|
|
|
(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 March 11, 2022, announcing results for the quarter and full year ended December 31, 2021.
|
|
104
|
The cover page from this Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101).
|
Date: March 11, 2022
|
BROADWAY FINANCIAL CORPORATION
|
|
By:
|
/s/ Brenda J. Battey
|
|
Name: Brenda J. Battey
|
||
Title: Chief Financial Officer |
• |
Total assets were $1.1 billion at the end of 2021, resulting from growth of $30.3 million, or 2.9%, during the fourth quarter, $113.1 million, or 11.5%, since the Merger on April 1, 2021, and $610.5 million, or 126.3%, since December 31,
2020. Assets of $501.2 million were acquired in the Merger.
|
• |
Total loans receivable, net of allowances, were $648.5 million at year end, representing an increase of $6.3 million, or 1.0%, during the fourth quarter, an increase of $60.1 million, or 10.2%, since the Merger, and $288.4 million, or
80.1%, since December 31, 2020. The Company acquired $225.9 million of loans in the Merger.
|
• |
Gross loan originations during the fourth quarter were $69.7 million, including $40.0 million of loans secured by multi-family residential properties. Total loan originations were $267.0 million for 2021, compared to $134.3 million for
2020, representing growth in loan originations of 99%.
|
• |
Deposits were $788.1 million as of December 31, 2021, reflecting growth of $38.4 million, or 5.1%, during the fourth quarter and $122.0 million, or 18.3%, since the Merger.
|
• |
The net interest margin during the fourth quarter of 2021 was 2.50%, compared to 2.37% for the fourth quarter of 2020, representing an increase of thirteen (13) basis points.
|
• |
Nonperforming assets decreased during 2021 and represented 0.06% of total assets as of December 31, 2021, compared to 0.16% as of December 31, 2020.
|
Common Equity
Capital
|
Shares
Outstanding
|
Per Share
Amount
|
||||||||||
(dollars in thousands)
|
||||||||||||
Common book value
|
$
|
138,000
|
71,768,419
|
$
|
1.92
|
|||||||
Less:
|
||||||||||||
Goodwill
|
25,996
|
|||||||||||
Net unamortized core deposit intangible
|
2,936
|
|||||||||||
Tangible book value:
|
$
|
109,068
|
71,768,419
|
$
|
1.52
|
December 31, 2021
|
December 31, 2020
|
|||||||
Selected Financial Condition Data and Ratios:
|
||||||||
Cash and cash equivalents
|
$
|
231,520
|
$
|
96,109
|
||||
Securities available-for-sale, at fair value
|
156,396
|
10,698
|
||||||
Loans receivable held for
investment
|
651,904
|
363,344
|
||||||
Allowance for loan losses
|
(3,391
|
)
|
(3,215
|
)
|
||||
Loans receivable held for
investment, net of allowance
|
648,513
|
360,129
|
||||||
Total assets
|
1,093,888
|
483,378
|
||||||
Deposits
|
788,052
|
315,630
|
||||||
FHLB advances
|
85,952
|
110,500
|
||||||
Junior subordinated debentures
|
-
|
3,315
|
||||||
Other borrowings
|
65,960
|
-
|
||||||
Stockholders' equity of Broadway Financial Corporation
|
141,000
|
48,885
|
||||||
Book value per common share
|
$
|
1.92
|
$
|
1.74
|
||||
Tangible book value per common share
|
$
|
1.52
|
$
|
1.74
|
||||
Equity to total assets
|
12.89
|
%
|
10.11
|
%
|
||||
Asset Quality Ratios:
|
||||||||
Non-accrual loans to total loans
|
0.10
|
%
|
0.22
|
%
|
||||
Non-performing assets to total assets
|
0.06
|
%
|
0.16
|
%
|
||||
Allowance for loan losses to total gross loans
|
0.52
|
%
|
0.88
|
%
|
||||
Allowance for loan losses to non-performing loans
|
495.8
|
%
|
408.5
|
%
|
||||
Non-Performing Assets:
|
||||||||
Non-accrual loans
|
$
|
684
|
$
|
787
|
||||
Loans delinquent 90 days or more and still accruing
|
-
|
-
|
||||||
Real estate acquired through foreclosure
|
-
|
-
|
||||||
Total non-performing assets
|
$
|
684
|
$
|
787
|
||||
Delinquent loans (greater than 30 days)
|
$
|
2,423
|
$
|
-
|
Three Months Ended December 31,
|
Twelve Months Ended December 31,
|
|||||||||||||||||
Selected Operating Data and Ratios:
|
2021
|
2020
|
2021
|
2020
|
||||||||||||||
Interest income
|
$
|
7,182
|
$
|
3,931
|
$
|
24,752
|
$
|
17,644
|
||||||||||
Interest expense
|
836
|
1,068
|
3,749
|
5,475
|
||||||||||||||
Net interest income
|
6,346
|
2,863
|
21,003
|
12,169
|
||||||||||||||
Loan loss provision
|
(269
|
)
|
-
|
177
|
29
|
|||||||||||||
Net interest income after loan loss provision
|
6,615
|
2,863
|
20,826
|
12,140
|
||||||||||||||
Non-interest income
|
290
|
380
|
3,214
|
1,025
|
||||||||||||||
Non-interest expense
|
(8,947
|
)
|
(3,931
|
)
|
(28,926
|
)
|
(14,214
|
)
|
||||||||||
Income (loss) before income taxes
|
(2,042
|
)
|
(688
|
)
|
(4,886
|
)
|
(1,049
|
)
|
||||||||||
Income tax expense (benefit)
|
(640
|
)
|
(107
|
)
|
(937
|
)
|
(407
|
)
|
||||||||||
Net income (loss)
|
(1,402
|
)
|
(581
|
)
|
(3,949
|
)
|
(642
|
)
|
||||||||||
Less: Net income attributable to non-controlling interest
|
44
|
-
|
101
|
-
|
||||||||||||||
Net Income Attributable to Broadway Financial Corporation
|
$
|
(1,446
|
)
|
$
|
(581
|
)
|
$
|
(4,050
|
)
|
$
|
(642
|
)
|
||||||
Earnings per common share-diluted
|
$
|
(0.02
|
)
|
$
|
(0.02
|
)
|
$
|
(0.07
|
)
|
$
|
(0.02
|
)
|
||||||
Loan originations (1)
|
$
|
69,678
|
$
|
6,089
|
$
|
266,987
|
$
|
134,274
|
||||||||||
Net recoveries to average loans
|
(0.00
|
)%
|
(2)
|
(0.00
|
)%
|
(2)
|
(0.00
|
)%
|
(0.00
|
)%
|
||||||||
Return on average assets
|
-0.54
|
%
|
(2)
|
-0.47
|
%
|
(2)
|
-0.44
|
%
|
-0.13
|
%
|
||||||||
Return on average equity
|
-4.46
|
%
|
(2)
|
-4.70
|
%
|
(2)
|
-3.82
|
%
|
-1.30
|
%
|
||||||||
Net interest margin
|
2.50
|
%
|
(2)
|
2.37
|
%
|
(2)
|
2.42
|
%
|
2.52
|
%
|
(1) |
Does not include net deferred origination costs.
|
(2) |
Annualized
|
Document and Entity Information |
Mar. 11, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Mar. 11, 2022 |
Entity Registrant Name | BROADWAY FINANCIAL CORPORATION |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-39043 |
Entity Tax Identification Number | 95-4547287 |
Entity Address, Address Line One | 4601 Wilshire Boulevard Suite 150 |
Entity Address, City or Town | Los Angeles |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 90010 |
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 $0.01 per share (including attached preferred stock purchase rights) |
Trading Symbol | BYFC |
Security Exchange Name | NASDAQ |
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end
5?P\ 4/HC4]_2$W)S\69=-S.QE;
M->=V\@? Y%>H_9/E(ALX*PT*Z]_N84BT47?:,[FW!@%SQ"KI1.6NB'SP-I%
MU;NK"KF,?4*?",T&<)^R>_