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 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.
Broadway Financial (BYFC), the holding company of City First Bank, announced significant additions to its senior management team as of May 15, 2024. The new appointees include Zack Ibrahim as Executive Vice President and CFO, Elizabeth Sur as Executive Vice President, General Counsel, and Chief Risk Officer, Elise Adams as Chief Accounting Officer and Senior Vice President, and Gary Castellaw as Corporate Treasurer and Senior Vice President. These strategic hires aim to strengthen the company's financial and operational capabilities, enhancing its focus on serving low-to-moderate income communities. Previously, Zack Ibrahim led corporate finance at Texas Capital Bancshares, Elizabeth Sur held regulatory positions at Wells Fargo Bank, Elise Adams was Chief Accounting Officer at EagleBank, and Gary Castellaw was Treasurer and Controller at IDEMIA North America. These new roles are essential to City First Broadway's goal of creating differentiated, transformational leadership in banking services.
Broadway Financial (BYFC), the parent company of City First Bank, received a Staff Delisting Determination letter from Nasdaq on May 14, 2024. The notification was due to the company's failure to timely file its Q3 2023 Form 10-Q and its 2023 Form 10-K with the SEC. Although Broadway submitted materials to Nasdaq earlier in the year and was granted an extension until May 13, 2024, it missed the deadline. The company has since filed the required reports as of May 20, 2024, except for its Q1 2024 Form 10-Q. Nasdaq acknowledged the company's compliance with its Q3 2023 and 2023 filings. Broadway intends to appeal the delisting decision before a Nasdaq Hearing Panel and is working to file the remaining delinquent report promptly to regain full compliance.
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