Business
Broadway Financial Corporation Announces Results for Second Quarter 2024
LOS ANGELES--(BUSINESS WIRE)-- Broadway Financial Corporation (“Broadway” or the “Company”) (NASDAQ: BYFC), parent company of City First Bank, National
About this update from Broadway Financial Corporation
[{"type":"text","content":" LOS ANGELES--(BUSINESS WIRE)--\nBroadway 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 consolidated net earnings of $269 thousand, or $0.03 per diluted share, for the second quarter of 2024, compared to consolidated net earnings of $243 thousand, or $0.03 per diluted share (adjusted for the 1-for-8 reverse stock split effective November 1, 2023), for the second quarter of 2023.\n\n\nDuring the second quarter of 2024, net interest income increased by $650 thousand, or 8.9%, to $7.9 million, compared to the second quarter of 2023. The increase resulted from higher interest income of $3.8 million, primarily due to an increase in interest on loans, partially offset by higher interest expense of $3.2 million, which was primarily due to an increase in the cost of borrowings and deposits. During the second quarter of 2024, non-interest expense increased $859 thousand, or 13.4%, compared to the first quarter of 2024, mainly due to an increase of $735 thousand in compensation and benefits expense.\n\n\nFor the first six months of 2024, the Company reported consolidated net earnings of $105 thousand, or $0.01 per diluted share, compared to consolidated net earnings of $1.8 million, or $0.20 per diluted share (adjusted for the 1-for-8 reverse stock split effective November 1, 2023), for the first six months of 2023. The decrease primarily resulted from an increase in non-interest expense of $2.4 million during the first six months of 2024, compared to the first six months of 2023, primarily due to increases in compensation and benefits expense of $1.4 million and professional services expense of $861 thousand. Additionally, net interest income declined by $100 thousand as interest expense increased by $7.7 million, more than offsetting an increase of $7.6 million in interest income. These decreases were partially offset by a decrease in tax expense of $678 thousand during the first six months of 2024, compared to the first six months of 2023.\n\n\nSecond Quarter 2024 Highlights:\n\n\n\nDuring the second quarter of 2024, total interest income increased by $3.8 million, or 33.1%, compared to the second quarter of 2023.\n\n\n\nThe yield on average interest-earning assets incre...