Broadway Financial Corporation De (BYFC) has reported 60.99 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $2.20 million, or $0.08 a share in the quarter, compared with $5.64 million, or $0.19 a share for the same period last year.
Revenue during the quarter plunged 42.22 percent to $3.03 million from $5.25 million in the previous year period. Net interest income for the quarter rose 20.14 percent over the prior year period to $2.88 million. Non-interest income for the quarter fell 81.54 percent over the last year period to $0.16 million.
Net interest margin improved 39 basis points to 2.81 percent in the quarter from 2.42 percent in the last year period.
Chief executive officer, Wayne Bradshaw commented, "We continue to focus on growth, profits, and value creation for our stockholders. Our strong loan quality has allowed us to obtain improved loan concentration limits from the Bank’s primary regulator, which in turn is providing opportunities to continue re-building our loan portfolio. We grew our loan portfolio by over 24% during the year, based on originations of $46.9 million during the fourth quarter and $137.7 million for the full year, and increased our net interest income by 20% during the fourth quarter over the comparable quarter in 2015. Moreover, we have been able to grow while improving the credit quality of our loan portfolio; at the end of 2016, we had less than $1.4 million in delinquent loans, no REO and all of our $2.9 million of non-accrual loans were current in their payments.
Assets outpace liabilities growthTotal assets stood at $429.08 million as on Dec. 31, 2016, up 6.50 percent compared with $402.91 million on Dec. 31, 2015.
Deposits outpace loan growthDeposits stood at $287.43 million as on Dec. 31, 2016, up 5.43 percent compared with $272.61 million on Dec. 31, 2015. Investments stood at $13.20 million as on Dec. 31, 2016, down 6.63 percent or $0.94 million from year-ago. Shareholders equity stood at $45.53 million as on Dec. 31, 2016, down 1.38 percent or $0.64 million from year-ago.
Return on average assets moved down 351 basis points to 2.10 percent in the quarter from 5.61 percent in the last year period. At the same time, return on average equity decreased 3518 basis points to 18.74 percent in the quarter from 53.92 percent in the last year period.
Nonperforming assets moved down 35.82 percent or $1.64 million to $2.94 million on Dec. 31, 2016 from $4.59 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.69 percent in the quarter, down from 1.14 percent in the last year period.
Equity to assets ratio was 10.61 percent for the quarter, down from 11.46 percent for the previous year quarter. Book value per share was $1.67 for the quarter, up 5.03 percent or $0.08 compared to $1.59 for the same period last year.
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