Broadway Financial Q3 2022 Earnings Report

Reported an increase in net income and net interest income, driven by loan originations and net interest margin expansion.

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.

Previous year: $0.0204

+685.1%