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Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest income:        
Interest and fees on loans receivable $ 12,179 $ 9,098 $ 23,308 $ 17,633
Interest on available-for-sale securities 1,876 2,183 3,951 4,363
Other interest income 1,433 359 3,022 687
Total interest income 15,488 11,640 30,281 22,683
Interest expense:        
Interest on deposits 3,086 1,549 5,885 2,852
Interest on borrowings 4,484 2,823 8,954 4,289
Total interest expense 7,570 4,372 14,839 7,141
Net interest income 7,918 7,268 15,442 15,542
Provision for credit losses 494 768 754 810
Net interest income after provision for credit losses 7,424 6,500 14,688 14,732
Non-interest income:        
Service charges 38 38 78 99
Other 235 222 501 450
Total non-interest income 273 260 579 549
Non-interest expense:        
Compensation and benefits 4,469 3,734 8,866 7,483
Occupancy expense 432 443 867 888
Information services 663 735 1,370 1,450
Professional services 563 607 1,973 1,112
Supervisory costs 216 201 393 295
Office services and supplies 48 26 82 48
Advertising and promotional expense 63 59 91 127
Corporate insurance 64 61 125 123
Appraisal and other loan expense 0 26 0 69
Amortization of core deposit intangible 84 97 168 195
Travel expense 55 37 134 115
Other expense 623 395 1,021 768
Total non-interest expense 7,280 6,421 15,090 12,673
Income before income taxes 417 339 177 2,608
Income tax expense 146 93 89 767
Net income 271 246 88 1,841
Less: Net income (loss) attributable to non-controlling interest 2 3 (17) 25
Net income attributable to Broadway Financial Corporation 269 243 105 1,816
Other comprehensive income (loss), net of tax:        
Unrealized income (losses) on securities available-for-sale arising during the period 874 (3,356) 71 77
Income tax expense (benefit) 253 (965) 21 23
Other comprehensive income (loss), net of tax 621 (2,391) 50 54
Comprehensive income (loss) $ 890 $ (2,148) $ 155 $ 1,870
Earnings per common share-basic (in dollars per share) $ 0.03 [1] $ 0.03 [1] $ 0.01 $ 0.2
Earnings per common share-diluted (in dollars per share) $ 0.03 [1] $ 0.03 [1] $ 0.01 $ 0.2
[1] Retroactively adjusted, as applicable, for the 1-for-8 reverse stock split effective November 1, 2023 - see Note 1