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Dec 31, 2019
Broadway Financial Q4 2019 Earnings Report
Broadway Financial Corporation reported a net loss for the fourth quarter of 2019, impacted by a loan loss provision and the absence of loan sales, while net interest income increased.
Key Takeaways
Broadway Financial Corporation reported a net loss of $69 thousand for Q4 2019, compared to a net income of $275 thousand in Q4 2018. The results were affected by a loan loss provision of $294 thousand and the lack of gain on loan sales, offset by increases in net interest income.
Net loss of $69 thousand, or less than $0.01 per share, compared to net income of $275 thousand, or $0.01 per diluted share, for the fourth quarter of 2018.
Net interest income increased by $336 thousand compared to the fourth quarter of 2018.
The Bank recorded a loan loss provision of $294 thousand for the fourth quarter of 2019 compared to a loan loss provision recapture of $254 thousand for the fourth quarter of 2018.
The company did not sell any loans in Q4 2019, resulting in no gain on sale of loans, compared to a $50 thousand gain in Q4 2018.
Broadway Financial
Broadway Financial
Broadway Financial Revenue by Segment
Revenue by Segment
Service Charges on Deposits Revenue
CapyFin.com Forward Guidance
Going forward, Broadway Financial will continue leveraging loan origination capabilities while maintaining loan portfolio quality, implementing changes to reduce non-interest expenses and improve operating efficiency, leverage, and profitability.