Broadway Financial Q1 2024 net loss of $164K ($0.02/share) vs net income of $1.6M a year ago

BROADWAY FINANCIAL CORP \DE\

Net interest income fell 9.1% to $7.5M on higher interest expense from borrowings and deposits.
Non-interest expense jumped 25.8% to $7.8M, driven by $905K in professional services and $648K in compensation.
Company incurred ~$700K in non-recurring costs related to investigation of material weaknesses in internal controls.
Gross loans receivable grew 5.2% sequentially to $934.8M; deposits increased $12.9M to $695.5M.
Credit loss provision was $260K; allowance for credit losses stood at $7.6M with only one non-performing loan of $401K.

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