0001193125-13-069053.txt : 20130221 0001193125-13-069053.hdr.sgml : 20130221 20130221143527 ACCESSION NUMBER: 0001193125-13-069053 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130220 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130221 DATE AS OF CHANGE: 20130221 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BROADWAY FINANCIAL CORP \DE\ CENTRAL INDEX KEY: 0001001171 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 954547287 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-27464 FILM NUMBER: 13629909 BUSINESS ADDRESS: STREET 1: 4800 WILSHIRE BLVD CITY: LOS ANGELES STATE: CA ZIP: 90010 BUSINESS PHONE: 2136341700 MAIL ADDRESS: STREET 1: 4800 WILSHIRE BLVD CITY: LOS ANGELES STATE: CA ZIP: 90010 8-K 1 d490364d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 20, 2013

 

 

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)

Registrant’s 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))

 

 

 

Item 8.01 Other Events.

On February 20, 2013, Broadway Financial Corporation (the “Company”), parent company of Broadway Federal Bank, f.s.b. (the “Bank’) issued a press release announcing the completion of two sales of classified loans totaling $16 million in principal amount, including non-performing loans totaling $13.1 million. A copy of the press release is attached as Exhibit 99.1.

 

Item 9.01 Financial Statements and Exhibits.

 

99.1    Press release dated February 20, 2013
 

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
Date: February 21, 2013     By       /s/    Wayne-Kent A. Bradshaw
                  Wayne-Kent A. Bradshaw
                  Chief Executive Officer

EXHIBIT INDEX

 

99.1    Press release dated February 20, 2013
 
EX-99.1 2 d490364dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

News Release

FOR IMMEDIATE RELEASE

Broadway Financial Corporation Sells $13.1 million of Non-Performing Loans

Reduces Non-Performing Loans by almost 31%

LOS ANGELES, CA – (BUSINESS WIRE) – February 20, 2013– Broadway Financial Corporation (the “Company”) (NASDAQ Capital Market: BYFC), today reported that its wholly-owned subsidiary, Broadway Federal Bank, f.s.b. (the “Bank”), recently completed the sale of approximately $16 million principal amount of loans, including $13.1 million of non-performing loans. The non-performing loans represented approximately 31% of the Bank’s estimated non-performing loans receivable and non-performing loans held for sale as of December 31, 2012.

The sales were made in cash transactions with two different buyers: a sale of approximately $14.1 million of single family residential loans, including approximately $11.8 million of non-performing single family residential loans representing substantially all of the Bank’s non-performing single family residential loans, and a separate sale of five church loans with an aggregate principal balance of approximately $1.8 million, including four non-performing church loans with an aggregate principal balance of $1.3 million.

The Company does not expect to take any material charge against net income because of the sale of these loans.

Chief Executive Officer, Wayne-Kent Bradshaw stated, “These sales represent a substantial reduction in our non-performing loans, which will significantly reduce the time and resources that we devote to managing and monitoring non-performing loans. Furthermore, the sales will allow us to re-focus our efforts on improving operations, pursuing growth as permitted under our Cease and Desist Orders, and completing our previously announced Recapitalization. In addition, we believe that these sales represent a major step in addressing regulatory requirements for materially reducing our non-performing loans. With the sales completed, our non-performing loans have been reduced to approximately $23 million, or 6.4% of total estimated assets, after adjusting for the sales, as of December 31, 2012.”

Additional information regarding the loan sales will be made available in the Company’s Form 10-K for 2012, which the Company expects to file in late March.

About Broadway Financial Corporation

Broadway Financial Corporation conducts its operations through its wholly-owned subsidiary, Broadway Federal Bank, f.s.b., which is the leading community-oriented savings bank in Southern California serving low to moderate income communities. We offer a variety of residential and commercial real estate loan products for consumers, businesses, and non-profit organizations, other loan products, and a variety of deposit products, including checking, savings and money market accounts, certificates of deposits and retirement accounts. The Bank operates three full service branches, two in the city of Los Angeles, and one located in the nearby city of Inglewood, California.

Shareholders, analysts and others seeking information about the Company are invited to write to: Broadway Financial Corporation, Investor Relations, 4800 Wilshire Blvd., Los Angeles, CA 90010, or visit our website at www.broadwayfederalbank.com.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon our management’s current expectations, and involve risks and uncertainties. Actual results or performance may differ materially from those suggested, expressed, or implied by the forward-looking statements due to a wide range of factors including, but not limited to, the general business environment, the real estate market, competitive conditions in the business and geographic areas in which the Company conducts its business, regulatory actions or changes and other risks detailed in the Company’s reports filed with the Securities and Exchange Commission, including the Company’s Annual Reports on Form 10-K, as amended by subsequently filed Forms 10-K/A, and Quarterly Reports on Form 10-Q. The Company undertakes no obligation to publicly revise any forward-looking statement to reflect any future events or circumstances.

SOURCE: Broadway Financial Corporation

Contact: Wayne-Kent A. Bradshaw, Chief Executive Officer, (323) 556-3248: or

                Brenda Battey, Interim Chief Financial Officer, (323) 556-3264; or

                investor.relations@broadwayfederalbank.com