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Dec 31, 2024
Broadway Financial Q4 2024 Earnings Report
Net income decreased due to grant income in 2023 and increased non-interest expense, partially offset by increased net interest income and decreased tax expense.
Key Takeaways
Broadway Financial Corporation reported a net income attributable to Broadway of $1.3 million for Q4 2024, a decrease of $1.3 million compared to Q4 2023. The diluted earnings per common share was $0.06, compared to $0.31 in the same quarter of the previous year. Net interest income increased by $850 thousand, or 11.9%, reaching $8.0 million.
Net income attributable to Broadway was $1.3 million, down from $2.6 million in Q4 2023.
Diluted earnings per common share decreased to $0.06 from $0.31 in Q4 2023.
Net interest income increased by $850 thousand, or 11.9%, to $8.0 million.
Total gross loans receivable increased by $89.2 million, or 10.0%, to $977.0 million at year-end.
Forward Guidance
The company is optimistic about 2025 and its potential positive impact on customers and shareholders, emphasizing its commitment to its mission, talent, capital, and liquidity to execute its strategy and serve its communities.
Positive Outlook
- Team continues to work diligently to meet strategic goals.
- Improving operating performance as we serve our communities.
- Experienced significant loan and deposit growth.
- Maintaining strong credit quality within the loan portfolio.
- Optimistic that the re-shifting of our funding mix from higher cost borrowings to lower cost deposits will help improve performance in 2025.
Challenges Ahead
- Demand for mortgage and commercial loans
- Changes in interest rates
- The rate and amount of credit losses incurred
- Changes in the regulation of lending and deposit operations
Historical Earnings Impact
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Avg. Return Before/After Earnings
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