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Jun 30, 2023
Broadway Financial Q2 2023 Earnings Report
Broadway Financial's net income decreased due to increased interest expense and provision for credit losses, despite growth in interest income and loans.
Key Takeaways
Broadway Financial Corporation reported a consolidated net income of $243 thousand, or $0.00 per diluted share, for Q2 2023, a decrease compared to Q2 2022. The decrease was primarily due to increased interest expense and a provision for credit losses.
Net income for the second quarter of 2023 was $243 thousand, or $0.00 per diluted share.
Total interest income increased by $3.3 million, or 38.5% compared to Q2 2022.
Total net loans receivable increased by $56.6 million, or 7.4%, to $824.6 million at June 30, 2023, compared to December 31, 2022.
Total assets increased by $47.0 million, or 4.0%, to $1.2 billion at June 30, 2023, compared to December 31, 2022.
Broadway Financial
Broadway Financial
Forward Guidance
The company intends to continue growing wisely and improving its profitability by implementing new efforts to retain and gather deposits.