Broadway Financial Corporation Announces Results for Third Quarter 2024

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LOS ANGELES, October 29, 2024--(BUSINESS WIRE)--Broadway 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 net income attributable to Broadway of $522 thousand for the third quarter of 2024 compared to $91 thousand for the third quarter of 2023, an increase of $431 thousand. Net loss attributable to common stockholders was $228 thousand during the third quarter of 2024 after deducting preferred dividends of $750 thousand, compared to net income attributable to common stockholders of $91 thousand for the third quarter of 2023. Diluted loss per common share was $0.03 for the third quarter of 2024, compared to $0.01 of earnings per diluted common share for the third quarter of 2023. Diluted loss per common share for the third quarter of 2024 reflects preferred dividends of $0.09 per diluted common share.

During the third quarter of 2024, net interest income increased by $1.5 million, or 23.0%, to $8.3 million, compared to $6.8 million for the third quarter of 2023. The increase resulted from higher interest income of $4.2 million, primarily due to an increase in interest on loans and interest-bearing deposits at other banks, partially offset by higher interest expense of $2.7 million, primarily due to an increase in the cost of borrowings and deposits.

For the first nine months of 2024, the Company reported net income attributable to Broadway of $627 thousand compared to $1.9 million for the first nine months of 2023. Net loss attributable to common stockholders was $190 thousand during the first nine months of 2024 after deducting preferred dividends of $817 thousand, compared to net income attributable to common stockholders of $1.9 million for the first nine months of 2023. Diluted loss per common share was $0.02 for the first nine months of 2024 compared to $0.21 of earnings per diluted common share for the first nine months of 2023. Diluted earnings per share for the first nine months of 2024 reflects preferred dividends of $0.10 per diluted common share. The decrease in net income attributable to the Company primarily resulted from an increase in non-interest expense of $3.0 million during the first nine months of 2024, compared to the first nine months of 2023, primarily due to increases in compensation and benefits expense of $1.4 million and professional services expense of $1.2 million. The increase in non-interest expense was partially offset by an increase of $1.5 million in net interest income and a decrease in income tax expense of $508 thousand during the first nine months of 2024, compared to the first nine months of 2023.


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