Broadway Financial Q2 2020 Earnings Report
Key Takeaways
Broadway Financial Corporation reported a net income of $216 thousand, or $0.01 per diluted share, for the second quarter of 2020, compared to a net loss of $135 thousand, or ($0.01) per diluted share, for the second quarter of 2019. The increase was primarily due to an income tax adjustment of $273 thousand and an increase in net interest income of $569 thousand.
Net income increased by $351 thousand compared to the second quarter of 2019.
Net interest income increased by $569 thousand compared to the second quarter of 2019.
Gain on sale of loans increased by $116 thousand compared to the second quarter of 2019.
Non-performing loans remained low at 0.17% of total assets.
Broadway Financial
Broadway Financial
Forward Guidance
Management expects to see benefits from plans to reduce non-interest expenses in the second half of next year.