Broadway Financial Q3 2022 Earnings Report
Key Takeaways
Broadway Financial Corporation reported a significant increase in net income for Q3 2022, reaching $1.3 million, compared to $182 thousand in Q3 2021. This improvement was driven by a 43.7% increase in net interest income, resulting from higher rates earned and increased average balances of investment securities. The company also saw a rise in loan originations and an expansion of its net interest margin.
Net income increased by $1.1 million to $1.3 million, a 553% increase compared to Q3 2021.
Net interest income increased by $2.6 million, or 43.7%, compared to the third quarter of 2021.
Originated over $101 million of new loans, representing an increase of 20.7% over Q3 2021.
Net interest margin increased by 59 basis points to 3.02% for Q3 2022, compared to 2.43% for Q3 2021.
Broadway Financial
Broadway Financial
Forward Guidance
No specific forward guidance was provided in the earnings report.