Broadway Financial reports Q4 2023 net earnings of $2.6 million, up from $1.5 million year-over-year

BROADWAY FINANCIAL CORP \DE\

Q4 2023 net earnings $2.6 million ($0.31/diluted share) vs $1.5 million ($0.16) in Q4 2022; full year net earnings $4.5 million ($0.51) vs $5.6 million ($0.62) in 2022.
Total assets reached $1.4 billion at Dec 31, 2023, up 16.1% from Dec 31, 2022; net loans grew 14.6% to $880.5 million.
Recognized $3.7 million from CDFI Equitable Recovery Program and $437 thousand Bank Enterprise Award in Q4 2023.
Identified material weaknesses in internal controls over financial reporting, leading to delayed 10-K and 10-Q filings; net out-of-period adjustments of $8 thousand recorded.
Repurchased 245,000 shares from FDIC (nearly 4% of voting shares) during Q4 2023.

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