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Forum List » Business News and Headlines SEC Filings, Earing Reports, Press Releases  
Broadway Financial Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 15, 2012 07:05AM
Broadway Financial Corp. (BYFC) filed Quarterly Report for the period ended 2012-09-30. Highlight of Business Operations:Our net earnings (loss) for the three and nine months ended September 30, 2012 were ($613) thousand and $1.2 million, respectively, compared to net losses of ($7.5) million and ($9.4) million, respectively, for the same periods a year ago, representing an increase in net earnings of $6.9 million and $10.6 million, respectively. The increase from a net loss to net earnings was primarily due to lower provisions for loan losses, a $2.5 million gain on the sale of our headquarters building, lower provisions for losses on REO and loans held for sale, and lower income tax provision expense for the three and nine months ended September 30, 2012.For the nine months ended September 30, 2012, net interest income before provision for loan losses totaled $10.4 million, down $2.7 million, or 21%, from $13.1 million of net interest income before provision for loan losses for the same period a year ago. The $2.7 million decrease in net interest income primarily resulted from a $63.9 million decrease in average interest-earning assets and a 30 basis point decrease in net interest margin. Non-interest income (loss) for the third quarter of 2012 totaled ($217) thousand compared to $114 thousand for the third quarter of 2011. The decrease from income to a loss was primarily due to higher losses on sales of loans and REOs. The Company’s effective income tax rate was (0.33%) and 40.68% for the three and nine months ended September 30, 2012 compared to (68.21%) and (23.20%) for the three and nine months ended September 30, 2011. Income taxes for interim periods are computed by applying the projected annual effective income tax rate for the year to the year-to-date earnings plus discrete items (items incurred in the quarter). The projected effective tax rate incorporates certain non-taxable federal and state income items and expected increases to the valuation allowance for projected deferred tax assets. Loans held for sale decreased from $13.0 million at December 31, 2011 to $11.2 million at September 30, 2012. The $1.8 million decrease during the first nine months of 2012 was primarily due to non-performing loan sales of $1.8 million and loan repayments of $367 thousand. Loans held for sale that were transferred to REO during the nine months ended September 30, 2012 totaled $333 thousand.
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