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Broadway Financial Corporation Announces Results for Fourth Quarter and Full Calendar Year 2024
LOS ANGELES, Jan. 27, 2025 /PRNewswire/ -- Broadway Financial Corporation ("Broadway" or the "Company") (NASDAQ: BYFC), parent company of City First Bank,
About this update from Broadway Financial Corporation
[{"type":"text","content":"LOS ANGELES, Jan. 27, 2025 /PRNewswire/ -- Broadway Financial Corporation (\"Broadway\" or the \"Company\") (NASDAQ: BYFC), parent company of City First Bank, National Association (the \"Bank\", and collectively with the Company, \"we\" or \"City First Broadway\"), reported net income attributable to Broadway of $1.3 million for the fourth quarter of 2024 compared to $2.6 million for the fourth quarter of 2023, a decrease of $1.3 million. Net income attributable to common stockholders was $550 thousand during the fourth quarter of 2024, after deducting preferred dividends of $750 thousand, compared to net income attributable to common stockholders of $2.6 million for the fourth quarter of 2023. Diluted earnings per common share was $0.06 for the fourth quarter of 2024, compared to $0.31 per diluted common share for the fourth quarter of 2023, which reflected grant income of $3.7 million received from the Equitable Recovery Program administered by the U.S. Treasury's Community Development Financial Institutions (\"CDFI\") Fund. Diluted earnings per common share for the fourth quarter of 2024 reflects preferred dividends of $0.09 per diluted common share.\n\n \n \n \n \n \n \n\n \nDuring the fourth quarter of 2024, net interest income increased by $850 thousand, or 11.9%, to $8.0 million, compared to $7.1 million for the fourth quarter of 2023. The increase resulted from higher interest income of $3.1 million, primarily due to an increase in interest on loans and interest-bearing deposits at other banks, partially offset by higher interest expense of $2.3 million, primarily due to an increase in the cost of borrowings and deposits. \nFor the year ended December 31, 2024, the Company reported net income attributable to Broadway of $1.9 million compared to $4.5 million for the year ended December 31, 2023. Net income attributable to common stockholders was $359 thousand for the year ended December 31, 2024 after deducting preferred dividends of $1.6 million, compared to net income attributable to common stockholders of $4.5 million for the year ended December 31, 2023. Diluted earnings per common share was $0.04 for the year ended December 31, 2024 compared to $0.51 of earnings per diluted common share for the year ended December 31, 2023. Diluted earnings per share for the year ended December 31, 2024 reflects preferred dividends o...