Broadway Financial Corp Files 2023 Annual Report

TL;DR

BYFC filed its 2023 10-K. Full financials inside.

AI Summary

Broadway Financial Corp (DE) filed its 10-K for the fiscal year ending December 31, 2023. The company, a federally chartered savings institution, is headquartered in Los Angeles, CA. The filing details its financial performance and operations for the year, with specific financial data and disclosures to be found within the full document.

Why It Matters

This 10-K filing provides investors and stakeholders with a comprehensive overview of Broadway Financial Corp's financial health and strategic direction for the 2023 fiscal year.

Risk Assessment

Risk Level: low — This is a standard annual financial filing with no immediate red flags in the provided metadata.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period for the 10-K)
• 2024-05-20 — Filing Date (Date the 10-K was submitted to the SEC)

Key Players & Entities

• BROADWAY FINANCIAL CORP (company) — Filer
• 2023-12-31 (date) — Fiscal Year End
• LOS ANGELES, CA (location) — Business Address
• NASDAQ (company) — Exchange

FAQ

Key Financial Figures

• $0.01 — h registered: Common Stock, par value $0.01 per share (including attached preferr
• $150.0 million — or an aggregate purchase price equal to $150.0 million in cash. The liquidation value of the S
• $1,000 — alue of the Series C Preferred Stock is $1,000 per share. In June 2022, the Company d
• $75.0 million — In June 2022, the Company down streamed $75.0 million of the proceeds from the Private Placem
• $7.2760 — pany purchased the shares at a price of $7.2760 per share (adjusted for the 1-for-8 rev
• $880.5 m — 1, 2023, our net loan portfolio totaled $880.5 million, or 64.0% of total assets. We em
• $561.4 million — ts. These multifamily loans amounted to $561.4 million and $502.1 million at December 31, 2023
• $502.1 million — ly loans amounted to $561.4 million and $502.1 million at December 31, 2023 and 2022, respecti
• $11.6 m — ly credit had an outstanding balance of $11.6 million, was current, and was collaterali
• $1.3 million — a loan in our multifamily portfolio was $1.3 million. Our commercial real estate loans amo
• $119.4 million — ommercial real estate loans amounted to $119.4 million and $114.6 million at December 31, 2023
• $114.6 million — te loans amounted to $119.4 million and $114.6 million at December 31, 2023 and 2022, respecti
• $10.6 m — had an outstanding principal balance of $10.6 million, was current, and was collaterali
• $2.0 million — ur commercial real estate portfolio was $2.0 million. The interest rates on multifamily and
• $12.7 million — st rate caps. Our church loans totaled $12.7 million and $15.8 million at December 31, 2023

Filing Documents

• ef20016744_10k.htm (10-K) — 5193KB
• ef20016744_ex10-4.htm (EX-10.4) — 111KB
• ef20016744_ex10-5.htm (EX-10.5) — 42KB
• ef20016744_ex21-1.htm (EX-21.1) — 4KB
• ef20016744_ex23-1.htm (EX-23.1) — 2KB
• ef20016744_ex31-1.htm (EX-31.1) — 12KB
• ef20016744_ex31-2.htm (EX-31.2) — 12KB
• ef20016744_ex32-1.htm (EX-32.1) — 4KB
• ef20016744_ex32-2.htm (EX-32.2) — 3KB
• ef20016744_ex97-1.htm (EX-97.1) — 22KB
• image0.jpg (GRAPHIC) — 323KB
• image00001.jpg (GRAPHIC) — 5KB
• 0001140361-24-026827.txt ( ) — 22410KB
• byfc-20231231.xsd (EX-101.SCH) — 102KB
• byfc-20231231_cal.xml (EX-101.CAL) — 147KB
• byfc-20231231_def.xml (EX-101.DEF) — 702KB
• byfc-20231231_lab.xml (EX-101.LAB) — 1417KB
• byfc-20231231_pre.xml (EX-101.PRE) — 933KB
• ef20016744_10k_htm.xml (XML) — 4680KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 20 Item 1B. Unresolved Staff Comments 26 Item 1C. Cybersecurity 26 Item 2.

Properties

Properties 27 Item 3.

Legal Proceedings

Legal Proceedings 27 Item 4. Mine Safety Disclosure 27 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27 Item 6. Reserved 28 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 38 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 38 Item 9A.

Controls and Procedures

Controls and Procedures 38 Item 9B. Other Information 39 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 39 PART III Item 10. Directors, Executive Officers and Corporate Governance 40 Item 11.

Executive Compensation

Executive Compensation 44 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 49 Item 13. Certain Relationships and Related Transactions, and Director Independence 50 Item 14. Principal Accountant Fees and Services 51 PART IV Item 15. Exhibits and Financial Statement Schedules 52 Item 16. Form 10-K Summary 53

Signatures

Signatures 54 Table of Contents ForwardLooking Statements Certain statements herein, including without limitation, certain matters discussed under "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of this Form 10K, are forwardlooking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Section 27A of the Securities Act of 1933, as amended, that reflect our current views with respect to future events and financial performance. Forwardlooking statements typically include the words "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," "poised," "optimistic," "prospects," "ability," "looking," "forward," "invest," "grow," "improve," "deliver" and similar expressions, but the absence of such words or expressions does not mean a statement is not forward-looking. These forwardlooking statements are subject to risks and uncertainties, including those identified below, which could cause actual future results to differ materially from historical results or from those anticipated or implied by such statements. Readers should not place undue reliance on these forwardlooking statements, which speak only as of their dates or, if no date is provided, then as of the date of this Form 10K. We undertake no obligation to update or revise any forwardlooking statements, whether as a result of new information, future events or otherwise, except to the extent required by law. The following factors, among others, could cause future results to differ materially from historical results or from those indicated by forwardlooking statements included in this Form 10K: (1) the level of demand for mortgage and commercial loans, which is affected by such external factors as general economic conditions, market interest rate levels, tax laws and the demo

BUSINESS

BUSINESS General Broadway Financial Corporation (the "Company") was incorporated under Delaware law in 1995 for the purpose of acquiring and holding all of the outstanding capital stock of Broadway Federal Savings and Loan Association as part of the bank's conversion from a federally chartered mutual savings association to a federally chartered stock savings bank. In connection with the conversion, the bank's name was changed to Broadway Federal Bank, f.s.b. ("Broadway Federal"). The conversion was completed, and the Broadway Federal became a whollyowned subsidiary of the Company, in January 1996. On April 1, 2021, the Company completed its merger (the "Merger") with CFBanc Corporation ("CFBanc"), with the Company continuing as the surviving entity. Immediately following the Merger, Broadway Federal merged with and into City First Bank of D.C, National Association with City First Bank of D.C., National Association continuing as the surviving entity (combined with Broadway Federal, "City First" or the "Bank"). Concurrently with the Merger, the Bank changed its name to City First Bank, National Association. Concurrently with the completion of the Merger, the Company converted to become a public benefit corporation. The Company works to spur equitable economic development with a mission to strengthen the overall well-being of historically excluded communities and has deployed loans and investments in the communities we serve that we believe has helped close funding gaps, preserved or increased access to affordable housing, created and preserved jobs, and expanded critical social services. We believe our status as a Delaware public benefit corporation aligns our business model of creating social, economic, and environmental value for underserved communities with a stakeholder governance model that allows us to give careful consideration to the impact of our decisions on workers, customers, suppliers, community, the environment, and our impact on society; and to alig

View Full Filing

View this 10-K filing on SEC EDGAR