|
|
|
(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 July 30, 2024, announcing results for the quarter ended June 30, 2024.
|
|
104
|
The cover page from this Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101).
|
Date: July 30, 2024
|
BROADWAY FINANCIAL CORPORATION
|
|
By:
|
/s/ Zack Ibrahim
|
|
Name: Zack Ibrahim | ||
Title: Chief Financial Officer
|
• |
During the second quarter of 2024, total interest income increased by $3.8 million, or 33.1%, compared to the second quarter of 2023.
|
• |
The yield on average interest-earning assets increased by 67 basis points to 4.71% for the second quarter of 2024, compared to 4.04% for the second quarter of 2023.
|
• |
Total gross loans receivable increased by $59.0 million, or 6.6%, to $946.8
million at June 30, 2024, compared to $887.8 million at December 31, 2023.
|
• |
Total deposits increased by $4.7 million during the first six months of 2024 to $687.4 million, compared to $682.6 million at December 31, 2023.
|
|
For the Three Months Ended June 30,
|
||||||||||||||||||
|
2024
|
|
2023 | ||||||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
|
Average Balance
|
Interest
|
|
Average Yield
|
Average Balance
|
Interest
|
Average
Yield
|
||||||||||||
Assets
|
|||||||||||||||||||
Interest-earning assets:
|
|||||||||||||||||||
Interest-earning deposits
|
$
|
88,294
|
$
|
1,189
|
5.42
|
%
|
$
|
16,615
|
$
|
167
|
4.02
|
% |
|||||||
Securities
|
276,457
|
1,876
|
2.73
|
% |
326,051
|
2,183
|
2.68
|
% |
|||||||||||
Loans receivable (1)
|
943,072
|
12,179
|
5.19
|
% |
797,550
|
9,098
|
4.56
|
% |
|||||||||||
FRB and FHLB stock (2)
|
13,835
|
244
|
7.09
|
% |
11,602
|
192
|
6.62
|
% |
|||||||||||
Total interest-earning assets
|
1,321,658
|
$
|
15,488
|
4.71
|
% |
1,151,818
|
$
|
11,640
|
4.04
|
% |
|||||||||
Non-interest-earning assets
|
53,507
|
67,173
|
|||||||||||||||||
Total assets
|
$
|
1,375,165
|
$
|
1,218,991
|
|||||||||||||||
|
|||||||||||||||||||
Liabilities and Stockholders’ Equity
|
|||||||||||||||||||
Interest-bearing liabilities:
|
|||||||||||||||||||
Money market deposits
|
$
|
274,915
|
$
|
1,623
|
2.37
|
%
|
$
|
253,110
|
$
|
931
|
1.47
|
% |
|||||||
Savings deposits
|
57,684
|
102
|
0.71
|
% |
60,826
|
16
|
0.11
|
% |
|||||||||||
Interest checking and other demand deposits
|
73,853
|
166
|
0.90
|
% |
96,340
|
88
|
0.37
|
% |
|||||||||||
Certificate accounts
|
163,237
|
1,195
|
2.94
|
% |
153,972
|
514
|
1.34
|
% |
|||||||||||
Total deposits
|
569,689
|
3,086
|
2.18
|
% |
564,248
|
1,549
|
1.10
|
% |
|||||||||||
FHLB advances
|
209,261
|
2,593
|
4.98
|
% |
186,664
|
2,141
|
4.59
|
% |
|||||||||||
Bank Term Funding Program borrowing
|
100,000
|
1,210
|
4.87
|
% |
-
|
-
|
-
|
% |
|||||||||||
Other borrowings
|
74,523
|
681
|
3.68
|
% |
75,821
|
682
|
3.60
|
% |
|||||||||||
Total borrowings
|
383,784
|
4,484
|
4.70
|
% |
262,485
|
2,823
|
4.30
|
% |
|||||||||||
Total interest-bearing liabilities
|
953,473
|
$
|
7,570
|
3.19
|
% |
826,733
|
$
|
4,372
|
2.12
|
% |
|||||||||
Non-interest-bearing liabilities
|
139,900
|
113,803
|
|||||||||||||||||
Stockholders’ equity
|
281,792
|
278,455
|
|||||||||||||||||
Total liabilities and stockholders’ equity
|
$
|
1,375,165
|
$
|
1,218,991
|
|||||||||||||||
|
|||||||||||||||||||
Net interest rate spread (3)
|
$
|
7,918
|
1.52
|
% |
$
|
7,268
|
1.93
|
% |
|||||||||||
Net interest rate margin (4)
|
2.41
|
% |
2.52
|
% |
|||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
138.62
|
% |
139.32
|
% |
(1) |
Amount is net of deferred loan fees, loan discounts and loans in process, and includes deferred origination costs and loan premiums.
|
(2) |
FRB is Federal Reserve Board. 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.
|
|
For the Six Months Ended June 30,
|
|||||||||||||||||||
|
2024
|
2023
|
||||||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||
|
Average Balance
|
Interest
|
Average Yield
|
Average Balance
|
Interest
|
Average Yield
|
||||||||||||||
Assets
|
||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||
Interest-earning deposits
|
$
|
97,640
|
$
|
2,533
|
5.22
|
%
|
$
|
15,187
|
$
|
286
|
3.77
|
%
|
||||||||
Securities
|
290,721
|
3,951
|
2.73
|
% |
327,178
|
4,363
|
2.67
|
%
|
||||||||||||
Loans receivable (1)
|
925,443
|
23,308
|
5.06
|
% |
782,101
|
17,633
|
4.51
|
%
|
||||||||||||
FRB and FHLB stock (2)
|
13,777
|
489
|
7.14
|
% |
11,175
|
401
|
7.18
|
%
|
||||||||||||
Total interest-earning assets
|
1,327,581
|
$
|
30,281
|
4.59
|
% |
1,135,641
|
$
|
22,683
|
3.99
|
%
|
||||||||||
Non-interest-earning assets
|
51,988
|
67,953
|
||||||||||||||||||
Total assets
|
$
|
1,379,569
|
$
|
1,203,594
|
||||||||||||||||
|
||||||||||||||||||||
Liabilities and Stockholders’ Equity
|
||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||
Money market deposits
|
$
|
272,290
|
$
|
3,065
|
2.26
|
%
|
$
|
263,265
|
$
|
1,700
|
1.29
|
%
|
||||||||
Savings deposits
|
58,377
|
204
|
0.70
|
% |
61,201
|
29
|
0.09
|
%
|
||||||||||||
Interest checking and other demand deposits
|
78,772
|
311
|
0.79
|
% |
100,006
|
167
|
0.33
|
%
|
||||||||||||
Certificate accounts
|
164,319
|
2,305
|
2.82
|
% |
149,550
|
956
|
1.28
|
%
|
||||||||||||
Total deposits
|
573,758
|
5,885
|
2.06
|
% |
574,022
|
2,852
|
0.99
|
%
|
||||||||||||
FHLB advances
|
209,280
|
5,191
|
4.99
|
% |
165,521
|
3,464
|
4.19
|
%
|
||||||||||||
Bank Term Funding Program borrowing
|
100,000
|
2,413
|
4.85
|
-
|
-
|
-
|
%
|
|||||||||||||
Other borrowings
|
76,688
|
1,350
|
3.54
|
% |
72,973
|
825
|
2.26
|
%
|
||||||||||||
Total borrowings
|
385,968
|
8,954
|
4.67
|
% |
238,494
|
4,289
|
3.60
|
%
|
||||||||||||
Total interest-bearing liabilities
|
959,726
|
$
|
14,839
|
3.11
|
% |
812,516
|
$
|
7,141
|
1.76
|
%
|
||||||||||
Non-interest-bearing liabilities
|
138,012
|
112,281
|
||||||||||||||||||
Stockholders’ equity
|
281,831
|
278,797
|
||||||||||||||||||
Total liabilities and stockholders’ equity
|
$
|
1,379,569
|
$
|
1,203,594
|
||||||||||||||||
|
||||||||||||||||||||
Net interest rate spread (3)
|
$
|
15,442
|
1.48
|
% |
15,542
|
2.24
|
%
|
|||||||||||||
Net interest rate margin (4)
|
2.34
|
% |
2.74
|
%
|
||||||||||||||||
Ratio of interest-earning assets to interest bearing liabilities
|
138.33
|
% |
139.77
|
%
|
(1) |
Amount is net of deferred loan fees, loan discounts and loans in process, and includes deferred origination costs and loan premiums.
|
(2) |
FRB is Federal Reserve Board. 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.
|
June 30, 2024
|
December 31, 2023
|
|||||||||||||||||||
Selected Financial Condition Data and Ratios:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
89,813
|
$
|
105,195
|
||||||||||||||||
Securities available-for-sale, at fair value
|
261,454
|
316,950
|
||||||||||||||||||
Loans receivable held for investment
|
946,840
|
887,805
|
||||||||||||||||||
Allowance for credit losses
|
(8,104
|
)
|
(7,348
|
)
|
||||||||||||||||
Loans receivable held for investment, net of allowance
|
938,736
|
880,457
|
||||||||||||||||||
Total assets
|
1,367,290
|
1,375,404
|
||||||||||||||||||
Deposits
|
687,369
|
682,635
|
||||||||||||||||||
Securities sold under agreements to repurchase
|
72,658
|
73,475
|
||||||||||||||||||
FHLB advances
|
209,242
|
209,319
|
||||||||||||||||||
Bank Term Funding Program borrowing
|
100,000
|
100,000
|
||||||||||||||||||
Notes payable
|
-
|
14,000
|
||||||||||||||||||
Total stockholders' equity
|
282,293
|
281,903
|
||||||||||||||||||
Book value per share
|
$
|
14.49
|
$
|
14.65
|
||||||||||||||||
Equity to total assets
|
20.65
|
%
|
20.50
|
%
|
||||||||||||||||
Asset Quality Ratios:
|
||||||||||||||||||||
Non-accrual loans to total loans
|
0.03
|
%
|
0.00
|
%
|
||||||||||||||||
Non-performing assets to total assets
|
0.02
|
%
|
0.00
|
%
|
||||||||||||||||
Allowance for credit losses to total gross loans
|
0.86
|
%
|
0.83
|
%
|
||||||||||||||||
Allowance for credit losses to non-performing loans
|
2470.73
|
%
|
N/A
|
|||||||||||||||||
Non-Performing Assets:
|
||||||||||||||||||||
Non-accrual loans
|
$
|
328
|
$
|
-
|
||||||||||||||||
Loans delinquent 90 days or more and still accruing
|
-
|
-
|
||||||||||||||||||
Real estate acquired through foreclosure
|
-
|
-
|
||||||||||||||||||
Total non-performing assets
|
$
|
328
|
$
|
-
|
||||||||||||||||
Delinquent loans less than 30 days delinquent
|
$
|
5,068
|
$
|
7,022
|
||||||||||||||||
Delinquent loans 31 to 89 days delinquent
|
$
|
710
|
$
|
780
|
||||||||||||||||
Delinquent loans greater than 90 days delinquent
|
$
|
5
|
$
|
-
|
||||||||||||||||
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||||||
Selected Operating Data and Ratios:
|
2024
|
2023
|
2024
|
2023
|
||||||||||||||||
Interest income
|
$
|
15,488
|
$
|
11,640
|
$
|
30,281
|
$
|
22,683
|
||||||||||||
Interest expense
|
7,570
|
4,372
|
14,839
|
7,141
|
||||||||||||||||
Net interest income
|
7,918
|
7,268
|
15,442
|
15,542
|
||||||||||||||||
Provision for credit losses
|
494
|
768
|
754
|
810
|
||||||||||||||||
Net interest income after provision for credit losses
|
7,424
|
6,500
|
14,688
|
14,732
|
||||||||||||||||
Non-interest income
|
273
|
260
|
579
|
549
|
||||||||||||||||
Non-interest expense
|
(7,280
|
)
|
(6,421
|
)
|
(15,090
|
)
|
(12,673
|
)
|
||||||||||||
Income before income taxes
|
417
|
339
|
177
|
2,608
|
||||||||||||||||
Income tax expense
|
146
|
93
|
89
|
767
|
||||||||||||||||
Net income
|
$
|
271
|
$
|
246
|
$
|
88
|
$
|
1,841
|
||||||||||||
Net income (loss) - non-controlling interest
|
2
|
3
|
(17
|
)
|
25
|
|||||||||||||||
Net income Broadway Financial Corporation
|
$
|
269
|
$
|
243
|
$
|
105
|
$
|
1,816
|
||||||||||||
Earnings per common share-diluted
|
$
|
0.03
|
$
|
0.03
|
(3)
|
$
|
0.01
|
$
|
0.20
|
(3)
|
||||||||||
Loan originations (1)
|
$
|
25,510
|
$
|
63,983
|
$
|
97,026
|
$
|
98,219
|
||||||||||||
Net recoveries to average loans
|
(0.00
|
)%
|
(2)
|
(0.00
|
)%
|
(2)
|
(0.00
|
)%
|
(2)
|
(0.00
|
)%
|
(2)
|
||||||||
Return on average assets
|
0.08
|
%
|
(2)
|
0.06
|
%
|
(2)
|
0.01
|
%
|
(2)
|
0.29
|
%
|
(2)
|
||||||||
Return on average equity
|
0.38
|
%
|
(2)
|
0.24
|
%
|
(2)
|
0.06
|
%
|
(2)
|
1.26
|
%
|
(2)
|
||||||||
Net interest margin
|
2.40
|
%
|
(2)
|
2.52
|
%
|
(2)
|
2.33
|
%
|
(2)
|
2.74
|
%
|
(2)
|
(1) |
Does not include net deferred origination costs.
|
(2) |
Annualized
|
(3) |
Retroactively adjusted for a 1-for-8 reverse stock split effective November 1, 2023.
|
Document and Entity Information |
Jul. 30, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jul. 30, 2024 |
Entity File Number | 001-39043 |
Entity Registrant Name | BROADWAY FINANCIAL CORPORATION |
Entity Central Index Key | 0001001171 |
Entity Incorporation, State or Country Code | DE |
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 |
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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end
UDHQJY09@"3%W/G^P!)$7!% QNG$*9C_
MS, ,3T8I*NE:1L+H/C50TU@:*#QZZ9DKK-=CHW_AN(A^^'8^5.T2?KJT80'O
M>!3#T)-P^(/%4]]+2EO.1Z-4:.Q+>, BE]-Z;7>_ZQAV?
M\3AQ$G#GAW_.O(B[+!G#?&['N(&9#_TPGD5<-L?^')/7LOD^E%N63<3R*@VI
M.:DYJ3FIN2PCIGP]05*R$1,D&P%)*8/0J>.Z7G!;;% RIS_EC3F_BQ.C@U4O
MO9$MS'QL7>5T-^KG N<]PS],@
M7G +2 ^>-XL"_ E3'!XLN>=[R8."O@OV)$Q!I%$X@!5#@KY/Q@B+\ Z%:SS'
M6#^<16N" SVQ96:*:Y\0$
MG*"XM'X[\\7BX]-BC'C^BM+99I.VEVQN@"D//[\(;UA\=O%67]EO=7Y5L#
M#HT
A^+?(%I$.<'(Y
M5ZNE2Y2@=GY0TSK&J;"VW>NF-GI9>4/2$S(W>*0O+I>JAV,CI6ATJG(K?[_^
MI&:WUU=Z=E\:F]3\//OA9R4'H@\_KT/@UU!46Y:>DM9)_A#SDC&J.D,AEU],.RI(]T<
M#M1!O^=RW=',D
\LR!7L%)$:>]AZAEE(A74=1V%C@O19]4)&8U$VA5W
M_!75%+B9T7V>V_6YQZ5M/N6CJ@;;L)ZOZ]>2UK7._5.(H\%[RQ2V:B,TL].?
M,Q*&K<$G6[)E:2RRA9B/MK:Z66Z'C'ZOXG"LLD/*ZO G->1"O*)I#)47/LL,
M$:P&(@7.6I0#
M](YG+P7*NE>*\TA6G2Z#VNG\X'D/1+D,.);"YRH'!
DG!,."8<4[Z=1$^B/T2I14HO
M%91CV/S,8
M0O+ OCF)%\:O9*O*D)]!?@89&\(QX;A].":GB41/HC^&OTS-2GN<)AQ<.L-A
M!&XQ\T,GB,N^)?&K; XRM1KL,8/6M!JH'=F/TJ%. RKK$I4T@TJH:8FHI&E4
M0ATBC>@0(4@2)"6#I)1!M,SA\91'HS":X)LTTZT\LF_MD=EEE=D9/;*;J;?\M3?2[
M^I6UAV]:T'K[=RVP%_AJUY?L$B8<@%"") I]'T9?O!VV07T-],IL67K)CE!9
M;&R"4.X79I/6DM8>3VN;O8F%M):T]ARU]D5S#GO:R=EN^FEX1 Q$#/4XX=V&
M\X*L]ER.1(59ZUDE!TEG7$>AX]X[#^RC%SC!T'-\]BZ,IF'D)%X8-"B7L8TL
MFD.VZYJ*ZMI[UL+^K+J64N\U=_/P"96M88Q Q$;$=N[$9C8WBT7$1L1&Q$;$
MMKKO7FUN.$_$1L1&Q$;$MFY#D=;L?T.3.U:?
M#[K#@=LU'.ZH/<=L#DSU)L'T*@AF\(1_<_?< 6CKP) CM3_HFSW3&7)GV+.,
M;M?N:WW.-9LW!X!&DP#XC2=1Z P3[X[[#\QQ_S6+$R#(41@QAVF7\-]+FT4<
MAA=S>$HX_,'BJ>\EC(]&7'R-?0GO^&3 (Z8I3%=UXRA<.G_/JG/P9L$S6'SV
MT@