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Broadway Financial Corporation (BYFC+2.25%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial condition, reporting total assets of $1.3 billion, a decrease from $1.4 billion in the previous year. This was primarily due to a decrease in securities available-for-sale and cash equivalents.
Net income attributable to Broadway Financial Corporation was $1.9 million for the year ended December 31, 2024, compared to $4.5 million in the previous year. After preferred dividends, net income attributable to common stockholders was $359 thousand.
Net interest income before provision for credit losses increased to $31.8 million, reflecting higher interest income from loans and securities, offset by increased interest expenses.
The provision for credit losses was $664 thousand, down from $933 thousand in the previous year, with no loan charge-offs recorded during 2024.
Non-interest income decreased significantly to $1.6 million from $5.4 million, primarily due to a decrease in grant income.
Non-interest expenses increased to $29.9 million, driven by higher compensation and benefits expenses and professional fees.
The company's allowance for credit losses was $8.1 million, or 0.83% of gross loans, consistent with the previous year's percentage.
Total deposits increased to $745.4 million, with a noted concentration of deposits from a few large customers.
Broadway Financial Corporation's stockholders' equity was reported at $285.2 million, representing 21.9% of total assets.
The filing also discusses regulatory compliance, including capital requirements and liquidity management strategies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Broadway Financial Corporation annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.