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Mar 31, 2022
Broadway Financial Q1 2022 Earnings Report
Reported net earnings and growth in loan originations and total assets.
Key Takeaways
Broadway Financial Corporation reported a net income of $958 thousand, or $0.01 per diluted share, for the first quarter of 2022, compared to a net loss of $3.5 million, or ($0.13) per share, for the first quarter of 2021. The results were positively impacted by an increase in net interest income and a decrease in non-interest expense.
Total assets increased to over $1.1 billion, representing an increase of over 18%, since the Merger.
Loan originations grew by over 125% compared to the first quarter of 2021.
Total loans exceeded $650 million at the end of the first quarter, representing growth of 11% since the Merger.
Net interest income increased over 150% compared to the first quarter of 2021.
Broadway Financial
Broadway Financial
Forward Guidance
The Company anticipates the issuance of $150 million of low-cost Preferred Stock under the U.S. Treasury’s Emergency Capital Investment Program (“ECIP”) that we currently expect to close in the second quarter of this year.
Positive Outlook
- ECIP equity capital will help accelerate our growth
- Significantly improve our economies of scale
- Improve potential profitability
- Dramatically expand the positive impact that we believe we can generate for the essential low-to-moderate income communities that we serve