Broadway Financial Q3 net income rises sequentially as loans and securities balances grow
BYFC•Broadway Financial’s Q3 net income attributable to common stockholders rose sequentially to $392,000, with diluted EPS of $0.04 versus $0.02 in Q2 and a loss a year earlier. Net interest margin was 2.64%.
1. Income and margin
Broadway Financial reported Q3 net income attributable to common stockholders of $392,000. Diluted EPS was $0.04, up from $0.02 in Q2 and a loss a year earlier; net interest margin was 2.64%.
2. Growth and costs
The company said higher net interest income quarter over quarter was driven by increases in average loan and securities balances. Loans grew 11.4% and deposits 21% in the first nine months, while net interest margin remained stable despite elevated funding costs from higher interest rates. Non-interest income fell from the prior quarter because a one-time fee from a tax credit transaction did not recur.
