• |
Total assets grew $22.6 million to almost $1.1 billion during the third quarter, representing an increase of $82.8 million since the Merger and $580 million since December 31, 2020 due to assets of $501.2 million acquired in the Merger on April 1, 2021.
|
• |
Total loans receivable, net of allowances, increased $27.5 million to $642 million during the third quarter, representing an increase of $53.8 million since the Merger and $282 million, or 78.3%, since December 31, 2020. The Company acquired $226 million of loans in the Merger.
|
• |
Gross loan originations during the third quarter were $84.2 million, including $56.3 million of loans secured by multi-family residential properties.
|
• |
Deposits increased $44.6 million during the third quarter to $750 million as of September 30, 2021, reflecting growth of $84 million, or 13%, since the Merger.
|
• |
The Company retired the remaining outstanding balance of its junior subordinated debentures of $2.8 million during the third quarter of 2021, which were the most expensive source of funds for Broadway at a cost of 2.66% on the date of payoff.
|
Common Equity Capital
|
Shares Outstanding
|
Per Share Amount
| ||||||||||
(dollars in thousands)
| ||||||||||||
As of September 30, 2021:
| ||||||||||||
Common Book Value
|
$
|
140,323
|
71,768,419
|
$
|
1.96
| |||||||
Less:
| ||||||||||||
Goodwill
|
25,996
| |||||||||||
Net Unamortized Core Deposit Intangible
|
3,067
| |||||||||||
Tangible Common Book Value
|
$
|
111,260
|
71,768,419
|
$
|
1.55
|
September 30, 2021
|
December 31, 2020
| |||||||
Selected Financial Condition Data and Ratios:
| ||||||||
Cash and cash equivalents
|
$
|
208,687
|
$
|
96,109
| ||||
Securities available-for-sale, at fair value
|
157,628
|
10,698
| ||||||
Loans receivable held for investment
|
645,859
|
363,344
| ||||||
Allowance for loan losses
|
(3,661
|
)
|
(3,215
|
)
| ||||
Loans receivable held for investment, net of allowance
|
642,198
|
360,129
| ||||||
Total assets
|
1,063,561
|
483,378
| ||||||
Deposits
|
749,645
|
315,630
| ||||||
FHLB advances
|
90,987
|
110,500
| ||||||
Junior subordinated debentures
|
-
|
3,315
| ||||||
Securities sold under agreements to repurchase
|
52,959
|
-
| ||||||
Notes payable
|
14,000
|
-
| ||||||
Stockholders' equity of Broadway Financial Corporation
|
143,323
|
48,885
| ||||||
Tangible book value per share
|
$
|
1.55
|
$
|
1.74
| ||||
Equity to total assets
|
13.48
|
%
|
10.11
|
%
| ||||
Asset Quality Ratios:
| ||||||||
Non-accrual loans to total loans
|
0.11
|
%
|
0.22
|
%
| ||||
Non-performing assets to total assets
|
0.07
|
%
|
0.16
|
%
| ||||
Allowance for loan losses to total gross loans
|
0.57
|
%
|
0.88
|
%
| ||||
Allowance for loan losses to non-performing loans
|
516.36
|
%
|
408.51
|
%
| ||||
Non-Performing Assets:
| ||||||||
Non-accrual loans
|
$
|
709
|
$
|
787
| ||||
Loans delinquent 90 days or more and still accruing
|
-
|
-
| ||||||
Real estate acquired through foreclosure
|
-
|
-
| ||||||
Total non-performing assets
|
$
|
709
|
$
|
787
| ||||
Delinquent loans (greater than 30 days)
|
$
|
249
|
$
|
-
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
| |||||||||||||||||||||||
Selected Operating Data and Ratios:
|
2021
|
2020
|
2021
|
2020
| ||||||||||||||||||||
Interest income
|
$
|
6,909
|
$
|
4,574
|
$
|
17,570
|
$
|
13,713
| ||||||||||||||||
Interest expense
|
918
|
1,197
|
2,913
|
4,407
| ||||||||||||||||||||
Net interest income
|
5,991
|
3,377
|
14,657
|
9,306
| ||||||||||||||||||||
Loan loss provision
|
365
|
-
|
446
|
29
| ||||||||||||||||||||
Net interest income after loan loss provision
|
5,626
|
3,377
|
14,211
|
9,277
| ||||||||||||||||||||
Non-interest income
|
609
|
206
|
2,924
|
645
| ||||||||||||||||||||
Non-interest expense
|
(5,978
|
)
|
(3,732
|
)
|
(19,979
|
)
|
(10,283
|
)
| ||||||||||||||||
Income (loss) before income taxes
|
257
|
(149
|
)
|
(2,844
|
)
|
(361
|
)
| |||||||||||||||||
Income tax expense (benefit)
|
51
|
95
|
(297
|
)
|
(300
|
)
| ||||||||||||||||||
Net income (loss)
|
206
|
(244
|
)
|
(2,547
|
)
|
(61
|
)
| |||||||||||||||||
Less: Net income attributable to non-controlling interest
|
(24
|
)
|
-
|
(57
|
)
|
-
| ||||||||||||||||||
Net Income Attributable to Broadway Financial Corporation
|
$
|
182
|
$
|
(244
|
)
|
$
|
(2,604
|
)
|
$
|
(61
|
)
| |||||||||||||
Earnings per common share-diluted
|
$
|
-
|
$
|
(0.01
|
)
|
$
|
(0.05
|
)
|
$
|
-
| ||||||||||||||
Loan originations (1) |
$
|
84,234
|
$
|
12,645
|
$
|
197,309
|
$
|
128,185
| ||||||||||||||||
Net recoveries to average loans
|
(0.00
|
)%
|
(2
|
)
|
(0.00
|
)%
|
(2
|
)
|
(0.00
|
)%
|
(2
|
)
|
(0.00
|
)%
|
(2
|
)
| ||||||||
Return on average assets
|
0.07
|
%
|
(2
|
)
|
-0.20
|
%
|
(2
|
)
|
-0.39
|
%
|
(2
|
)
|
-0.02
|
%
|
(2
|
)
| ||||||||
Return on average equity
|
0.51
|
%
|
(2
|
)
|
-1.96
|
%
|
(2
|
)
|
-3.10
|
%
|
(2
|
)
|
-0.17
|
%
|
(2
|
)
| ||||||||
Net interest margin
|
2.43
|
%
|
(2
|
)
|
2.82
|
%
|
(2
|
)
|
2.26
|
%
|
(2
|
)
|
2.57
|
%
|
(2
|
)
|
(1)
|
Does not include net deferred origination costs.
|
(2)
|
Annualized
|
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Broadway Financial Corporation published this content on 16 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 November 2021 20:46:02 UTC.