Revenue during the quarter dropped 19.03 percent to $3.17 million from $3.92 million in the previous year period. Net interest income for the quarter rose 8.15 percent over the prior year period to $3.03 million. Non-interest income for the quarter fell 84.30 percent over the last year period to $0.14 million.

Net interest margin contracted 7 basis points to 3.02 percent in the quarter from 3.09 percent in the last year period.

Chief Executive Officer, Wayne Bradshaw commented, “The third quarter represented an important period for Broadway Financial Corporation, as we have transitioned from an institution that has been spending considerable time and resources on improving internal processes and loan quality to a healthy, sound financial institution focusing on growth, profits, and value creation for our stockholders. At the end of the third quarter, we had no delinquent loans, no REO and non-accrual loans of only $3.0 million, or 0.74% of total assets, all of which were current in their payments. These accomplishments have allowed the Bank to reduce costs and time commitments for a variety of expense categories, such as appraisal fees and holdings costs for REO, assessment fees from both the FDIC and the OCC, and expenses for professional services.

Return on average assets moved down 74 basis points to 0.32 percent in the quarter from 1.06 percent in the last year period. At the same time, return on average equity decreased 705 basis points to 2.76 percent in the quarter from 9.81 percent in the last year period.

Nonperforming assets stood at $3.04 million as on Sep. 30, 2016. Meanwhile, nonperforming assets to total assets was 0.74 percent in the quarter.

Equity to assets ratio was 11.50 percent for the quarter. Book value per share was $1.63 for the quarter.