Loading...
•
Sep 30, 2021
Broadway Financial Q3 2021 Earnings Report
Reported a net income for the third quarter of 2021, which included the consolidated operations of CFBanc Corporation after the merger.
Key Takeaways
Broadway Financial Corporation reported a consolidated net income of $182 thousand, or $0.00 per diluted share, for the third quarter of 2021. The net income increased by $426 thousand compared to the third quarter of 2020, driven by growth in net interest income and grant and fee income, but was partially offset by additional operating expenses and data processing costs.
Total assets grew by $22.6 million during the third quarter to almost $1.1 billion.
Total loans receivable, net of allowances, increased by $27.5 million during the third quarter to $642 million.
Deposits increased by $44.6 million during the third quarter to $750 million.
The Company retired the remaining outstanding balance of its junior subordinated debentures of $2.8 million during the third quarter of 2021.
Broadway Financial
Broadway Financial
Forward Guidance
The company is focused on integrating the merged organizations, investing in systems to improve efficiencies, growing the loan portfolio, and expanding the deposit base. They are also exploring new opportunities to enhance the scale of operations and improve the economics of the business.
Positive Outlook
- Continued integration of merged organizations.
- Additional investments in systems to improve efficiencies.
- Continued growth of loan portfolio.
- Expansion of deposit base.
- Exploring new opportunities to enhance the scale of operations and improve the economics of the business.
Challenges Ahead
- Uncertainty as to the duration, scope and impacts of the COVID-19 pandemic.
- Political and economic uncertainty, including the possibility of declines in global economic conditions or the stability of credit and financial markets.
- Changes in the monetary and fiscal policies of the U.S. Government.
- Possible effects of changes in real estate markets and interest rates.
- Risks related to disruption of management time due to integration activities related to the Merger.