Broadway Financial Corporation (the “Company”) (NASDAQ Small-Cap: BYFC), parent company of Broadway Federal Bank, f.s.b. (the “Bank”), today reported net earnings of $846 thousand for the second quarter ended June 30, 2010 compared with net earnings of $34 thousand for the second quarter of 2009. The increase in net earnings was primarily due to higher net interest income and a lower provision for loan losses. Earnings available to common shareholders for the quarter ended June 30, 2010 were $0.32 per fully diluted common share compared to a loss of ($0.09) per fully diluted common share for the quarter ended June 30, 2009.
For the six months ended June 30, 2010, the Company reported net earnings of $1.8 million compared to $696 thousand of net earnings for the same period in 2009. Fully diluted earnings per common share for the six months ended June 30, 2010 and 2009 were $0.72 and $0.20, respectively.
Chief Executive Officer, Paul C. Hudson stated, “We are encouraged by our ability to post consecutive quarters of positive earnings despite the weak local economy and real estate market and believe that our focus on serving the needs of low- to moderate-income communities continues to represent a differentiated strategy with enduring strength.” He went on to explain, “We are optimistic that we can continue to generate profits for the balance of 2010, but expect continuing pressure on profitability and net interest margins as we focus on improving asset quality.”
Second Quarter Highlights