|
|
|
(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.
|
Press Release dated June 11, 2024, announcing results for the quarter ended March 31, 2024.
|
|
104
|
The cover page from this Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101).
|
Date: June 11, 2024
|
BROADWAY FINANCIAL CORPORATION
|
|
By:
|
/s/ Zack Ibrahim
|
|
Name: Zack Ibrahim
Title: Chief Financial Officer
|
• |
Total interest income increased for the twelfth consecutive
quarter since the merger of CFBanc Corporation with the Company on April 1, 2021 (the “Merger”). During the first quarter of 2024, interest income increased by $3.6 million, or 32.4%, compared to the first quarter of 2023, and by $2.3
million, or 18.5%, compared to the fourth quarter of 2023.
|
• |
The yield on average interest-earning assets increased by 46 basis points to 4.45% for the first quarter of 2024, compared to 3.99% for the first quarter of 2023. This increase was driven largely by
growth in the yield on average loan balances of 41 basis points during that period.
|
• |
Total gross loans receivable increased by $46.2 million, or
5.2%, to $934.8 million at March 31, 2024, compared to $887.6 million at December 31, 2023. Total loans have grown 43.7% since the United States Department of the Treasury invested $150 million in Broadway’s preferred stock pursuant to the
Emergency Capital Investment Program (“ECIP”) in June 2022, and 57.9% since the Merger.
|
• |
The Bank had only one non-performing loan, totaling $401 thousand, at March 31, 2024 and total delinquencies remained at less than $800 thousand.
|
• |
Total deposits increased by $12.9 million during the first quarter of 2024 to $695.5 million, representing growth of $38 million, or 5.8%, since the first quarter of 2023.
|
For the Three Months Ended
|
||||||||||||||||||||||||
March 31, 2024
|
March 31, 2023
|
|||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Yield
|
Average
Balance
|
Interest
|
Average
Yield
|
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Interest-earning deposits
|
$
|
99,103
|
$
|
1,344
|
5.42
|
%
|
$
|
17,044
|
$
|
119
|
2.79
|
%
|
||||||||||||
Securities
|
305,615
|
2,075
|
2.72
|
%
|
328,767
|
2,180
|
2.65
|
%
|
||||||||||||||||
Loans receivable (1)
|
909,965
|
11,129
|
4.89
|
%
|
762,669
|
8,535
|
4.48
|
%
|
||||||||||||||||
FRB and FHLB stock (2)
|
13,733
|
245
|
7.14
|
%
|
10,665
|
209
|
7.84
|
%
|
||||||||||||||||
Total interest-earning assets
|
1,328,416
|
$
|
14,793
|
4.45
|
%
|
1,119,145
|
$
|
11,174
|
3.99
|
%
|
||||||||||||||
Non-interest-earning assets
|
52,561
|
67,947
|
||||||||||||||||||||||
Total assets
|
$
|
1,380,977
|
$
|
1,187,092
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Liabilities and Stockholders’ Equity
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Money market deposits
|
$
|
125,704
|
$
|
1,444
|
4.59
|
%
|
$
|
134,047
|
$
|
771
|
2.30
|
%
|
||||||||||||
Savings deposits
|
59,056
|
102
|
0.69
|
%
|
61,317
|
13
|
0.08
|
%
|
||||||||||||||||
Interest checking and other demand deposits
|
227,504
|
143
|
0.25
|
%
|
239,024
|
77
|
0.13
|
%
|
||||||||||||||||
Certificate accounts
|
163,116
|
1,110
|
2.72
|
%
|
147,260
|
442
|
1.20
|
%
|
||||||||||||||||
Total deposits
|
575,380
|
2,799
|
1.95
|
%
|
581,648
|
1,303
|
0.90
|
%
|
||||||||||||||||
FHLB advances
|
209,299
|
2,598
|
4.97
|
%
|
145,201
|
1,454
|
4.01
|
%
|
||||||||||||||||
Bank Term Funding Program borrowing
|
100,000
|
1,203
|
4.81
|
%
|
-
|
-
|
-
|
%
|
||||||||||||||||
Other borrowings
|
77,601
|
669
|
3.45
|
%
|
69,618
|
143
|
0.82
|
%
|
||||||||||||||||
Total borrowings
|
386,900
|
4,470
|
4.62
|
%
|
214,819
|
1,597
|
2.97
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
962,280
|
$
|
7,269
|
3.02
|
%
|
796,467
|
$
|
2,900
|
1.46
|
%
|
||||||||||||||
Non-interest-bearing liabilities
|
137,035
|
109,955
|
||||||||||||||||||||||
Stockholders’ equity
|
281,662
|
280,670
|
||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$
|
1,380,977
|
$
|
1,187,092
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Net interest rate spread (3)
|
$
|
7,524
|
1.43
|
%
|
$
|
8,274
|
2.54
|
%
|
||||||||||||||||
Net interest rate margin (4)
|
2.27
|
%
|
2.96
|
%
|
||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
138.05
|
%
|
140.51
|
%
|
(1) |
Amount is net of deferred loan fees, loan discounts and loans in process, and includes deferred origination costs and loan premiums.
|
(2) |
FHLB is Federal Home Loan Bank.
|
(3) |
Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
|
(4) |
Net interest rate margin represents net interest income as a percentage of average interest-earning assets.
|
Document and Entity Information |
Jun. 11, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jun. 11, 2024 |
Entity File Number | 001-39043 |
Entity Registrant Name | BROADWAY FINANCIAL CORP \DE\ |
Entity Central Index Key | 0001001171 |
Entity Incorporation, State or Country Code | DE |
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 | 90010 |
City Area Code | 323 |
Local Phone Number | 634-1700 |
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 |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
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