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Broadway Financial Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 16, 2011 04:29PM

Broadway Financial Corp. (BYFC) filed Quarterly Report for the period ended 2011-03-31. Broadway Financial Corp. has a market cap of $4.22 million; its shares were traded at around $2.42 with a P/E ratio of 5.63 and P/S ratio of 0.13. Broadway Financial Corp. had an annual average earning growth of 21.5% over the past 10 years. GuruFocus rated Broadway Financial Corp. the business predictability rank of 3-star.



Highlight of Business Operations:

Net loan charge-offs during the first quarter of 2011 were $707 thousand, or 0.66% of average loans on an annualized basis, compared to $924 thousand, or 0.78% during the first quarter of 2010. Commercial real estate loans, church loans and one-to-four family residential real estate loans represented 86%, 6% and 5%, respectively, of charge-offs during the first quarter of 2011. Of the $709 thousand of loan charge-offs during the first quarter of 2011, $652 thousand were specifically reserved for at year-end 2010 and $57 thousand were specifically reserved for in the first quarter of 2011.

Total assets were $476.7 million at March 31, 2011, which represented a decrease of $7.2 million, or 1%, from December 31, 2010. During the quarter ended March 31, 2011, net loans decreased by $9.0 million, loans held for sale decreased by $13.3 million and securities decreased by $1.7 million while cash and cash equivalents increased by $5.7 million, REO increased by $2.1 million and other assets increased by $9.3 million. Net loans decreased as loan repayments exceeded loan originations during the quarter ended March 31, 2011. The decrease in loans held for sale during the first quarter of 2011 was primarily due to loan sales of $10.8 million, which were sold at par, and loan payoffs of $3.3 million. Other assets increased primarily due to a receivable from loan sale and higher income taxes receivable.

Our gross loan portfolio decreased by $8.7 million to $393.9 million at March 31, 2011 from $402.6 million at December 31, 2010. The $8.7 million decrease in our loan portfolio primarily consisted of a $2.8 million decrease in our multi-family residential real estate loan portfolio, a $2.7 million decrease in our commercial real estate loan portfolio, a $1.2 million decrease in church loan portfolio, a $1.1 million decrease in our one-to-four family residential real estate loan portfolio and a $1.1 million decrease in our construction loan portfolio.

Loan originations for the first quarter of 2011 totaled $1.6 million compared to $10.9 million for the first quarter of 2010. Loan repayments, including loan sales, for the quarter ended March 31, 2011 totaled $20.7 million compared to $9.0 million for the comparable quarter in 2010. Loans transferred to REO during the first quarter of 2011 totaled $2.2 million, compared to $1.1 million during the first quarter of 2010.

Deposits totaled $340.9 million at March 31, 2011, down $7.5 million, or 2%, from year-end 2010. During the quarter ended March 31, 2011, core deposits (NOW, demand, money market and passbook accounts) increased by $1.4 million and represented 33% of total deposits at March 31, 2011 compared to 32% of total deposits at December 31, 2010. Our certificates of deposit (“CDs”) decreased by $8.9 million during the first quarter of 2011 and represented 67% of total deposits at March 31, 2011 compared to 68% of total deposits at December 31, 2010. The $8.9 million decrease in our CDs included a $5.7 million reduction in our brokered deposits. Over the past year, our funding strategy has included a plan to substantially eliminate brokered deposits, including deposits under the Certificate of Deposit Account Registry Service. To date, we have successfully reduced our brokered deposits to a level representing only 4% of total deposits at March 31, 2011, compared to 5% at December 31, 2010 and 24% at March 31, 2010.

The NPLs included 29 church loans totaling $25.9 million, 13 commercial real estate loans totaling $9.5 million, 15 one-to-four family residential real estate loans totaling $5.7 million, five multi-family residential real estate loans totaling $2.6 million, three commercial loans totaling $4.0 million, one consumer loan totaling $1.8 million, and one land loan of $0.3 million. In addition to the NPLs discussed above, there were $18.4 million and $22.5 million of accruing TDRs at March 31, 2011 and December 31, 2010. These TDRs are on accrual status as the loans have complied with the terms of their restructured agreements for a period of six months or longer.

Read the The complete Report



Stocks Discussed: BYFC,
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