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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/23/21 Broadway Financial Corp./DE 10-Q 6/30/21 84:15M Edgarfilings Ltd. |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.93M 2: EX-10.1 Material Contract HTML 84K 3: EX-10.2 Material Contract HTML 58K 4: EX-31.1 Certification -- §302 - SOA'02 HTML 31K 5: EX-31.2 Certification -- §302 - SOA'02 HTML 31K 6: EX-32.1 Certification -- §906 - SOA'02 HTML 24K 7: EX-32.2 Certification -- §906 - SOA'02 HTML 24K 14: R1 Document and Entity Information HTML 83K 15: R2 Consolidated Statements of Financial Condition HTML 135K 16: R3 Consolidated Statements of Financial Condition HTML 61K (Parenthetical) 17: R4 Consolidated Statements of Operations and HTML 154K Comprehensive Income (Loss) 18: R5 Consolidated Statements of Cash Flows HTML 191K 19: R6 Consolidated Statements of Changes in HTML 95K Stockholders' Equity 20: R7 Basis of Financial Statement Presentation HTML 54K 21: R8 Business Combination HTML 123K 22: R9 Capital Raise HTML 58K 23: R10 Earnings Per Share of Common Stock HTML 59K 24: R11 Securities HTML 86K 25: R12 Loans Receivable Held for Investment HTML 579K 26: R13 Goodwill and Intangible Assets HTML 49K 27: R14 Borrowings HTML 39K 28: R15 Fair Value HTML 142K 29: R16 Stock-based Compensation HTML 65K 30: R17 ESOP Plan HTML 37K 31: R18 Regulatory Matters HTML 60K 32: R19 Income Taxes HTML 33K 33: R20 Concentration of Credit Risk HTML 27K 34: R21 Basis of Financial Statement Presentation HTML 67K (Policies) 35: R22 Business Combination (Tables) HTML 117K 36: R23 Capital Raise (Tables) HTML 52K 37: R24 Earnings Per Share of Common Stock (Tables) HTML 55K 38: R25 Securities (Tables) HTML 82K 39: R26 Loans Receivable Held for Investment (Tables) HTML 578K 40: R27 Goodwill and Intangible Assets (Tables) HTML 50K 41: R28 Fair Value (Tables) HTML 130K 42: R29 Stock-based Compensation (Tables) HTML 61K 43: R30 ESOP Plan (Tables) HTML 34K 44: R31 Regulatory Matters (Tables) HTML 54K 45: R32 Basis of Financial Statement Presentation HTML 27K (Details) 46: R33 Business Combination (Details) HTML 56K 47: R34 Business Combination, Assets Acquired and HTML 108K Liabilities Assumed (Details) 48: R35 Business Combination, Contractual Amounts Due, HTML 38K Expected Cash Flows to Be Collected, Interest Component, and Fair Value of Loans Acquired (Details) 49: R36 Business Combination, Fair Value of PCI Loans HTML 40K (Details) 50: R37 Business Combination, Unaudited pro forma HTML 52K information (Details) 51: R38 Capital Raise, Common Stock Issued by Class HTML 50K (Details) 52: R39 Earnings Per Share of Common Stock (Details) HTML 74K 53: R40 Securities (Details) HTML 67K 54: R41 Securities, Contractual Maturities (Details) HTML 82K 55: R42 Securities, Unrealized Gains (Losses) and Fair HTML 55K Value (Details) 56: R43 Loans Receivable Held for Investment (Details) HTML 73K 57: R44 Loans Receivable Held for Investment, Purchased HTML 52K Credit Impaired (PCI) Loans (Details) 58: R45 Loans Receivable Held for Investment, Activity in HTML 71K Allowance for Loan Losses by Loan Type (Details) 59: R46 Loans Receivable Held for Investment, Allowance HTML 90K for Loan Losses and Recorded Investment in Loans by Type of Loans and Based on Impairment Method (Details) 60: R47 Loans Receivable Held for Investment, Loans HTML 56K Individually Evaluated for Impairment by Loan Type (Details) 61: R48 Loans Receivable Held for Investment, Average of HTML 52K Loans Individually Evaluated for Impairment by Loan Type and Related Interest Income (Details) 62: R49 Loans Receivable Held for Investment, Aging of HTML 106K Recorded Investment in Past Due Loans by Loan Type (Details) 63: R50 Loans Receivable Held for Investment, Recorded HTML 45K Investment in Non-accrual Loans by Loan Type (Details) 64: R51 Loans Receivable Held for Investment, Troubled HTML 46K Debt Restructurings (Details) 65: R52 Loans Receivable Held for Investment, Credit HTML 114K Quality Indicators (Details) 66: R53 Goodwill and Intangible Assets, Goodwill and Core HTML 47K Deposit Intangibles (Details) 67: R54 Goodwill and Intangible Assets, Components of HTML 33K Carrying Amount of Core Deposit Intangible (Details) 68: R55 Goodwill and Intangible Assets, Estimated HTML 42K Amortization Expense (Details) 69: R56 Borrowings, Liabilities Securities Sold under HTML 39K Agreements to Repurchase (Details) 70: R57 Borrowings (Details) HTML 71K 71: R58 Fair Value, Assets Measured on Recurring Basis HTML 83K (Details) 72: R59 Fair Value, Assets Measured on Non-Recurring Basis HTML 28K (Details) 73: R60 Fair Value, Fair Values of Financial Instruments HTML 76K (Details) 74: R61 Stock-based Compensation, Summary of Plans HTML 43K (Details) 75: R62 Stock-based Compensation, Stock Option Activity HTML 57K (Details) 76: R63 Stock-based Compensation, Options Outstanding and HTML 48K Exercisable (Details) 77: R64 ESOP Plan (Details) HTML 55K 78: R65 Regulatory Matters (Details) HTML 81K 79: R66 Income Taxes (Details) HTML 28K 80: R67 Concentration of Credit Risk (Details) HTML 36K 82: XML IDEA XML File -- Filing Summary XML 150K 13: XML XBRL Instance -- brhc10028186_10q_htm XML 4.61M 81: EXCEL IDEA Workbook of Financial Reports XLSX 118K 9: EX-101.CAL XBRL Calculations -- byfc-20210630_cal XML 294K 10: EX-101.DEF XBRL Definitions -- byfc-20210630_def XML 1.26M 11: EX-101.LAB XBRL Labels -- byfc-20210630_lab XML 2.39M 12: EX-101.PRE XBRL Presentations -- byfc-20210630_pre XML 1.54M 8: EX-101.SCH XBRL Schema -- byfc-20210630 XSD 201K 83: JSON XBRL Instance as JSON Data -- MetaLinks 504± 720K 84: ZIP XBRL Zipped Folder -- 0001140361-21-029174-xbrl Zip 390K
i ☒ |
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
i ☐ |
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
i Delaware
|
i 95-4547287
|
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
i 5055 Wilshire Boulevard, Suite 500
i Los Angeles, i California
|
i 90036
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class:
|
Trading Symbol(s)
|
Name of each exchange on which registered:
|
||
i Common Stock, par value $0.01 per share
(including attached preferred stock purchase rights)
|
i BYFC
|
i The Nasdaq Stock Market LLC
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
i Non-accelerated filer
|
☒
|
Smaller reporting company
|
i ☒ |
Emerging growth company
|
i ☐
|
Page
|
|||
PART I.
|
FINANCIAL STATEMENTS
|
(to be updated) |
|
Item 1.
|
Consolidated Financial Statements (Unaudited)
|
||
1
|
|||
2
|
|||
3
|
|||
4
|
|||
Notes to Consolidated Financial Statements | 6 | ||
Item 2.
|
29
|
||
Item 3.
|
40
|
||
Item 4.
|
40
|
||
PART II.
|
OTHER INFORMATION
|
||
Item 1.
|
42
|
||
Item 1A.
|
42 | ||
Item 2.
|
42 | ||
Item 3.
|
42
|
||
Item 4.
|
42
|
||
Item 5.
|
42
|
||
Item 6.
|
42
|
||
43
|
(Unaudited)
|
||||||||
Assets:
|
||||||||
Cash and due from banks
|
$
|
i 41,730
|
$
|
i 71,110
|
||||
Interest-bearing deposits in other banks
|
i 168,653
|
i 24,999
|
||||||
Cash and cash equivalents
|
i 210,383
|
i 96,109
|
||||||
Securities available-for-sale, at fair value
|
i 158,832
|
i 10,698
|
||||||
Loans receivable held for investment, net of allowance of $ i 3,296
and $ i 3,215
|
i 614,718
|
i 360,129
|
||||||
Accrued interest receivable
|
i 2,572
|
i 1,202
|
||||||
Federal Home Loan Bank (FHLB) stock
|
i 2,896
|
i 3,431
|
||||||
Federal Reserve Bank (FRB) stock
|
i 693 |
i - |
||||||
Office properties and equipment, net
|
i 9,159
|
i 2,540
|
||||||
Bank owned life insurance
|
i 3,168
|
i 3,147
|
||||||
Deferred tax assets, net
|
i 5,513
|
i 5,633
|
||||||
Core deposit intangible, net
|
i 3,198 |
i - |
||||||
Goodwill
|
i 25,996 |
i - |
||||||
Other assets
|
i 3,870
|
i 489
|
||||||
Total assets
|
$
|
i 1,040,998
|
$
|
i 483,378
|
||||
Liabilities and stockholders’ equity
|
||||||||
Liabilities:
|
||||||||
Deposits
|
$
|
i 705,041
|
$
|
i 315,630
|
||||
Securities sold under agreements to repurchase |
i 70,660 | i - | ||||||
FHLB advances
|
i 96,022
|
i 110,500
|
||||||
Junior subordinated debentures
|
i 2,805
|
i 3,315
|
||||||
Notes payable
|
i 14,000 |
i - |
||||||
Accrued expenses and other liabilities
|
i 8,975
|
i 5,048
|
||||||
Total liabilities
|
i 897,503
|
|
i 434,493
|
|||||
Cumulative Redeemable Perpetual Preferred stock, Series A, authorized i 3,000
shares at June 30, 2021 and i none at December 31, 2020; issued and outstanding i i 3,000 /
shares at June 30, 2021 and i i none /
at December 31, 2020, liquidation value $ i i 1,000 /
per share
|
i 3,000
|
i -
|
||||||
Common stock, Class A, $ i i 0.01 /
par value, voting, authorized i 75,000,000 shares at June 30, 2021 and i 50,000,000 shares
at December 31, 2020; issued i 46,248,710 shares at June 30,
2021 and i 21,899,584 shares at December 31, 2020; outstanding i 43,630,884
shares at June 30, 2021 and i 19,281,758 shares at December 31, 2020
|
i 462
|
i 219
|
||||||
Common stock, Class B, $ i i 0.01 /
par value,
non-voting, authorized i 15,000,000 shares at June 30, 2021 and i none
at December 31,
2020; issued and outstanding i i 11,404,621 /
shares at June 30,
2021 and i i no / ne
at December 31, 2020
|
i 114 |
i - |
||||||
Common stock, Class C, $ i i 0.01 /
par value, non-voting, authorized i i 25,000,000 /
shares at June 30, 2021 and December 31, 2020;
issued and outstanding i i 16,689,775 /
at June 30, 2021 and i i 8,756,396 /
shares at December 31, 2020
|
i 167
|
i 87
|
||||||
Additional paid-in capital
|
i 140,125
|
i 46,851
|
||||||
Retained earnings
|
i 4,997
|
i 7,783
|
||||||
Unearned Employee Stock Ownership Plan (ESOP) shares
|
( i 861
|
)
|
( i 893
|
)
|
||||
Accumulated other comprehensive income, net of tax
|
i 785
|
i 164
|
||||||
( i 5,326
|
)
|
( i 5,326
|
)
|
|||||
Total Broadway Financial Corporation and Subsidiary stockholders’ equity
|
i 143,463
|
i 48,885
|
||||||
Non-controlling interest
|
i 32 | i - | ||||||
Total liabilities and stockholders’ equity
|
$
|
i 1,040,998
|
$
|
i 483,378
|
Three Months Ended
June 30,
|
Six Months Ended
|
|||||||||||||||
2020
|
2021
|
2020
|
||||||||||||||
(In thousands, except per share)
|
||||||||||||||||
Interest income:
|
||||||||||||||||
Interest and fees on loans receivable
|
$
|
i 6,300
|
$
|
i 4,429
|
$
|
i 9,944
|
$
|
i 8,788
|
||||||||
Interest on available for sale securities
|
i 440
|
i 65
|
i 496
|
i 135
|
||||||||||||
Other interest income
|
i 144
|
i 74
|
i 221
|
i 216
|
||||||||||||
Total interest income
|
i 6,884
|
i 4,568
|
i 10,661
|
i 9,139
|
||||||||||||
Interest expense:
|
||||||||||||||||
Interest on deposits
|
i 477
|
i 967
|
i 860
|
i 2,022
|
||||||||||||
Interest on borrowings
|
i 586
|
i 570
|
i 1,135
|
i 1,188
|
||||||||||||
Total interest expense
|
i 1,063
|
i 1,537
|
i 1,995
|
i 3,210
|
||||||||||||
Net interest income
|
i 5,821
|
i 3,031
|
i 8,666
|
i 5,929
|
||||||||||||
Loan loss provision
|
i 81
|
i -
|
i 81
|
i 29
|
||||||||||||
Net interest income after loan loss provision
|
i 5,740
|
i 3,031
|
i 8,585
|
i 5,900
|
||||||||||||
Non-interest income:
|
||||||||||||||||
Service charges
|
i 36
|
i 94
|
i 129
|
i 238
|
||||||||||||
Gain on sale of loans
|
i -
|
i 116
|
i -
|
i 123
|
||||||||||||
CDFI Grant
|
i 1,826
|
i -
|
i 1,826
|
i -
|
||||||||||||
Other
|
i 330
|
i 32
|
i 360
|
i 78
|
||||||||||||
Total non-interest income
|
i 2,192
|
i 242
|
i 2,315
|
i 439
|
||||||||||||
Non-interest expense:
|
||||||||||||||||
Compensation and benefits
|
i 2,819
|
i 1,983
|
i 8,209
|
i 4,038
|
||||||||||||
Occupancy expense
|
i 627
|
i 320
|
i 935
|
i 635
|
||||||||||||
Information services
|
i 566
|
i 221
|
i 807
|
i 458
|
||||||||||||
Professional services
|
i 513
|
i 571
|
i 2,452
|
i 835
|
||||||||||||
Supervisory costs
|
i 177 | i 95 | i 247 | i 112 | ||||||||||||
Office services and supplies
|
i 59
|
i 87
|
i 154
|
i 163
|
||||||||||||
Corporate insurance
|
i 8
|
i 32
|
i 254
|
i 64
|
||||||||||||
Amortization of core deposit intangible
|
i 131 |
i -
|
i 131 |
i -
|
||||||||||||
Other
|
i 474
|
i 93
|
i 812
|
i 246
|
||||||||||||
Total non-interest expense
|
i 5,374
|
i 3,402
|
i 14,001
|
i 6,551
|
||||||||||||
Income (loss) before income taxes
|
i 2,558
|
( i 129
|
)
|
( i 3,101
|
)
|
( i 212
|
)
|
|||||||||
Income tax expense (benefit)
|
i 1,824
|
( i 345
|
)
|
( i 348
|
)
|
( i 395
|
)
|
|||||||||
Net income (loss)
|
$
|
i 734
|
$
|
i 216
|
$
|
( i 2,753
|
)
|
$
|
i 183
|
|||||||
Less: Net income attributable to non-controlling interest |
( i 33 | ) | i - | ( i 33 | ) | i - | ||||||||||
Net Income (loss) Attributable to Broadway Financial Corporation |
$ |
i 701 | $ |
i 216 | $ |
( i 2,786 | ) | $ |
i 183 | |||||||
Other comprehensive income, net of tax:
|
||||||||||||||||
Unrealized gains on securities available-for-sale arising during the period
|
$
|
i 1,022
|
$
|
i 155
|
$
|
i 864
|
$
|
i 330
|
||||||||
Income tax expense
|
i 290
|
i 46
|
i 243
|
i 98
|
||||||||||||
Other comprehensive income, net of tax
|
i 732
|
i 109
|
i 621
|
i 232
|
||||||||||||
Comprehensive income (loss)
|
$
|
i 1,433
|
$
|
i 325
|
$
|
( i 2,165
|
)
|
$
|
i 415
|
|||||||
Earnings (loss) per common share-basic | $ | i 0.01 |
$
|
i 0.01
|
$ | ( i 0.06 | ) | $ | i 0.01 | |||||||
Earnings (loss) per common share-diluted | $ | i 0.01 | $ | i 0.01 | $ | ( i 0.06 | ) | $ | i 0.01 |
Six Months Ended June 30,
|
||||||||
2020
|
||||||||
(In thousands)
|
||||||||
Cash flows from operating activities:
|
||||||||
Net (loss) income
|
$
|
( i 2,753
|
)
|
$
|
i 183
|
|||
Adjustments to reconcile net income to net cash used in operating activities:
|
||||||||
Loan loss provision
|
i 81
|
i 29
|
||||||
Depreciation
|
i 345
|
i 115
|
||||||
Net amortization of deferred loan origination costs
|
i 964
|
i 136
|
||||||
Net amortization of premiums on available for sale securities
|
i 231
|
i 19
|
||||||
Amortization of investment in affordable housing limited partnership
|
i 26 |
i 53 |
||||||
Amortization of core deposit intangible
|
i 131 | i - | ||||||
Director compensation expense-common stock
|
i 45
|
i 45
|
||||||
Accretion of premium on FHLB advances
|
( i 7 | ) | i - | |||||
Stock-based compensation expense
|
i 169
|
i 179
|
||||||
Valuation allowance on deferred tax asset
|
i 370 | i - | ||||||
ESOP compensation expense
|
i 47
|
i 32
|
||||||
Earnings on bank owned life insurance
|
( i 21
|
)
|
( i 23
|
)
|
||||
Originations of loans receivable held for sale
|
i -
|
( i 110,908
|
)
|
|||||
Proceeds from sales of loans receivable held for sale
|
i -
|
i 60,997
|
||||||
Repayments on loans receivable held for sale
|
i - |
i 315 |
||||||
Gain on sale of loans receivable held for sale
|
i -
|
( i 123
|
)
|
|||||
Change in assets and liabilities:
|
||||||||
Net change in deferred taxes
|
( i 1,210
|
)
|
( i 271
|
)
|
||||
Net change in accrued interest receivable
|
i 267
|
( i 68
|
)
|
|||||
Net change in other assets
|
( i 1,118
|
)
|
( i 349
|
)
|
||||
Net change in advance payments by borrowers for taxes and insurance
|
i 310
|
i 43
|
||||||
Net change in accrued expenses and other liabilities
|
( i 447
|
)
|
i 442
|
|||||
Net cash used in operating activities
|
( i 2,570
|
)
|
( i 49,154
|
)
|
||||
|
||||||||
Cash flows from investing activities:
|
||||||||
Cash acquired in merger |
i 84,745 | i - | ||||||
Net change in loans receivable held for investment
|
( i 29,749
|
)
|
i 23,265
|
|||||
Principal payments on available-for-sale securities
|
i 6,547
|
i 1,125
|
||||||
Purchase of available-for-sale securities |
( i 4,073 | ) | i - |
|||||
Purchase of FHLB stock
|
( i 152
|
)
|
( i 670
|
)
|
||||
Proceeds from redemption of FHLB stock |
i 1,055 |
i - |
||||||
Purchase of office properties and equipment
|
( i 56
|
)
|
( i 328
|
)
|
||||
Proceeds from disposals of office property and equipment | i 45 | i - | ||||||
Net cash provided by investing activities
|
i 58,362
|
i 23,392
|
||||||
Cash flows from financing activities:
|
||||||||
Net change in deposits
|
i 35,690
|
i 18,054
|
||||||
Net increase in securities sold under agreements to repurchase |
i 10,613 | i - | ||||||
Proceeds from sale of stock (net of costs) | i 30,837 | i - | ||||||
Distributions to non-controlling interest | ( i 165 | ) | i - | |||||
Proceeds from FHLB advances
|
i 5,000
|
i 66,000
|
||||||
Repayments of FHLB advances
|
( i 22,535
|
)
|
( i 33,500
|
)
|
||||
Stock cancelled for income tax withholding |
( i 448 | ) | i - | |||||
Repayments of junior subordinated debentures
|
( i 510
|
)
|
( i 510
|
)
|
||||
Net cash provided by financing activities
|
i 58,482
|
i 50,044
|
||||||
Net change in cash and cash equivalents
|
i 114,274
|
i 24,282
|
||||||
Cash and cash equivalents at beginning of the period
|
i 96,109
|
i 15,566
|
||||||
Cash and cash equivalents at end of the period
|
$
|
i 210,383
|
$
|
i 39,848
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid for interest
|
$
|
i 1,803
|
$
|
i 3,290
|
||||
Cash paid for income taxes
|
i 429
|
i 3
|
||||||
Assets acquired (liabilities assumed) in acquisition: |
||||||||
Securities available for sale, at fair value |
$ | i 149,975 | $ | i - | ||||
Loans receivable |
i 225,885 |
i - |
||||||
Accrued interest receivable |
i 1,637 |
i - |
||||||
FHLB and FRB stock |
i 1,061 |
i - |
||||||
Office property and equipment |
i 6,953 |
i - |
||||||
Goodwill |
i 25,966 |
i - |
||||||
Core deposit intangible | i 3,329 | i - | ||||||
Other assets | i 2,290 | i - | ||||||
Deposits | ( i 353,722 | ) | i - | |||||
FHLB advances | ( i 3,166 | ) | i - | |||||
Securities sold under agreements to repurchase | ( i 59,945 | ) | i - | |||||
Other borrowings | ( i 14,000 | ) | i - | |||||
Deferred taxes | ( i 717 | ) | i - | |||||
Accrued expenses and other liabilities | ( i 4,063 | ) | i - | |||||
Preferred stock | ( i 3,000 | ) | i - | |||||
Common stock | ( i 63,257 | ) | i - |
Preferred Stock Non-Voting
|
Common
Stock Voting |
Common
Stock Non-Voting |
Additional
Paid‑in Capital |
Accumulated Other Comprehensive Income
|
Retained Earnings (Substantially Restricted)
|
Unearned
ESOP Shares |
Treasury
Stock |
Non-controlling Interest
|
Total
Stockholders’ Equity |
|||||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021
|
$ |
i -
|
$ |
i 218
|
$ |
i 87
|
$ |
i 46,625
|
$ |
i 53
|
$ |
i 4,296
|
$ |
( i 877
|
)
|
$ |
( i 5,326
|
)
|
$ |
i -
|
$ |
i 45,076
|
||||||||||||||||||
Net income for the three months ended June 30, 2021
|
i -
|
i -
|
i -
|
i -
|
i -
|
i 701
|
i -
|
i -
|
i 33
|
i 734
|
||||||||||||||||||||||||||||||
Preferred shares issued in business combination
|
i 3,000
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i 3,000
|
||||||||||||||||||||||||||||||
Common shares issued in business combination
|
i -
|
i 140
|
i 114
|
i 62,839
|
i -
|
i -
|
i -
|
i -
|
i 164
|
i 63,257
|
||||||||||||||||||||||||||||||
Shares transferred from voting to non-voting after business combination
|
i -
|
( i 7
|
)
|
i 7
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
|||||||||||||||||||||||||||||
Common shares issued in private placement
|
i -
|
i 112
|
i 73
|
i 30,652
|
i -
|
i -
|
i -
|
i -
|
i -
|
i 30,837
|
||||||||||||||||||||||||||||||
Release of unearned ESOP shares
|
i -
|
i -
|
i -
|
i 9
|
i -
|
i -
|
i 16
|
i -
|
i -
|
i 25
|
||||||||||||||||||||||||||||||
Common stock cancelled for payment of tax withholdings
|
i -
|
( i 1
|
)
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
( i 1
|
)
|
||||||||||||||||||||||||||||
Payment to non-controlling interest
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
( i 165
|
)
|
( i 165
|
)
|
||||||||||||||||||||||||||||
Other comprehensive income, net of tax
|
i -
|
i -
|
i -
|
i -
|
i 732
|
i -
|
i -
|
i -
|
i -
|
i 732
|
||||||||||||||||||||||||||||||
$ |
i 3,000
|
$ |
i 462
|
$ |
i 281
|
$ |
i 140,125
|
$ |
i 785
|
$ |
i 4,997
|
$ |
( i 861
|
)
|
$ |
( i 5,326
|
)
|
$ |
i 32
|
$ |
i 143,495
|
|||||||||||||||||||
Balance at March 31, 2020
|
$ |
i -
|
$ |
i 219
|
$ |
i 87
|
$ |
i 46,550
|
$ |
i 100
|
$ |
i 8,392
|
$ |
( i 942
|
)
|
$ |
( i 5,326
|
)
|
$ |
i -
|
$ |
i 49,080
|
||||||||||||||||||
Net income for the three months ended June 30, 2020
|
i -
|
i -
|
i -
|
i -
|
i -
|
i 216
|
i -
|
i -
|
i - |
i 216
|
||||||||||||||||||||||||||||||
Release of unearned ESOP shares
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i 15
|
i -
|
i - |
i 15
|
||||||||||||||||||||||||||||||
Restricted stock Compensation expense
|
i -
|
i -
|
i -
|
i 90
|
i -
|
i -
|
i -
|
i -
|
i - |
i 90
|
||||||||||||||||||||||||||||||
Stock option compensation expense
|
i -
|
i -
|
i -
|
i 10
|
i -
|
i -
|
i -
|
i -
|
i - |
i 10
|
||||||||||||||||||||||||||||||
Other comprehensive income, net of tax
|
i -
|
i -
|
i -
|
i -
|
i 109
|
i -
|
i -
|
i -
|
i - |
i 109
|
||||||||||||||||||||||||||||||
$ |
i -
|
$ |
i 219
|
$ |
i 87
|
$ |
i 46,650
|
$ |
i 209
|
$ |
i 8,608
|
$ |
( i 927
|
)
|
$ |
( i 5,326
|
)
|
$ |
i - |
$ |
i 49,520
|
Preferred Stock Non-Voting
|
Common
Stock Voting |
Common
Stock Non-Voting |
Additional
Paid‑in Capital |
Accumulated Other Comprehensive Income
|
Retained Earnings (Substantially Restricted)
|
Unearned
ESOP Shares |
Treasury
Stock |
Non-controlling interest
|
Total
Stockholders’ Equity |
|||||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||||||
$ |
i -
|
$ |
i 219
|
$ |
i 87
|
$ |
i 46,851
|
$ |
i 164
|
$ |
i 7,783
|
$ |
( i 893
|
)
|
$ |
( i 5,326
|
)
|
$ |
i -
|
$ |
i 48,885
|
|||||||||||||||||||
Net income (loss) for the six months ended June 30, 2021
|
i -
|
i -
|
i -
|
i -
|
i -
|
( i 2,786
|
)
|
i -
|
i -
|
i 33
|
( i 2,753
|
)
|
||||||||||||||||||||||||||||
Preferred shares issued in business combination
|
i 3,000
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i 3,000
|
||||||||||||||||||||||||||||||
Common shares issued in business combination
|
i -
|
i 140
|
i 114
|
i 62,839
|
i -
|
i -
|
i -
|
i -
|
i 164
|
i 63,257
|
||||||||||||||||||||||||||||||
Shares transferred from voting to non-voting after business combination
|
i -
|
( i 7
|
)
|
i 7
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
|||||||||||||||||||||||||||||
Common shares issued in private placement
|
i -
|
i 112
|
i 73
|
i 30,652
|
i -
|
i -
|
i -
|
i -
|
i -
|
i 30,837
|
||||||||||||||||||||||||||||||
Release of unearned ESOP shares
|
i -
|
i -
|
i -
|
i 15
|
i -
|
i -
|
i 32
|
i -
|
i -
|
i 47
|
||||||||||||||||||||||||||||||
Restricted stock compensation expense
|
i -
|
i -
|
i -
|
i 162
|
i -
|
i -
|
i -
|
i -
|
i -
|
i 162
|
||||||||||||||||||||||||||||||
Stock awarded to directors
|
i -
|
i -
|
i -
|
i 45
|
i -
|
i -
|
i -
|
i -
|
i -
|
i 45
|
||||||||||||||||||||||||||||||
Stock option compensation expense
|
i -
|
i -
|
i -
|
i 7
|
i -
|
i -
|
i -
|
i -
|
i -
|
i 7
|
||||||||||||||||||||||||||||||
Common stock cancelled for payment of tax withholdings
|
i -
|
( i 2
|
)
|
i -
|
( i 446
|
)
|
i -
|
i -
|
i -
|
i -
|
i -
|
( i 448
|
)
|
|||||||||||||||||||||||||||
Payment to non-controlling interest
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
( i 165
|
)
|
( i 165
|
)
|
||||||||||||||||||||||||||||
Other comprehensive income, net of tax
|
i -
|
i -
|
i -
|
i -
|
i 621
|
i -
|
i -
|
i -
|
i -
|
i 621
|
||||||||||||||||||||||||||||||
$ |
i 3,000
|
$ |
i 462
|
$ |
i 281
|
$ |
i 140,125
|
$ |
i 785
|
$ |
i 4,997
|
$ |
( i 861
|
)
|
$ |
( i 5,326
|
)
|
$ |
i 32
|
$ |
i 143,495
|
|||||||||||||||||||
$ |
i -
|
$ |
i 218
|
$ |
i 87
|
$ |
i 46,426
|
$ |
( i 23
|
)
|
$ |
i 8,425
|
$ |
( i 959
|
)
|
$ |
( i 5,326
|
)
|
$ |
i - |
$ |
i 48,848
|
||||||||||||||||||
Net income for the six
months ended June 30, 2020
|
i -
|
i -
|
i -
|
i -
|
i -
|
i 183
|
i -
|
i -
|
i - |
i 183
|
||||||||||||||||||||||||||||||
Release of unearned ESOP shares
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i 32
|
i -
|
i - |
i 32
|
||||||||||||||||||||||||||||||
Restricted stock compensation expense
|
i -
|
i 1
|
i -
|
i 160
|
i -
|
i -
|
i -
|
i -
|
i - |
i 161
|
||||||||||||||||||||||||||||||
Stock awarded to directors
|
i -
|
i -
|
i -
|
i 45
|
i -
|
i -
|
i -
|
i -
|
i - |
i 45
|
||||||||||||||||||||||||||||||
Stock option compensation expense
|
i -
|
i -
|
i -
|
i 19
|
i -
|
i -
|
i -
|
i -
|
i - |
i 19
|
||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax
|
i -
|
i -
|
i -
|
i -
|
i 232
|
i -
|
i -
|
i -
|
i - |
i 232
|
||||||||||||||||||||||||||||||
$ |
i -
|
$ |
i 219
|
$ |
i 87
|
$ |
i 46,650
|
$ |
i 209
|
$ |
i 8,608
|
$ |
( i 927
|
)
|
$ |
( i 5,326
|
)
|
$ |
i - |
$ |
i 49,520
|
CFBanc
Book
Value
|
Fair Value
Adjustments
|
Fair Value
|
||||||||||
Assets acquired
|
(In
thousands) |
|||||||||||
Cash and cash equivalents
|
$
|
i 84,745
|
$
|
i -
|
$
|
i 84,745
|
||||||
Securities available-for-sale
|
i 150,052
|
( i 77
|
)
|
i 149,975
|
||||||||
Loans receivable held for investment:
|
||||||||||||
Gross loans receivable held for investment
|
i 227,669
|
( i 1,784
|
)
|
i 225,885
|
||||||||
Deferred fees and costs
|
( i 315
|
)
|
i 315
|
i -
|
||||||||
Allowance for loan losses
|
( i 2,178
|
)
|
i 2,178
|
i -
|
||||||||
i 225,176
|
i 709
|
i 225,885
|
||||||||||
Accrued interest receivable
|
i 1,637
|
i -
|
i 1,637
|
|||||||||
FHLB and FRB stock
|
i 1,061
|
i -
|
i 1,061
|
|||||||||
Office properties and equipment
|
i 5,152
|
i 1,801
|
i 6,953
|
|||||||||
Deferred tax assets, net
|
i 890
|
( i 1,608
|
)
|
( i 718
|
)
|
|||||||
Core deposit intangible
|
i -
|
i 3,329
|
i 3,329
|
|||||||||
Other assets
|
i 2,290
|
i -
|
i 2,290
|
|||||||||
Total assets
|
$
|
i 471,003
|
$
|
i 4,154
|
$
|
i 475,157
|
||||||
Liabilities assumed
|
||||||||||||
Deposits
|
$ |
i 353,671
|
$ |
i 51
|
$ |
i 353,722
|
||||||
Securities sold under agreements to repurchase |
i 59,945 |
i - |
i 59,945 |
|||||||||
FHLB advances
|
i 3,057
|
i 109
|
i 3,166
|
|||||||||
Notes payable
|
i 14,000
|
i -
|
i 14,000
|
|||||||||
Accrued expenses and other liabilities
|
i 4,063
|
i -
|
i 4,063
|
|||||||||
Total liabilities
|
$ |
i 434,736
|
$ |
i 160
|
$ |
i 434,896
|
||||||
Excess of assets acquired over liabilities assumed
|
$
|
i 36,267
|
$
|
i 3,994
|
$
|
i 40,261
|
||||||
Consideration paid
|
$
|
i 66,257
|
||||||||||
Goodwill recognized
|
$
|
i 25,996
|
Acquired Loans
|
||||
(In thousands)
|
||||
Contractual amounts due
|
$
|
i 231,432
|
||
Cash flows not expected to be collected
|
( i 3,666
|
)
|
||
Expected cash flows
|
i 227,766
|
|||
Interest component of expected cash flows
|
( i 1,881
|
)
|
||
Fair value of acquired loans
|
$
|
i 225,885
|
Contractual amounts due
|
$
|
i 1,825
|
||
Nonaccretable difference (cash flows not expected to be collected)
|
( i 634
|
)
|
||
Expected cash flows
|
i 1,191
|
|||
Accretable yield
|
( i 346
|
)
|
||
Fair value of acquired loans
|
$
|
i 845
|
(In thousands)
|
||||
Net interest income
|
$ |
i 2,896
|
||
Net income
|
$ |
i 966
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
(Dollars in thousands except per share amounts)
|
||||||||||||||||
Net interest income
|
$
|
i 5,821
|
$
|
i 5,173
|
$
|
i 11,011
|
$
|
i 10,331
|
||||||||
Net income (loss)
|
i 723
|
i 476
|
( i 3,539
|
)
|
i 189
|
|||||||||||
Basic earnings per share
|
$
|
i 0.01
|
$
|
i 0.01
|
$
|
( i 0.06
|
)
|
$
|
i 0.00
|
|||||||
Diluted earnings per share
|
$
|
i 0.01
|
$
|
i 0.01
|
$
|
( i 0.06
|
)
|
$
|
i 0.00
|
|
Common Shares Outstanding
|
||||||||||||||||
Voting
Class A
|
Nonvoting
Class B |
Nonvoting
Class C |
Total
Shares
|
|||||||||||||
Shares outstanding March 31, 2021:
|
i 19,142,498
|
i -
|
i 8,756,396
|
i 27,898,894
|
||||||||||||
Shares issued in merger
|
i 13,999,870
|
i 11,404,621
|
i -
|
i 25,404,491
|
||||||||||||
Shares exchanged post-merger
|
( i 681,300
|
)
|
i -
|
i 681,300
|
i -
|
|||||||||||
Shares cancelled
|
( i 52,105
|
)
|
i -
|
i -
|
( i 52,105
|
)
|
||||||||||
Shares issued in private placements
|
i 11,221,921
|
i -
|
i 7,252,079
|
i 18,474,000
|
||||||||||||
Shares outstanding April 6, 2021:
|
i 43,630,884
|
i 11,404,621
|
i 16,689,775
|
i 71,725,280
|
|
For the three months ended
June 30,
|
For the six months ended
|
|||||||||||||||
2020
|
2021 | 2020 | ||||||||||||||
(Dollars in thousands, except per share )
|
||||||||||||||||
Net income (loss) attributable to Broadway Financial Corporation
|
$
|
i 701
|
$
|
i 216
|
$ | ( i 2,786 | ) | $ | i 183 | |||||||
Less net income (loss) attributable to participating securities
|
i -
|
i 2
|
i - | i 2 | ||||||||||||
Income (loss) available to common stockholders
|
$
|
i 701
|
$
|
i 214
|
$ | ( i 2,786 | ) | $ | i 181 | |||||||
Weighted average common shares outstanding for basic earnings (loss) per common share
|
i 70,163,639
|
i 27,143,340
|
i 48,873,496 | i 27,055,750 | ||||||||||||
Add: dilutive effects of unvested restricted stock awards
|
i 140,247
|
i 307,376
|
i - | i 337,097 | ||||||||||||
Weighted average common shares outstanding for diluted earnings (loss) per common share
|
i 70,303,886
|
i 27,450,716
|
i 48,873,496 | i 27,392,847 | ||||||||||||
Earnings (loss) per common share - basic
|
$
|
i 0.01
|
$
|
i 0.01
|
$ | ( i 0.06 | ) | $ | i 0.01 | |||||||
Earnings (loss) per common share - diluted
|
$
|
i 0.01
|
$
|
i 0.01
|
$ | ( i 0.06 | ) | $ | i 0.01 |
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Fair Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Federal agency mortgage-backed securities
|
$
|
i 83,687
|
$
|
i 629
|
$
|
( i 60
|
)
|
$
|
i 84,256
|
|||||||
Federal agency debt
|
i 33,207
|
i 199
|
i -
|
i 33,406
|
||||||||||||
Municipal bonds
|
i 4,914
|
i 63
|
( i 5
|
)
|
i 4,972
|
|||||||||||
U. S. Treasuries
|
i 18,191
|
i 24
|
i -
|
i 18,215
|
||||||||||||
SBA pools
|
i 17,581
|
i 403
|
( i 1
|
)
|
i 17,983
|
|||||||||||
Total available-for-sale securities
|
$
|
i 157,580
|
$
|
i 1,318
|
$
|
( i 66
|
)
|
$
|
i 158,832
|
|||||||
Federal agency mortgage-backed securities
|
$
|
i 5,550
|
$
|
i 257
|
$
|
i -
|
$
|
i 5,807
|
||||||||
Federal agency debt
|
i 2,682
|
i 190
|
i -
|
i 2,872
|
||||||||||||
Municipal bonds
|
i 2,000
|
i 19
|
i -
|
i 2,019
|
||||||||||||
Total available-for-sale securities
|
$
|
i 10,232
|
$
|
i 466
|
$
|
i -
|
$
|
i 10,698
|
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Fair Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Due in one year or less
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
||||||||
Due after one year through five years
|
i 30,244
|
i 42
|
i -
|
i 30,286
|
||||||||||||
Due after five years through ten years
|
i 23,002
|
i 294
|
( i 11
|
)
|
i 23,285
|
|||||||||||
Due after ten years (1)
|
i 104,334
|
i 982
|
( i 55
|
)
|
i 105,261
|
|||||||||||
$
|
i 157,580
|
$
|
i 1,318
|
$
|
( i 66
|
)
|
$
|
i 158,832
|
(1)
|
Mortgage-backed securities, collateralized
mortgage obligations and SBA pools do not have a single stated maturity date and therefore have been included in the “Due after ten years” category.
|
(In thousands)
|
||||||||
Real estate:
|
||||||||
Single family
|
$
|
i 53,556
|
$
|
i 48,217
|
||||
Multi-family
|
i 346,192
|
i 272,387
|
||||||
Commercial real estate
|
i 92,491
|
i 24,289
|
||||||
Church
|
i 15,652
|
i 16,658
|
||||||
Construction
|
i 22,677
|
i 429
|
||||||
Commercial – other
|
i 46,973
|
i 57
|
||||||
SBA loans (1) |
i 40,027 | i - | ||||||
Consumer
|
i 73
|
i 7
|
||||||
Gross loans receivable before deferred loan costs and premiums
|
i 617,641
|
i 362,044
|
||||||
Unamortized net deferred loan costs and premiums
|
i 373
|
i 1,300
|
||||||
Gross loans receivable
|
i 618,014
|
i 363,344
|
||||||
Allowance for loan losses | ( i 3,296 | ) | ( i 3,215 | ) | ||||
Loans receivable, net
|
$
|
i 614,718
|
$
|
i 360,129
|
|
June 30, 2021
|
|||
|
(In thousands)
|
|||
Real estate:
|
||||
Single family
|
$
|
i 534
|
||
Commercial real estate
|
i 187
|
|||
Commercial - other
|
i 84
|
|||
$
|
i 805
|
|
Three Months Ended
June 30, 2021
|
Six Months Ended
June 30, 2021
|
||||||
|
(In thousands)
|
|||||||
Balance at the beginning of the period
|
$
|
i -
|
$
|
i -
|
||||
Additions
|
i 346
|
i 346
|
||||||
Accretion
|
( i 19
|
)
|
( i 19
|
)
|
||||
Balance at the end of the period
|
$
|
i 327
|
$
|
i 327
|
Three Months Ended June 30, 2021
|
||||||||||||||||||||||||||||||||||||
Real Estate
|
||||||||||||||||||||||||||||||||||||
Single
family
|
Multi-
family
|
Commercial
real estate
|
Church
|
Construction
|
Commercial - other
|
SBA
Loans
|
Consumer
|
Total
|
||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
i 275
|
$
|
i 2,473
|
$
|
i 219
|
$
|
i 221
|
$
|
i 22
|
$
|
i 5
|
$ | i - |
$
|
i -
|
$
|
i 3,215
|
||||||||||||||||||
Provision for (recapture of) loan losses
|
( i 105
|
)
|
i 133
|
i 8
|
( i 13
|
)
|
i 59
|
( i 1
|
)
|
i - |
i -
|
i 81
|
||||||||||||||||||||||||
Recoveries
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i - |
i -
|
i -
|
|||||||||||||||||||||||||||
Loans charged off
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i - |
i -
|
i -
|
|||||||||||||||||||||||||||
Ending balance
|
$
|
i 170
|
$
|
i 2,606
|
$
|
i 227
|
$
|
i 208
|
$
|
i 81
|
$
|
i 4
|
$ | i - |
$
|
i -
|
$
|
i 3,296
|
Real Estate
|
||||||||||||||||||||||||||||||||||||
Single
family |
Multi-
family
|
Commercial real estate
|
Church
|
Construction
|
Commercial - other
|
SBA
Loans
|
Consumer
|
Total
|
||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
i 308
|
$
|
i 2,408
|
$
|
i 140
|
$
|
i 323
|
$
|
i 24
|
$
|
i 7
|
$ | i - |
$
|
i 1
|
$
|
i 3,211
|
||||||||||||||||||
Provision for (recapture of) loan losses
|
i -
|
i 16
|
i 29
|
( i 41
|
)
|
( i 2
|
)
|
( i 1
|
)
|
i - |
( i 1
|
)
|
i -
|
|||||||||||||||||||||||
Recoveries
|
i 4
|
i -
|
i -
|
i -
|
i -
|
i -
|
i - |
i -
|
i 4
|
|||||||||||||||||||||||||||
Loans charged off
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i - |
i -
|
i -
|
|||||||||||||||||||||||||||
Ending balance
|
$
|
i 312
|
$
|
i 2,424
|
$
|
i 169
|
$
|
i 282
|
$
|
i 22
|
$
|
i 6
|
$ |
i - |
$
|
i -
|
$
|
i 3,215
|
Six Months Ended June 30, 2021
|
||||||||||||||||||||||||||||||||||||
Real Estate
|
||||||||||||||||||||||||||||||||||||
Single family
|
Multi-family
|
Commercial real estate
|
Church
|
Construction
|
Commercial - other
|
SBA
Loans
|
Consumer
|
Total
|
||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
i 296
|
$
|
i 2,433
|
$
|
i 222
|
$
|
i 237
|
$
|
i 22
|
$
|
i 4
|
$
|
i -
|
$
|
i 1
|
$
|
i 3,215
|
||||||||||||||||||
Provision for (recapture of) loan losses
|
( i 126
|
)
|
i 173
|
i 5
|
( i 29
|
)
|
i 59
|
i -
|
i -
|
( i 1
|
)
|
i 81
|
||||||||||||||||||||||||
Recoveries
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
|||||||||||||||||||||||||||
Loans charged off
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
|||||||||||||||||||||||||||
Ending balance
|
$
|
i 170
|
$
|
i 2,606
|
$
|
i 227
|
$
|
i 208
|
$
|
i 81
|
$
|
i 4
|
$
|
i -
|
$
|
i -
|
$
|
i 3,296
|
Six Months Ended June 30, 2020
|
||||||||||||||||||||||||||||||||||||
Real Estate
|
||||||||||||||||||||||||||||||||||||
Single family
|
Multi-family
|
Commercial real estate
|
Church
|
Construction
|
Commercial - other
|
SBA
Loans
|
Consumer
|
Total
|
||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Beginning balance
|
$
|
i 312
|
$
|
i 2,319
|
$
|
i 133
|
$
|
i 362
|
$
|
i 48
|
$
|
i 7
|
$
|
i -
|
$
|
i 1
|
$
|
i 3,182
|
||||||||||||||||||
Provision for (recapture of) loan losses
|
( i 4
|
)
|
i 105
|
i 36
|
( i 80
|
)
|
( i 26
|
)
|
( i 1
|
)
|
i -
|
( i 1
|
)
|
i 29
|
||||||||||||||||||||||
Recoveries
|
i 4
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i 4
|
|||||||||||||||||||||||||||
Loans charged off
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
i -
|
|||||||||||||||||||||||||||
Ending balance
|
$
|
i 312
|
$
|
i 2,424
|
$
|
i 169
|
$
|
i 282
|
$
|
i 22
|
$
|
i 6
|
$
|
i -
|
$
|
i -
|
$
|
i 3,215
|
Real Estate
|
||||||||||||||||||||||||||||||||||||
Single
family
|
Multi-
family
|
Commercial
real estate
|
Church
|
Construction
|
Commercial - other
|
SBA Loans |
Consumer
|
Total
|
||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
i 3
|
$
|
i -
|
$
|
i -
|
$
|
i 42
|
$
|
i -
|
$
|
i -
|
$ | i - |
$
|
i -
|
$
|
i 45
|
||||||||||||||||||
Collectively evaluated for impairment
|
i 167
|
i 2,606
|
i 227
|
i 166
|
i 81
|
i 4
|
i - |
i -
|
i 3,251
|
|||||||||||||||||||||||||||
Total ending allowance balance
|
$
|
i 170
|
$
|
i 2,606
|
$
|
i 227
|
$
|
i 208
|
$
|
i 81
|
$
|
i 4
|
$ | i - |
$
|
i -
|
$
|
i 3,296
|
||||||||||||||||||
Loans:
|
||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment
|
$
|
i 66
|
$
|
i 290
|
$
|
i -
|
$
|
i 3,718
|
$
|
i -
|
$
|
i -
|
$ | i - |
$
|
i -
|
$
|
i 4,074
|
||||||||||||||||||
Loans collectively evaluated for impairment
|
i 53,600
|
i 347,540
|
i 92,491
|
i 11,602
|
i 22,583
|
i 46,973
|
i 39,078 |
i 73
|
i 613,940
|
|||||||||||||||||||||||||||
Total ending loans balance
|
$
|
i 53,666
|
$
|
i 347,830
|
$
|
i 92,491
|
$
|
i 15,320
|
$
|
i 22,583
|
$
|
i 46,973
|
$ | i 39,078 |
$
|
i 73
|
$
|
i 618,014
|
December 31, 2020 | ||||||||||||||||||||||||||||||||||||
Real Estate
|
||||||||||||||||||||||||||||||||||||
Single
family
|
Multi-
family |
Commercial
real estate
|
Church
|
Construction
|
Commercial - other
|
SBA
Loans
|
Consumer
|
Total
|
||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$
|
i 89
|
$
|
i -
|
$
|
i -
|
$
|
i 52
|
$
|
i -
|
$
|
i - | $ | i - |
$
|
i -
|
$
|
i 141
|
||||||||||||||||||
Collectively evaluated for impairment
|
i 207
|
i 2,433
|
i 222
|
i 185
|
i 22
|
i 4
|
i - |
i 1
|
i 3,074
|
|||||||||||||||||||||||||||
Total ending allowance balance
|
$
|
i 296
|
$
|
i 2,433
|
$
|
i 222
|
$
|
i 237
|
$
|
i 22
|
$
|
i 4
|
$ | i - |
$
|
i 1
|
$
|
i 3,215
|
||||||||||||||||||
Loans:
|
||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment
|
$
|
i 573
|
$
|
i 298
|
$
|
i -
|
$
|
i 3,813
|
$
|
i -
|
$
|
i 47
|
$ | i - |
$
|
i -
|
$
|
i 4,731
|
||||||||||||||||||
Loans collectively evaluated for impairment
|
i 47,784
|
i 273,566
|
i 24,322
|
i 12,495
|
i 430
|
i 9
|
i - |
i 7
|
i 358,613
|
|||||||||||||||||||||||||||
Total ending loans balance
|
$
|
i 48,357
|
$
|
i 273,864
|
$
|
i 24,322
|
$
|
i 16,308
|
$
|
i 430
|
$
|
i 56
|
$ | i - |
$
|
i 7
|
$
|
i 363,344
|
Unpaid
Principal
Balance |
Recorded
Investment
|
Allowance
for Loan
Losses
Allocated
|
Unpaid
Principal Balance |
Recorded
Investment
|
Allowance
for Loan
Losses
Allocated
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||||||
Single family
|
$
|
i -
|
$
|
i -
|
$
|
-
|
$
|
i 2
|
$
|
i 1
|
$
|
-
|
||||||||||||
Multi-family
|
i 290
|
i 290
|
-
|
i 298
|
i 298
|
-
|
||||||||||||||||||
Church
|
i 2,487
|
i 1,914
|
-
|
i 2,527
|
i 1,970
|
-
|
||||||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||||||
Single family
|
i 66
|
i 66
|
i 3
|
i 573
|
i 573
|
i 88
|
||||||||||||||||||
Church
|
i 1,804
|
i 1,804
|
i 42
|
i 1,842
|
i 1,842
|
i 52
|
||||||||||||||||||
Commercial - other
|
i -
|
i -
|
i -
|
i 47
|
i 47
|
i 1
|
||||||||||||||||||
Total
|
$
|
i 4,647
|
$
|
i 4,074
|
$
|
i 45
|
$
|
i 5,289
|
$
|
i 4,731
|
$
|
i 141
|
Three Months Ended June 30, 2021
|
Three Months Ended June 30, 2020
|
|||||||||||||||
Average
Recorded
Investment
|
Cash Basis
Interest
Income
Recognized
|
Average
Recorded
Investment
|
Cash Basis
Interest
Income
Recognized
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Single family
|
$
|
i 316
|
$
|
i 4
|
$
|
i 597
|
$
|
i 7
|
||||||||
Multi-family
|
i 292
|
i 5
|
i 308
|
i 5
|
||||||||||||
Church
|
i 3,742
|
i 63
|
i 4,160
|
i 74
|
||||||||||||
Commercial - other
|
i 11
|
i -
|
i 59
|
i 1
|
||||||||||||
Total
|
$
|
i 4,361
|
$
|
i 72
|
$
|
i 5,124
|
$
|
i 87
|
Six
Months Ended June 30, 2021
|
Six
Months Ended June 30, 2020
|
|||||||||||||||
Average
Recorded Investment
|
Cash Basis
Interest
Income
Recognized
|
Average
Recorded
Investment
|
Cash Basis
Interest
Income
Recognized |
|||||||||||||
(In thousands)
|
||||||||||||||||
Single family
|
$
|
i 426
|
$
|
i 10
|
$
|
i 599
|
$
|
i 14
|
||||||||
Multi-family
|
i 294
|
i 10
|
i 309
|
i 11
|
||||||||||||
Church
|
i 3,766
|
i 126
|
i 4,190
|
i 309
|
||||||||||||
Commercial - other
|
i 26
|
i 1
|
i 60
|
i 2
|
||||||||||||
Total
|
$
|
i 4,512
|
$
|
i 147
|
$
|
i 5,158
|
$
|
i 336
|
30-59
Days
Past Due
|
60-89
Days
Past Due
|
Greater
than
90 Days
Past Due
|
Total
Past Due
|
Current
|
Total
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
Loans receivable held for investment:
|
||||||||||||||||||||||||
Single family
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i 53,666
|
$
|
i 53,666
|
||||||||||||
Multi-family
|
i -
|
i -
|
i -
|
i -
|
i 347,830
|
i 347,830
|
||||||||||||||||||
Commercial real estate
|
i 1,554
|
i -
|
i -
|
i 1,554
|
i 90,937
|
i 92,491
|
||||||||||||||||||
Church
|
i -
|
i -
|
i -
|
i -
|
i 15,320
|
i 15,320
|
||||||||||||||||||
Construction
|
i -
|
i -
|
i -
|
i -
|
i 22,583
|
i 22,583
|
||||||||||||||||||
Commercial - other
|
i -
|
i 310
|
i -
|
i 310
|
i 46,663
|
i 46,973
|
||||||||||||||||||
SBA loans | i 21 |
i - |
i - | i 21 | i 39,057 |
i 39,078 |
||||||||||||||||||
Consumer
|
i -
|
i -
|
i -
|
i -
|
i 73
|
i 73
|
||||||||||||||||||
Total
|
$
|
i 1,575
|
$
|
i 310
|
$
|
i -
|
$
|
i 1,885
|
$
|
i 616,129
|
$
|
i 618,014
|
30-59
Days
Past Due
|
60-89
Days
Past Due
|
Greater
than
90 Days
Past Due
|
Total
Past Due
|
Current
|
Total
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
Loans receivable held for investment:
|
||||||||||||||||||||||||
Single family
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i 48,357
|
$
|
i 48,357
|
||||||||||||
Multi-family
|
i -
|
i -
|
i -
|
i -
|
i 273,864
|
i 273,864
|
||||||||||||||||||
Commercial real estate
|
i -
|
i -
|
i -
|
i -
|
i 24,322
|
i 24,322
|
||||||||||||||||||
Church
|
i -
|
i -
|
i -
|
i -
|
i 16,308
|
i 16,308
|
||||||||||||||||||
Construction
|
i -
|
i -
|
i -
|
i -
|
i 430
|
i 430
|
||||||||||||||||||
Commercial - other
|
i -
|
i -
|
i -
|
i -
|
i 56
|
i 56
|
||||||||||||||||||
Consumer
|
i -
|
i -
|
i -
|
i -
|
i 7
|
i 7
|
||||||||||||||||||
Total
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i 363,344
|
$
|
i 363,344
|
(In thousands)
|
||||||||
Loans receivable held for investment:
|
||||||||
Single-family residence
|
$
|
i -
|
$
|
i 1
|
||||
Church
|
i 735
|
i 786
|
||||||
Total non-accrual loans
|
$
|
i 735
|
$
|
i 787
|
◾ |
Watch. Loans classified as watch exhibit
weaknesses that could threaten the current net worth and paying capacity of the obligors. Watch graded loans are generally performing and are not more than 59 days past due. A watch rating is used when a material
deficiency exists, but correction is anticipated within an acceptable time frame.
|
◾ |
Special Mention. Loans classified as
special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the
institution’s credit position at some future date.
|
◾ |
Substandard. Loans classified as
substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that
jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.
|
◾ |
Doubtful. Loans classified as doubtful
have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions,
and values, highly questionable and improbable.
|
◾ |
Loss. Loans classified as loss are considered uncollectible and of such little value that to continue to carry the loan as an active asset is no longer warranted.
|
Pass
|
Watch
|
Special Mention
|
Substandard
|
Doubtful
|
Loss
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
Single family
|
$
|
i 53,666
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
$
|
i -
|
||||||||||||
Multi-family
|
i 347,477
|
i -
|
i -
|
i 353
|
i -
|
i -
|
||||||||||||||||||
Commercial real estate
|
i 91,018
|
i -
|
i -
|
i 1,473
|
i -
|
i -
|
||||||||||||||||||
Church
|
i 13,615
|
i 647
|
i -
|
i 1,058
|
i -
|
i -
|
||||||||||||||||||
Construction
|
i 22,583
|
i -
|
i -
|
i -
|
i -
|
i -
|
||||||||||||||||||
Commercial - other
|
i 46,973
|
i -
|
i -
|
i -
|
i -
|
i -
|
||||||||||||||||||
SBA loans
|
i 39,078 |
i - |
i - |
i - |
i - |
i - |
||||||||||||||||||
Consumer
|
i 73
|
i -
|
i -
|
i -
|
i -
|
i -
|
||||||||||||||||||
Total
|
$
|
i 614,483
|
$
|
i 647
|
$
|
i -
|
$
|
i 2,884
|
$
|
i -
|
$
|
i -
|
|
|
|||||||||||||||||||||||
|
Pass
|
Watch
|
Special Mention
|
Substandard
|
Doubtful
|
Loss
|
||||||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||||
Single family
|
$
|
i 48,357
|
$
|
i -
|
$
|
i -
|
$
|
i 1
|
$
|
i -
|
$
|
i -
|
||||||||||||
Multi-family
|
i 273,501
|
i -
|
i -
|
i 362
|
i -
|
i -
|
||||||||||||||||||
Commercial real estate
|
i 22,834
|
i 1,488
|
i -
|
i -
|
i -
|
i -
|
||||||||||||||||||
Church
|
i 12,899
|
i 657
|
i -
|
i 2,752
|
i -
|
i -
|
||||||||||||||||||
Construction
|
i 430
|
i -
|
i -
|
i -
|
i -
|
i -
|
||||||||||||||||||
Commercial - other
|
i 9
|
i -
|
i -
|
i 47
|
i -
|
i -
|
||||||||||||||||||
Consumer
|
i 7
|
i -
|
i -
|
i -
|
i -
|
i -
|
||||||||||||||||||
Total
|
$
|
i 358,037
|
$
|
i 2,145
|
$
|
i -
|
$
|
i 3,162
|
$
|
i -
|
$
|
i -
|
Goodwill |
Core Deposit
Intangible
|
|||||||
(In thousands) |
||||||||
Balance at the beginning of the period
|
$
|
i -
|
$
|
i -
|
||||
Additions
|
i 25,996 |
i 3,329
|
||||||
Accretion
|
i - |
( i 131
|
)
|
|||||
Impairment
|
i - |
i -
|
||||||
Balance at the end of the period
|
$ | i 25,996 |
$
|
i 3,198
|
(In thousands)
|
||||
Core deposit intangible acquired
|
$
|
i 3,329
|
||
Less: accumulated amortization
|
( i 131
|
)
|
||
|
$
|
i 3,198
|
(In thousands)
|
||||
2021
|
$
|
i 262
|
||
2022
|
i 435
|
|||
2023
|
i 390
|
|||
2024
|
i 336
|
|||
2025
|
i 315
|
|||
Thereafter
|
i 1,460
|
|||
$
|
i 3,198
|
Fair Value Measurement
|
||||||||||||||||
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant Unobservable
Inputs
(Level 3)
|
Total
|
|||||||||||||
(In thousands)
|
||||||||||||||||
At June 30,
2021:
|
||||||||||||||||
Securities available-for-sale – federal agency mortgage-backed
|
$
|
i -
|
$
|
i 84,256
|
$
|
i -
|
$
|
i 84,256
|
||||||||
Securities available-for-sale – federal agency debt
|
i -
|
i 33,406
|
i -
|
i 33,406
|
||||||||||||
Municipal bonds
|
i -
|
i 4,972
|
i -
|
i 4,972
|
||||||||||||
U. S. Treasuries
|
i - | i 18,215 | i - | i 18,215 | ||||||||||||
SBA pools
|
i - | i 17,983 | i - | i 17,983 | ||||||||||||
At December 31, 2020:
|
||||||||||||||||
Securities available-for-sale – federal agency mortgage-backed
|
$
|
i -
|
$
|
i 5,807
|
$
|
i -
|
$
|
i 5,807
|
||||||||
Securities available-for-sale – federal agency debt
|
i -
|
i 2,872
|
i -
|
i 2,872
|
||||||||||||
Municipal bonds
|
i -
|
i 2,019
|
i -
|
i 2,019
|
Carrying
Value
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Financial Assets:
|
||||||||||||||||||||
Cash and cash equivalents | $ | i 210,383 | $ | i 210,383 | $ | i - | $ | i - | $ | i 210,383 | ||||||||||
Securities available-for-sale |
i 158,832 |
i - |
i 158,832 |
i - |
i 158,832 |
|||||||||||||||
Loans receivable held for investment
|
i 614,718
|
i -
|
i -
|
i 612,712
|
i 612,712
|
|||||||||||||||
Accrued interest receivables |
i 2,572 |
i 206 |
i 282 |
i 2,084 |
i 2,572 |
|||||||||||||||
Bank owned life insurance |
i 3,168 |
i 3,168 |
i - |
i - |
i 3,168 |
|||||||||||||||
Financial Liabilities:
|
||||||||||||||||||||
Deposits
|
$
|
i 705,041
|
$
|
i -
|
$
|
i 705,199
|
$
|
i -
|
$
|
i 705,199
|
||||||||||
Securities sold under agreements to repurchase |
i 70,660 | i - | i 70,063 | i - | i 70,063 | |||||||||||||||
Federal Home Loan Bank advances
|
i 96,022
|
i -
|
i 98,160
|
i -
|
i 98,160
|
|||||||||||||||
Junior subordinated debentures
|
i 2,805
|
i -
|
i -
|
i 2,344
|
i 2,344
|
|||||||||||||||
Note payable |
i 14,000 | i - | i - | i 14,000 | i 14,000 | |||||||||||||||
Accrued interest payable |
i 104 |
i - |
i 104 |
i - |
i 104 |
Fair Value Measurements at December 31, 2020
|
||||||||||||||||||||
Carrying
Value
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||||||
(In thousands)
|
||||||||||||||||||||
Financial Assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
i 96,109
|
$
|
i 96,109
|
$
|
i -
|
$
|
i -
|
$
|
i 96,109
|
||||||||||
Securities available-for-sale
|
i 10,698
|
i -
|
i 10,698
|
i -
|
i 10,698
|
|||||||||||||||
Loans receivable held for investment
|
i 360,129
|
i -
|
i -
|
i 366,279
|
i 366,279
|
|||||||||||||||
Accrued interest receivables
|
i 1,202
|
i 60
|
i 14
|
i 1,128
|
i 1,202
|
|||||||||||||||
Bank owned life insurance
|
i 3,147
|
i 3,147
|
i -
|
i -
|
i 3,147
|
|||||||||||||||
Financial Liabilities:
|
||||||||||||||||||||
Deposits
|
$
|
i 315,630
|
$
|
i -
|
$
|
i 312,725
|
$
|
i -
|
$
|
i 312,725
|
||||||||||
Federal Home Loan Bank advances
|
i 110,500
|
i -
|
i 113,851
|
i -
|
i 113,851
|
|||||||||||||||
Junior subordinated debentures
|
i 3,315
|
i -
|
i -
|
i 2,798
|
i 2,798
|
|||||||||||||||
Accrued interest payable |
i 88 | i - | i 84 | i 4 | i 88 |
Six Months Ended
|
Six Months Ended
|
|||||||||||||||
Number
Outstanding
|
Weighted
Average
Exercise
Price
|
Number
Outstanding
|
Weighted
Average
Exercise
Price
|
|||||||||||||
Outstanding at beginning of period
|
i 450,000
|
$
|
i 1.62
|
i 455,000
|
$
|
i 1.67
|
||||||||||
Granted during period
|
i -
|
i -
|
i -
|
i -
|
||||||||||||
Exercised during period
|
i -
|
i -
|
i -
|
i -
|
||||||||||||
Forfeited or expired during period
|
i -
|
i -
|
( i 5,000
|
)
|
i 6.00
|
|||||||||||
Outstanding at end of period
|
i 450,000
|
$
|
i 1.62
|
i 450,000
|
$
|
i 1.62
|
||||||||||
Exercisable at end of period
|
i 450,000
|
$
|
i 1.62
|
i 360,000
|
$
|
i 1.62
|
Outstanding
|
Exercisable
|
||||||||||||||||||||||||
Grant Date
|
Number
Outstanding
|
Weighted
Average
Remaining
Contractual
Life
|
Weighted
Average
Exercise
Price
|
Aggregate
Intrinsic
Value
|
Number
Outstanding
|
Weighted
Average
Exercise
Price
|
Aggregate
Intrinsic
Value
|
||||||||||||||||||
i 450,000
|
i 4.65 years
|
$
|
i 1.62
|
i 450,000
|
$
|
i 1.62
|
|||||||||||||||||||
i 450,000
|
i 4.65 years
|
$
|
i 1.62
|
$
|
i 481,500
|
i 450,000
|
$
|
i 1.62
|
$
|
i 481,500
|
(Dollars in thousands)
|
||||||||
Allocated to participants
|
i 1,051,088
|
i 1,065,275
|
||||||
Committed to be released
|
i 30,708
|
i 10,236
|
||||||
Suspense shares
|
i 541,919
|
i 562,391
|
||||||
Total ESOP shares
|
i 1,623,715
|
i 1,637,902
|
||||||
Fair value of unearned shares
|
$
|
i 1,458
|
$
|
i 1,040
|
Actual
|
Minimum Capital
Requirements
|
Minimum Required to
Be Well Capitalized
Under Prompt
Corrective Action
Provisions
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
June 30,
2021:
|
||||||||||||||||||||||||
Community Bank Leverage Ratio (1)
|
$
|
i 97,639
|
i 10.10
|
% |
$
|
$
|
i 82,171
|
i 8.50
|
% | |||||||||||||||
December 31,
2020:
|
||||||||||||||||||||||||
Tier 1 (Leverage)
|
$
|
i 46,565
|
i 9.54
|
%
|
$
|
i 19,530
|
i 4.00
|
% |
$
|
i 24,413
|
i 5.00
|
% | ||||||||||||
Common Equity Tier 1
|
$
|
i 46,565
|
i 18.95
|
% |
$
|
i 11,059
|
i 4.50
|
% |
$
|
i 15,975
|
i 6.50
|
% | ||||||||||||
Tier 1
|
$
|
i 46,565
|
i 18.95
|
% |
$
|
i 14,746
|
i 6.00
|
% |
$
|
i 19,661
|
i 8.00
|
% | ||||||||||||
Total Capital
|
$
|
i 49,802
|
i 20.20
|
% |
$
|
i 19,661
|
i 8.00
|
% |
$
|
i 24,577
|
i 10.00
|
% |
(1)
|
At the Merger on April 1, 2021, the Company’s former subsidiary, Broadway Federal Bank, f.s.b., was merged into City First Bank of D.C, N. A., with City First Bank of D.C,
N.A. as the surviving entity and the resultant bank being named City First Bank, National Association, which had elected to adopt Community Bank Leverage Ratio option on April 1, 2020 as reflected in
its June 30, 2020 Call Report.
|
ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
For the three months ended
|
||||||||||||||||||||||||
(Dollars in Thousands)
|
Average Balance
|
Interest
|
Average
Yield/
Cost
|
Average Balance
|
Interest
|
Average
Yield/
Cost
|
||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Interest-earning deposits
|
$
|
227,043
|
$
|
71
|
0.13
|
%
|
$
|
40,416
|
$
|
46
|
0.46
|
%
|
||||||||||||
Securities
|
158,608
|
440
|
1.11
|
%
|
10,431
|
65
|
2.49
|
%
|
||||||||||||||||
Loans receivable (1)
|
611,092
|
6,300
|
4.12
|
%
|
444,530
|
4,429
|
3.99
|
%
|
||||||||||||||||
FRB and FHLB stock
|
4,087
|
73
|
7.14
|
%
|
3,518
|
28
|
3.18
|
%
|
||||||||||||||||
Total interest-earning assets
|
1,000,830
|
$
|
6,884
|
2.75
|
%
|
498,895
|
$
|
4,568
|
3.66
|
%
|
||||||||||||||
Non-interest-earning assets
|
33,296
|
10,466
|
||||||||||||||||||||||
Total assets
|
$
|
1,034,126
|
$
|
509,361
|
||||||||||||||||||||
Liabilities and Stockholders’ Equity
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Money market deposits
|
$
|
178,819
|
$
|
223
|
0.50
|
%
|
$
|
46,364
|
$
|
112
|
0.97
|
%
|
||||||||||||
Passbook deposits
|
69,401
|
57
|
0.33
|
%
|
53,167
|
81
|
0.61
|
%
|
||||||||||||||||
NOW and other demand deposits
|
190,734
|
40
|
0.08
|
%
|
54,362
|
3
|
0.02
|
%
|
||||||||||||||||
Certificate accounts
|
198,403
|
157
|
0.32
|
%
|
177,392
|
771
|
1.74
|
%
|
||||||||||||||||
Total deposits
|
637,357
|
477
|
0.30
|
%
|
331,285
|
967
|
1.17
|
%
|
||||||||||||||||
FHLB advances
|
111,120
|
549
|
1.98
|
%
|
119,315
|
536
|
1.80
|
%
|
||||||||||||||||
Junior subordinated debentures
|
3,144
|
21
|
2.67
|
%
|
4,038
|
34
|
3.37
|
%
|
||||||||||||||||
Other borrowings
|
74,136
|
16
|
0.09
|
%
|
-
|
-
|
-
|
|||||||||||||||||
Total interest-bearing liabilities
|
825,757
|
$
|
1,063
|
0.51
|
%
|
454,638
|
$
|
1,537
|
1.35
|
%
|
||||||||||||||
Non-interest-bearing liabilities
|
66,279
|
5,523
|
||||||||||||||||||||||
Stockholders’ Equity
|
142,090
|
49,200
|
||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$
|
1,034,126
|
$
|
509,361
|
||||||||||||||||||||
Net interest rate spread (2)
|
$
|
5,821
|
2.24
|
%
|
$
|
3,031
|
2.31
|
%
|
||||||||||||||||
Net interest rate margin (3)
|
2.33
|
%
|
2.43
|
%
|
||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
121.20
|
%
|
109.73
|
%
|
(1) |
Amount is net of deferred loan fees, loan discounts and loans in process, and includes deferred origination costs and loan premiums.
|
(2) |
Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
|
(3) |
Net interest rate margin represents net interest income as a percentage of average interest-earning assets.
|
For the six months ended
|
||||||||||||||||||||||||
(Dollars in Thousands)
|
Average Balance
|
Interest
|
Average
Yield/
Cost
|
Average Balance
|
Interest
|
Average
Yield/
Cost
|
||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Interest-earning deposits
|
$
|
162,630
|
$
|
106
|
0.13
|
%
|
$
|
34,250
|
$
|
133
|
0.78
|
%
|
||||||||||||
Securities
|
84,509
|
496
|
1.17
|
%
|
10,689
|
135
|
2.53
|
%
|
||||||||||||||||
Loans receivable (1)
|
486,317
|
9,944
|
4.09
|
%
|
435,388
|
8,788
|
4.04
|
%
|
||||||||||||||||
FHLB stock
|
3,759
|
115
|
6.12
|
%
|
3,320
|
83
|
5.00
|
%
|
||||||||||||||||
Total interest-earning assets
|
737,215
|
$
|
10,661
|
2.89
|
%
|
483,647
|
$
|
9,139
|
3.78
|
%
|
||||||||||||||
Non-interest-earning assets
|
22,425
|
10,464
|
||||||||||||||||||||||
Total assets
|
$
|
759,640
|
$
|
494,111
|
||||||||||||||||||||
Liabilities and Stockholders’ Equity
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Money market deposits
|
$
|
127,807
|
$
|
304
|
0.48
|
%
|
$
|
42,130
|
$
|
217
|
1.03
|
%
|
||||||||||||
Passbook deposits
|
66,800
|
114
|
0.34
|
%
|
50,936
|
169
|
0.66
|
%
|
||||||||||||||||
NOW and other demand deposits
|
122,712
|
47
|
0.08
|
%
|
48,545
|
6
|
0.02
|
%
|
||||||||||||||||
Certificate accounts
|
159,572
|
395
|
0.50
|
%
|
180,106
|
1,630
|
1.81
|
%
|
||||||||||||||||
Total deposits
|
476,891
|
860
|
0.36
|
%
|
321,717
|
2,022
|
1.26
|
%
|
||||||||||||||||
FHLB advances
|
110,803
|
1,076
|
1.94
|
%
|
113,595
|
1,108
|
1.95
|
%
|
||||||||||||||||
Junior subordinated debentures
|
3,209
|
43
|
2.68
|
%
|
4,164
|
80
|
3.84
|
%
|
||||||||||||||||
Other borrowings
|
37,068
|
16
|
0.09
|
%
|
-
|
-
|
-
|
|||||||||||||||||
Total interest-bearing liabilities
|
627,971
|
$
|
1,995
|
0.64
|
%
|
439,476
|
$
|
3,210
|
1.46
|
%
|
||||||||||||||
Non-interest-bearing liabilities
|
36,030
|
5,574
|
||||||||||||||||||||||
Stockholders’ Equity
|
95,639
|
49,061
|
||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$
|
759,640
|
$
|
494,111
|
||||||||||||||||||||
Net interest rate spread (2)
|
$
|
8,666
|
2.26
|
%
|
$
|
5,929
|
2.32
|
%
|
||||||||||||||||
Net interest rate margin (3)
|
2.35
|
%
|
2.45
|
%
|
||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
117.40
|
%
|
110.05
|
%
|
(1) |
Amount is net of deferred loan fees, loan discounts and loans in process, and includes deferred origination costs and loan premiums.
|
(3) |
Net interest rate margin represents net interest income as a percentage of average interest-earning assets.
|
ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4. |
CONTROLS AND PROCEDURES
|
Item 1. |
LEGAL PROCEEDINGS
|
Item 1A. |
RISK FACTORS
|
Item 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
Item 3. |
DEFAULTS UPON SENIOR SECURITIES
|
Item 4. |
MINE SAFETY DISCLOSURES
|
Item 5. |
OTHER INFORMATION
|
Item 6. |
EXHIBITS
|
Exhibit
Number*
|
|
Amended and Restated Certificate of Incorporation of Broadway Financial Corporation effective as of April 1, 2021 (Exhibit 3.1 to Form 8-K filed by Registrant on April 5, 2021)
|
|
Bylaws of Registrant (Exhibit 3.2 to Form 8-K filed by Registrant on August 24, 2020)
|
|
Employment Agreement, dated as of December 29, 2017, by and among City First Bank of D.C., National Association, CFBanc Corporation and Brian Argrett. **.
|
|
City First Bank Deferred Compensation Plan for Brian Argrett.**
|
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
101.INS
|
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
XBRL Taxonomy Extension Definitions Linkbase Document
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
*
|
Exhibits followed by a parenthetical reference are incorporated by reference herein from the document filed by the Registrant with the SEC described therein. Except as otherwise indicated, the SEC File No.
for each incorporated document is 000-27464.
|
**
|
Management contract or compensatory plan or arrangement
|
Date: August 23, 2021
|
By:
|
/s/ Brian Argrett
|
Chief Executive Officer
|
||
Date: August 23, 2021
|
By:
|
/s/ Brenda J. Battey
|
Chief Financial Officer
|
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
3/17/24 | ||||
12/31/22 | ||||
12/15/22 | ||||
1/1/22 | ||||
12/31/21 | 10-K, 10-K/A, NT 10-K | |||
Filed on: | 8/23/21 | |||
8/16/21 | 8-K, NT 10-Q | |||
For Period end: | 6/30/21 | NT 10-Q | ||
4/6/21 | ||||
4/5/21 | 8-K | |||
4/1/21 | 3, 4, 8-K, 8-K/A | |||
3/31/21 | 10-K, 10-Q | |||
1/1/21 | ||||
12/31/20 | 10-K, 10-K/A | |||
12/15/20 | ||||
8/24/20 | 8-K | |||
8/12/20 | ||||
6/30/20 | 10-Q, SC 13G/A | |||
4/1/20 | ||||
3/27/20 | 10-K | |||
1/1/20 | ||||
10/16/19 | ||||
12/31/18 | 10-K | |||
12/29/17 | ||||
2/24/16 | 4, 8-K | |||
10/16/14 | 4, 8-K | |||
3/17/04 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/05/21 Broadway Financial Corp./DE 8-K:2,5,9 4/01/21 2:149K Broadridge Fin’l So… Inc 8/24/20 Broadway Financial Corp./DE 8-K:5,9 8/24/20 2:11M Toppan Merrill/FA |