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Broadway Financial Trading Resumes
Broadway Financial trading resumes
Broadway Financial Trading Halted Due to Volatility
Broadway Financial trading halted, volatility trading pause
Broadway Financial Gets Nasdaq Non-Compliance Notice
Broadway Financial, parent company of City First Bank, National Association, announced it received a letter from The Nasdaq Stock Market, dated November 20, informing the Company that it is not in compliance with Nasdaq Listing Rule 5250 for continued listing on The Nasdaq Capital Market because its Quarterly Report on Form 10-Q for the quarter ended September 30 was not filed within the time period prescribed by the SEC rules. Nasdaq's notice has no immediate effect on the listing or trading of the Company's shares on The Nasdaq Capital Market, although there can be no assurances that further delays in the filing of the Q3 Form 10-Q or the Company's other SEC reports will not have an impact on the listing or trading of the Company's common stock. As previously disclosed on the Company's Form 12b-25 filed with the SEC on November 14 the Company was unable to complete and timely file the Q3 Form 10-Q due to the evaluation of its sold loan participation accounting in accordance with Accounting Standards Codification Topic 860 and its impact to the consolidated financial statements. As a result of this delay, the Company requires additional time to fully complete its review of the financial statements for the quarter ended September 30, 2025 for adequate disclosure of the information required to be included in Q3 the Form 10-Q. The Company expects to provide the updated compliance plan to Nasdaq and to file the Q3 Form 10-Q as promptly as reasonably practicable.
Broadway Financial receives Nasdaq notice of non-compliance
Broadway Financial announced it received a letter from The Nasdaq Stock Market, dated May 28, 2025, informing the company that it no longer complies with Nasdaq Listing Rule 5250(c)(1) for continued listing on The Nasdaq Capital Market because its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 was not filed within the time period prescribed by the SEC rules. Nasdaq has provided the company 60 calendar days from May 28, 2025, to submit a plan to regain compliance with Rule 5250(c)(1). If Nasdaq accepts the company's plan, then Nasdaq may grant the company up to 180 days from the prescribed due date, or until November 17, 2025, for filing the Form 10-Q to regain compliance. The company expects to file the Form 10-Q as promptly as reasonably practicable and prior to the 60-day deadline for submitting a compliance plan to Nasdaq.
Broadway Financial reports Q4 EPS 6c vs. 31c last year
Net interest margin increased to 2.42% for Q4 2024 from 2.40% for Q4 2023. Book value per share was $14.82 at December 31, 2024, compared to $14.65 at December 31, 2023. CEO Brian Argrett commented, "2024 was full of accomplishments and challenges for City First Broadway. We experienced significant loan and deposit growth while maintaining strong credit quality within the loan portfolio. During the year, we were able to grow net loans by $88.4 million, or 10%, increase deposits by $62.8M, or 9.2%, and reduce borrowings by almost $135M, or over one-third. Importantly, we were able to replace over half of those borrowings with much lower cost deposits, and I am pleased to report that we grew deposits by over $73M in Q4. Net interest income after provision for credit losses improved by almost $2.6M in 2024, compared to 2023, notwithstanding an increase in our cost of funds of 101 basis points during the year. I am optimistic that the re-shifting of our funding mix from higher cost borrowings to lower cost deposits will help improve performance in 2025."
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