Broadway Financial Corporation reported net income attributable to Broadway of $1.3 million for the fourth quarter of 2024, a decrease from $2.6 million in the fourth quarter of 2023. Net income attributable to common stockholders was $550 thousand, down from $2.6 million in the prior year's quarter, which had included $3.7 million in grant income. Diluted earnings per common share for Q4 2024 was $0.06.
For the full calendar year 2024, net income attributable to Broadway was $1.9 million, compared to $4.5 million in 2023. Diluted earnings per common share for the year was $0.04, a decrease from $0.51 in 2023. The decrease in net income was primarily due to a $3.8 million decrease in non-interest income related to the 2023 grant income and a $2.5 million increase in non-interest expense.
Despite the decline in overall net income, the company achieved significant operational improvements. Net interest income for Q4 2024 increased by $850 thousand, or 11.9%, to $8.0 million, and for the full year 2024, it rose by $2.3 million, or 7.8%, to $31.8 million. Net loans grew by $88.4 million, or 10%, and deposits increased by $62.8 million, or 9.2%, during 2024. Borrowings were reduced by almost $135 million, with over half replaced by lower-cost deposits.
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