Welcome to our dedicated page for Broadway Finl Del news (Ticker: BYFC), a resource for investors and traders seeking the latest updates and insights on Broadway Finl Del stock.
Broadway Financial Corporation (BYFC) delivers community-focused banking services through its subsidiary City First Bank, specializing in mortgage lending and urban development financing. This page aggregates all official company announcements, press releases, and market updates to serve as your primary resource for tracking BYFC's financial activities and strategic initiatives.
Investors and stakeholders will find timely information on earnings reports, regulatory filings, leadership updates, and product developments. Our curated collection ensures transparent access to material events impacting BYFC's operations in the savings and loan sector, including commercial real estate financing progress and community partnership announcements.
Key categories include quarterly financial results, merger & acquisition activity, corporate governance changes, and regulatory compliance updates. Bookmark this page to maintain current awareness of BYFC's role in advancing affordable housing solutions and small business lending through its innovative banking model.
Broadway Financial (NASDAQ: BYFC) reported a challenging first quarter 2025, with a consolidated net loss of $451,000 ($0.05 per diluted share), compared to a loss of $164,000 ($0.02 per diluted share) in Q1 2024.
Key highlights:
- Net interest income increased 6.9% to $8.0 million
- Net interest margin improved to 2.70%, up 43 basis points
- Total deposits grew 4.2% to $776.5 million
- Borrowings reduced by 60.1% to $78.0 million
- Credit quality remained strong with non-accrual loans at 0.09% of total assets
The quarter saw increased expenses, with non-interest expense up 5.7% to $8.3 million, primarily due to higher compensation costs. The provision for credit losses rose to $689,000, mainly due to one new non-accrual loan. Despite challenges, the bank maintains strong capital ratios with a Community Bank Leverage Ratio of 15.36% and continues focusing on serving low-to-moderate income communities.
Broadway Financial (NASDAQ: BYFC), parent company of City First Bank, has appointed Mary Hentges to its board of directors effective March 5, 2025. Hentges will serve on multiple committees including the Audit Committee, Risk and Compliance Committee, and Internal Asset Review Committee until the 2026 annual meeting.
Hentges brings significant financial expertise, having served as an Advisor for Jiko Group since 2019 and holding CFO positions at several companies including PayPal (2003-2010), CBS Interactive (2010-2012), and Yapstone (2012-2014). She currently serves on the boards of Upstart Holdings (NASDAQ: UPST) and Akili (NASDAQ: AKIL), among others.
The appointment follows a thorough review process by the Corporate Governance Committee, considering recommendations from Board members and management. The Board size has been increased to ten directors to accommodate this appointment.
Broadway Financial (NASDAQ: BYFC) reported Q4 2024 net income of $1.3 million, down from $2.6 million in Q4 2023. For full-year 2024, net income was $1.9 million compared to $4.5 million in 2023. Q4 2024 diluted EPS was $0.06, down from $0.31 in Q4 2023.
Notable achievements include a 10% increase in total gross loans to $977.0 million, 9.2% growth in deposits to $745.4 million, and a reduction in borrowings by $134.7 million. Net interest income increased by $850 thousand (11.9%) to $8.0 million in Q4 2024.
The company maintained strong credit quality with only one non-accrual loan of $264 thousand. The allowance for credit losses increased to $8.1 million due to loan portfolio growth. Book value per share improved to $14.82 from $14.65 year-over-year.
Broadway Financial (NASDAQ: BYFC) announced significant leadership changes. Ruth McCloud, Chief Operating Officer, will retire on March 31, 2025, after 10 years of service. The company has appointed John A. Allen as Chief Banking Officer, a newly created position, effective January 13, 2025.
In his role, Allen will oversee Commercial Sales and Banking, Credit Administration, Operations, and Retail, reporting directly to President & CEO Brian Argrett. Allen brings over 30 years of financial services experience, having previously served as Region President for Wells Fargo in the Washington, D.C. metro area, Executive Vice President & Region President at Santander Bank, and Market President at Capital One Bank.
Broadway Financial (NASDAQ: BYFC) reported net income of $522 thousand for Q3 2024, up from $91 thousand in Q3 2023. Net interest income increased by $1.5 million (23%) to $8.3 million. Total gross loans grew by $87.5 million (9.9%) to $975.3 million. However, the company reported a net loss to common stockholders of $228 thousand after deducting preferred dividends of $750 thousand. The diluted loss per share was $0.03 compared to earnings of $0.01 in Q3 2023. Despite improved interest income, performance was constrained by net interest margin compression due to increased funding costs from Federal Reserve rate hikes.
Broadway Financial (NASDAQ: BYFC) reported second-quarter 2024 net earnings of $269K, or $0.03 per diluted share, up from $243K in Q2 2023. Net interest income rose by 8.9% to $7.9M, driven by a $3.8M increase in interest income, primarily due to higher loan interest, offset by a $3.2M rise in interest expenses. Non-interest expenses increased by 13.4% to $7.3M, mainly due to higher compensation and benefits.
For the first six months of 2024, net earnings were $105K, down from $1.8M in the same period in 2023, owing to a $2.4M increase in non-interest expenses and a slight decline in net interest income by $100K. The loan portfolio grew by $59M to $946.8M, and deposits increased by $4.7M to $687.4M. CEO Brian Argrett noted the continuation of interest income growth despite challenges from higher cost of funds.
Net interest margin decreased to 2.41% in Q2 2024 from 2.52% in Q2 2023. The provision for credit losses dropped to $494K from $768K. Stockholders' equity stood at $282.3M, with a book value per share of $14.49.
Broadway Financial (NASDAQ: BYFC) reported a consolidated net loss of $164 thousand for Q1 2024, down from net earnings of $1.6 thousand in Q1 2023.
Net interest income decreased by $750 thousand (9.1%) due to higher interest expenses, while non-interest expenses rose by $1.6 million (25.8%) due to increased professional services and employee compensation costs.
Total interest income rose by $3.6 million (32.4%), with a yield increase on average interest-earning assets.
Gross loans receivable grew by $46.2 million (5.2%), and total deposits increased by $12.9 million.
Despite these positive aspects, the quarter's performance was impacted by rising costs and one-time expenses related to internal control investigations.
Broadway Financial (NASDAQ: BYFC), the parent company of City First Bank, announced it has regained compliance with Nasdaq Listing Rule 5250(c)(1). This compliance pertains to the timely filing of the Form 10-Q for the period ending March 31, 2024. The compliance status was confirmed by Nasdaq in a letter dated May 30, 2024, following the company's filing on May 24, 2024. The matter is now considered closed.
Broadway Financial (NASDAQ: BYFC) announced net earnings of $2.6 million ($0.31 per diluted share) for Q4 2023, up from $1.5 million ($0.16 per share) in Q4 2022. This increase was driven by $4.1 million in grants from the U.S. Treasury's CDFI Fund and a $2.0 million rise in interest income. However, higher interest expenses ($3.9 million) and non-interest expenses ($1.1 million) offset these gains. For FY 2023, net earnings were $4.5 million ($0.51 per share), down from $5.6 million in 2022 due to higher interest and non-interest expenses. Despite this, total assets grew to $1.4 billion, and net loans receivable increased to $880.5 million. Broadway also faced internal control issues, delaying financial filings but has since strengthened its controls. The company repurchased 245,000 shares, reflecting a cautious yet optimistic outlook.
Broadway Financial (NASDAQ: BYFC) announced that it received a letter from Nasdaq on May 22, 2024, notifying the company of non-compliance with Listing Rule 5250(c)(1) due to the late filing of its Form 10-Q for the period ended March 31, 2024.
The company must submit a plan to regain compliance within 60 days. If accepted, Nasdaq may grant an extension up to November 18, 2024. Broadway filed the Form 10-Q on May 24, 2024, and disclosed the notification in a Form 8-K filed on May 29, 2024.
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