Business
Broadway Financial Corporation Announces Results for Fourth Quarter and Full Year 2022
LOS ANGELES--(BUSINESS WIRE)-- Broadway Financial Corporation (“Broadway”, “we”, or the “Company”) (NASDAQ Capital Market: BYFC), parent company of City
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), parent company of City First Bank, National Association (the “Bank”, and collectively, with the Company, “Broadway” or “City First Broadway”), reported consolidated net earnings of $1.5 million, or $0.02 per diluted share, for the fourth quarter of 2022, compared to consolidated net loss of $1.4 million, or ($0.02) per diluted share, for the fourth quarter of 2021.\n\nDuring the fourth quarter of 2022 net interest income increased by $2.7 million, or 42.5%, to $9.0 million compared to the fourth quarter of 2021. The increase primarily resulted from higher rates earned and higher average balances of loans and investment securities. The increase in the investment portfolio was 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. The Company had a decrease in non-interest expense of $2.3 million during the fourth quarter of 2022, compared to the same period in 2021, primarily due to $2.0 million of non-recurring data conversion costs in the fourth quarter of 2021 that were incurred as a follow-up to the merger of Broadway and CFBanc Corporation (“CFB\") on April 1, 2021 (the “Merger”). Partially offsetting these improvements was an increase in the loan loss provision of $674 thousand in the fourth quarter of 2022, compared to the fourth quarter of 2021, due to growth in the loan portfolio.\n\nFor the year ended December 31, 2022, the Company reported net earnings of $5.6 million, or $0.08 per diluted share, compared to a net loss of $4.1 million, or ($0.07) per diluted share, for the year ended December 31, 2021, which was significantly impacted by Merger-related costs of $5.6 million ($4.2 million net of tax) and $2.4 million of data conversion costs in 2021. The Company’s results for the year ended December 31, 2021 reflect the consolidated operations of CFB after the Merger.\n\nFourth Quarter 2022 Highlights:\n\n\nTotal interest income increased by $3.5 million, or 48.4%, compared to the fourth quarter of 2021.\n\n\nNet interest margin...