Broadway Financial Corporation (the “Company”) (NASDAQ: BYFC), parent company of Broadway Federal Bank, f.s.b. (the “Bank”), today announced its revised results for the quarter ended March 31, 2012.
Our previously reported results for the quarter have been revised because some of the provisions that we had included in the results for the first quarter of 2012 are now reflected in our restated results for 2011. In addition, the revision to the results for the first quarter of 2012 reflect conclusions regarding our valuation allowances reached by the Office of the Controller of Currency during its recently completed supervisory examination of the Bank.
Based on these changes, we are reporting net earnings of $154,000 for the first quarter of 2012, whereas previously we had reported a loss of $60,000. In contrast, we reported a net loss of $129,000 for the first quarter of 2011. After deducting preferred dividends and related discount accretion on the Series D and E Perpetual Cumulative Preferred Stock held by the U.S. Department of the Treasury, we are now reporting a loss to common stockholders of $132,000, as compared to a previously announced loss of $346,000 for the first quarter of 2012 and a loss of $412,000 for the first quarter of 2011.
A summary of the effects of these corrections on the Company’s consolidated balance sheet as of March 31, 2012 and consolidated statement of operations for the quarter then ended is included with this release. More detailed information regarding our financial condition at March 31, 2012 and our results of operations for the three months then ended will be contained in our report on Form 10-Q for the first quarter of 2012 to be filed shortly with the Securities and Exchange Commission.
About Broadway Financial Corporation
Broadway Financial Corporation conducts its operations through its wholly-owned subsidiary, Broadway Federal Bank, f.s.b., which is the leading community-oriented savings bank in Southern California serving low to moderate income communities. We offer a variety of residential and commercial real estate loan products for consumers, businesses, and non-profit organizations, other loan products, and a variety of deposit products, including checking, savings and money market accounts, certificates of deposits and retirement accounts. The Bank operates three full service branches, two in the city of Los Angeles, and one located in the nearby city of Inglewood, California.