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CORRECTING and REPLACING Broadway Financial Corporation Announces Results for First Quarter 2023
LOS ANGELES--(BUSINESS WIRE)-- Please replace the release issued May 5, 2023 with the following corrected version due to multiple revisions in the First
About this update from Broadway Financial Corporation
[{"type":"text","content":" LOS ANGELES--(BUSINESS WIRE)--\nPlease replace the release issued May 5, 2023 with the following corrected version due to multiple revisions in the First Quarter 2023 Highlights bullets, the Balance Sheet Summary section, and the figures in the last table.\n\n\nThe updated release reads:\n\n\nBROADWAY FINANCIAL CORPORATION ANNOUNCES RESULTS FOR FIRST QUARTER 2023\n\n\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 $1.6 million, or $0.02 per diluted share, for the first quarter of 2023, compared to consolidated net earnings of $958 thousand, or $0.01 per diluted share, for the first quarter of 2022.\n\n\nDuring the first quarter of 2023 net interest income increased by $1.1 million, or 15.4%, to $8.3 million compared to the first quarter of 2022. The increase primarily resulted from higher rates earned and higher average balances of loans and investment securities, which increased in the middle of 2022 primarily because the Company received the proceeds from the 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 on June 7, 2022, as part of the Emergency Capital Investment Program. Partially offsetting these improvements was an increase in total non-interest expense of $246 thousand in the first quarter of 2023, compared to the first quarter of 2022.\n\n\nFirst Quarter 2023 Highlights:\n\n\n\nTotal interest income increased by $3.2 million, or 39.5% for the first quarter of 2023, compared to the first quarter of 2022.\n\n\n\nNet interest margin increased by 20 basis points to 2.96% for the first quarter of 2023, compared to 2.76% for the first quarter of 2022.\n\n\n\nTotal loans receivable increased by $8.0 million, or 1.0%, to $776.1 million at March 31, 2023, compared to December 31, 2022.\n\n\n\nTotal assets increased by $20.8 million, or 1.8%, to $1.2 billion at March 31, 2023, compared to December 31, 2022.\n\n\n\nChief Executive Officer, Brian Argrett commented, “During the first quarter of 2023 we continued to generate improved operating results on a comparable quarter to quarter basi...