UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K/A
Amendment No. 1
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 15, 2011
BROADWAY FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware | 000-27464 | 95-4547287 | ||
(State of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
4800 Wilshire Boulevard, Los Angeles, California | 90010 | |
(Address of Principal Executive Offices) | (Zip Code) |
Registrants telephone number, including area code: (323) 634-1700
NOT APPLICABLE
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | 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)) |
Note: This amendment is being filed to correct the total assets reported on our Consolidated Balance Sheets on Exhibit 99.1 of the Form 8-K filing as originally filed.
Item 9.01 Financial Statements and Exhibits.
(d) | Exhibits |
99.1 | Press release dated March 15, 2011, announcing earnings for the quarter and year ended December 31, 2010. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BROADWAY FINANCIAL CORPORATION | ||||||
(Registrant) | ||||||
Date: March 16, 2011 | By | /S/ Samuel Sarpong | ||||
Samuel Sarpong | ||||||
Chief Financial Officer |
Exhibit 99.1
BROADWAY FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
(Dollars in thousands)
December 31, 2010 |
December 31, 2009 |
|||||||
(Unaudited) | ||||||||
ASSETS |
||||||||
Cash and cash equivalents |
$ | 21,978 | $ | 7,440 | ||||
Securities available for sale, at fair value |
10,524 | 14,961 | ||||||
Securities held to maturity |
12,737 | 16,285 | ||||||
Loans receivable held for sale, net |
29,411 | 20,940 | ||||||
Loans receivable, net of allowance of $20,458 and $20,460 |
382,616 | 432,640 | ||||||
Accrued interest receivable |
2,216 | 2,419 | ||||||
Federal Home Loan Bank (FHLB) stock, at cost |
4,089 | 4,305 | ||||||
Office properties and equipment, net |
5,094 | 5,363 | ||||||
Real estate owned |
3,036 | 2,072 | ||||||
Bank owned life insurance |
2,522 | 2,418 | ||||||
Deferred tax assets |
5,369 | 4,986 | ||||||
Other assets |
4,338 | 7,217 | ||||||
Total assets |
$ | 483,930 | $ | 521,046 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Deposits |
$ | 348,445 | $ | 385,488 | ||||
Federal Home Loan Bank advances |
87,000 | 91,600 | ||||||
Junior subordinated debentures |
6,000 | 6,000 | ||||||
Other borrowings |
5,000 | | ||||||
Advance payments by borrowers for taxes and insurance |
272 | 372 | ||||||
Other liabilities |
4,353 | 6,071 | ||||||
Total liabilities |
451,070 | 489,531 | ||||||
Stockholders Equity: |
||||||||
Senior preferred, cumulative and non-voting stock, $1,000 par value, authorized, issued and outstanding 9,000 shares of Series D at December 31, 2010 and 2009; liquidation preference of $9,000 at December 31, 2010 and 2009 |
8,963 | 8,963 | ||||||
Senior preferred, cumulative and non-voting stock, $1,000 par value, authorized, issued and outstanding 6,000 shares of Series E at December 31, 2010 and 2009; liquidation preference of $6,000 at December 31, 2010 and 2009 |
5,974 | 5,974 | ||||||
Preferred, non-cumulative and non-voting stock, $.01 par value, authorized 1,000,000 shares; issued and outstanding 55,199 shares of Series A, 100,000 shares of Series B and 76,950 shares of Series C at December 31, 2010 and 2009; liquidation preference of $552 for Series A, $1,000 for Series B and $1,000 for Series C at December 31, 2010 and 2009 |
2 | 2 | ||||||
Preferred stock discount |
(1,380 | ) | (1,756 | ) | ||||
Common stock, $.01 par value, authorized 3,000,000 shares; issued 2,013,942 shares at December 31, 2010 and 2009; outstanding 1,743,965 shares at December 31, 2010 and 1,743,365 shares at December 31, 2009 |
20 | 20 | ||||||
Additional paid-in capital |
14,395 | 14,273 | ||||||
Retained earnings-substantially restricted |
8,074 | 7,322 | ||||||
Accumulated other comprehensive income, net of taxes of $176 at December 31, 2010 and $118 at December 31, 2009 |
263 | 176 | ||||||
Treasury stock-at cost, 269,977 shares at December 31, 2010 and 270,577 shares at December 31, 2009 |
(3,451 | ) | (3,459 | ) | ||||
Total stockholders equity |
32,860 | 31,515 | ||||||
Total liabilities and stockholders equity |
$ | 483,930 | $ | 521,046 | ||||