Broadway Financial Corporation Reports 49% Increase In First Quarter Net Earnings
During the first quarter, we recorded a provision for loan losses of $574 thousand compared to $15.7 million for the previous quarter and $516 thousand for the first quarter of 2009. The provision recorded in the 2010 first quarter reflects a $560 thousand increase in specific loss allocation on impaired loans and a $14 thousand increase in the general valuation allowance.
Non-interest income for the quarter ended March 31, 2010 totaled $166 thousand compared to $778 thousand, for the fourth quarter and $296 thousand for the first quarter of 2009. During the fourth quarter of 2009, we recognized $591 thousand of income from a grant from the Community Development Financial Institution. The decrease from the first quarter of 2009 was primarily due to a reduction in loan and retail banking fees of $84 thousand, as well as higher valuation allowance on real estate owned (“REO”).
Non-interest expense for the quarter ended March 31, 2010 totaled $3.4 million compared to $2.8 million for both the previous quarter and the first quarter of 2009. The increases were mostly due to higher compensation and benefits expense, primarily reflecting a lower amount of salaries that were deferred in the 2010 first quarter as a result of decreased loan origination volume, higher premiums for FDIC insurance and higher expenses for professional services. Despite the increase, the Company’s efficiency ratio improved to 60.41% in the first quarter of 2010 compared to 64.02% in the comparable quarter last year.
Balance Sheet SummaryTotal assets were $528.9 million at March 31, 2010, which represented an increase of $7.8 million from December 31, 2009. Cash and cash equivalents increased by approximately $10 million and the loan portfolio increased by approximately $2.4 million from December 31, 2009. Loan originations for the quarter ended March 31, 2010 totaled $10.9 million compared to $16.7 million for the previous quarter and $39.4 million for the comparable quarter in 2009. Loan repayments for the quarter ended March 31, 2010 totaled $7.5 million compared to $7.2 million for the previous quarter and $11.8 million for the first quarter in 2009.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV