our brokered deposits. In addition, we have taken steps to address the recommendations of an independent third party that completed a comprehensive review of our loan portfolio and processes in the fourth quarter. Also, in late 2010 we adopted a plan to recapitalize the Company in 2011 to further enhance our capital ratios, simplify our capital structure, substantially reduce the servicing requirements of senior securities, and improve our common equity base and market float.” Mr. Hudson further emphasized that, “The Bank’s focus on serving the needs of low to moderate income urban communities represents a differentiated strategy that supports core earnings, despite the weak local economy, and depressed real estate market.”

Highlights for 2010

 

   

Net interest income before provision for loan losses increased $1.9 million or 10.1% to $20.6 million from $18.7 million in 2009.

 

   

Total provisions for losses were $6.8 million in 2010, compared to total provisions for losses of $20.4 million in 2009. The total provisions included provision for loan losses of $4.5 million in 2010 and $19.6 million in 2009.

 

   

All requirements imposed by the Cease and Desist Order, effective September 9, 2010, have been met, including:

 

   

Exceeded target Core Capital ratio of 8.00% and target Total Risk Based Capital ratio of 12.00% - the Bank’s Core Capital ratio was 8.82% and Total Risk Based Capital was 13.05% at December 31, 2010, compared to 6.69% and 10.19%, respectively, at December 31, 2009;

 

   

Increased liquidity by $10.1 million, and increased liquid assets to 179% of brokered deposits;

 

   

Substantially reduced brokered deposits by $82.8 million, to $18.2 million at year end;

 

1


The following information was filed by Broadway Financial Corp De (BYFC) on Tuesday, March 15, 2011 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.

View differences made from one year 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-K Annual 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