• |
Total interest income increased by $3.2 million, or 39.5% for the first quarter of 2023,
compared to the first quarter of 2022.
|
• |
Net interest margin increased by 20 basis points to 2.96% for the first quarter of 2023, compared to 2.76% for the first quarter of 2022.
|
• |
Total loans receivable increased by $8.0 million, or 1.0%, to $776.1 million at March 31, 2023, compared to December 31, 2022.
|
• |
Total assets increased by $20.8 million, or 1.8%, to $1.2 billion at March 31, 2023, compared to December 31, 2022.
|
For the Three Months Ended
|
||||||||||||||||||||||||
March 31, 2023
|
March 31, 2022
|
|||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Average Balance
|
Interest
|
Average Yield
|
Average
Balance
|
Interest
|
Average Yield
|
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Interest-earning deposits
|
$
|
17,044
|
$
|
119
|
2.79
|
%
|
$
|
220,266
|
$
|
84
|
0.15
|
%
|
||||||||||||
Securities
|
328,767
|
2,180
|
2.65
|
%
|
160,968
|
553
|
1.37
|
%
|
||||||||||||||||
Loans receivable (1)
|
762,669
|
8,535
|
4.48
|
%
|
653,493
|
7,336
|
4.49
|
%
|
||||||||||||||||
FRB and FHLB stock (2)
|
10,665
|
209
|
7.84
|
%
|
3,046
|
38
|
4.99
|
%
|
||||||||||||||||
Total interest-earning assets
|
1,119,145
|
$
|
11,043
|
3.95
|
%
|
1,037,773
|
$
|
8,011
|
3.09
|
%
|
||||||||||||||
Non-interest-earning assets
|
67,947
|
74,542
|
||||||||||||||||||||||
Total assets
|
$
|
1,187,092
|
$
|
1,112,315
|
||||||||||||||||||||
Liabilities and Stockholders’ Equity
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Money market deposits
|
$
|
134,047
|
$
|
771
|
2.30
|
%
|
$
|
207,078
|
$
|
189
|
0.37
|
%
|
||||||||||||
Savings deposits
|
61,317
|
13
|
0.08
|
%
|
66,825
|
8
|
0.05
|
%
|
||||||||||||||||
Interest checking and other demand deposits
|
239,024
|
77
|
0.13
|
%
|
230,461
|
39
|
0.07
|
%
|
||||||||||||||||
Certificate accounts
|
147,260
|
442
|
1.20
|
%
|
201,446
|
114
|
0.23
|
%
|
||||||||||||||||
Total deposits
|
581,648
|
1,303
|
0.90
|
%
|
705,810
|
350
|
0.20
|
%
|
||||||||||||||||
FHLB advances
|
145,201
|
1,323
|
3.64
|
%
|
77,849
|
342
|
1.76
|
%
|
||||||||||||||||
Other borrowings
|
69,618
|
143
|
0.82
|
%
|
68,019
|
147
|
0.86
|
%
|
||||||||||||||||
Total borrowings
|
214,819
|
1,466
|
2.73
|
%
|
145,868
|
489
|
1.34
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
796,467
|
$
|
2,769
|
1.39
|
%
|
851,678
|
$
|
839
|
0.39
|
%
|
||||||||||||||
Non-interest-bearing liabilities
|
109,955
|
121,912
|
||||||||||||||||||||||
Stockholders’ equity
|
280,670
|
138,725
|
||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$
|
1,187,092
|
$
|
1,112,315
|
||||||||||||||||||||
Net interest rate spread (3)
|
$
|
8,274
|
2.56
|
%
|
$
|
7,172
|
2.70
|
%
|
||||||||||||||||
Net interest rate margin (4)
|
2.96
|
%
|
2.76
|
%
|
||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
140.51
|
%
|
121.85
|
%
|
(1)
|
Amount is net of deferred loan fees, loan discounts and loans in process, and includes deferred origination costs and loan
premiums.
|
(2)
|
FHLB is Federal Home Loan Bank.
|
(3)
|
Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average
interest-bearing liabilities.
|
(4)
|
Net interest rate margin represents net interest income as a percentage of average interest-earning assets.
|
March 31, 2023
|
December 31, 2022
|
|||||||
Selected Financial Condition Data and Ratios:
|
||||||||
Cash and cash equivalents
|
$
|
29,648
|
$
|
16,105
|
||||
Securities available-for-sale, at fair value
|
329,026
|
328,749
|
||||||
Loans receivable held for investment
|
782,338
|
772,434
|
||||||
Allowance for credit losses
|
(6,285
|
)
|
(4,388
|
)
|
||||
Loans receivable held for investment, net of allowance
|
776,053
|
768,046
|
||||||
Total assets
|
1,205,061
|
1,184,293
|
||||||
Deposits
|
657,542
|
686,916
|
||||||
Securities sold under agreements to repurchase
|
70,941
|
63,471
|
||||||
FHLB advances
|
168,810
|
128,344
|
||||||
Notes payable
|
14,000
|
14,000
|
||||||
Total stockholders' equity
|
279,676
|
279,482
|
||||||
Book value per share
|
$
|
1.76
|
$
|
1.76
|
||||
Equity to total assets
|
23.21
|
%
|
23.60
|
%
|
||||
Asset Quality Ratios:
|
||||||||
Non-accrual loans to total loans
|
0.00
|
%
|
0.02
|
%
|
||||
Non-performing assets to total assets
|
0.00
|
%
|
0.01
|
%
|
||||
Allowance for credit losses to total gross loans
|
0.80
|
%
|
0.57
|
%
|
||||
Allowance for credit losses to non-performing loans
|
-
|
3047.22
|
%
|
|||||
Non-Performing Assets:
|
||||||||
Non-accrual loans
|
$
|
-
|
$
|
144
|
||||
Loans delinquent 90 days or more and still accruing
|
-
|
-
|
||||||
Real estate acquired through foreclosure
|
-
|
-
|
||||||
Total non-performing assets
|
$
|
-
|
$
|
144
|
||||
Delinquent loans less than 30 days delinquent
|
$
|
16,452
|
$
|
8,253
|
||||
Delinquent loans 30 to 89 days delinquent
|
$
|
-
|
$
|
-
|
||||
Delinquent loans greater than 90 days delinquent
|
$
|
-
|
$
|
-
|
Three Months Ended March 31,
|
||||||||
Selected Operating Data and Ratios:
|
2023
|
2022
|
||||||
Interest income
|
$
|
11,174
|
$
|
8,011
|
||||
Interest expense
|
2,900
|
839
|
||||||
Net interest income
|
8,274
|
7,172
|
||||||
Credit loss provision
|
88
|
148
|
||||||
Net interest income after loan loss provision
|
8,186
|
7,025
|
||||||
Non-interest income
|
289
|
281
|
||||||
Non-interest expense
|
(6,206
|
)
|
(5,960
|
)
|
||||
Income (loss) before income taxes
|
2,269
|
1,345
|
||||||
Income tax expense (benefit)
|
674
|
363
|
||||||
Net income (loss)
|
$
|
1,595
|
$
|
982
|
||||
Net income - non-controlling interest
|
22
|
24
|
||||||
Net income (loss) Broadway Financial Corporation
|
$
|
1,573
|
$
|
958
|
||||
Earnings per common share-diluted
|
$
|
0.02
|
$
|
0.01
|
||||
Loan originations (1)
|
$
|
34,236
|
$
|
54,705
|
||||
Net recoveries to average loans
|
(0.00
|
)%(2)
|
(0.00
|
)%(2)
|
||||
Return on average assets
|
0.54
|
%(2)
|
0.35
|
%(2)
|
||||
Return on average equity
|
2.27
|
%(2)
|
2.83
|
%(2)
|
||||
Net interest margin
|
2.96
|
%(2)
|
2.76
|
%(2)
|
(1) |
Does not include net deferred origination costs.
|
(2) |
Annualized
|