LOS ANGELES - Shareholders of Broadway Financial Corporation, a federally chartered savings institution, have cast their votes in favor of all proposed items during the company's Annual Meeting held on July 17, 2024. The meeting's agenda included the election of directors, the ratification of the company's independent auditor, and a non-binding advisory vote on executive compensation.
The election results for the Board of Directors, which was one of the key items on the agenda, saw Wayne-Kent A. Bradshaw, Marie C. Johns, and David J. McGrady securing their positions with a majority of votes. They are set to serve on the board until the 2027 Annual Meeting of Stockholders or until their successors are appointed. Bradshaw received 3,058,218 votes for, Johns received 2,719,959, and McGrady received 3,085,438, with a notable number of broker non-votes recorded for each candidate.
In addition to the board elections, the appointment of Moss Adams LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified with a strong majority of 3,893,261 votes in favor.
Furthermore, the company's executive compensation received approval from the shareholders, with 3,003,536 votes endorsing the compensation package, 141,099 against, and 2,289 abstaining. There were also 895,360 broker non-votes on this proposal.
The company, headquartered at 4601 Wilshire Boulevard, Suite 150, Los Angeles, CA 90010, announced these voting outcomes in a report filed with the U.S. Securities and Exchange Commission on July 23, 2024. This report, known as Form 8-K, is a standard document for publicly traded companies to announce major events that shareholders should be aware of.
Broadway Financial Corporation trades on the Nasdaq Capital Market under the ticker symbol NASDAQ:BYFC. The company's focus is on providing financial services, and it operates within the savings institution industry under the SIC code 6035. Zack Ibrahim, Executive Vice President and Chief Financial Officer, signed off on the report, affirming the accuracy of the disclosed information. The results from this meeting reflect the shareholders' support for the current management and strategic direction of the company.
In other recent news, Broadway Financial Corporation, the parent company of City First Bank (NASDAQ:FRBA), has regained compliance with Nasdaq's listing requirements. Following the filing of its Form 10-Q for the quarter ending March 31, 2024, Nasdaq, Inc. confirmed that the company has satisfied the exchange's rules. This development resolves the compliance issue previously noted by Nasdaq, closing the matter.
Broadway Financial Corporation is primarily operational through City First Bank, which serves low-to-moderate income communities in Southern California and the Washington, D.C. area. The bank provides a variety of financial services, including residential and commercial real estate loans, to consumers, businesses, and non-profit organizations. It also offers an array of deposit products such as checking, savings, and money market accounts, certificates of deposits, and retirement accounts.
The resolution of the compliance issue marks the end of a period of scrutiny for Broadway Financial, ensuring its continued listing on the exchange. The timely filing of periodic financial reports, as mandated by Nasdaq Listing Rule 5250(c)(1), is crucial for maintaining investor confidence and the company's ability to attract and retain investment. For more information about Broadway Financial Corporation, investors and analysts can reach out to the company's investor relations department.
InvestingPro Insights
As Broadway Financial Corporation (NASDAQ:BYFC) continues to navigate through the financial landscape, the latest data from InvestingPro provides key insights into the company's performance and valuation. With a market capitalization of $46.94 million, the company's price-to-earnings (P/E) ratio stands at 16.3, reflecting investor sentiment on its earnings capacity. Notably, the P/E ratio has adjusted slightly upward in the last twelve months as of Q1 2024 to 17.32, suggesting a change in earnings or stock price during that period.
An InvestingPro Tip indicates that Broadway Financial Corporation is trading at a low Price / Book multiple of 0.36, which could signal that the company's stock is potentially undervalued relative to its book value. Additionally, despite being profitable over the last twelve months, the company is experiencing revenue contraction, with a -3.64% revenue growth during the same period and a sharper quarterly decline of -10.68% in Q1 2024.
For investors seeking more comprehensive analysis, there are additional InvestingPro Tips available that delve deeper into the company's cash burn and gross profit margins, which are crucial for understanding its financial health. Using the exclusive coupon code PRONEWS24, readers can get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription to gain access to these valuable insights. Visit https://www.investing.com/pro/BYFC for further details on these and other metrics, including the InvestingPro Fair Value estimate of $5.72, which could help in making informed investment decisions.
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