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Wednesday, Jun 29, 2022

Broadway Financial Moves to Profit

Shares of Broadway Financial Corp. soared 124 percent on Friday, a day after the struggling Los Angeles thrift said it moved from a loss to a profit in the second quarter and will soon be up to date on its regulatory filings.

The parent of Broadway Federal Bank late Thursday reported net income of $1.7 million (81 cents a share) for the quarter ended June 30, compared with a net loss of $1.7 million (-$1.15) in the same period a year earlier.

Non-interest income rose 1,256 percent to $2.7 million, but net interest income fell 21 percent to $3.5 million. Loan-loss provisions for bad loans fell to $102,000 from $3.4 million a year ago.

“Our results for the first half indicate that we are making progress in improving our portfolio, and building our capital,” Chief Executive Wayne Kent Bradshaw said in a statement. “With the forthcoming filing of our Form 10Q for the second quarter, we will be current with our filings, which will assist us in executing our previously announced recapitalization plan.”

Shares closed up $1.30 to $2.35 on the Nasdaq.

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