Business
Broadway Financial Corporation Announces Results for 2nd Quarter 2020
LOS ANGELES--(BUSINESS WIRE)-- Broadway Financial Corporation (the “Company”) (NASDAQ Capital Market: BYFC), parent company of Broadway Federal Bank, f.s.b.
About this update from Broadway Financial Corporation
[{"type":"text","content":" LOS ANGELES--(BUSINESS WIRE)--\nBroadway Financial Corporation (the “Company”) (NASDAQ Capital Market: BYFC), parent company of Broadway Federal Bank, f.s.b. (the “Bank”, and collectively, with the Company, “Broadway”), today reported net income of $216 thousand, or $0.01 per diluted share, for the second quarter of 2020, compared to a net loss of $135 thousand, or ($0.01) per diluted share, for the second quarter of 2019.\n\n\nDuring the second quarter of 2020, net income increased $351 thousand compared to the second quarter of 2019, primarily due to an income tax adjustment of $273 thousand recorded upon the resolution of an outstanding audit issue with the California Franchise Tax Board. In addition, during the second quarter of 2020, net interest income increased $569 thousand, and gain on sale of loans increased $116 thousand. These increases were partially offset by higher non-interest expense of $380 thousand, including $152 thousand of expenses incurred to respond to actions by a former stockholder. Also, during the second quarter of 2019, the Bank recorded net loan loss provision recaptures of $158 thousand and did not record any net loan loss provision recaptures during the second quarter of 2020.\n\n\nFor the six months ended June 30, 2020, the Company reported net income of $183 thousand, or $0.01 per diluted share, compared to net income of $142 thousand, or $0.01 per diluted share for the six months ended June 30, 2019. The increase in net income for the first six months of 2020 was due to the income tax adjustment of $273 thousand during the second quarter. During the first six months of 2020 the Company generated higher net interest income of $654 thousand, recorded gains on the sales of loans totaling $123 thousand, and earned higher miscellaneous loan income of $33 thousand compared to the first half of 2019. These increases were more than offset by higher non-interest expenses of $469 thousand, including $200 thousand of expenses incurred to respond to actions by a former stockholder, the recording of a loan loss provision of $29 thousand in the first half of 2020 but a loan loss recapture of $348 thousand in the first half of 2019, and the absence of any grant income in the first half of 2020. During the first quarter of 2019, the Bank received a grant of $233 thousand from the U.S. Department of the Treasu...