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Mar 31, 2023
Broadway Financial Q1 2023 Earnings Report
Reported consolidated net earnings and increased net interest income.
Key Takeaways
Broadway Financial Corporation reported a consolidated net income of $1.6 million, or $0.02 per diluted share, for Q1 2023, compared to $958 thousand, or $0.01 per diluted share, for Q1 2022, with net interest income increasing by $1.1 million, or 15.4%, to $8.3 million.
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 $9.0 million, or 1.2%, to $777.1 million at March 31, 2023, compared to December 31, 2022.
Total assets increased by $21.5 million, or 1.8%, to $1.2 billion at March 31, 2023, compared to December 31, 2022.
Forward Guidance
Broadway Financial Corporation is optimistic about its ability to continue growing and improving profitability, despite economic uncertainties, due to its strong equity capital, focus on serving low-to-moderate income communities, and the dedication of its employees and support from investors, board, and partners.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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