|
|
|
(State or other jurisdiction of incorporation or organization)
|
(Commission File Number)
|
(I.R.S. Employer Identification Number)
|
|
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
|
Trading Symbol(s)
|
|
Name of each exchange on which registered
|
|
|
|
|
|
Item 2.02 |
Results of Operations and Financial Condition.
|
Item 9.01 |
Financial Statements and Exhibits.
|
(d) |
Exhibits
|
Press Release dated November 12, 2021, announcing results for the quarter ended September 30, 2021.
|
|
104
|
The cover page from this Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101).
|
Date: November 16, 2021
|
BROADWAY FINANCIAL CORPORATION
|
|
|
|
|
|
By:
|
/s/ Brenda J. Battey
|
|
|
Name: Brenda J. Battey
|
Title: Chief Financial Officer
|
• |
Total assets grew $22.6 million to almost $1.1 billion during the third quarter, representing an increase of $82.8 million since the Merger and $580 million since
December 31, 2020 due to assets of $501.2 million acquired in the Merger on April 1, 2021.
|
• |
Total loans receivable, net of allowances, increased $27.5 million to $642 million during the third quarter, representing an increase of $53.8 million since the Merger
and $282 million, or 78.3%, since December 31, 2020. The Company acquired $226 million of loans in the Merger.
|
• |
Gross loan originations during the third quarter were $84.2 million, including $56.3 million of loans secured by multi-family residential properties.
|
• |
Deposits increased $44.6 million during the third quarter to $750 million as of September 30, 2021, reflecting growth of $84 million, or 13%, since the Merger.
|
• |
The Company retired the remaining outstanding balance of its junior subordinated debentures of $2.8 million during the third quarter of 2021, which were the most
expensive source of funds for Broadway at a cost of 2.66% on the date of payoff.
|
Common Equity Capital
|
Shares Outstanding
|
Per Share Amount
|
||||||||||
(dollars in thousands)
|
||||||||||||
As of September 30, 2021:
|
||||||||||||
Common Book Value
|
$
|
140,323
|
71,768,419
|
$
|
1.96
|
|||||||
Less:
|
||||||||||||
Goodwill
|
25,996
|
|||||||||||
Net Unamortized Core Deposit Intangible
|
3,067
|
|||||||||||
Tangible Common Book Value
|
$
|
111,260
|
71,768,419
|
$
|
1.55
|
September 30, 2021
|
December 31, 2020
|
|||||||
Selected Financial Condition Data and Ratios:
|
||||||||
Cash and cash equivalents
|
$
|
208,687
|
$
|
96,109
|
||||
Securities available-for-sale, at fair value
|
157,628
|
10,698
|
||||||
Loans
receivable held for investment
|
645,859
|
363,344
|
||||||
Allowance for loan losses
|
(3,661
|
)
|
(3,215
|
)
|
||||
Loans
receivable held for investment, net of allowance
|
642,198
|
360,129
|
||||||
Total assets
|
1,063,561
|
483,378
|
||||||
Deposits
|
749,645
|
315,630
|
||||||
FHLB advances
|
90,987
|
110,500
|
||||||
Junior subordinated debentures
|
-
|
3,315
|
||||||
Securities sold under agreements to repurchase
|
52,959
|
-
|
||||||
Notes payable
|
14,000
|
-
|
||||||
Stockholders' equity of Broadway Financial Corporation
|
143,323
|
48,885
|
||||||
Tangible book value per share
|
$
|
1.55
|
$
|
1.74
|
||||
Equity to total assets
|
13.48
|
%
|
10.11
|
%
|
||||
Asset Quality Ratios:
|
||||||||
Non-accrual loans to total loans
|
0.11
|
%
|
0.22
|
%
|
||||
Non-performing assets to total assets
|
0.07
|
%
|
0.16
|
%
|
||||
Allowance for loan losses to total gross loans
|
0.57
|
%
|
0.88
|
%
|
||||
Allowance for loan losses to non-performing loans
|
516.36
|
%
|
408.51
|
%
|
||||
Non-Performing Assets:
|
||||||||
Non-accrual loans
|
$
|
709
|
$
|
787
|
||||
Loans delinquent 90 days or more and still accruing
|
-
|
-
|
||||||
Real estate acquired through foreclosure
|
-
|
-
|
||||||
Total non-performing assets
|
$
|
709
|
$
|
787
|
||||
Delinquent loans (greater than 30 days)
|
$
|
249
|
$
|
-
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||||||||||
Selected Operating Data and Ratios:
|
2021
|
2020
|
2021
|
2020
|
||||||||||||||||||||
Interest income
|
$
|
6,909
|
$
|
4,574
|
$
|
17,570
|
$
|
13,713
|
||||||||||||||||
Interest expense
|
918
|
1,197
|
2,913
|
4,407
|
||||||||||||||||||||
Net interest income
|
5,991
|
3,377
|
14,657
|
9,306
|
||||||||||||||||||||
Loan loss provision
|
365
|
-
|
446
|
29
|
||||||||||||||||||||
Net interest income after loan loss provision
|
5,626
|
3,377
|
14,211
|
9,277
|
||||||||||||||||||||
Non-interest income
|
609
|
206
|
2,924
|
645
|
||||||||||||||||||||
Non-interest expense
|
(5,978
|
)
|
(3,732
|
)
|
(19,979
|
)
|
(10,283
|
)
|
||||||||||||||||
Income (loss) before income taxes
|
257
|
(149
|
)
|
(2,844
|
)
|
(361
|
)
|
|||||||||||||||||
Income tax expense (benefit)
|
51
|
95
|
(297
|
)
|
(300
|
)
|
||||||||||||||||||
Net income (loss)
|
206
|
(244
|
)
|
(2,547
|
)
|
(61
|
)
|
|||||||||||||||||
Less: Net income attributable to non-controlling interest
|
(24
|
)
|
-
|
(57
|
)
|
-
|
||||||||||||||||||
Net Income Attributable to Broadway Financial Corporation
|
$
|
182
|
$
|
(244
|
)
|
$
|
(2,604
|
)
|
$
|
(61
|
)
|
|||||||||||||
Earnings per common share-diluted
|
$
|
-
|
$
|
(0.01
|
)
|
$
|
(0.05
|
)
|
$
|
-
|
||||||||||||||
Loan originations (1)
|
$
|
84,234
|
$
|
12,645
|
$
|
197,309
|
$
|
128,185
|
||||||||||||||||
Net recoveries to average loans
|
(0.00
|
)%
|
(2
|
)
|
(0.00
|
)%
|
(2
|
)
|
(0.00
|
)%
|
(2
|
)
|
(0.00
|
)%
|
(2
|
)
|
||||||||
Return on average assets
|
0.07
|
%
|
(2
|
)
|
-0.20
|
%
|
(2
|
)
|
-0.39
|
%
|
(2
|
)
|
-0.02
|
%
|
(2
|
)
|
||||||||
Return on average equity
|
0.51
|
%
|
(2
|
)
|
-1.96
|
%
|
(2
|
)
|
-3.10
|
%
|
(2
|
)
|
-0.17
|
%
|
(2
|
)
|
||||||||
Net interest margin
|
2.43
|
%
|
(2
|
)
|
2.82
|
%
|
(2
|
)
|
2.26
|
%
|
(2
|
)
|
2.57
|
%
|
(2
|
)
|
(1)
|
Does not include net deferred origination costs.
|
(2)
|
Annualized
|
Document and Entity Information |
Nov. 12, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Nov. 12, 2021 |
Entity Registrant Name | BROADWAY FINANCIAL CORP \DE\ |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-39043 |
Entity Tax Identification Number | 95-4547287 |
Entity Address, Address Line One | 5055 WILSHIRE BLVD STE 500 |
Entity Address, City or Town | LOS ANGELES |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 90036 |
City Area Code | 323 |
Local Phone Number | 634-1700 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001001171 |
Title of 12(b) Security | Class A Common Stock, par value $0.01 per share (including attached preferred stock purchase rights) |
Trading Symbol | BYFC |
Security Exchange Name | NASDAQ |
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