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Broadway Financial (BYFC)

Broadway Financial Corporation conducts its operations through its wholly owned subsidiary, Broadway Federal Bank, which is the leading community-oriented savings bank in Southern California serving low-to-moderate-income communities. Broadway Federal Bank offers a variety of residential and commercial real estate loan products for consumers, businesses and nonprofit organizations, other loan products and a variety of deposit products, including checking, savings and money market accounts, certificates of deposits and retirement accounts. Broadway Federal Bank operates three full-service branches, two in the city of Los Angeles, and one located in the nearby city of Inglewood, California.

Company profile

Ticker
BYFC
Exchange
CEO
Wayne-Kent A. Bradshaw
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Broadway Service Corporation • 1432 U Street, LLC • C.F. New Markets Advisors, LLC ...
IRS number
954547287

BYFC stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

16 May 22
9 Aug 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 246.11M 246.11M 246.11M 246.11M 246.11M 246.11M
Cash burn (monthly) (no burn) (no burn) (no burn) (no burn) 602.67K (no burn)
Cash used (since last report) n/a n/a n/a n/a 2.6M n/a
Cash remaining n/a n/a n/a n/a 243.51M n/a
Runway (months of cash) n/a n/a n/a n/a 404.1 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
16 Mar 22 Shannan Alicia Herbert Common Stock Grant Acquire A No No 1.53 47,581 72.8K 47,581
16 Mar 22 Sonja Sanders Wells Common Stock Grant Acquire A No No 1.53 48,039 73.5K 48,039
16 Mar 22 Brian E Argrett Common Stock Grant Acquire A No No 1.53 137,254 210K 181,778
16 Mar 22 Brenda J Battey Common Stock Grant Acquire A No No 1.53 40,457 61.9K 73,595
41.9% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 28 4 +600.0%
Opened positions 24 0 NEW
Closed positions 0 24 EXIT
Increased positions 1 2 -50.0%
Reduced positions 1 0 NEW
13F shares Current Prev Q Change
Total value 37.38M 33.9M +10.3%
Total shares 19.64M 14.65M +34.1%
Total puts 0 0
Total calls 13.4K 0 NEW
Total put/call ratio
Largest owners Shares Value Change
City First Enterprises 6.62M $15.36M 0.0%
Philadelphia Financial Management of San Francisco 2.96M $4.7M +30.6%
BAC Bank Of America 2.13M $3.39M NEW
Vanguard 1.88M $2.99M NEW
CJA Private Equity Restructuring Master Fund I 1.85M $4.24M 0.0%
Grace & White 1.11M $1.77M NEW
Bridgeway Capital Management 674.3K $1.07M NEW
EJF Capital 619.34K $985K -84.2%
ALLY Ally Financial 561.8K $893K NEW
Geode Capital Management 266.43K $423K NEW
Largest transactions Shares Bought/sold Change
EJF Capital 619.34K -3.3M -84.2%
BAC Bank Of America 2.13M +2.13M NEW
Vanguard 1.88M +1.88M NEW
Grace & White 1.11M +1.11M NEW
Philadelphia Financial Management of San Francisco 2.96M +692.4K +30.6%
Bridgeway Capital Management 674.3K +674.3K NEW
ALLY Ally Financial 561.8K +561.8K NEW
Geode Capital Management 266.43K +266.43K NEW
Renaissance Technologies 255.14K +255.14K NEW
USB U.S. Bancorp. 168.91K +168.91K NEW

Financial report summary

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Risks
  • We may not be successful in retaining key employees.
  • The COVID-19 pandemic has impacted the economy and our businesses. The extent and severity of the impact on our business and financial results will depend on future developments, which are highly uncertain and cannot be predicted.
  • The economic environment could pose significant challenges for the Company and could adversely affect our financial condition and results of operations.
  • The Company is a holding company and depends primarily on dividends from the bank for operating funds.
  • We may not be successful in seeking future awards under the United States Department of the Treasury CDFI Fund’s New Markets Tax Credit (“NMTC”) program or such program may not receive Congressional support in the future.
  • If we were to lose our status as a CDFI, our ability to obtain grants and awards as a CDFI similar to those received in the past may be lost.
  • Our future success will depend on our ability to compete effectively in the highly competitive financial services industry in the greater Washington D.C. and Los Angeles metropolitan areas.
  • A downturn in the real estate market could seriously impair our loan portfolio and operating results.
  • Our allowance for loan losses may not be adequate to cover actual loan losses.
  • Changes in interest rates affect profitability.
  • Changes in governmental regulation may impair operations or restrict growth.
  • Negative public opinion regarding us or the failure to maintain our reputation in the communities we serve could adversely affect our business and prevent us from growing our business.
  • Systems failures, interruptions and cybersecurity breaches in our information technology and telecommunications systems and of third-party service providers could have a material adverse effect on us.
  • The financial services industry is undergoing rapid technological change, and we may not have the resources to effectively implement new technology or may experience operational challenges when implementing new technology.
  • The markets in which we operate are susceptible to natural disasters, including earthquakes, fires, flooding, and other catastrophic events, any of which could result in a disruption of our operations and increases in loan losses.
  • We cannot provide any assurance that we will achieve our public benefit purposes.
  • As a Delaware public benefit corporation, our focus on specific public benefit purposes and producing a positive effect for society may negatively impact our financial performance.
  • As a Delaware public benefit corporation, the Company’s directors have a fiduciary duty to consider not only our stockholders’ interests, but also the specific public benefit purposes we have committed to promote and the interests of other stakeholder constituencies. If a conflict between such interests arises, there is no guarantee such conflict would be resolved in favor of the interests of our stockholders.
  • As a Delaware public benefit corporation, we may be subject to increased derivative litigation concerning our duty to balance stockholder and public benefit interests, the occurrence of which may have an adverse impact on its financial condition and results of operations.
  • The market price of our common stock is volatile. Stockholders may not be able to resell shares of our common stock at times or at prices they find attractive.
  • We have not paid cash dividends on our common stock since 2010 and we may not pay any cash dividends on our common stock for the foreseeable future.
  • Stock sales by us or other dilution of our equity may adversely affect the market price of our common stock.
  • Anti-takeover provisions of our certificate of incorporation and bylaws, federal and state law and our stockholder rights plan may limit the ability of another party to acquire the Company, which could depress our stock price.
  • Our common stock is not insured and stockholders could lose the value of their entire investment.
Management Discussion
  • Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to provide a reader of the financial statements of Broadway Financial Corporation (the “Company,” “us,” “we,” or “our,”) with a narrative from the perspective of our management on our financial condition, results of operations, liquidity and certain other factors that may affect our future results.  Our MD&A should be read in conjunction with the Consolidated Financial Statements and related Notes included in Part I Item 1, “Consolidated Financial Statements (Unaudited)” of this Quarterly Report on Form 10-Q and Item 8 of Part II, “Financial Statements and Supplementary Data” of our 2021 Form 10-K.  Certain statements herein are forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Section 27A of the U.S. Securities Act of 1933, as amended that reflect our current views with respect to future events and financial performance.  Forward-looking statements typically include words such as “anticipate,” “believe,” “estimate,” “expect,” “project,” “plan,” “forecast,” “intend,” and other similar expressions.  These forward-looking statements are subject to risks and uncertainties, which could cause actual future results to differ materially from historical results or from those anticipated or implied by such statements.  Readers should not place undue reliance on these forward-looking statements, which speak only as of their dates or, if no date is provided, then as of the date of this Form 10-Q.  We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Bad
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