Broadway Financial Corporation Announces
Second Quarter Net Earnings
August 10, 2010 02:48 PM Eastern Daylight Time
LOS ANGELES--(EON: Enhanced Online News)--Broadway Financial Corporation (the “Company”) (NASDAQ
Small-Cap: BYFC), parent company of Broadway Federal Bank, f.s.b. (the “Bank”), today reported net earnings of
$846 thousand for the second quarter ended June 30, 2010 compared with net earnings of $34 thousand for the
second quarter of 2009. The increase in net earnings was primarily due to higher net interest income and a lower
provision for loan losses. Earnings available to common shareholders for the quarter ended June 30, 2010 were
$0.32 per fully diluted common share compared to a loss of ($0.09) per fully diluted common share for the quarter
ended June 30, 2009.
For the six months ended June 30, 2010, the Company reported net earnings of $1.8 million compared to $696
thousand of net earnings for the same period in 2009. Fully diluted earnings per common share for the six months
ended June 30, 2010 and 2009 were $0.72 and $0.20, respectively.
Chief Executive Officer, Paul C. Hudson stated, “We are encouraged by our ability to post consecutive quarters of
positive earnings despite the weak local economy and real estate market and believe that our focus on serving the
needs of low- to moderate-income communities continues to represent a differentiated strategy with enduring
strength.” He went on to explain, “We are optimistic that we can continue to generate profits for the balance of
2010, but expect continuing pressure on profitability and net interest margins as we focus on improving asset
Second Quarter Highlights
l Net interest income before provision for loan losses grew $833 thousand, an increase of 19% over second
l Provision for loan losses for the second quarter 2010 totaled $309 thousand, compared to $1.6 million for the
second quarter 2009.
l Non-performing assets (“NPAs”) as a percentage of total assets decreased to 6.77%, from