Broadway Financial posts Q1 net earnings of $1.6M, up 67% YoY; net interest margin expands to 2.96%

BROADWAY FINANCIAL CORP \DE\

2023-Q1 EPS reported $0.02 revenue$61,000

Net earnings $1.6M ($0.02 diluted EPS) vs $958K ($0.01) in Q1 2022; net interest income up 15.4% to $8.3M.
Net interest margin rose 20 bps to 2.96% from 2.76%; interest income up 39.5% to $11.0M.
Total assets $1.2B (+1.8% vs Dec 31, 2022); loans $776.1M (+1.0%); deposits fell $29.4M to $657.6M.
Adopted CECL on Jan 1, 2023: increased ACL by $1.8M, retained earnings charge of $1.3M net of tax.
No non-accrual loans at quarter end; uninsured deposits improved to 25% of total deposits.

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