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Broadway Financial Corporation Announces Results for 3rd Quarter 2022
LOS ANGELES--(BUSINESS WIRE)-- Broadway Financial Corporation (“Broadway”, “we”, or the “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 the “Company”) (NASDAQ Capital Market: BYFC), reported consolidated net earnings of $1.3 million, or $0.02 per diluted share, for the third quarter of 2022, compared to consolidated net earnings of $182 thousand, or $0.00 per diluted share, for the third quarter of 2021.\n\nDuring the third quarter of 2022 net interest income increased by $2.6 million, or 43.7%, to $8.6 million compared to the third quarter of 2021. The increase primarily resulted from higher rates earned and higher average balances of investment securities, primarily due to the investment of the proceeds from the Company's sale of $150 million of Senior Non-Cumulative Perpetual Preferred Stock, Series C (the “Series C Preferred Stock”) to the United States Department of the Treasury (the U.S. Treasury”) on June 7, 2022, as part of the Emergency Capital Investment Program (“ECIP”).\n\nPartially offsetting these improvements were an increase in loan loss provision of $656 thousand, a decrease in non-interest income of $245 thousand, and an increase in non-interest expenses of $94 thousand during the three months ended September 30, 2022, compared to the same period in 2021. The increase in the loan loss provision was primarily related to an increase in loans receivable of $80.8 million over that period.\n\nFor the first nine months of 2022, the Company reported net earnings of $4.1 million, or $0.06 per diluted share, compared to a net loss of $2.6 million, or ($0.05) per diluted share for the first nine months of 2021, which was significantly impacted by Merger-related costs of $5.6 million ($4.2 million net of tax). The Company’s results for the first nine months of 2021 reflect the consolidated operations of CFB after the Merger on April 1, 2021.\n\nThird Quarter 2022 Highlights:\n\n\nOriginated over $101 million of new loans, representing an increase of 20.7% over loan originations in the third quarter of 2021.\n\n\nNet interest income before loan loss provision increased by $2.6 million, or 43.7%, compared to the third quarter of 2021.\n\n\nNet interest margin increased by 59 basis points to 3.02% for the third quarter of 2022 compared to 2.43% for the third quarter of 2021.\n\n\nNet income increased by $1.1 million to $1.3 million, or 553%, compared to the third quarter of...