Broadway Financial Corp files Q3 2024 10-Q

TL;DR

BYFC Q3 10-Q is in. Check financials for latest performance.

AI Summary

Broadway Financial Corp (BYFC) filed its Q3 2024 10-Q report on November 13, 2024, covering the period ending September 30, 2024. The filing details the company's financial performance and position, including its common stock classes and preferred stock. Key financial data points from the report will provide insights into the company's operational results and balance sheet for the third quarter.

Why It Matters

This filing provides investors with the latest financial performance data for Broadway Financial Corp, crucial for understanding the company's health and making informed investment decisions.

Risk Assessment

Risk Level: medium — As a financial institution, Broadway Financial Corp is subject to market and regulatory risks inherent in the banking sector.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Covers the third quarter of 2024.)
• 2023-12-31 — Previous Year End Date (For comparison with current period data.)
• 2023-09-30 — Prior Year Q3 End Date (For year-over-year comparison.)

Key Players & Entities

• BROADWAY FINANCIAL CORP (company) — Filer
• 20240930 (date) — Reporting Period End Date
• 20241113 (date) — Filing Date
• LOS ANGELES (location) — Business Address City
• 3236341700 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $0.01 — ch registered: Common Stock, par value $0.01 per share (including attached preferr

Filing Documents

• ef20034539_10q.htm (10-Q) — 4284KB
• ef20034539_ex31-1.htm (EX-31.1) — 11KB
• ef20034539_ex31-2.htm (EX-31.2) — 11KB
• ef20034539_ex32-1.htm (EX-32.1) — 3KB
• ef20034539_ex32-2.htm (EX-32.2) — 3KB
• 0001140361-24-046491.txt ( ) — 17886KB
• byfc-20240930.xsd (EX-101.SCH) — 56KB
• byfc-20240930_cal.xml (EX-101.CAL) — 95KB
• byfc-20240930_def.xml (EX-101.DEF) — 395KB
• byfc-20240930_lab.xml (EX-101.LAB) — 835KB
• byfc-20240930_pre.xml (EX-101.PRE) — 533KB
• ef20034539_10q_htm.xml (XML) — 4874KB

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS Item 1. Consolidated Financial Statements (Unaudited) Consolidated Statements of Financial Condition as of September 30, 2024 and December 31, 2023 1 Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, 2024 and 2023 2 Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 3 Consolidated Statements of Changes in Stockholders' Equity for the three and nine months ended September 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) September 30, 2024 December 31, 2023 (Unaudited) Assets: Cash and due from banks $ 3,232 $ 5,460 Interest-bearing deposits in other banks 93,847 99,735 Cash and cash equivalents 97,079 105,195 Securities available-for-sale, at fair value (amortized cost of $ 251,545 and $ 335,978 ) 238,489 316,950 Loans receivable held for investment, net of allowance of $ 8,527 and $ 7,348 966,788 880,457 Accrued interest receivable 5,744 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 9,467 9,840 Bank owned life insurance, net 3,309 3,275 Deferred tax assets, net 8,415 9,538 Core deposit intangible, net 1,859 2,111 Goodwill 25,858 25,858 Other assets 2,212 3,543 Total assets $ 1,373,055 $ 1,375,404 Liabilities and stockholders' equity Liabilities: Deposits $ 672,248 $ 682,635 Securities sold under agreements to repurchase 89,798 73,475 FHLB advances 208,568 209,319 Bank Term Funding Program ("BTFP") borrowing 100,000 100,000 Notes payable – 14,000 Accrued expenses and other liabilities 15,850 13,878 Total liabilities 1,086,464 1,093,307 Non-Cumulative Redeemable Perpetual Preferred stock, Series C; authorized 150,000 shares at September 30, 2024 and December 31, 2023; issued and outstanding 150,000 shares at September 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 September 30, 2024 and December 31, 2023 ; issued 6,341,869 shares at September 30, 2024 and 6,242,089 shares at December 31, 2023 ; outstanding 6,014,641 shares at September 30, 2024 and 5,914,861 sha

View Full Filing

View this 10-Q filing on SEC EDGAR