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Broadway Financial Corporation Announces Results for Second Quarter 2023
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, “City First Broadway”), reported consolidated net earnings of $243 thousand, or $0.00 per diluted share, for the second quarter of 2023, compared to consolidated net earnings of $1.9 million, or $0.03 per diluted share, for the second quarter of 2022.\n\n\nThe decrease in net earnings during the second quarter of 2023, compared to the second quarter of 2022, was primarily due to an increase in interest expense before provision for credit losses of $4 million, which more than offset growth in interest income of $3.3 million. The decrease in net earnings was also attributable to a provision for credit losses of $768 thousand during the second quarter of 2023, compared to a recapture of credit losses of $577 thousand during the second quarter of 2022, and an increase in non-interest expense of $238 thousand.\n\n\nFor the first six months of 2023, the Company reported consolidated net earnings of $1.8 million, or $0.03 per diluted share, compared to consolidated net earnings of $2.8 million, or $0.04 per diluted share for the first six months of 2022. The decrease primarily resulted from a provision for credit losses of $810 thousand during the first six months of 2023, compared to a loan loss provision recapture of $429 thousand during the first six months of 2022. In addition, non-interest expense increased by $484 thousand during the first six months of 2023, compared to the first six months of 2022. These amounts were partially offset by improvement in net interest income of $332 thousand during the first six months of 2023, compared to the first six months of 2022.\n\n\nSecond Quarter 2023 Highlights:\n\n\n\nTotal interest income increased by $3.3 million, or 38.5% for the second quarter of 2023, compared to the second quarter of 2022.\n\n\n\nTotal net loans receivable increased by $56.6 million, or 7.4%, to $824.6 million at June 30, 2023, compared to December 31, 2022.\n\n\n\nThe Bank did not have any non-accrual loans or non-performing assets at June 30, 2023.\n\n\n\nTotal assets increased by $47.0 million, or 4.0%, to $1.2 billion at June 30, 2023, compared to December 31, 2022.\n\n\n\nChief...