secwatch.observer — SEC 8-K summary
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Issuer:     BROADWAY FINANCIAL CORP \DE\ (BYFC)
CIK:        0001001171
Form:       8-K
Filed at:   2024-06-11T23:59:59+00:00
Accession:  0001140361-24-029656
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1001171/000114036124029656/0001140361-24-029656-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1001171/000114036124029656/ef20030968_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-24-029656

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