---

---

---

---

---

---

---

Broadway Financial Corporation conducts its operations through its wholly-owned banking subsidiary, City First Bank, National Association, which is a leading community-oriented bank in Southern California and in the Washington, D.C. market 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.

Investor Relations

Brenda J. Battey, Chief Financial Officer, (323) 556-3264

Media Relations

Gloria Nauden, VP Marketing & Communications, (202) 528-9005

Cautionary Statement Regarding Forward-Looking Information

 

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995.  Forward-looking statements often include words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”  “believes,” “predicts,” “potential,” “continue,” and similar expressions, but the absence of such words or expressions does not mean a statement is not forward-looking.  These forward-looking statements are based upon our management’s current expectations and involve known and unknown risks and uncertainties.  Actual results or performance may differ materially from those suggested, expressed, or implied by the forward-looking statements due to a wide range of factors.  Such risk factors include, among others: uncertainty as to the duration, scope and impacts of the COVID-19 pandemic; political and economic uncertainty, including the possibility of declines in global economic conditions or the stability of credit and financial markets; changes in the monetary and fiscal policies of the U.S. Government, including policies of the United States Department of the Treasury and the Federal Reserve Board; changes in legislation, regulation, policies or administrative practices, whether by judicial, governmental, or legislative action, and other changes pertaining to banking, securities, taxation, financial accounting and reporting, and environmental protection and our ability to comply with such changes in a timely manner; possible effects of changes in real estate markets and interest rates, which may affect our net income and future cash flows, or the market value of our assets, including investment securities; risks related to disruption of management time due to integration activities related to the Merger; the risk of possible adverse rulings, judgments, settlements and other outcomes of litigation; the risk that the Merger could have an adverse effect on our ability to retain customers, retain and hire key personnel and on our operating results and business generally; the risk that problems may arise in successfully integrating the businesses of the pre-Merger companies, which may result in the combined company not operating as effectively and efficiently as expected, or that we may not be able to successfully integrate the businesses of the pre-Merger companies; the risk that we may be unable to achieve synergies or other anticipated benefits of the Merger or that it may take longer than expected to achieve those synergies or benefits; the risk that operational issues stemming from, and/or capital spending necessitated by, the potential need to adapt to industry changes in information technology systems, on which  we are highly dependent, and other important factors that could cause actual results to differ materially from those projected.  All such factors are difficult to predict and are beyond our control.  Additional factors that could cause results to differ materially from those described above can be found in our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K or other filings made with the SEC and are available on our website at http://www.cityfirstbank.com/node/430 and on the SEC’s website at http://www.sec.gov.

 

		December 31, 2021				December 31, 2020
Selected Financial Condition Data and Ratios:
Cash and cash equivalents		$	231,520			$	96,109
Securities available-for-sale, at fair value			156,396				10,698
Loans receivable held for investment			651,904				363,344
Allowance for loan losses			(3,391	)			(3,215	)
Loans receivable held for investment, net of allowance			648,513				360,129
Total assets			1,093,888				483,378
Deposits			788,052				315,630
FHLB advances			85,952				110,500
Junior subordinated debentures			-				3,315
Other borrowings			65,960				-
Stockholders' equity of Broadway Financial Corporation			141,000				48,885
Book value per common share		$	1.92			$	1.74
Tangible book value per common share		$	1.52			$	1.74
Equity to total assets			12.89	%			10.11	%
Asset Quality Ratios:
Non-accrual loans to total loans			0.10	%			0.22	%
Non-performing assets to total assets			0.06	%			0.16	%
Allowance for loan losses to total gross loans			0.52	%			0.88	%
Allowance for loan losses to non-performing loans			495.8	%			408.5	%
Non-Performing Assets:
Non-accrual loans		$	684			$	787
Loans delinquent 90 days or more and still accruing			-				-
Real estate acquired through foreclosure			-				-
Total non-performing assets		$	684			$	787
Delinquent loans (greater than 30 days)		$	2,423			$	-

		Three Months Ended December 31,										Twelve Months Ended December 31,
Selected Operating Data and Ratios:		2021					2020					2021				2020
Interest income		$	7,182				$	3,931				$	24,752			$	17,644
Interest expense			836					1,068					3,749				5,475
Net interest income			6,346					2,863					21,003				12,169
Loan loss provision			(269	)				-					177				29
Net interest income after loan loss provision			6,615					2,863					20,826				12,140
Non-interest income			290					380					3,214				1,025
Non-interest expense			(8,947	)				(3,931	)				(28,926	)			(14,214	)
Income (loss) before income taxes			(2,042	)				(688	)				(4,886	)			(1,049	)
Income tax expense (benefit)			(640	)				(107	)				(937	)			(407	)
Net income (loss)			(1,402	)				(581	)				(3,949	)			(642	)
Less: Net income attributable to non-controlling interest			44					-					101				-
Net Income Attributable to Broadway Financial Corporation		$	(1,446	)			$	(581	)			$	(4,050	)		$	(642	)
Earnings per common share-diluted		$	(0.02	)			$	(0.02	)			$	(0.07	)		$	(0.02	)
Loan originations (1)		$	69,678				$	6,089				$	266,987			$	134,274
Net recoveries to average loans			(0.00	)%	(2)			(0.00	)%	(2)			(0.00	)%			(0.00	)%
Return on average assets			-0.54	%	(2)			-0.47	%	(2)			-0.44	%			-0.13	%
Return on average equity			-4.46	%	(2)			-4.70	%	(2)			-3.82	%			-1.30	%
Net interest margin			2.50	%	(2)			2.37	%	(2)			2.42	%			2.52	%

(1)	Does not include net deferred origination costs.

(2)	Annualized