LOS ANGELES--(BUSINESS WIRE)--
Broadway Financial Corporation (the "Company") (NASDAQ Capital Market: BYFC) currently reported that its wholly-owned subsidiary, Broadway Federal Bank, f.s.b. (the "Bank"), not long ago finished the sale of roughly $16 million leading amount of loans, inclusive $13.1 million of non-performing loans. The non-performing loans represented roughly 31% of the Bank's estimated non-performing loans receivable and non-performing loans hold for sale as of December 31, 2012.
The sales were done in money exchange with two not similar buyers: a sale of roughly $14.1 million of singular family residential loans, inclusive roughly $11.8 million of non-performing singular family residential loans representing significantly all of the Bank's non-performing singular family residential loans, and a well-defined sale of 5 chapel loans with an total leading change of roughly $1.8 million, inclusive 4 non-performing chapel loans with an total leading change of $1.3 million.
The Company does not design to take any element assign against net income since the sale of these loans.
Chief Executive Officer, Wayne-Kent Bradshaw, stated, "These sales act for a significant shrinking in our non-performing loans, that will significantly lower the time and resources that you persevere to handling and monitoring non-performing loans. Furthermore, the sales will enable us to re-focus our efforts on enhancing operations, embarking expansion as available beneath our Cease and Desist Orders, and completing our formerly voiced Recapitalization. In addition, you think that these sales act for a major step in addressing regulatory mandate for materially shortening our non-performing loans. With the sales completed, our non-performing loans have been marked down to roughly $23 million, or 6.4% of total estimated assets, after adjusting is to sales, as of December 31, 2012."
Additional data concerning the loan sales will be done available in the Company's Form 10-K for 2012, that the Company expects to record in late March.
About Broadway Financial Corporation
Broadway Financial Corporation conducts its operations by its wholly-owned subsidiary, Broadway Federal Bank, f.s.b., that is the leading community-oriented extra savings bank in Southern California portion low to reasonable income communities. We offer a accumulation of residential and blurb actual estate loan products for consumers, businesses, and non-profit organizations, other loan products, and a accumulation of deposition products, inclusive checking, extra savings and money marketplace accounts, certificates of deposits and early retirement accounts. The Bank operates 3 full service branches, two in the town of Los Angeles, and a located in the within reach town of Inglewood, California.
Shareholders, analysts and others looking data about the Company are invited to write to: Broadway Financial Corporation, Investor Relations, 4800 Wilshire Blvd., Los Angeles, CA 90010, or revisit our website at www.broadwayfederalbank.com .
This press let go contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are formed on our management's stream expectations, and engage risks and uncertainties. Actual results or opening might deviate materially from those suggested, expressed, or pragmatic by the forward-looking statements due to a far-reaching operation of factors including, but not paltry to, the broad business environment, the actual estate market, aggressive conditions in the business and geographic areas in that the Company conducts its business, regulatory activities or changes and other risks minute in the Company's reports filed with the Securities and Exchange Commission, inclusive the Company's Annual Reports on Form 10-K, as nice by subsequently filed Forms 10-K/A, and Quarterly Reports on Form 10-Q. The Company undertakes no responsibility to publicly correct any forward-looking matter to simulate any future events or circumstances.