Financial Performance - Net income attributable to Broadway for Q3 2024 was $522 thousand, an increase of $431 thousand from $91 thousand in Q3 2023[1] - Net loss attributable to common stockholders was $228 thousand in Q3 2024 after deducting preferred dividends of $750 thousand, compared to net income of $91 thousand in Q3 2023[1] - Non-interest income for Q3 2024 totaled $416 thousand, an increase from $331 thousand in Q3 2023, and $995 thousand for the first nine months of 2024, compared to $880 thousand for the same period in 2023[16] - The net income for the quarter was $544,000, a substantial increase from $86,000 in the prior year[33] Interest Income and Margin - Net interest income for Q3 2024 increased by $1.5 million, or 23.0%, to $8.3 million compared to $6.8 million in Q3 2023[2] - Total interest income rose by $4.2 million, or 35.5%, in Q3 2024 compared to Q3 2023[4] - Net interest margin increased to 2.49% in Q3 2024 from 2.33% in Q3 2023[7] - Net interest income after provision for credit losses was $7,931,000, compared to $6,775,000 in the previous year, representing an increase of 17%[33] Loan and Asset Growth - Total gross loans receivable increased by $87.5 million, or 9.9%, to $975.3 million as of September 30, 2024[4] - Loans held for investment increased by $86.3 million to $966.8 million at September 30, 2024, driven by loan originations of $136.2 million during the first nine months of 2024[21] - Loans receivable held for investment increased to $975,315,000 from $887,805,000, reflecting a growth of approximately 9.8%[30] - Loan originations for the quarter reached $39,195,000, significantly higher than $14,016,000 in the same quarter last year, marking a growth of 179%[33] Credit Losses and Allowance - The Company recorded a provision for credit losses of $399 thousand for Q3 2024, compared to a recovery of $2 thousand in Q3 2023, and $1.2 million for the nine months ended September 30, 2024, up from $808 thousand in the same period last year[14] - The allowance for credit losses increased to $8.5 million as of September 30, 2024, compared to $7.3 million as of December 31, 2023, due to growth in the loan portfolio[15] - The allowance for credit losses rose to $8,527,000, up from $7,348,000, indicating a proactive approach to managing credit risk[30] Expenses and Costs - Non-interest expense increased by $3.0 million in the first nine months of 2024 compared to the same period in 2023, primarily due to higher compensation and benefits[3] - Total non-interest expense was $7.6 million for Q3 2024, an increase of 8.8% from $7.0 million in Q3 2023, primarily due to professional and accounting fees related to remediation efforts[17] Asset and Equity Position - Total assets decreased by $2.3 million to $1.382 billion at September 30, 2024, reflecting a decrease in securities available-for-sale of $78.5 million[20] - Stockholders' equity was $286.4 million, or 20.9% of total assets, at September 30, 2024, up from $281.9 million, or 20.5% of total assets, at December 31, 2023[25] - The equity to total assets ratio improved to 20.86% from 20.50%, indicating a stronger capital position[30] Tax and Profitability - The effective tax rate was 27.76% for Q3 2024, down from 31.20% in Q3 2023, reflecting an increase in pre-tax income[19] - The return on average assets was 0.16%, up from 0.03% year-over-year, reflecting improved profitability[33] Non-Performing Loans - The company reported only one non-performing loan as of September 30, 2024, representing less than $300 thousand, or 0.03% of total loans[5] - Non-performing assets totaled $291,000, with a non-accrual loans ratio of 0.03% to total loans[31]
Broadway Financial (BYFC) - 2024 Q3 - Quarterly Results