Broadway Financial Corporation Reports Net Loss For 2009
Broadway Financial Corporation (the “Company”) (NASDAQ Small-Cap: BYFC), parent company of Broadway Federal Bank, f.s.b. (the “Bank”), today reported a fourth quarter net loss of ($7.5) million, or ($4.43) per diluted share, down $7.9 million, compared to net earnings of $369 thousand, or $0.13 per diluted share, in the fourth quarter of 2008. The decrease in net earnings was primarily due to a $15.3 million increase in the provision for loan losses which was partially offset by a $1.2 million increase in net interest income before provision for loan losses.
For the year ended December 31, 2009, the Company reported a net loss of ($6.5) million or ($4.14) per diluted share, compared to net earnings of $2.3 million or $1.18 per diluted share for the year ended December 31, 2008.
Chief Executive Officer, Paul C. Hudson stated, “In the fourth quarter, we aggressively increased our allowance for loan losses in order to address the effects of high unemployment and depressed real estate values on the credit quality of our loan portfolio.” He went on to say, “Maintaining our net interest margin and improving asset quality will be our primary focus for returning the Company to profitability.”
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