Broadway Financial Corporation, incorporated on October 25, 1995, is a savings and loan holding company. The Company is engaged in the savings and loan business through its subsidiary, Broadway Federal Bank, f.s.b. (the Bank). The Bank is a community-oriented savings institution. The Bank's business consists of deposits from the general public and using such deposits, together with borrowings and other funds, to make mortgage loans secured by residential properties with over five or more units (multi-family); commercial real estate, and residential properties with one-to four-units (single family). The Bank operates over two retail-banking offices in Los Angeles and one in the city of Inglewood, California.
Lending Activities
The Company's loan portfolio consists of mortgage loans, which are secured by single family residential properties; multi-family properties, and commercial real estate, including churches. The remainder of the loan portfolio consists of commercial business loans, construction loans and consumer loans. The Company's net loan portfolio totals approximately $304.2 million. It emphasizes the origination of adjustable-rate mortgage loans (ARMs) and hybrid ARM loans (ARM loans having an initial fixed rate period) for its portfolio of loans held for investment. The Company's primary focus has been on the origination of multi-family and commercial real estate loans. These loans are secured primarily by multi-family dwellings or by properties used for business purposes, such as small office buildings, healthcare facilities and retail facilities located in its primary market area. The Company's multi-family loans amount to approximately $118.6 million. The Company's commercial real estate loans amount to approximately $11.4 million. The Company also originates ARMs and fixed rate loans secured by single family residences, including investor owned properties, with maturities of approximately 30 years. Its single family loans total approximately $130.9 million. The Company originates non-real estate commercial loans that are secured by business assets, the franchise value of the business, if applicable, and individual assets, such as deposit accounts, securities and automobiles. The Company's commercial loans amount to approximately $270 thousand. The Company provides loans for construction of single family, multi-family and commercial real estate projects and for land development.
Investment Activities
The Company's securities portfolio consists of residential mortgage-backed securities and a United States federal agency bond, which totals approximately $14.1 million. The Company classifies investments as held-to-maturity or available-for-sale. The Company has no securities classified as held-to-maturity securities. Its available-for-sale securities include residential mortgage-backed securities, and the United States Government and federal agency securities.
Sources of Fund
Deposits are the Company's primary source of funds for supporting its lending and other investment activities, and general business purposes. In addition to deposits, the Company obtains funds from the amortization and prepayment of loans and residential mortgage-backed securities, sales of loans and residential mortgage-backed securities, advances from the Federal Home Loan Bank (FHLB), and cash flows generated by operations. It offers a range of deposit accounts with a range of interest rates and terms. The Company's deposits consist of passbook savings accounts, checking accounts, negotiable order of withdrawal (NOW) accounts, money market accounts and fixed-term certificates of deposit. It also opens deposit accounts for customers in the United States through the Internet and deposit listing services. Deposits from the Internet and deposit listing services total approximately $6.9 million and $60.4 million, respectively. The Company utilizes short-term and long-term advances from the FHLB of San Francisco as an alternative to retail deposits as a funding source. The Company has approximately $72 million in FHLB advances. It has no brokered deposits or deposits obtained through the Certificate of Deposit Account Registry Service.
4800 Wilshire Blvd
The company trades on NASDAQ exchange. The company headquarter is located in California, CA. The company was established in the 1946.| Ticker | BYFC |
| Long Name | Broadway Financial Corporation |
| Short Name | Broadway Financial |