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Broadway Financial Company profile

About Broadway Financial Corp

Broadway Financial Corporation is a bank holding company. The Company is engaged in the savings and loan business. The Bank is a community-oriented savings institution. The Bank's business consists of deposits from the general public and using such deposits, together with borrowings and other funds, to make mortgage loans secured by residential properties with over five or more units (multi-family); commercial real estate, and residential properties with one-to four-units (single family). The Bank operates through offices in Los Angeles and in the city of Inglewood, California. Its loan portfolio consists of mortgage loans, which are secured by multi family residential properties, single family residential properties and commercial real estate, including churches. Its deposits consist of savings accounts, checking accounts, negotiable order of withdrawal (NOW) accounts, money market accounts, and fixedterm certificates of deposit.

Financial summary

BRIEF: For the fiscal year ended 31 December 2021, Broadway Financial Corp interest income increased 40% to $24.8M. Net interest income after loan loss provision increased 71% to $20.8M. Net loss increased from $642K to $4.1M. Net interest income after loan loss provision reflects increase in interest earning assets and decrease in interest bearing liabilities. Basic Earnings per Share excluding Extraordinary Items decreased from -$0.02 to -$0.07.

Equity composition

Common Stock $.01 Par, 03/11, 8M auth., 2,013,942 issd., less 269,977 shs. in Treas. @ $3.5M. Insiders own approx. 31.39%. 1/96, Company formed through amutual stock charter conversion (892,688 shares issd.). Preferred Stock $.01 Par, 1M auth., 155,199 issd. 12/02, 2-for-1 stock split. FY'02 Qs are CLA.