LOS ANGELES--(BUSINESS WIRE)--Nov 2, 2022--
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 Perpetual Preferred Stock, Series C (the “Series C Preferred Stock”) to the United States Department of the Treasury (the U.S. Treasury”) on June 7, 2022, as part of the Emergency Capital Investment Program (“ECIP”).
Partially offsetting these improvements were an increase in loan loss provision of $656 thousand, a decrease in non-interest income of $245 thousand, and an increase in non-interest expenses of $94 thousand during the three months ended September 30, 2022, compared to the same period in 2021. The increase in the loan loss provision was primarily related to an increase in loans receivable of $80.8 million over that period.