Business
Broadway Financial Corporation Announces Results for 1st Quarter 2022
LOS ANGELES--(BUSINESS WIRE)-- Broadway Financial Corporation (“Broadway”, “we”, or “Company”) (NASDAQ Capital Market: BYFC), reported consolidated net
About this update from Broadway Financial Corporation
[{"type":"text","content":" LOS ANGELES--(BUSINESS WIRE)--\nBroadway Financial Corporation (“Broadway”, “we”, or “Company”) (NASDAQ Capital Market: BYFC), reported consolidated net earnings of $958 thousand or $0.01 per diluted share for the first quarter of 2022, compared to a consolidated net loss of $3.5 million or ($0.13) per share, for the first quarter of 2021.\n\nNet earnings for the first quarter of 2022 include the consolidated operations of CFBanc Corporation (“CFB”), which was merged with and into Broadway on April 1, 2021 (the “Merger”).\n\nResults for the first quarter of 2022 were favorably impacted by an increase in net interest income of $4.3 million due to interest income from the acquired interest-earning assets of CFB and growth in interest-earning assets since the Merger. Non-interest expense decreased by $2.7 million during the first quarter of 2022 compared to the first quarter of 2021, primarily because the results for the first quarter of 2021 included non-recurring costs of $5.4 million related to the Merger, partially offset by increases from including the operations of CFB in the results for the first quarter of 2022.\n\nFirst Quarter 2022 Highlights:\n\n\nTotal assets increased to over $1.1 billion, representing an increase of over 18%, since the Merger.\n\n\nLoan originations grew by over 125% compared to the first quarter of 2021.\n\n\nTotal loans exceeded $650 million at the end of the first quarter, representing growth of 11% since the Merger.\n\n\nNet interest income increased over 150% compared to the first quarter of 2021.\n\n\nThe Company exchanged all outstanding shares of Series A Preferred Stock for newly issued shares of Class A Common Stock.\n\n\nChief Executive Officer, Brian Argrett commented, “It has been one year since the Merger, and I am pleased to report that the benefits of the combination of Broadway and CFB are increasingly more evident in our financial results. Since closing the Merger, we have originated almost $300 million of new loans and grown our loan portfolio by 11%. During this period, we have also increased deposits by over $173 million, or 26%, and lowered our cost of funds by over 50% from 87 basis points to 39 basis points. In addition, we have improved our net interest margin from 2.40% in the first quarter of 2021 to 2.76% for the first quarter of 2022 and maintained the high quality of our...