Broadway Financial Corporation reported net income attributable to Broadway of $522 thousand for the third quarter of 2024, an increase from $91 thousand in the third quarter of 2023. However, the net loss attributable to common stockholders was $228 thousand, compared to net income of $91 thousand for common stockholders in the prior year's quarter. Diluted loss per common share stood at $0.03 for the third quarter of 2024.
The company's net interest income increased by $1.5 million, or 23.0%, to $8.3 million for the third quarter of 2024, driven by higher interest income from loans and interest-bearing deposits. The net interest margin expanded to 2.49% for the third quarter of 2024 from 2.33% in the same period of 2023. This indicates an improvement in core banking profitability.
Non-interest expense increased by $613 thousand, or 8.8%, to $7.6 million for the third quarter of 2024, primarily due to higher professional and accounting fees. These expenses were incurred in connection with the company's efforts to remediate weaknesses in internal controls identified during the preparation of financial statements for the third quarter of 2023. The provision for credit losses was $399 thousand for the quarter, up from a recovery of $2 thousand in the prior year.
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