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Broadway Financial Corporation Announces Results for Fourth Quarter and Full Year Calendar 2023
LOS ANGELES--(BUSINESS WIRE)-- Broadway Financial Corporation (“Broadway”, “we”, or the “Company”) (NASDAQ: BYFC), parent company of City First Bank,
About this update from Broadway Financial Corporation
[{"type":"text","content":" LOS ANGELES--(BUSINESS WIRE)--\nBroadway Financial Corporation (“Broadway”, “we”, or the “Company”) (NASDAQ: BYFC), parent company of City First Bank, National Association (the “Bank”, and collectively, with the Company, “City First Broadway”), reported consolidated net earnings of $2.6 million, or $0.31 per diluted share, for the fourth quarter of 2023, compared to consolidated net earnings of $1.5 million, or $0.16 per diluted share (adjusted for the 1-for-8 reverse stock split effective November 1, 2023), for the fourth quarter of 2022.\n\n\nThe increase in net income during the fourth quarter of 2023, compared to the fourth quarter of 2022, was primarily due to the recognition of two grants from the Community Development Financial Institution (“CDFI”) Fund of the U.S. Treasury: $3.7 million from the CDFI’s Equitable Recovery Program and $437 thousand from a Bank Enterprise Award. In addition, interest income increased by $2.0 million during the fourth quarter of 2023 compared to the fourth quarter of 2022. These increases were partially offset by an increase in interest expense of $3.9 million and an increase in non-interest expense of $1.1 million during the fourth quarter of 2023, compared to the fourth quarter of 2022. The increase in non-interest expense was partially attributable to professional fees incurred in connection with an investigation of the Company’s internal controls and processes.\n\n\nFor the year ended December 31, 2023, the Company reported net earnings of $4.5 million, or $0.51 per diluted share, compared to net earnings of $5.6 million, or $0.62 per diluted share (adjusted for the 1-for-8 reverse stock split effective November 1, 2023), for the year ended December 31, 2022. This decrease was due to a decrease of $3.4 million in net interest income and an increase of $2.4 million in non-interest expense, partially offset by an increase of $4.2 million in non-interest income and a reduction of $0.4 million in income tax expense for the year ended December 31, 2023, compared to the year ended December 31, 2022.\n\n\nFourth Quarter and Year End 2023 Highlights:\n\n\n\nDuring the fourth quarter of 2023, Broadway generated a profit for the eighth consecutive quarter.\n\n\n\nTotal interest income increased for the eleventh consecutive quarter since the merger of CFBanc Corporation with the Company on April 1...