BROADWAY FINANCIAL REPORTS THIRD QUARTER RESULTS
BROADWAY FINANCIAL REPORTS THIRD QUARTER RESULTS PATERSON, N.J., Nov. 14 /PRNewswire/ -- Broadway Financial
Corporation today reported a loss of $4.419 million or $2.73 per share in the quarter ended Sept. 30, 1991, which compares with a loss of $4.706 million or $2.89 per share in the comparable quarter last year. As announced last month, the third quarter 1991 loss incorporates a regulatory mandate, which Broadway intends to appeal, requiring it to take a further write-down of $2.7 million on the value of previously foreclosed timeshare assets.
Broadway Financial is the holding company for Broadway Bank & Trust Company, a 65-year-old regional bank headquartered in Paterson. It recently took action to increase the Tier I capital of the bank to the parent holding company. This brings Broadway Bank's leveraged capital ratio to 2.01 percent at Sept. 30, 1991, from 1.13 percent three months earlier. The bank is drafting a revised capital plan designed to further increase its capital level, which it hopes to implement in early 1992. For the nine months ended Sept. 30, Broadway Financial reported losses of $6.302 million or $3.89 per share in 1991, and $5.813 million or $3.59 per share in 1990. -0- 11/14/91 /CONTACT: Cathy Seiler of Broadway Financial, 201-742-6000, or Paul Finkel of Paul Finkel Associates, 201-740-0090, for Broadway Financial/ (BFCP) CO: Broadway Financial Corporation ST: New Jersey IN: FIN SU: ERN SM-OS -- NY089 -- 4544 11/14/91 16:00 EST
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|Date:||Nov 14, 1991|
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