secwatch.observer — SEC 8-K summary
======================================

Issuer:     BROADWAY FINANCIAL CORP \DE\ (BYFC)
CIK:        0001001171
Form:       8-K
Filed at:   2024-06-05T23:59:59+00:00
Accession:  0001140361-24-029028
Event type: earnings
Sentiment:  neutral
Materiality: 0.90
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1001171/000114036124029028/0001140361-24-029028-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1001171/000114036124029028/ef20030679_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-24-029028

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer