Exhibit 99.1

News Release

FOR IMMEDIATE RELEASE

Broadway Financial Corporation Reports Net Loss for 4th Quarter and Year 2011

LOS ANGELES, CA – (BUSINESS WIRE) – March 29, 2012 – Broadway Financial Corporation (the “Company”) (NASDAQ Capital Market: BYFC), parent company of Broadway Federal Bank, f.s.b. (the “Bank”), today reported net loss of ($132) thousand, or ($0.24) per diluted common share, for the fourth quarter of 2011, compared to net earnings of $237 thousand, or ($0.03) loss per diluted common share, for the fourth quarter of 2010. The decrease from net earnings to net loss primarily reflected lower net interest income, lower non-interest income and higher non-interest expense which were partially offset by lower provision for loan losses.

For the year ended December 31, 2011, the Company reported a net loss of ($9.5) million, or ($6.10) per diluted common share compared to net earnings of $1.9 million, or $0.44 per diluted common share for the year ended December 31, 2010. The decrease from net earnings to net loss primarily reflected higher provisions for losses, lower net interest income, lower non-interest income and higher non-interest expense.

Chairman, Paul C. Hudson stated, “Asset quality has improved in each of the past three consecutive quarters, which is a significant indicator of future profitability.” Chief Executive Officer, Wayne Kent Bradshaw added, “Bank performance trends are beginning to show positive movement and management is focused on increasing capital ratios while continuing to manage the reduction of problem assets.”

Fourth Quarter 2011 Earnings Summary

For the quarter ended December 31, 2011, our net interest income before provision for loan losses was $4.0 million, which represented a decrease of $912 thousand, or 19%, from the fourth quarter of 2010. The decrease was primarily attributable to a decrease of $82.4 million in average interest-earning assets, combined with a 5 basis point decrease in net interest margin from 3.87% in the fourth quarter of 2010 to 3.82% in the fourth quarter of 2011. The decline in interest-earning assets reflects our strategy throughout the year to maintain our capital ratios above the required regulatory thresholds and strengthen our liquidity and deposit base, in part by shrinking total assets and reducing both potential problem loans and non-performing assets.

Non-interest income for the quarter ended December 31, 2011 totaled $219 thousand compared to $953 thousand for the fourth quarter of 2010. The $734 thousand decrease from the fourth quarter of 2010 was primarily due to a $600 thousand financial assistance award received in the fourth quarter of 2010 from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund and a $114 thousand net gain on sales of loans in the fourth quarter of 2010.

Non-interest expense for the quarter ended December 31, 2011 totaled $4.1 million, compared to $3.5 million for the fourth quarter of 2010. The $586 thousand increase from the fourth quarter of 2010 was primarily due to a $527 thousand increase in other expense, resulting from increases in investment amortization expense and REO expenses. Additionally, compensation and benefits expense increased $325 thousand in the fourth quarter of 2011 as the year ago quarter included a $370 thousand reversal of bonus expense. These increases in non-interest expense were partially offset by a $112 thousand decrease in FDIC insurance premium expense and a $139 thousand decrease in professional services expense.

Income tax expense totaled $75 thousand for the fourth quarter of 2011 compared to $208 thousand for the same period in 2010. For the year 2011 and 2010, income tax expense was $1.8 million and $1.3 million, respectively. The effective tax rates for the quarter and year ended December 31, 2011 were (131.58%) and

 

1


The following information was filed by Broadway Financial Corp De (BYFC) on Thursday, March 29, 2012 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