Broadway Financial Corp Files Q2 2024 10-Q
Ticker: BYFC · Form: 10-Q · Filed: Aug 14, 2024 · CIK: 1001171
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
Related Tickers: BYFC
TL;DR
BYFC filed its Q2 10-Q. Financials look steady.
AI Summary
Broadway Financial Corp (BYFC) filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position. Key financial data and disclosures relevant to investors are presented in this report.
Why It Matters
This 10-Q filing provides investors with a detailed look at Broadway Financial Corp's financial health and operational performance for the second quarter of 2024, crucial for investment decisions.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant negative events indicated.
Key Numbers
- 2024-06-30 — End of Period Date (Indicates the close of the reporting quarter.)
- 2024-01-01 to 2024-06-30 — Year-to-Date Period (Covers the first six months of the fiscal year.)
- 2023-04-01 to 2023-06-30 — Q2 2023 Period (Provides comparative data for the second quarter of the previous year.)
Key Players & Entities
- BROADWAY FINANCIAL CORP (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 20240814 (date) — Filing date
- 5055 WILSHIRE BLVD STE 500 (address) — Company's business and mailing address
- LOS ANGELES (location) — Company's city
FAQ
What is the primary business of Broadway Financial Corp?
Broadway Financial Corp is a savings institution, federally chartered, operating under SIC code 6035.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted on August 14, 2024.
What is the fiscal year end for Broadway Financial Corp?
The fiscal year end for Broadway Financial Corp is December 31.
What are the different classes of common stock mentioned for Broadway Financial Corp?
The filing mentions Voting Class A Common Stock, Nonvoting Class B Common Stock, and Nonvoting Class C Common Stock.
What is the company's primary address?
The company's business and mailing address is 5055 Wilshire Blvd Ste 500, Los Angeles, CA 90036.
Filing Stats: 4,667 words · 19 min read · ~16 pages · Grade level 18.1 · Accepted 2024-08-14 16:14:48
Key Financial Figures
- $0.01 — ch registered: Common Stock, par value $0.01 per share (including attached preferr
Filing Documents
- ef20030139_10q.htm (10-Q) — 4217KB
- ef20030139_ex31-1.htm (EX-31.1) — 12KB
- ef20030139_ex31-2.htm (EX-31.2) — 12KB
- ef20030139_ex32-1.htm (EX-32.1) — 3KB
- ef20030139_ex32-2.htm (EX-32.2) — 3KB
- 0001140361-24-037316.txt ( ) — 17761KB
- byfc-20240630.xsd (EX-101.SCH) — 56KB
- byfc-20240630_cal.xml (EX-101.CAL) — 93KB
- byfc-20240630_def.xml (EX-101.DEF) — 392KB
- byfc-20240630_lab.xml (EX-101.LAB) — 829KB
- byfc-20240630_pre.xml (EX-101.PRE) — 527KB
- ef20030139_10q_htm.xml (XML) — 4855KB
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS Item 1. Consolidated Financial Statements (Unaudited) Consolidated Statements of Financial Condition as of June 30, 2024 and December 31, 2023 1 Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023 2 Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 3 Consolidated Statements of Changes in Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 4 Notes to Unaudited Consolidated Financial Statements 6 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.
Controls and Procedures
Controls and Procedures 35 PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 36 Item 1A.
Risk Factors
Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults Upon Senior Securities 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 36
Signatures
Signatures 37 Table of Contents BROADWAY FINANCIAL CORPORATION AND SUBSIDIARY Consolidated (In thousands, except share and per share amounts) June 30, 2024 December 31, 2023 (Unaudited) Assets: Cash and due from banks $ 6,242 $ 5,460 Interest-bearing deposits in other banks 83,571 99,735 Cash and cash equivalents 89,813 105,195 Securities available-for-sale, at fair value (amortized cost of $ 280,411 and $ 335,978 ) 261,454 316,950 Loans receivable held for investment, net of allowance of $ 8,104 and $ 7,348 938,736 880,457 Accrued interest receivable 5,228 4,938 Federal Home Loan Bank ("FHLB") stock 10,292 10,156 Federal Reserve Bank ("FRB") stock 3,543 3,543 Office properties and equipment, net 9,613 9,840 Bank owned life insurance, net 3,297 3,275 Deferred tax assets, net 9,846 9,538 Core deposit intangible, net 1,943 2,111 Goodwill 25,858 25,858 Other assets 7,667 3,543 Total assets $ 1,367,290 $ 1,375,404 Liabilities and stockholders' equity Liabilities: Deposits $ 687,369 $ 682,635 Securities sold under agreements to repurchase 72,658 73,475 FHLB advances 209,242 209,319 Bank Term Funding Program ("BTFP") borrowing 100,000 100,000 Notes payable – 14,000 Accrued expenses and other liabilities 15,551 13,878 Total liabilities 1,084,820 1,093,307 Non-Cumulative Redeemable Perpetual Preferred stock, Series C; authorized 150,000 shares at June 30, 2024 and December 31, 2023; issued and outstanding 150,000 shares at June 30, 2024 and December 31, 2023; liquidation value $ 1,000 per share 150,000 150,000 Common stock, Class A, $ 0.01 par value, voting; authorized 75,000,000 shares at June 30, 2024 and December 31, 2023 ; issued 6,361,071 shares at June 30, 2024 and 6,242,089 shares at December 31, 2023 ; outstanding 6,033,843 shares at June 30, 2024 and 5,914,861 shares at December 31, 2023 64