Broadway Financial Corporation operates as the holding company for Broadway Federal Bank, f.s.b. that provides various banking products and services in the United States. It accepts various deposit accounts, including savings accounts, checking accounts, NOW accounts, money market accounts, and fixed-term certificates of deposit. The company also mortgage loans, which are secured by multi-family residential properties; single family residential properties; and commercial real estate, including churches, as well as commercial business, construction, and consumer loans. In addition, it invests in securities issued by federal government agencies, residential mortgage-backed securities, and other investments. The company operates through three branch offices. Broadway Financial Corporation was founded in 1946 and is headquartered in Los Angeles, California.
IPO Year:
Exchange: NASDAQ
Website: broadwayfederalbank.com
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Broadway Financial Corporation (the "Company" or "Broadway") (NASDAQ Capital Market: BYFC), the holding company of City First Bank, National Association (the "Bank" and collectively with the Company, "City First Broadway"), today announced the addition of four experienced senior officers to the management team of City First Broadway. The Board of Directors of City First Broadway announced the appointment of: Zack Ibrahim, as Executive Vice President and Chief Financial Officer ("CFO") of the Company and the Bank. Mr. Ibrahim will also be the Principal Financial Officer and Principal Accounting Officer for Broadway; and, Elizabeth Sur, as Executive Vice President, General Counsel, and
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Broadway Financial Corporation ("Broadway" or the "Company") (NASDAQ:BYFC), parent company of City First Bank, National Association (the "Bank", and collectively, with the Company, "we" or "City First Broadway"), reported net income attributable to Broadway of $522 thousand for the third quarter of 2024 compared to $91 thousand for the third quarter of 2023, an increase of $431 thousand. Net loss attributable to common stockholders was $228 thousand during the third quarter of 2024 after deducting preferred dividends of $750 thousand, compared to net income attributable to common stockholders of $91 thousand for the third quarter of 2023. Diluted loss per common share was $0.03 for the thir
Broadway Financial Corporation ("Broadway," "we", or the "Company") (NASDAQ:BYFC), parent company of City First Bank, National Association, announced today it received a letter from Nasdaq, Inc., dated May 30, 2024, informing the Company that it had regained compliance with Nasdaq Listing Rule 5250(c)(1) with respect to the Form 10-Q for the period ended March 31, 2024 based on the Company's filing on May 24, 2024. The letter noted that the matter is now closed. About Broadway Financial Corporation 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 Southe
Broadway Financial Corporation ("Broadway", "we", or the "Company") (Nasdaq Stock Market: BYFC), parent company of City First Bank, National Association, announced today it received a letter from the Nasdaq Stock Market LLC ("Nasdaq"), dated May 22, 2024, informing the Company that it no longer complies with Nasdaq Listing Rule 5250(c)(1) ("Rule 5250(c)(1)") because Broadway had not filed its Form 10-Q for the period ended March 31, 2024 (the "Form 10-Q") by the time period prescribed by Securities and Exchange Commission rules. Under Nasdaq's Listing Rules, the Company must submit a plan to regain compliance to Nasdaq within 60 calendar days of the date of the letter. If Broadway's plan
Broadway Financial Corporation (the "Company" or "Broadway") (NASDAQ Capital Market: BYFC), the holding company of City First Bank, National Association (the "Bank" and collectively with the Company, "City First Broadway"), today announced the addition of four experienced senior officers to the management team of City First Broadway. The Board of Directors of City First Broadway announced the appointment of: Zack Ibrahim, as Executive Vice President and Chief Financial Officer ("CFO") of the Company and the Bank. Mr. Ibrahim will also be the Principal Financial Officer and Principal Accounting Officer for Broadway; and, Elizabeth Sur, as Executive Vice President, General Counsel, and
Broadway Financial Corporation ("Broadway," "we," or the "Company") (Nasdaq Stock Market: BYFC), parent company of City First Bank, National Association, announced today it received a Staff Delisting Determination letter (the "Staff Determination") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") on May 14, 2024 notifying the Company that Nasdaq has initiated a process which could result in the delisting of the Company's securities from Nasdaq as a result of the Company's not being in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule"), which requires listed companies to timely file all required periodic financial reports with the Securiti
Broadway Financial Corporation ("Broadway", "we", or the "Company") (Nasdaq Capital Market: BYFC), parent company of City First Bank, National Association (the "Bank", and collectively, with the Company, "City First Broadway"), received written notice from The Nasdaq Stock Market LLC ("Nasdaq") stating that because the Company did not file its Form 10-K for the fiscal year ended December 31, 2023 with the Securities and Exchange Commission (the "SEC") by the required filing date, the Company was not in compliance with Nasdaq's Listing Rule 5250(c)(1) for continued listing. Previously Nasdaq granted the Company an exception for filing its delinquent Form 10-Q for the period ended September
Broadway Financial Corporation ("Broadway", "we", or the "Company") (NASDAQ:BYFC), parent company of City First Bank, National Association, announced today it received a letter from the Nasdaq Stock Market LLC ("Nasdaq"), dated November 16, 2023, informing the Company that it no longer complies with Nasdaq Listing Rule 5250(c)(1) because Broadway has not yet filed its Quarterly Report on Form 10-Q for the period ended September 30, 2023 (the "Form 10-Q"). Under Nasdaq's Listing Rules, the Company must submit a plan to regain compliance to Nasdaq within 60 calendar days of the date of the letter. If Broadway's plan is accepted, then Nasdaq may grant an exception of up to 180 calendar days
Broadway Financial Corporation ("Broadway" or the "Company") (Nasdaq Capital Market: "BYFC"), parent company of City First Bank, National Association, today reported that Broadway recently purchased 1,958,173 shares of the Company's Class A (voting) Common Stock from the Federal Deposit Insurance Corporation (the "FDIC"), which obtained the shares when it was appointed receiver for First Republic Bank upon its closure earlier this year. The purchased shares represented just under 4.0% of the Company's total voting shares prior to the purchase, and over 2.6% of the Company's total common equity. Broadway purchased the shares at a price of $0.9095 per share, which represented the 20-day volum
Broadway Financial Corporation ("Broadway," "we," or the "Company") (Nasdaq Capital Market: BYFC), parent company of City First Bank, National Association, announced today the terms of the Company's previously disclosed reverse stock split (the "Reverse Split"). Authorization for the Reverse Split was approved by stockholders at Broadway's Annual Meeting on June 21, 2023. On September 20, 2023, the Board of Directors selected a Reverse Split ratio of 1-for-8 shares (the "Split Ratio") pursuant to the authorization approved by stockholders. The Reverse Split will be effective at 12:01 a.m. Eastern Time on November 1, 2023 for all outstanding shares of Broadway's three classes of common sto
Broadway Financial Corporation ("Broadway", "we", or the "Company") (NASDAQ Capital Market: BYFC), parent company of City First Bank, National Association (the "Bank", and collectively, with the Company, "City First Broadway"), reported consolidated net earnings of $243 thousand, or $0.00 per diluted share, for the second quarter of 2023, compared to consolidated net earnings of $1.9 million, or $0.03 per diluted share, for the second quarter of 2022. The decrease in net earnings during the second quarter of 2023, compared to the second quarter of 2022, was primarily due to an increase in interest expense before provision for credit losses of $4 million, which more than offset growth in i
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Broadway Financial Corporation ("Broadway" or the "Company") (NASDAQ:BYFC), parent company of City First Bank, National Association (the "Bank", and collectively, with the Company, "we" or "City First Broadway"), reported net income attributable to Broadway of $522 thousand for the third quarter of 2024 compared to $91 thousand for the third quarter of 2023, an increase of $431 thousand. Net loss attributable to common stockholders was $228 thousand during the third quarter of 2024 after deducting preferred dividends of $750 thousand, compared to net income attributable to common stockholders of $91 thousand for the third quarter of 2023. Diluted loss per common share was $0.03 for the thir
Broadway Financial Corporation ("Broadway", "we", or the "Company") (NASDAQ Capital Market: BYFC), reported consolidated net earnings of $1.3 million, or $0.02 per diluted share, for the third quarter of 2022, compared to consolidated net earnings of $182 thousand, or $0.00 per diluted share, for the third quarter of 2021. During the third quarter of 2022 net interest income increased by $2.6 million, or 43.7%, to $8.6 million compared to the third quarter of 2021. The increase primarily resulted from higher rates earned and higher average balances of investment securities, primarily due to the investment of the proceeds from the Company's sale of $150 million of Senior Non-Cumulative Perp
Broadway Financial Corporation ("Broadway", "we" or the "Company") (NASDAQ Capital Market: BYFC), announced that the Company completed a private placement of $150 million of Senior Non-Cumulative Perpetual Preferred Stock, Series C (the "Preferred Stock"), to the United States Department of the Treasury (the "U.S. Treasury") pursuant to the Emergency Capital Investment Program ("ECIP"). The ECIP investment by the U.S. Treasury is part of a program to invest over $8.7 billion into Community Development Financial Institutions and Minority Depository Institutions to provide funding for these institutions to increase access to capital for small and minority-owned businesses and consumers in tr
Broadway Financial Corporation ("Broadway", "we", or "Company") (NASDAQ Capital Market: BYFC), reported consolidated net earnings of $958 thousand or $0.01 per diluted share for the first quarter of 2022, compared to a consolidated net loss of $3.5 million or ($0.13) per share, for the first quarter of 2021. Net earnings for the first quarter of 2022 include the consolidated operations of CFBanc Corporation ("CFB"), which was merged with and into Broadway on April 1, 2021 (the "Merger"). Results for the first quarter of 2022 were favorably impacted by an increase in net interest income of $4.3 million due to interest income from the acquired interest-earning assets of CFB and growth in in
Merger of Equals with CFBanc Corporation Closed April 1, 2021 Broadway Financial Corporation ("Broadway") (NASDAQ Capital Market: BYFC), reported a consolidated net loss of $3.5 million, or ($0.13) per share, for the first quarter of 2021, compared to a consolidated net loss of $33 thousand, or $0.00 per share, for the first quarter of 2020. The results for the first quarter of 2021 and 2020 are results of Broadway Financial Corporation and its subsidiary, Broadway Federal Bank, f.s.b. ( "Broadway Bank" or the "Bank") on a standalone basis, and do not include any results of CFBanc Corporation and its subsidiaries. Broadway Financial Corporation completed its merger with CFBanc Corporatio
Broadway Financial (NASDAQ:BYFC) reported quarterly losses of $(0.02) per share. This is a 111.76 percent decrease over earnings of $0.17 per share from the same period last year. The company reported $7.83 million in sales this quarter. This is a 8.56 percent decrease over sales of $8.56 million the same period last year.
Broadway Financial Corporation ("Broadway," "we", or the "Company") (NASDAQ:BYFC), parent company of City First Bank, National Association, announced today it received a letter from Nasdaq, Inc., dated May 30, 2024, informing the Company that it had regained compliance with Nasdaq Listing Rule 5250(c)(1) with respect to the Form 10-Q for the period ended March 31, 2024 based on the Company's filing on May 24, 2024. The letter noted that the matter is now closed.
Under Nasdaq's Listing Rules, the Company must submit a plan to regain compliance to Nasdaq within 60 calendar days of the date of the letter. On May 24, 2024, the Company filed the Form 10-Q for the period ended March 31, 2024.
These appointments were made, and became effective, as of May 15, 2024. All of these new executives will be based in Washington, D.C. As previously announced, Brenda J. Battey, Executive Vice President and Chief Financial Officer will retire by the end of the second quarter.
Broadway Financial Corporation ("Broadway", "we", or the "Company") (NASDAQ:BYFC), parent company of City First Bank, National Association, announced today it received a letter from the Nasdaq Stock Market LLC ("Nasdaq"), dated November 16, 2023, informing the Company that it no longer complies with Nasdaq Listing Rule 5250(c)(1) because Broadway has not yet filed its Quarterly Report on Form 10-Q for the period ended September 30, 2023 (the "Form 10-Q").Under Nasdaq's Listing Rules, the Company must submit a plan to regain compliance to Nasdaq within 60 calendar days of the date of the letter. If Broadway's plan is accepted, then Nasdaq may grant an exception of up to 180 calendar days from