Black-owned bank reports growth

Posted: May 6, 2008 in Economy, success

7th Largest Black-Owned Bank Reports 37% Increase in First Quarter Net Earnings

LOS ANGELES, CA (BUSINESS WIRE) – Broadway Financial Corporation (NASDAQ: BYFC), parent company of the 7th largest Black-owned bank in America Broadway Federal Bank, today reported first quarter net earnings of $607,000, or $0.32 per diluted share, up $163,000, or 36.71%, when compared with net earnings of $444,000, or $0.23 per diluted share, in the first quarter of 2007. The increase in net earnings was primarily due to increased interest-earning assets and a higher net interest margin.

Chief Executive Officer Paul C. Hudson stated, “Bank earnings are benefiting from strong loan demand and increasing net interest margins.” He went on to state, “Going forward, we are focusing on deposit growth and asset credit quality.” (more…)

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