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Broadway Financial Slips To Loss In Q4

Broadway Financial Corp. (BYFC) Thursday, reported a net loss for the fourth quarter from a profit last year, due mainly to lower interest income.

For the fourth quarter, Broadway Financial's net loss was $132 thousand, compared to a profit of $237 thousand reported in the year-ago period. On a per-share basis, the loss for the quarter widened to $0.24 from $0.03 reported last year.

Net interest income increased to $3.85 million from $3.03 million last year. Net interest income before provision for loan losses was $4.0 million, down 19 percent from last year.

Non interest income was $219 thousand compared to $953 thousand for the fourth quarter of 2010. Last year's non-interest income included a $600 thousand gain related to a financial assistance award received in the fourth quarter of 2010 from the U.S. Department of the Treasury's Community Development Financial Institutions Fund and also a $114 thousand net gain on sales of loans.

by RTT Staff Writer

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