BROADWAY FINANCIAL CORP DE
For the period ended Dec 31, 2023. Filed May 20, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed May 20, 2024
BYFC$11.71+1.6%Stored close · as of Nov 12, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Financial Condition
Checking your notes…
| December 31, 2023 | December 31, 2022 | |
|---|---|---|
| (In thousands, except share and per share) | ||
| Assets: | ||
| Cash and due from banks | $5,460 | $7,459 |
| Interest-bearing deposits in other banks | 99,735 | 8,646 |
| Cash and cash equivalents | 105,195 | 16,105 |
| Securities available-for-sale, at fair value | 316,950 | 328,749 |
| Loans receivable held for investment, net of allowance of $7,348 and $4,388 | 880,457 | 768,046 |
| Accrued interest receivable | 4,938 | 3,973 |
| Federal Home Loan Bank (FHLB) stock | 10,156 | 5,535 |
| Federal Reserve Bank (FRB) stock | 3,543 | 5,264 |
| Office properties and equipment, net | 9,840 | 10,291 |
| Bank owned life insurance | 3,275 | 3,233 |
| Deferred tax assets, net | 9,538 | 11,872 |
| Core deposit intangible, net | 2,111 | 2,501 |
| Goodwill | 25,858 | 25,858 |
| Other assets | 3,543 | 2,866 |
| Total assets | $1,375,404 | $1,184,293 |
| Liabilities and stockholders’ equity | ||
| Liabilities: | ||
| Deposits | $682,635 | $686,916 |
| Securities sold under agreements to repurchase | 73,475 | 63,471 |
| FHLB advances | 209,319 | 128,344 |
| Bank Term Funding Program borrowing | 100,000 | – |
| Notes payable | 14,000 | 14,000 |
| Accrued expenses and other liabilities | 13,878 | 11,910 |
| Total liabilities | 1,093,307 | 904,641 |
| Stockholders’ equity: | ||
| Non-Cumulative Redeemable Perpetual Preferred stock, Series C; authorized 150,000 shares at December 31, 2023 and December 31, 2022; issued and outstanding 150,000 shares at December 31, 2023 and December 31, 2022; liquidation value $1,000 per share | 150,000 | 150,000 |
| Common stock, Class A, $0.01 par value, voting; authorized 75,000,000 shares at December 31, 2023 and December 31, 2022; issued 6,230,705 shares at December 31, 2023 and 6,408,151(1) shares at December 31, 2022; outstanding 5,914,861 shares at December 31, 2023 and 6,080,745(1) shares at December 31, 2022 | 62 | 64 |
| Common stock, Class B, $0.01 par value, non-voting; authorized 15,000,000 shares at December 31, 2023 and December 31, 2022; issued and outstanding 1,425,574(1) shares at December 31, 2023 and December 31, 2022 | 14 | 14 |
| Common stock, Class C, $0.01 par value, non-voting; authorized 25,000,000 shares at December 31, 2023 and December 31, 2022; issued and outstanding 1,672,562(1) at December 31, 2023 and December 31, 2022 | 17 | 17 |
| Additional paid-in capital | 142,601 | 144,157 |
| Retained earnings | 12,552 | 9,294 |
| Unearned Employee Stock Ownership Plan (ESOP) shares | (4,492) | (1,265) |
| Accumulated other comprehensive loss, net of tax | (13,525) | (17,473) |
| Treasury stock-at cost, 327,228(1) shares at December 31, 2023 and at December 31, 2022 | (5,326) | (5,326) |
| Total Broadway Financial Corporation and Subsidiary stockholders’ equity | 281,903 | 279,482 |
| Non-controlling interest | 194 | 170 |
| Total liabilities and stockholders’ equity | $1,375,404 | $1,184,293 |
| (1) | Retroactively adjusted, as applicable, for the 1-for-8 reverse stock split effective November 1, 2023 - see Note 2 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.