Company Quick10K Filing
Broadway Financial
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 27 $40
10-Q 2019-11-13 Quarter: 2019-09-30
10-Q 2019-08-14 Quarter: 2019-06-30
10-Q 2019-05-15 Quarter: 2019-03-31
10-K 2019-03-29 Annual: 2018-12-31
10-Q 2018-11-14 Quarter: 2018-09-30
10-Q 2018-08-13 Quarter: 2018-06-30
10-Q 2018-05-15 Quarter: 2018-03-31
10-K 2018-03-26 Annual: 2017-12-31
10-Q 2017-11-14 Quarter: 2017-09-30
10-Q 2017-08-11 Quarter: 2017-06-30
10-Q 2017-05-11 Quarter: 2017-03-31
10-K 2017-03-27 Annual: 2016-12-31
10-Q 2016-11-14 Quarter: 2016-09-30
10-Q 2016-08-12 Quarter: 2016-06-30
10-Q 2016-05-06 Quarter: 2016-03-31
10-K 2016-03-28 Annual: 2015-12-31
10-Q 2015-11-13 Quarter: 2015-09-30
10-Q 2015-08-13 Quarter: 2015-06-30
10-Q 2015-05-14 Quarter: 2015-03-31
10-K 2015-03-27 Annual: 2014-12-31
10-Q 2014-11-13 Quarter: 2014-09-30
10-Q 2014-08-13 Quarter: 2014-06-30
10-Q 2014-05-14 Quarter: 2014-03-31
10-K 2014-03-31 Annual: 2013-12-31
10-Q 2013-11-14 Quarter: 2013-09-30
10-Q 2013-08-13 Quarter: 2013-06-30
10-Q 2013-05-15 Quarter: 2013-03-31
10-K 2013-04-01 Annual: 2012-12-31
10-Q 2012-11-14 Quarter: 2012-09-30
10-Q 2012-10-01 Quarter: 2012-06-30
10-Q 2012-09-21 Quarter: 2012-03-31
10-K 2012-03-30 Annual: 2011-12-31
10-Q 2011-12-21 Quarter: 2011-09-30
10-Q 2011-08-15 Quarter: 2011-06-30
10-Q 2011-05-16 Quarter: 2011-03-31
10-K 2011-04-14 Annual: 2010-12-31
10-Q 2010-11-15 Quarter: 2010-09-30
10-Q 2010-08-16 Quarter: 2010-06-30
10-Q 2010-07-16 Quarter: 2010-03-31
10-K 2010-06-17 Annual: 2009-12-31
8-K 2020-02-12 Other Events, Exhibits
8-K 2019-11-04 Earnings, Exhibits
8-K 2019-09-10 Enter Agreement, Shareholder Rights, Amend Bylaw, Other Events, Exhibits
8-K 2019-08-07 Earnings, Exhibits
8-K 2019-06-26 Shareholder Vote
8-K 2019-05-09 Earnings, Exhibits
8-K 2019-03-13 Earnings, Exhibits
8-K 2019-03-05 Officers
8-K 2019-01-29 Officers
8-K 2018-11-06 Earnings, Exhibits
8-K 2018-08-06 Earnings, Exhibits
8-K 2018-07-25 Shareholder Vote
8-K 2018-02-26 Earnings, Exhibits
8-K 2017-12-31
BYFC 2019-09-30
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 a19-17609_1ex31d1.htm
EX-31.2 a19-17609_1ex31d2.htm
EX-32.1 a19-17609_1ex32d1.htm
EX-32.2 a19-17609_1ex32d2.htm

Broadway Financial Earnings 2019-09-30

BYFC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
HFBL 62 442 392 0 0 5 11 44 4.0 1%
CBMB 59 221 160 0 0 1 2 43 18.5 0%
HBK 55 496 440 0 0 -4 2 79 50.0 -1%
CFBK 53 721 670 0 0 6 19 37 0% 2.0 1%
BCTF 52 381 334 0 0 0 6 27 4.8 0%
MSVB 46 208 157 0 0 1 3 24 8.8 1%
OTTW 43 302 251 0 0 2 6 37 6.3 1%
BYFC 40 430 381 0 0 1 7 20 0% 2.7 0%
FSBC 31 327 295 0 0 -0 4 81 18.2 -0%
EFBI 26 141 113 0 0 0 2 18 0% 11.5 0%

10-Q 1 a19-17609_110q.htm 10-Q

Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

 

FORM 10-Q

 

(Mark One)

[X]                          QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2019

 

[  ]       TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For transition period from__________ to___________

 

Commission file number      001-39043

 

BROADWAY FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware

 

95-4547287

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

 

5055 Wilshire Boulevard, Suite 500
Los Angeles, California

 

90036

(Address of principal executive offices)

 

(Zip Code)

 

(323) 634-1700

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class:

 

Trading Symbol(s)

 

Name of each exchange on which registered:

Common Stock, par value $0.01 per share
(including attached preferred stock purchase rights)

 

BYFC

 

The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes     x   No    o

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes     x   No    o

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated, a smaller reporting company, or an emerging growth company.  See the definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

o

 

Accelerated filer

o

 

 

 

 

 

 

Non-accelerated filer

 

x

 

Smaller reporting company

x

 

 

 

 

 

 

 

 

 

 

Emerging growth company

o

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes    o    No    x

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:  As of November 4, 2019, 19,111,422 shares of the Registrant’s voting common stock and 8,756,396 shares of the Registrant’s non-voting common stock were outstanding.

 

 


Table of Contents

 

TABLE OF CONTENTS

 

 

 

Page

PART I.

FINANCIAL STATEMENTS

 

 

 

 

 

Item 1.

Consolidated Financial Statements (Unaudited)

 

 

 

 

 

 

 

Consolidated Statements of Financial Condition as of September 30, 2019 and December 31, 2018

1

 

 

 

 

 

 

Consolidated Statements of Operations and Comprehensive (Loss) Income for the three and nine months ended September 30, 2019 and 2018

2

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018

3

 

 

 

 

 

 

Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2019 and 2018

4

 

 

 

 

 

 

Notes to Consolidated Financial Statements

6

 

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

26

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

34

 

 

 

 

 

Item 4.

Controls and Procedures

34

 

 

 

 

PART II.

OTHER INFORMATION

 

 

 

 

 

Item 1.

Legal Proceedings

35

 

 

 

 

 

Item 1A.

Risk Factors

35

 

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

35

 

 

 

 

 

Item 3.

Defaults Upon Senior Securities

35

 

 

 

 

 

Item 4.

Mine Safety Disclosures

35

 

 

 

 

 

Item 5.

Other Information

35

 

 

 

 

 

Item 6.

Exhibits

35

 

 

 

 

 

Signatures

36

 


Table of Contents

 

BROADWAY FINANCIAL CORPORATION AND SUBSIDIARY

Consolidated Statements of Financial Condition

(In thousands, except share and per share amounts)

 

 

 

September 30,
2019

 

December 31,
2018

 

 

(Unaudited)

 

 

Assets:

 

 

 

 

Cash and due from banks

 

$

4,943

 

$

4,124

Interest-bearing deposits in other banks

 

16,879

 

12,527

Cash and cash equivalents

 

21,822

 

16,651

Securities available-for-sale, at fair value

 

13,671

 

14,722

Loans receivable held for sale, at lower of cost or fair value

 

8,175

 

6,231

Loans receivable held for investment, net of allowance of $2,818 and $2,929

 

354,800

 

355,556

Accrued interest receivable

 

1,182

 

1,143

Federal Home Loan Bank (FHLB) stock, at cost

 

2,916

 

2,916

Office properties and equipment, net

 

2,963

 

2,242

Bank owned life insurance

 

3,086

 

3,047

Deferred tax assets, net

 

5,131

 

5,045

Investment in affordable housing limited partnership

 

208

 

342

Real estate owned (REO)

 

-

 

833

Other assets

 

664

 

669

Total assets

 

$

414,618

 

$

409,397

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

Deposits

 

$

280,067

 

$

281,414

FHLB advances

 

75,000

 

70,000

Junior subordinated debentures

 

4,590

 

5,100

Advance payments by borrowers for taxes and insurance

 

1,528

 

1,055

Accrued expenses and other liabilities

 

4,573

 

3,392

Total liabilities

 

365,758

 

360,961

 

 

 

 

 

Stockholders’ Equity:

 

 

 

 

Preferred stock, $.01 par value, authorized 1,000,000 shares; none issued or outstanding

 

-

 

-

Common stock, $.01 par value, voting, authorized 50,000,000 shares at September 30, 2019 and December 31, 2018; issued 21,729,248 shares at September 30, 2019 and 21,280,228 shares at December 31, 2018; outstanding 19,111,422 shares at September 30, 2019 and 18,662,402 shares at December 31, 2018

 

218

 

213

Common stock, $.01 par value, non-voting, authorized 25,000,000 shares at September 30, 2019 and  December 31, 2018; issued and outstanding 8,756,396 shares at September 30, 2019 and December 31, 2018

 

87

 

87

Additional paid-in capital

 

46,353

 

46,141

Retained earnings

 

8,494

 

8,631

Unearned Employee Stock Ownership Plan (ESOP) shares

 

(977)

 

(1,027)

Accumulated other comprehensive income (loss), net of tax

 

11

 

(283)

Treasury stock-at cost, 2,617,826 shares at September 30, 2019 and at December 31, 2018

 

(5,326)

 

(5,326)

Total stockholders’ equity

 

48,860

 

48,436

Total liabilities and stockholders’ equity

 

$

414,618

 

$

409,397

 

See accompanying notes to unaudited consolidated financial statements.

 

1


Table of Contents

 

BROADWAY FINANCIAL CORPORATION AND SUBSIDIARY

Consolidated Statements of Operations and Comprehensive (Loss) Income

(Unaudited)

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

 

 

2019

 

2018

 

2019

 

2018

 

 

 

(In thousands, except per share)

 

 

 

 

 

 

 

 

 

 

 

Interest income:

 

 

 

 

 

 

 

 

 

Interest and fees on loans receivable

 

  $

3,731

 

  $

3,690

 

  $

11,687

 

  $

10,614

 

Interest on mortgage-backed and other securities

 

90

 

100

 

283

 

313

 

Other interest income

 

194

 

113

 

503

 

368

 

Total interest income

 

4,015

 

3,903

 

12,473

 

11,295

 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

Interest on deposits

 

1,105

 

821

 

3,229

 

2,137

 

Interest on borrowings

 

518

 

578

 

1,577

 

1,308

 

Total interest expense

 

1,623

 

1,399

 

4,806

 

3,445

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

2,392

 

2,504

 

7,667

 

7,850

 

Loan loss provision (recapture)

 

47

 

(1,000)

 

(301)

 

(1,000)

 

Net interest income after loan loss (provision) recapture

 

2,345

 

3,504

 

7,968

 

8,850

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

Service charges

 

116

 

110

 

353

 

336

 

Gain on sale of loans

 

204

 

9

 

204

 

20

 

CDFI Grant

 

-

 

233

 

233

 

233

 

Other

 

24

 

28

 

69

 

92

 

Total non-interest income

 

344

 

380

 

859

 

681

 

 

 

 

 

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

1,876

 

1,721

 

5,633

 

5,377

 

Occupancy expense

 

325

 

330

 

945

 

963

 

Information services

 

231

 

191

 

657

 

611

 

Professional services

 

335

 

126

 

909

 

497

 

Office services and supplies

 

72

 

70

 

207

 

218

 

REO expense

 

1

 

46

 

26

 

132

 

Marketing expense

 

41

 

64

 

113

 

201

 

Corporate insurance

 

32

 

35

 

101

 

113

 

Amortization of investment in affordable housing limited partnership

 

36

 

49

 

134

 

146

 

Other

 

195

 

169

 

501

 

498

 

Total non-interest expense

 

3,144

 

2,801

 

9,226

 

8,756

 

 

 

 

 

 

 

 

 

 

 

(Loss) income before income taxes

 

(455)

 

1,083

 

(399)

 

775

 

Income tax (benefit) expense

 

(176)

 

332

 

(262)

 

235

 

Net (loss) income

 

  $

(279)

 

  $

751

 

  $

(137)

 

  $

540

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) on securities available-for-sale arising during the period

 

  $

64

 

  $

(105)

 

  $

417

 

  $

(465)

 

Income tax expense (benefit)

 

19

 

(34)

 

123

 

(141)

 

Other comprehensive income (loss), net of tax

 

45

 

(71)

 

294

 

(324)

 

 

 

 

 

 

 

 

 

 

 

Comprehensive (loss) income

 

  $

(234)

 

  $

680

 

  $

157

 

  $

216

 

 

 

 

 

 

 

 

 

 

 

(Loss) earnings per common share-basic

 

  $

(0.01)

 

  $

0.03

 

  $

(0.01)

 

  $

0.02

 

(Loss) earnings per common share-diluted

 

  $

(0.01)

 

  $

0.03

 

  $

(0.01)

 

  $

0.02

 

 

See accompanying notes to unaudited consolidated financial statements.

 

2


Table of Contents

 

BROADWAY FINANCIAL CORPORATION AND SUBSIDIARY

Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

Nine Months Ended September 30,

 

 

 

2019

 

2018

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net (loss) income

 

$

(137

)

 

$

540

 

 

Adjustments to reconcile net (loss) income to net cash used in operating activities:

 

 

 

 

 

 

 

Loan loss provision recaptures

 

(301

)

 

(1,000

)

 

Provision for losses on REOs

 

13

 

 

45

 

 

Depreciation

 

171

 

 

181

 

 

Net amortization of deferred loan origination costs

 

160

 

 

323

 

 

Net amortization of premiums on mortgage-backed securities

 

19

 

 

26

 

 

Amortization of investment in affordable housing limited partnership

 

134

 

 

146

 

 

Director compensation expense-common stock

 

52

 

 

45

 

 

Stock-based compensation expense

 

182

 

 

62

 

 

ESOP compensation expense

 

47

 

 

67

 

 

Earnings on bank owned life insurance

 

(39

)

 

(39

)

 

Originations of loans receivable held for sale

 

(15,182

)

 

(20,288

)

 

Proceeds from sales of loans receivable held for sale

 

22,970

 

 

6,614

 

 

Repayments on loans receivable held for sale

 

103

 

 

106

 

 

Gain on sale of loans receivable held for sale

 

(204)

 

 

(20

)

 

Change in assets and liabilities:

 

 

 

 

 

 

 

Net change in deferred taxes

 

(209

)

 

348

 

 

Net change in accrued interest receivable

 

(39

)

 

(168

)

 

Net change in other assets

 

5

 

 

19

 

 

Net change in advance payments by borrowers for taxes and insurance

 

473

 

 

449

 

 

Net change in accrued expenses and other liabilities

 

322

 

 

436

 

 

Net cash provided by (used in) operating activities

 

8,540

 

 

(12,108

)

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in loans receivable held for investment

 

(8,735

)

 

(2,873

)

 

Principal payments on available-for-sale securities

 

1,450

 

 

1,760

 

 

Proceeds from sales of REO

 

820

 

 

-

 

 

Purchase of office properties and equipment

 

(33

)

 

(71

)

 

Net cash used in investing activities

 

(6,498

)

 

(1,184

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in deposits

 

(1,347

)

 

(12,405

)

 

Proceeds from FHLB advances

 

13,000

 

 

34,500

 

 

Repayments of FHLB advances

 

(8,000

)

 

(17,500

)

 

Payment for tax withholding for vesting of restricted stock

 

(14

)

 

(108

)

 

Repayments of junior subordinated debentures

 

(510

)

 

-

 

 

Net cash provided by financing activities

 

3,129

 

 

4,487

 

 

 

 

 

 

 

 

 

 

Net change in cash and cash equivalents

 

5,171

 

 

(8,805

)

 

Cash and cash equivalents at beginning of the period

 

16,651

 

 

22,219

 

 

Cash and cash equivalents at end of the period

 

$

21,822

 

 

$

13,414

 

 

 

 

 

 

 

 

 

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

 

Cash paid for interest

 

$

4,710

 

 

$

3,357

 

 

Cash paid for income taxes

 

13

 

 

-

 

 

 

 

 

 

 

 

 

 

Supplemental disclosures of non-cash investing and financing:

 

 

 

 

 

 

 

Transfers of loans receivable held for sale to loans receivable held for investment

 

$

1,064

 

 

$

16,871

 

 

Transfers of loans receivable held for investment to loans receivable held for sale

 

10,684

 

 

-

 

 

Common stock exchanged for payment of tax withholding

 

14

 

 

108

 

 

Initial Recognition of Operating Lease Right-to-Use Assets

 

1,120

 

 

-

 

 

Initial Recognition of Operating Lease Liabilities

 

1,120

 

 

-

 

 

 

See accompanying notes to unaudited consolidated financial statements.

 

3


Table of Contents

 

BROADWAY FINANCIAL CORPORATION AND SUBSIDIARY

Consolidated Statements of Changes in Stockholders’ Equity

(Unaudited)

 

 

 

Three-Month Period Ended September 30, 2019 and 2018

 

 

Common
Stock
Voting

 

Common
Stock
Non-
Voting

 

Additional
Paid-in
Capital

 

Accumulated
Other
Comprehensive
(Loss) Income

 

Retained
Earnings
(Substantially
Restricted)

 

Unearned
ESOP
Shares

 

Treasury
Stock

 

Total
Stockholders’
Equity

 

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Balance at July 1, 2019

 

   $

218

 

   $

87

 

   $

46,292

 

   $

(34)

 

   $

8,773

 

   $

(994)

 

   $

(5,326)

 

   $

49,016

Net loss for the three months ended September 30, 2019

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(279)

 

 

-

 

 

-

 

 

(279)

Release of unearned ESOP shares

 

 

-

 

 

-

 

 

2

 

 

-

 

 

-

 

 

17

 

 

-

 

 

19

Restricted stock Compensation expense

 

 

-

 

 

-

 

 

63

 

 

-

 

 

-

 

 

-

 

 

-

 

 

63

Stock option compensation expense

 

 

-

 

 

-

 

 

10

 

 

-

 

 

-

 

 

-

 

 

-

 

 

10

Cancellation of shares

 

 

-

 

 

-

 

 

(14)

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(14)

Other comprehensive income, net of tax

 

 

-

 

 

-

 

 

-

 

 

45

 

 

-

 

 

-

 

 

-

 

 

45

Balance at September 30, 2019

 

   $

218

 

   $

87

 

   $

46,353

 

   $

11

 

   $

8,494

 

   $

(977)

 

   $

(5,326)

 

   $

48,860

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at July 1, 2018

 

   $

213

 

   $

87

 

   $

46,116

 

   $

(334)

 

   $

7,605

 

   $

(1,060)

 

   $

(5,326)

 

   $

47,301

Net income for the three months ended September 30, 2018

 

 

-

 

 

-

 

 

-

 

 

-

 

 

751

 

 

-

 

 

-

 

 

751

Release of unearned ESOP shares

 

 

-

 

 

-

 

 

2

 

 

-

 

 

-

 

 

17

 

 

-

 

 

19

Restricted stock Compensation expense

 

 

-

 

 

-

 

 

3

 

 

-

 

 

-

 

 

-

 

 

-

 

 

3

Stock option compensation expense

 

 

-

 

 

-

 

 

10

 

 

-

 

 

-

 

 

-

 

 

-

 

 

10

Other comprehensive loss, net of tax

 

 

-

 

 

-

 

 

-

 

 

(71)

 

 

-

 

 

-

 

 

-

 

 

(71)

Balance at September 30, 2018

 

   $

213

 

   $

87

 

   $

46,131

 

   $

(405)

 

   $

8,356

 

   $

(1,043)

 

   $

(5,326)

 

   $

48,013

 

See accompanying notes to unaudited consolidated financial statements.

 

4


Table of Contents

 

 

 

Nine-Month Period Ended September 30, 2019 and 2018

 

 

Common
Stock
Voting

 

Common
Stock
Non-
Voting

 

Additional
Paid-in
Capital

 

Accumulated
Other
Comprehensive
(Loss) Income

 

Retained
Earnings
(Substantially
Restricted)

 

Unearned
ESOP
Shares

 

Treasury
Stock

 

Total
Stockholders’
Equity

 

 

 

 

 

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

Balance at January 1, 2019

 

   $

213

 

   $

87

 

   $

46,141

 

   $

(283)

 

   $

8,631

 

   $

(1,027)

 

   $

(5,326)

 

   $

48,436

Net loss for the nine months ended September 30, 2019

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(137)

 

 

-

 

 

-

 

 

(137)

Release of unearned ESOP shares

 

 

-

 

 

-

 

 

(3)

 

 

-

 

 

-

 

 

50

 

 

-

 

 

47

Restricted stock Compensation expense

 

 

5

 

 

-

 

 

148

 

 

-

 

 

-

 

 

-

 

 

-

 

 

153

Stock awarded to directors

 

 

-

 

 

-

 

 

52

 

 

-

 

 

-

 

 

-

 

 

-

 

 

52

Stock option compensation expense

 

 

-

 

 

-

 

 

29

 

 

-

 

 

-

 

 

-

 

 

-

 

 

29

Cancellation of shares

 

 

-

 

 

-

 

 

(14)

 

 

-

 

 

-

 

 

 

-

 

 

-

 

 

(14)

Other comprehensive income, net of tax

 

 

-

 

 

-

 

 

-

 

 

294

 

 

-

 

 

-

 

 

-

 

 

294

Balance at September 30, 2019

 

   $

218

 

   $

87

 

   $

46,353

 

   $

11

 

   $

8,494

 

   $

(977)

 

   $

(5,326)

 

   $

48,860

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2018

 

   $

213

 

   $

87

 

   $

46,117

 

   $

(81)

 

   $

7,816

 

   $

(1,095)

 

   $

(5,326)

 

   $

47,731

Net income for the nine months ended September 30, 2018

 

 

-

 

 

-

 

 

-

 

 

-

 

 

540

 

 

-

 

 

-

 

 

540

Release of unearned ESOP shares

 

 

-

 

 

-

 

 

15

 

 

-

 

 

-

 

 

52

 

 

-

 

 

67

Restricted stock Compensation expense

 

 

-

 

 

-

 

 

32

 

 

-

 

 

-

 

 

-

 

 

-

 

 

32

Stock awarded to directors

 

 

-

 

 

-

 

 

45

 

 

-

 

 

-

 

 

-

 

 

-

 

 

45

Stock option compensation expense

 

 

-

 

 

-

 

 

30

 

 

-

 

 

-

 

 

-

 

 

-

 

 

30

Cancellation of shares

 

 

-

 

 

-

 

 

(108)

 

 

-

 

 

-

 

 

-

 

 

-

 

 

(108)

Other comprehensive loss, net of tax

 

 

-

 

 

-

 

 

-

 

 

(324)

 

 

-

 

 

-

 

 

-

 

 

(324)

Balance at September 30, 2018

 

   $

213

 

   $

87

 

   $

46,131

 

   $

(405)

 

   $

8,356

 

   $

(1,043)

 

   $

(5,326)

 

   $

48,013

 

See accompanying notes to unaudited consolidated financial statements.

 

5


Table of Contents

 

BROADWAY FINANCIAL CORPORATION AND SUBSIDIARY

Notes to Unaudited Consolidated Financial Statements

September 30, 2019

 

NOTE (1) – Basis of Financial Statement Presentation

 

The accompanying unaudited consolidated financial statements include Broadway Financial Corporation (the “Company”) and its wholly owned subsidiary, Broadway Federal Bank, f.s.b. (the “Bank”).  Also included in the unaudited consolidated financial statements is Broadway Service Corporation, a wholly owned subsidiary of the Bank.  All significant intercompany balances and transactions have been eliminated in consolidation.

 

The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions for quarterly reports on Form 10-Q.  These unaudited consolidated financial statements do not include all disclosures associated with the Company’s consolidated annual financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2018 and, accordingly, should be read in conjunction with such audited consolidated financial statements.  In the opinion of management, all adjustments (all of which are normal and recurring in nature) considered necessary for a fair presentation have been included.  Operating results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019.

 

Recently Adopted Accounting Pronouncements

 

In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, “Leases (Topic 842)”, which is intended to increase transparency and comparability in the accounting for lease transactions.  ASU 2016-02 became effective as of January 1, 2019 and provides for a modified retrospective transition approach requiring lessees to recognize and measure leases on the balance sheet at either the earliest period presented or the beginning of the period of adoption with the option to elect certain practical expedients. We have elected to apply ASU 2016-02 as of the beginning of the period of adoption, which was January 1, 2019 and we have elected not to restate comparative periods. All the expedients available under ASU 2016-02, have been adopted.

 

The Bank has a combined operating lease for its corporate headquarters and main retail branch and a photocopier lease. As a result of implementing ASU 2016-02, we recognized an operating lease right-of-use (“ROU”) asset of $1.2 million and an operating lease liability of $1.2 million as of January 1, 2019, with no impact on our consolidated statements of operations or consolidated statements of cash flows compared to the prior lease accounting model. The ROU asset and operating lease liability are recorded in fixed assets and other liabilities, respectively, in the consolidated statements of financial condition. See Note 6 — Leases for additional information. The implementation of this standard had a minor impact on our regulatory capital ratios.

 

Recent Accounting Pronouncements Yet to Be Adopted

 

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”.  ASU 2016-13 replaces the incurred loss model with an expected loss model, which is referred to as the current expected credit loss (CECL) model.  The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables, held-to-maturity debt securities, and reinsurance receivables. It also applies to off-balance sheet credit exposures not accounted for as insurance (such as loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor.  For debt securities with other-than-temporary impairment, the guidance will be applied prospectively.  Existing purchased credit impaired (PCI) assets will be grandfathered and classified as purchased credit deteriorated (PCD) assets at the date of adoption.  The asset will be grossed up for the allowance for expected credit losses for all PCD assets at the date of adoption and will continue to recognize the noncredit discount in interest income based on the yield of such assets as of the adoption date.  Subsequent changes in expected credit losses will be recorded through the allowance.  For all other assets within the scope of CECL, a cumulative-effect adjustment will be recognized in retained earnings as of the beginning of the first reporting period in which the guidance is effective.

 

On October 16, 2019, the FASB voted to affirm the proposed amended effective date for ASU 2016-13 for smaller reporting companies (“SRCs”) as defined by the SEC. The final ASU is expected to be issued in mid-November of 2019 and would delay the implementation date for ASU 2016-13 to fiscal year ends beginning after December 22, 2022. SRCs are defined as companies with less than $250 million of public float or less than $100 million in annual revenues for the previous year and no public float or public float of less than $700 million. 

6


Table of Contents

 

BROADWAY FINANCIAL CORPORATION AND SUBSIDIARY

Notes to Unaudited Consolidated Financial Statements (continued)

 

The Company qualifies as a SRC and management has not yet determined when to implement ASU 2016-13 or the expected financial impact. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. The ASU was issued to improve the effectiveness of disclosures surrounding fair value measurements. The ASU removes numerous disclosures from Topic 820 including; transfers between level 1 and 2 of the fair value hierarchy, the policy for timing of transfers between levels, and the valuation process for level 3 fair value measurements. The ASU also modified and added disclosure requirements in regards to changes in unrealized gains and losses included in other comprehensive income, as well as the range and weighted average of unobservable inputs for level 3 fair value measurements. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The guidance is not expected to have a significant impact on the Company’s consolidated financial statements.

 

In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.  This ASU is effective January 1, 2020 and clarifies the scope of the credit losses standard and addresses issues related to accrued interest receivable balances, recoveries, variable interest rates and prepayments, among other things. The amendments to Topic 326 have the same effective dates as ASU 2016-13. We will evaluate this ASU in conjunction with ASU 2016-13 to determine its impact on our financial condition and results of operations.

 

In May 2019, the FASB issued ASU No. 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief. This ASU allows entities to irrevocably elect the fair value option on an instrument-by-instrument basis for eligible financial assets measured at amortized cost basis upon adoption of the credit loss standards. The effective date for this ASU is the same as for ASU 2016-13. We will evaluate this ASU in conjunction with ASU 2016-13 to determine its impact on our financial condition and results of operations.

 

NOTE (2)  Earnings Per Share of Common Stock

 

Basic earnings per share of common stock is computed pursuant to the two-class method by dividing net income available to common stockholders less dividends paid on participating securities (unvested shares of restricted common stock) and any undistributed earnings attributable to participating securities by the weighted average common shares outstanding during the period.  The weighted average common shares outstanding includes the weighted average number of shares of common stock outstanding less the weighted average number of unvested shares of restricted common stock.  ESOP shares are considered outstanding for this calculation unless unearned.  Diluted earnings per share of common stock includes the dilutive effect of unvested stock awards and additional potential common shares issuable under stock options.

 

The following table shows how the Company computed basic and diluted (loss) earnings per share of common stock for the periods indicated:

 

 

 

For the three months ended
September 30,

 

For the nine months ended
September 30,

 

 

 

2019

 

2018

 

2019

 

2018

 

 

 

(Dollars in thousands, except per share)

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

  $

(279)

 

  $

751

 

  $

(137)

 

  $

540

 

Less net (loss) income attributable to participating securities

 

(4)

 

(3)

 

(2)

 

(2)

 

(Loss) income available to common stockholders

 

  $

(275)

 

  $

748

 

  $

(135)

 

  $

538

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding for basic earnings (loss) per common share

 

26,907,546

 

26,752,542

 

26,782,325

 

26,752,347

 

Add: dilutive effects of assumed exercises of stock options

 

-

 

-

 

-

 

42,912

 

Add: dilutive effects of unvested restricted stock awards

 

-

 

4,267

 

-

 

8,474

 

Weighted average common shares outstanding for diluted earnings (loss) per common share

 

26,907,546

 

26,756,809

 

26,782,325

 

26,803,733

 

 

 

 

 

 

 

 

 

 

 

(Loss) Earnings per common share - basic

 

  $

(0.01)

 

  $

0.03

 

  $

(0.01)

 

  $

0.02

 

(Loss) Earnings per common share - diluted

 

  $

(0.01)

 

  $

0.03

 

  $

(0.01)

 

  $

0.02

 

 

7


Table of Contents

 

BROADWAY FINANCIAL CORPORATION AND SUBSIDIARY

Notes to Unaudited Consolidated Financial Statements (continued)

 

Unvested restricted stock awards of 341,750 shares of common stock and stock options for 455,000 shares of common stock for the three and nine months ended September 30, 2019 and unvested restricted stock awards of 8,474 shares of common stock and stock options for 537,500 shares of common stock for the three and nine months ended September 30, 2018 were not considered in computing diluted earnings per common share because they were anti-dilutive.

 

NOTE (3)  Securities

 

The following table summarizes the amortized cost and fair value of the available-for-sale investment securities portfolios as of the periods indicated and the corresponding amounts of unrealized gains and losses which were recognized in accumulated other comprehensive income (loss):

 

 

 

Amortized Cost

 

Gross
Unrealized
Gains

 

Gross
Unrealized
Losses

 

Fair Value

 

 

 

(In thousands)

 

September 30, 2019:

 

 

 

 

 

 

 

 

 

Federal agency mortgage-backed securities

 

  $

8,245

 

  $

167

 

  $

(2)

 

  $

8,410

 

Federal agency debt

 

5,178

 

83

 

-

 

5,261

 

Total available-for-sale securities

 

  $

13,423

 

  $

250

 

  $

(2)

 

  $

13,671

 

December 31, 2018:

 

 

 

 

 

 

 

 

 

Federal agency mortgage-backed securities

 

  $

9,575

 

  $

88

 

  $

(155)

 

  $

9,508

 

Federal agency debt

 

5,317

 

-

 

(103)

 

5,214

 

Total available-for-sale securities

 

  $

14,892

 

  $

88

 

  $

(258)

 

  $

14,722

 

 

At September 30, 2019, the Bank had 3 federal agency debt securities with total amortized cost of $5.2 million, estimated total fair value of $5.3 million and an estimated average remaining life of 3.3 years.  The Bank also had 22 federal agency mortgage-backed securities with total amortized cost of $8.2 million, estimated total fair value of $8.4 million and an estimated average remaining life of 3.9 years.  Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

 

Securities with unrealized losses at September 30, 2019 and December 31, 2018, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows:

 

 

 

Less than 12 months

 

12 months or more

 

Total

 

 

 

Estimated
Fair Value

 

Gross
Unrealized
Losses

 

Estimated
Fair Value

 

Gross
Unrealized
Losses

 

Estimated
Fair
Value

 

Gross
Unrealized
Losses

 

 

 

(In thousands)

 

September 30, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal agency mortgage-backed securities

 

  $

623

 

  $

(2)

 

  $

-

 

  $

-

 

  $

623

 

  $

(2)

 

Total temporarily impaired

 

  $

623

 

  $

(2)

 

  $

-

 

  $

-

 

  $

623

 

  $

(2)

 

 

8


Table of Contents

 

BROADWAY FINANCIAL CORPORATION AND SUBSIDIARY

Notes to Unaudited Consolidated Financial Statements (continued)

 

 

 

Less than 12 months

 

12 months or more

 

Total

 

 

 

Estimated
Fair Value

 

Gross
Unrealized
Losses

 

Estimated
Fair Value

 

Gross
Unrealized
Losses

 

Estimated
Fair
Value

 

Gross
Unrealized
Losses

 

 

 

(In thousands)

 

December 31, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal agency mortgage-backed securities

 

  $

2,649

 

  $

(25)

 

  $

4,213

 

  $

(130)

 

  $

6,862

 

  $

(155)

 

Federal agency debt

 

1,979

 

(10)

 

3,235

 

(93)

 

5,214

 

(103)

 

Total temporarily impaired

 

  $

4,628

 

  $

(35)

 

  $

7,448

 

  $

(223)

 

  $

12,076

 

  $

(258)

 

 

At September 30, 2019 and December 31, 2018, there were no securities pledged to secure public deposits since those public deposits are under $250 thousand and are fully insured by the Federal Deposit Insurance Corporation (“FDIC”).  At September 30, 2019 and December 31, 2018, there were no holdings of securities by any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity.

 

There were no sales of securities during the three and nine months ended September 30, 2019 and 2018.

 

The Bank held one security with unrealized losses at September 30, 2019 compared to 10 securities with unrealized losses at December 31, 2018. Securities in unrealized loss positions are analyzed as part of our ongoing assessment of other-than-temporary impairment. Consideration is given to the financial condition and near-term prospects of the issuer, the length of time and the extent to which the fair value has been less than the cost, and our intent and ability to retain our investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. All of the Bank’s securities were issued by the federal government or its agencies. The unrealized losses on our available-for-sale securities at September 30, 2019 were primarily caused by movements in market interest rates subsequent to the purchase of such securities. We do not consider these unrealized losses to be other than temporary impairment.

 

NOTE (4)  Loans Receivable Held for Sale

 

Loans receivable held for sale at September 30, 2019 and December 31, 2018 totaled $8.2 million and $6.2 million, respectively, and consisted of multi-family loans.  The Bank transferred $1.1 million and $16.9 million of multi-family loans from the held-for-sale portfolio to the held-for-investment portfolio during the nine months ended September 30, 2019 and 2018, respectively.  During the nine months ended September 30, 2019, $10.7 million in loans receivable held for investment were transferred to loans receivable held for sale.  No loans were originated for sale during the three months ended September 30, 2019, while $20.3 million were originated during the same period of 2018.  Loans originated for sale were $15.2 million and $20.3 million during the nine months ended September 30, 2019 and 2018, respectively.  There were $22.8 million of sales of multi-family loans during the three months and nine months ended September 30, 2019.  Sales of multi-family loans during the three months and nine months ended September 30, 2018 totaled $2.3 million and $6.6 million, respectively.  Loan repayments totaled $103 thousand and $106 thousand during the nine months ended September 30, 2019 and 2018, respectively.

 

9


Table of Contents

 

BROADWAY FINANCIAL CORPORATION AND SUBSIDIARY

Notes to Unaudited Consolidated Financial Statements (continued)

 

NOTE (5)  Loans Receivable Held for Investment

 

Loans receivable held for investment were as follows as of the dates indicated:

 

 

 

September 30, 2019

 

December 31, 2018

 

 

 

(In thousands)

 

Real estate:

 

 

 

 

 

Single family

 

$  

78,100

 

$  

91,835

 

Multi-family

 

246,782

 

231,870

 

Commercial real estate

 

6,390

 

5,802

 

Church

 

22,376

 

25,934

 

Construction

 

2,757

 

1,876

 

Commercial – other

 

271

 

226

 

Consumer

 

5

 

5

 

Gross loans receivable before deferred loan costs and premiums

 

356,681

 

357,548

 

Unamortized net deferred loan costs and premiums

 

937

 

937

 

Gross loans receivable

 

357,618

 

358,485

 

Allowance for loan losses

 

(2,818)

 

(2,929)

 

Loans receivable, net

 

$  

354,800

 

$  

355,556

 

 

10


Table of Contents

 

BROADWAY FINANCIAL CORPORATION AND SUBSIDIARY

Notes to Unaudited Consolidated Financial Statements (continued)

 

The following tables present the activity in the allowance for loan losses by loan type for the periods indicated:

 

 

 

Three Months Ended September 30, 2019

 

 

Real Estate

 

 

 

 

 

 

 

 

Single
family

 

Multi-
family

 

Commercial
real estate

 

Church

 

Construction

 

Commercial
- other

 

Consumer

 

Total

 

 

(In thousands)

Beginning balance

 

  $

328

 

  $

1,932

 

  $

58

 

  $

401

 

  $

44

 

  $

5

 

  $

3

 

  $

2,771

Provision for (recapture of) loan losses

 

-

 

66

 

-

 

(24)

 

6

 

-

 

(1)

 

47

Recoveries

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

Loans charged off

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

Ending balance

 

  $

328

 

  $

1,998

 

  $

58

 

  $

377

 

  $

50

 

  $

5

 

  $

2

 

  $

2,818

 

 

 

 

 

Three Months Ended September 30, 2018

 

 

Real Estate

 

 

 

 

 

 

 

 

Single
family

 

Multi-
family

 

Commercial
real estate

 

Church

 

Construction

 

Commercial
- other

 

Consumer

 

Total

 

 

(In thousands)

Beginning balance

 

  $

517

 

  $

2,656

 

  $

61

 

  $

925

 

  $

18

 

  $

6

 

  $

-

 

  $

4,183

Provision for (recapture of) loan losses

 

(120)

 

(791)

 

(6)

 

(87)

 

3

 

(1)

 

2

 

(1,000)

Recoveries

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

Loans charged off

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

Ending balance

 

  $

397

 

  $

1,865

 

  $

55

 

  $

838

 

  $

21

 

  $

5

 

  $

2

 

  $

3,183

 

 

 

 

 

Nine Months Ended September 30, 2019

 

 

Real Estate

 

 

 

 

 

 

 

 

Single
family

 

Multi-
family

 

Commercial
real estate

 

Church

 

Construction

 

Commercial
- other

 

Consumer

 

Total

 

 

(In thousands)

Beginning balance

 

  $

369

 

  $

1,880

 

  $

52

 

  $

603

 

  $

19

 

  $

6

 

  $

-

 

  $

2,929

Provision for (recapture of) loan losses

 

(41)

 

118

 

6

 

(416)

 

31

 

(1)

 

2

 

(301)

Recoveries

 

-

 

-

 

-

 

190

 

-

 

-

 

-

 

190

Loans charged off

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

Ending balance

 

  $

328

 

  $

1,998

 

  $

58

 

  $

377

 

  $

50

 

  $

5

 

  $

2

 

  $

2,818

 

 

 

 

 

Nine Months Ended September 30, 2018

 

 

Real Estate

 

 

 

 

 

 

 

 

Single
family

 

Multi-
family

 

Commercial
real estate

 

Church

 

Construction

 

Commercial
- other

 

Consumer

 

Total

 

 

(In thousands)

Beginning balance

 

  $

594

 

  $

2,300

 

  $

71

 

  $

1,081

 

  $

17

 

  $

6

 

  $

-

 

  $

4,069

Provision for (recapture of) loan losses

 

(197)

 

(435)

 

(16)

 

(357)

 

4

 

(1)

 

2

 

(1,000)

Recoveries

 

-

 

-

 

-

 

114

 

-

 

-

 

-

 

114

Loans charged off

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

Ending balance

 

  $

397

 

  $

1,865

 

  $

55

 

  $

838

 

  $

21

 

  $

5

 

  $

2

 

  $

3,183

 

11


Table of Contents

 

BROADWAY FINANCIAL CORPORATION AND SUBSIDIARY

Notes to Unaudited Consolidated Financial Statements (continued)

 

The following tables present the balance in the allowance for loan losses and the recorded investment (unpaid contractual principal balance less charge-offs, less interest applied to principal, plus unamortized deferred costs and premiums) by loan type and based on impairment method as of the dates indicated:

 

 

 

September 30, 2019

 

 

Real Estate

 

 

 

 

 

 

 

 

Single
family

 

Multi-
family

 

Commercial
real estate

 

Church

 

Construction

 

Commercial
- other

 

Consumer

 

Total

 

 

(In thousands)

Allowance for loan losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending allowance balance attributable to loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated for impairment

 

$

59

 

$

-

 

$

-

 

$

87

 

$

-

 

$

3

 

$

-

 

$

149

Collectively evaluated for impairment

 

269

 

1,998

 

58

 

290

 

50

 

2

 

2

 

2,669

Total ending allowance balance

 

$

328

 

$

1,998

 

$

58

 

$

377

 

$

50

 

$

5

 

$

2

 

$

2,818

Loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans individually evaluated for impairment

 

$

619

 

$

316

 

$

-

 

$

4,655

 

$

-

 

$

63

 

$

-

 

$

5,653

Loans collectively evaluated for impairment

 

77,740

 

247,811

 

6,397

 

17,050

 

2,754

 

208

 

5

 

351,965

Total ending loans balance

 

$

78,359

 

$

248,127

 

$

6,397

 

$

21,705

 

$

2,754

 

$

271

 

$

5

 

$

357,618

 

 

 

 

 

December 31, 2018

 

 

Real Estate

 

 

 

 

 

 

 

 

Single
family

 

Multi-
family

 

Commercial
real estate

 

Church

 

Construction

 

Commercial
- other

 

Consumer

 

Total

 

 

(In thousands)

Allowance for loan losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending allowance balance attributable to loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated for impairment

 

$

53

 

$

-

 

$

-

 

$

170

 

$

-

 

$

4

 

$

-

 

$

227

Collectively evaluated for impairment

 

316

 

1,880