Financial Performance - Net income attributable to Broadway for Q4 2024 was $1.3 million, a decrease of 50% from $2.6 million in Q4 2023[1] - Non-interest income for Q4 2024 totaled $560 thousand, a significant decrease from $4.5 million in Q4 2023, primarily due to the absence of a $3.7 million grant received in the prior year[12] - Total non-interest income for the year ended December 31, 2024, was $1,554 thousand, down from $5,357 thousand in 2023, a decline of about 71.0%[39] - The company reported a comprehensive loss of $1,395 thousand for the three months ended December 31, 2024, compared to a comprehensive income of $8,408 thousand for the same period in 2023[39] - Earnings per common share-basic decreased to $0.06 for the three months ended December 31, 2024, compared to $0.31 for the same period in 2023, a decline of approximately 80.6%[39] Interest Income and Margin - Net interest income for Q4 2024 increased by $850 thousand, or 11.9%, to $8.0 million compared to $7.1 million in Q4 2023[2] - Net interest income for the year ended December 31, 2024, was $62,209 thousand, compared to $47,228 thousand in 2023, reflecting a year-over-year increase of 31.69%[43] - The average yield on loans receivable was 5.17% in Q4 2024, up from 4.76% in Q4 2023, indicating improved loan profitability[41] - The net interest rate margin improved to 2.42% in Q4 2024, compared to 2.40% in Q4 2023, indicating a slight enhancement in profitability[41] - The net interest rate spread decreased to 1.55% in Q4 2024 from 1.67% in Q4 2023, reflecting a narrowing of the margin between interest income and interest expense[41] Assets and Liabilities - Total assets decreased by $71.7 million at December 31, 2024, primarily due to a decrease in securities available-for-sale[17] - Total assets decreased to $1,303.7 million at December 31, 2024, from $1,375.4 million at December 31, 2023[31] - Total liabilities decreased from $1,093,307 thousand on December 31, 2023, to $1,018,335 thousand on December 31, 2024, a reduction of about 6.9%[36] - Total borrowings decreased by $134.7 million to $262.1 million at December 31, 2024, primarily due to the payoff of a $100.0 million loan under the Federal Reserve's Bank Term Funding Program[21] Loans and Credit Losses - Total gross loans receivable increased by $89.2 million, or 10.0%, to $977.0 million at December 31, 2024, from $887.8 million at December 31, 2023[5] - The allowance for credit losses increased to $8.1 million as of December 31, 2024, compared to $7.3 million as of December 31, 2023[11] - The Company recorded a recovery of credit losses of $489 thousand in Q4 2024, compared to a provision for credit losses of $125 thousand in Q4 2023[10] - The allowance for credit losses increased to $8,103 thousand as of December 31, 2024, from $7,348 thousand as of December 31, 2023, reflecting a rise of approximately 10.3%[36] Deposits and Equity - Deposits increased by $62.8 million to $745.4 million at December 31, 2024, from $682.6 million at December 31, 2023, with a notable increase in Insured Cash Sweep deposits by $61.2 million[20] - Stockholders' equity rose to $285.2 million, or 21.9% of total assets, at December 31, 2024, compared to $281.9 million, or 20.5% of total assets, at December 31, 2023[23] - Stockholders' equity increased to $285,775 thousand in Q4 2024, compared to $278,339 thousand in Q4 2023, showing a growth of 2.61%[41] Performance Ratios - Return on average assets for the twelve months ended December 31, 2024, was 0.14%, down from 0.37% in 2023[32] - Return on average equity for the twelve months ended December 31, 2024, was 0.69%, compared to 1.62% in 2023[32] - Non-accrual loans amounted to $264, representing a non-performing assets ratio of 0.02% of total assets[31] - The Bank's uninsured deposits represented 32% of total deposits as of December 31, 2024, down from 37% as of December 31, 2023[20]
Broadway Financial (BYFC) - 2024 Q4 - Annual Results