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Broadway Financial Corporation Announces Results for 1st Quarter 2013



  Broadway Financial Corporation Announces Results for 1st Quarter 2013

 Substantial Reduction Achieved in Non-Performing Assets and Delinquent Loans

                  Shifting Focus to Grow the Loan Portfolio

Business Wire

LOS ANGELES -- May 15, 2013

Broadway Financial Corporation (the “Company”) (NASDAQ Capital Market: BYFC),
parent company of Broadway Federal Bank, f.s.b. (the “Bank”), today reported a
net loss of $(616) thousand for the first quarter ended March 31, 2013,
compared to net income of $154 thousand for the comparable period in 2012.
After accumulated dividends and discount accretion on preferred stock, the
loss available to common stockholders was ($931) thousand, or ($0.49) per
diluted common share, compared to a loss available to common stockholders of
($132) thousand, or ($0.08) per diluted common share, for the first quarter of
2012.

The increase in the loss primarily reflected lower net interest income that
resulted from the reduction in the Bank’s loan portfolio, as well as a
provision for losses on loans held for sale of $470 thousand related to loans
receivable held for sale that were subsequently sold in the second quarter of
2013. In addition, gains on sales of real estate owned through foreclosure or
deed in lieu of foreclosure (“REO”) declined by $404 thousand compared to the
first quarter of 2012.

Chief Executive Officer, Wayne Bradshaw stated, “During the first quarter, we
negotiated three bulk loan sales: two of which closed during the first
quarter, and the third closed early in the second quarter. These loan sales
reduced our non-performing loans by over 56% from $47.4 million at the end of
March 2012 to $20.7 million, pro forma as of the end of March 2013. In
addition, on a pro forma basis, our delinquencies declined by $29.5 million
over the last twelve months, and $45.6 million, or 64.5%, since the peak level
reached at the end of 2010. These improvements are allowing our management
team to focus on improving operations, rebuilding our loan portfolio, and
facilitating completion of our previously announced recapitalization. Despite
the short-term costs associated with our efforts to cleanse our portfolio, we
were able to increase our Tangible Capital and Tier 1 Core Capital ratios to
9.00%, and our Total Risk Based Capital ratio to 15.22% as of March 31, 2013.”

First Quarter Earnings Summary

Net interest income before provision for loan losses was $2.7 million, which
represented a decrease of $998 thousand, or 27.1%, from the first quarter of
2012. The decrease in net interest income was primarily attributable to a
decrease in average interest-earning assets, which declined by $47.1 million
compared to the first quarter of 2012. The decrease in average
interest-earnings assets was primarily attributable to a decrease of $71.3
million in the average balance of loans receivable, offset by an increase of
$29.8 in the average balance of federal funds sold. The decrease in the
average balance of loans receivable resulted in a $1.0 million decrease in
interest income.

The decline in average interest-earning assets, primarily loans receivable,
reflected our strategy over the past two years to shrink total assets, in
particular loans receivable held for investment, to maintain our capital
ratios above the required regulatory thresholds. In addition, we have used
most repayments on loans receivable to build short-term liquid assets, which
have not been generating significant yields in the current rate environment.
Based on the improvements in our loan delinquencies and reductions in
non-performing loans that we have achieved, we intend to shift our focus to
rebuilding our loan portfolio as we move forward in 2013, subject to the
limitations imposed by the cease and desist order under which the Bank is
operating.

The decline in net interest income was also partly attributable to a decrease
in annualized yield on our average interest-earning assets, which decreased by
93 basis points to 4.54% for the first quarter of 2013, compared to the
annualized yield of 5.47% for the same period in 2012. The average gross yield
on our loans decreased from 6.17% for the first quarter of 2012 to 5.66% for
the first quarter of 2013, which resulted in a reduction of $408 thousand in
interest income. The decline in yield reflected market conditions, which
resulted in payoffs of loans that were paying a higher average yield than the
average yield of our total pool of loans receivable, as well as continued
elevated levels of non-performing loans; payments received on such loans are
not recorded as interest income, but are accounted as reductions in the loan
balances. During the first quarter, we received $322 thousand of payments on
non-performing loans.

Interest expense decreased $472 thousand, or 26%, to $1.3 million for the
first quarter of 2013 from $1.8 million for the first quarter of 2012. Average
interest-bearing liabilities decreased $42.4 million to $343.7 million during
the first quarter of 2013, compared to $386.1 million during the comparable
period in 2012. The decrease in average interest-bearing liabilities resulted
in lower interest expense of $166 thousand. In addition, the annualized cost
of our average interest-bearing liabilities decreased 32 basis points to 1.55%
for the first quarter of 2013 from 1.87% for the same period a year ago, and
resulted in a decrease of $306 thousand in interest expense. During 2012, we
implemented a strategy to improve our net interest margin by reducing higher
costing deposits. We were able to reduce the average cost of deposits from
1.34% for the first quarter of 2012 to 0.99% for the first quarter of 2013,
which resulted in a decrease of $211 thousand in interest expense. In
addition, we have restructured $20.0 million of FHLB advances since the first
quarter of 2012, which reduced the average cost of our FHLB advances by 44
basis points, from 3.12% for the first quarter of 2012, to 2.68% for the first
quarter of 2013, and resulted in a decrease of $89 thousand in interest
expense.

During the first quarter of 2013, we did not record a provision for loan
losses on our loans held for investment, in part because we sold $13.1
principal amount million of non-performing loans, with a net book value of
$7.6 million, during the quarter, which represented approximately 20% of the
net book value of the Bank’s non-performing loans held for investment and
non-performing loans held for sale as of December 31, 2012. In addition, as of
the end of the first quarter of 2013, we had written down 63% of our
non-performing loans to fair market value, based on third party appraisals,
less estimated selling costs. The remaining 37% of non-performing loans are
reported at cost, as the fair value of collateral, less estimated selling
costs, exceeded the recorded investment in the loan. During the first quarter
of 2012, we recorded a provision for loan losses on our loans held for
investment of $959 thousand.

Non-interest income for the first quarter of 2013 totaled $221 thousand,
compared to $423 thousand for the first quarter of 2012. The decrease was
primarily due to a reduction in net gains recorded on sales of REO of $404
thousand, offset by an improvement in loan servicing fee income of $172
thousand and an increase in net gains on sales of loans of $16 thousand.

Non-interest expense totaled $3.5 million for the first quarter of 2013,
compared to $2.9 million for the comparable period in 2012. The increase was
primarily attributable to a provision for losses on loans held for sale of
$470 thousand, which pertained to loans that we sold as part of a bulk sale of
$8.7 million principal amount of multi-family and commercial real estate loans
after the close of the first quarter of 2013. In addition, professional fees
and other expenses, such as appraisal fees and expenses associated with REO,
were collectively higher by $205 thousand in the first quarter of 2013 as
compared to the first quarter of 2012, reflecting higher REO and our efforts
to reduce problem assets and complete our proposed recapitalization. Also, we
incurred additional occupancy expenses of $53 thousand during the first
quarter of 2013 related to rental expense associated with our headquarters
office lease. We sold our headquarters building in May 2012.

Balance Sheet Summary

Total assets were $363.1 million at March 31, 2013, which represented a
decrease of $10.6 million, or 2.8%, from December 31, 2012 and a decrease of
$45.7 million, or 11.2%, from March 31, 2012. During the first quarter, net
loans receivable held for investment decreased by $16.6 million, net loans
receivable held for sale decreased by $3.7 million, securities decreased by
$1.2 million, while cash and cash equivalents increased by $11.4 million and
REO increased by $1.1 million. As of December 31, 2012 and March 31, 2013, our
deferred tax assets had been fully reserved. The decrease in total assets
reflected two bulk sales of loans completed during the first quarter that
totaled $16 million of principal amount of loans, with a net book value of
$9.3 million, after adjustment for the bulk sale price. $14.1 million of the
loans sold were single family residential and $1.8 million were church loans.

Our gross portfolio of loans receivable held for investment decreased by $18.0
million to $245.6 million at March 31, 2013 from $263.6 million at December
31, 2012, primarily because we transferred certain loans receivable held for
investment to loans receivable held for sale in conjunction with bulk sales
that we negotiated. These sales were part of our strategy to sell
non-performing and classified loans. Also, loan repayments, foreclosures and
charge-offs exceeded loan originations during the first quarter of 2013. The
decrease in our loan portfolio primarily consisted of a decrease of $5.0
million in our five or more units (multi-family) residential real estate loan
portfolio, a decrease of $6.1 million in our commercial real estate loan
portfolio, a decrease of $2.5 million in our one-to-four family residential
real estate loan portfolio, a decrease of $3.9 million in our church loan
portfolio, a decrease of $279 thousand in our construction loan portfolio, and
a decrease of $203 thousand in our commercial loan portfolio, offset by an
increase of $26 thousand in our consumer loan portfolio. Our gross loan
portfolio was $327.3 million at March 31, 2012.

Loan originations for the first quarter of 2013 totaled $1.4 million, compared
to $3.4 million for the first quarter of 2012. Loan repayments for the first
quarter of 2013 totaled $10.1 million, compared to $14.6 million for the
comparable period in 2012. Loan repayments remained high because of
refinancings by borrowers who could take advantage of historically low
interest rates and new financing opportunities in the stabilized commercial
real estate and single family residential markets. Loans transferred to REO
during the first quarter of 2013 totaled $1.3 million, compared to $817
thousand during the first quarter of 2012. We transferred $6.2 million of
loans to loans receivable held for sale during the first quarter of 2013,
which consisted of multi-family and commercial real estate loans that we sold
in a bulk sale consummated in the second quarter. We did not transfer any
loans to loans receivable held for sale during the first quarter of 2012.

Gross loans receivable held for sale decreased from $19.4 million at December
31, 2012 to $15.6 million at March 31, 2013. The decrease of $3.7 million
during the first quarter of 2013 was primarily due to the two bulk sales of
single family residential and church loans completed during the first quarter,
as well as repayments and charge-offs, offset in part by the transfer of
multi-family and commercial real estate loans mentioned above.

Deposits totaled $247.6 million at March 31, 2013, down $9.4 million, or
3.67%, from year-end 2012. The decrease was due in part to our strategy to
improve our net interest margin by reducing higher costing certificates of
deposit (“CDs”). We were able to decrease CDs by $13.0 million during the
first quarter of 2013. As a result, CDs represented 63% of total deposits at
March 31, 2013, compared to 66% at December 31, 2012. Of the $13.0 million
decrease in CDs during the first quarter of 2013, $11.9 million represented
higher rate deposits from QwickRate, a deposit listing service, and $499
thousand represented brokered deposits. During the first quarter of 2013, core
deposits (NOW, demand, money market and passbook accounts) increased by $3.6
million and represented 37% of total deposits at March 31, 2013, compared to
34% at December 31, 2012. Brokered deposits represented 1% of total deposits
at March 31, 2013 and December 31, 2012.

Since year-end 2012, FHLB borrowings remained unchanged at $79.5 million and
were equal to 21.9% and 21.3% of total assets at March 31, 2013 and December
31, 2012, respectively. FHLB advances had a weighted average cost of 2.67% as
of March 31, 2013 and December 31, 2012, reflecting the restructuring of $20.0
million of FHLB advances that we have completed since the first quarter of
2012.

Stockholders' equity was $17.2 million, or 4.73% of the Company’s total
assets, at March 31, 2013. The Bank’s Total Risk-Based Capital ratio was
15.22%, its Tier 1 Risk-Based Capital ratio was 13.94%, and its Core Capital
and Tangible Capital ratios were 9.00% at March 31, 2013.

As previously announced, the Company is implementing a recapitalization plan
to increase capital and reduce debt and senior securities. The
recapitalization includes a sale of new common stock, exchanges of all of the
outstanding series of preferred stock for common stock at a discount to the
liquidation preference amounts for the preferred stock, and exchanges of a
portion of the Company’s senior line of credit for common stock to further
strengthen the Company’s capital ratios and position the Bank for future
growth.

Asset Quality

Non-performing assets (“NPAs”) include non-accrual loans and REO, and totaled
$36.1 million, or 9.95% of total assets, at March 31, 2013, compared to $51.4
million, or 12.57% of total assets, at March 31, 2012 and $45.3 million, or
12.11% of total assets, at December 31, 2012. Pro forma for the bulk sale of
multi-family and commercial real estate loans consummated in the second
quarter, NPAs were $30.0 million, or 8.25% of pro forma total assets, at March
31, 2013.

Non-accrual loans were $26.8 million at March 31, 2013, and $20.7 million pro
forma for the bulk loan sale completed in the second quarter, as compared to
$37.1 million at December 31, 2012 and $47.4 million at March 31, 2013. These
loans consist of delinquent loans that are 90 days or more past due and
troubled debt restructurings that do not qualify for accrual status.

Our non-accrual loans at March 31, 2013 included 24 church loans totaling
$14.6 million, eleven commercial real estate loans totaling $5.9 million, 14
multi-family (five or more units) residential real estate loans totaling $4.7
million, nine one-to-four family residential real estate loans totaling $1.4
million, a commercial loan for $97 thousand, and a consumer loan for $69
thousand. Pro forma for the bulk sale of multi-family and commercial real
estate loans completed in the second quarter, we had four commercial real
estate loans totaling $3.2 million and four multi-family residential real
estate loans totaling $1.7 million.

We believe that a key indicator of the improvement in our asset quality is the
significant decline over the past year in the amount of our delinquent loans,
which is a continuation of a positive trend that started in early 2011. Our
total delinquent loans, which include non-accruing loans and all other loans
that are past due at least 30 days, totaled $31.2 million, or $25.1 million
pro forma for the bulk loan sale completed in the second quarter, as of March
31, 2013, as compared to $54.6 million as of March 31, 2012 and $41.8 million
as of December 31, 2012.

About Broadway Financial Corporation

Broadway Financial Corporation conducts its operations through its
wholly-owned subsidiary, Broadway Federal Bank, f.s.b., which is the leading
community-oriented savings bank in Southern California serving low to moderate
income communities. We offer a variety of residential and commercial real
estate loan products for consumers, businesses, and non-profit organizations,
other loan products, and a variety of deposit products, including checking,
savings and money market accounts, certificates of deposits and retirement
accounts. The Bank operates three full service branches, two in the city of
Los Angeles, and one located in the nearby city of Inglewood, California.

Shareholders, analysts and others seeking information about the Company are
invited to write to: Broadway Financial Corporation, Investor Relations, 5055
Wilshire Blvd., Suite 500, Los Angeles, CA 90036, or visit our website at
www.broadwayfederalbank.com.

This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These forward-looking
statements are based upon our management’s current expectations, and involve
risks and uncertainties. Actual results or performance may differ materially
from those suggested, expressed, or implied by the forward-looking statements
due to a wide range of factors including, but not limited to, the general
business environment, the real estate market, competitive conditions in the
business and geographic areas in which the Company conducts its business,
regulatory actions or changes and other risks detailed in the Company’s
reports filed with the Securities and Exchange Commission, including the
Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. The
Company undertakes no obligation to revise any forward-looking statement to
reflect any future events or circumstances.

 
BROADWAY FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Statements of Financial Condition
                                                          
                                      March 31,
                                           2013              December 31,
                                      (Unaudited)                2012       
Assets                                (In thousands except share and per share
                                      amounts)
Cash                                  $    13,464            $   13,420
Federal funds sold                         62,310                50,940     
Cash and cash equivalents                  75,774                64,360
                                                              
Securities available-for-sale, at          12,180                13,378
fair value
Loans receivable held-for-sale, at         15,306                19,051
lower of cost or fair value
Loans receivable held for
investment, net of allowance of            235,107               251,723
$10,450 and $11,869
Accrued interest receivable                1,176                 1,250
Federal Home Loan Bank (FHLB) stock        3,737                 3,901
Office properties and equipment,           2,597                 2,617
net
Real estate owned                          9,294                 8,163
Bank owned life insurance                  2,704                 2,688
Investment in affordable housing           1,473                 1,528
limited partnership
Other assets                               3,765                 5,034      
Total assets                          $    363,113           $   373,693    
                                                              
Liabilities and shareholders'
equity
Liabilities:
Deposits                              $    247,648           $   257,071
FHLB advances                              79,500                79,500
Junior subordinated debentures             6,000                 6,000
Other borrowings                           5,000                 5,000
Accrued interest payable                   2,171                 1,941
Dividends payable                          2,318                 2,104
Advance payments by borrowers for          332                   711
taxes and insurance
Other liabilities                          2,966                 3,359      
Total liabilities                          345,935               355,686    
                                                              
Shareholders' Equity:
Senior preferred, cumulative and
non-voting stock, $0.01 par value,
authorized, issued
and outstanding 9,000 shares of
Series D at March 31, 2013 and
December 31, 2012;
liquidation preference of $10,391
at March 31, 2013 and $10,262 at           8,963                 8,963
December 31, 2012
Senior preferred, cumulative and
non-voting stock, $0.01 par value,
authorized, issued
and outstanding 6,000 shares of
Series E at March 31, 2013 and
December 31, 2012;
liquidation preference of $6,928 at
March 31, 2013 and $6,842 at               5,974                 5,974
December 31, 2012
Preferred, non-cumulative and
non-voting stock, $.01 par value,
authorized 985,000 shares;
issued and outstanding 55,199
shares of Series A, 100,000 shares
of Series B and 76,950
shares of Series C at March 31,
2013 and December 31, 2012;
liquidation preference of
$552 for Series A, $1,000 for
Series B and $1,000 for Series C at
March 31, 2013 and
December 31, 2012                          2,457                 2,457
Preferred stock discount                   (498      )           (598      )
Common stock, $.01 par value,
authorized 8,000,000 shares at
March 31, 2013 and
December 31, 2012; issued 2,013,942
shares at March 31, 2013 and
December 31, 2012;
outstanding 1,917,422 shares at
March 31, 2013 and December 31,            20                    20
2012
Additional paid-in capital                 10,115                10,095
Accumulated deficit                        (8,919    )           (7,988    )
Accumulated other comprehensive
income, net of taxes of $400 at
March 31, 2013 and
December 31, 2012                          300                   318
Treasury stock-at cost, 96,520
shares at March 31, 2013 and               (1,234    )           (1,234    )
December 31, 2012
Total shareholders' equity                 17,178                18,007     
                                                              
Total liabilities and shareholders'   $    363,113           $   373,693    
equity
                                                              

                                                         
BROADWAY FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Statements of Operations and Comprehensive Income (Loss)
(Unaudited)
                                   
                                    Three Months ended March 31,
                                        2013                    2012         
                                    (In thousands, except share and per share)
Interest income:
Interest and fees on loans          $   3,887               $   5,330
receivable
Interest on mortgage backed and         89                      148
other securities
Other interest income                   48                      16           
Total interest income                   4,024                   5,494        
                                                             
Interest expense:
Interest on deposits                    624                     975
Interest on borrowings                  712                     833          
Total interest expense                  1,336                   1,808        
                                                             
Net interest income before              2,688                   3,686
provision for loan losses
Provision for loan losses               -                       959          
Net interest income after               2,688                   2,727        
provision for loan losses
                                                             
Non-interest income:
Service charges                         142                     145
Loan servicing fees, net                6                       (166        )
Net gains on sales of loans             16                      -
Net gains on sales of REO               8                       412
Other                                   49                      32           
Total non-interest income               221                     423          
                                                             
Non-interest expense:
Compensation and benefits               1,454                   1,589
Occupancy expense, net                  340                     287
Information services                    217                     213
Professional services                   182                     108
Provision for (recapture of)            470                     (2          )
losses on loans held for sale
Provision for (recapture of)            -                       (19         )
losses on REO
FDIC insurance                          202                     217
Office services and supplies            105                     109
Other                                   550                     419          
Total non-interest expense              3,520                   2,921        
                                                             
Income (loss) before income taxes       (611        )           229
Income tax expense                      5                       75           
Net income (loss)                   $   (616        )       $   154          
                                                             
Other comprehensive income
(loss), net of tax:
Unrealized gain (loss) on           $   (18         )       $   7
securities available for sale
Income tax effect                       -                       -            
Other comprehensive income              (18         )           7            
(loss), net of tax
                                                             
Comprehensive income (loss)         $   (634        )       $   161          
                                                             
Net income (loss)                   $   (616        )       $   154
Dividends and discount accretion        (315        )           (286        )
on preferred stock
Loss available to common            $   (931        )       $   (132        )
shareholders
                                                             
Loss per common share-basic         $   (0.49       )       $   (0.08       )
Loss per common share-diluted       $   (0.49       )       $   (0.08       )
Dividends declared per              $   -                   $   -
share-common stock
Basic weighted average shares           1,917,422               1,744,565
outstanding
Diluted weighted average shares         1,917,422               1,744,565
outstanding
                                                             

 
BROADWAY FINANCIAL CORPORATION AND SUBSIDIARIES
Selected Ratios and Data
(Dollars in thousands)
(Unaudited)
                                  
                                     As of March 31,
                                         2013                  2012     
Regulatory Capital Ratios:
                                                                           
       Core Capital Ratio                9.00     %            7.70    %
       Tangible Capital Ratio            9.00     %            7.70    %
       Tier 1 Risk-Based Capital         13.94    %            10.92   %
       Ratio
       Total Risk-Based Capital          15.22    %            12.23   %
       Ratio
                                                                           
Asset Quality Ratios and Data:
                                                                           
       Non-performing loans as a
       percentage
            of total gross
            loans, excluding             7.64     %            12.79   %
            loans held for sale
                                                                           
       Non-performing assets as
       a percentage
            of total assets              9.95     %            12.57   %
                                                                           
       Allowance for loan losses
       as a percentage
            of total gross
            loans, excluding             4.26     %            5.42    %
            loans held for sale
                                                                           
       Allowance for loan losses
       as a percentage
            of non-performing
            loans, excluding             55.71    %            42.39   %
            loans held for sale
                                                                           
       Allowance for losses as a
       percentage
            of non-performing            30.85    %            36.21   %
            assets
                                                                           
       Net loan charge-offs
       (recoveries) as a
       percentage of
            average loans for
            three months ended           2.07     %   (A)      0.59    %  (A)
            March 31
                                                                           
Non-performing assets:
       Non-accrual loans
            Loans receivable         $   18,758             $  41,877
            held for investment
            Loans receivable             8,060                 5,555    
            held for sale
            Total non-accrual            26,818                47,432
            loans
       Loans delinquent 90 days
       or more and still                 -                     -
       accruing
       Real estate acquired              9,294                 3,958    
       through foreclosure
            Total non-performing     $   36,112             $  51,390   
            assets
                                                                           
                                                                           
                                     Three Months ended March 31,
                                         2013                  2012     
Performance Ratios:
                                                                           
       Return on average assets          -0.67    %   (A)      0.15    %  (A)
       Return on average equity          -13.90   %   (A)      3.34    %  (A)
       Average equity to average         4.79     %            4.48    %
       assets
       Non-interest expense to           3.80     %   (A)      2.84    %  (A)
       average assets
       Efficiency ratio (1)              104.85   %            71.60   %
       Net interest rate spread          2.98     %   (A)      3.60    %  (A)
       (2)
       Net interest rate margin          3.03     %   (A)      3.67    %  (A)
       (3)
                                                                           
       Efficiency ratio represents non-interest expense (less provision for
(1 )   losses) divided by net interest income before provision for loan losses
       plus non-interest income.
       Net interest rate spread represents the difference between the yield on
(2 )   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.
                                                                           
(A)    Annualized
        

                                                                  
BROADWAY FINANCIAL CORPORATION AND SUBSIDIARIES
Support for Calculations
(Dollars in thousands)
(Unaudited)
                                                 
                                                  Three Months ended March 31,
                                                     2013            2012     
  Total assets                                    $  363,113       $ 408,860
  Total gross loans, excluding loans held for     $  245,557       $ 327,330
  sale
  Total equity                                    $  17,178        $ 18,269
  Average assets                                  $  370,277       $ 411,302
  Average loans                                   $  274,517       $ 345,803
  Average equity                                  $  17,725        $ 18,424
  Average interest-earning assets                 $  354,578       $ 401,647
  Average interest-bearing liabilities            $  343,673       $ 386,057
  Net income (loss)                               $  (616     )    $ 154
  Total income                                    $  2,909         $ 4,109
  Non-interest expense                            $  3,520         $ 2,921
  Efficiency ratio                                   104.85   %      71.60   %
  Non-accrual loans                               $  26,818        $ 47,432
  REO, net                                        $  9,294         $ 3,958
  ALLL                                            $  10,450        $ 17,752
  Allowance for loss on loans held for sale       $  317           $ 667
  REO-Allowance                                   $  373           $ 188
  Interest income                                 $  4,024         $ 5,494
  Interest expense                                $  1,336         $ 1,808
  Net interest income                             $  2,688         $ 3,686
  Net loan charge-offs (recoveries)               $  1,419         $ 506
                                                                    

Contact:

Broadway Financial Corporation
Wayne-Kent A. Bradshaw, Chief Executive Officer, (323) 556-3248
Brenda J. Battey, Chief Financial Officer, (323) 556-3264
investor.relations@broadwayfederalbank.com
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