Broadway Financial Corporation Reports Second Quarter 2026 Results Reflecting Strong Loan and Deposit Growth and Enhanced Operating Performance
LOS ANGELES--( BUSINESS WIRE)--Broadway Financial Corporation (“Broadway”, “we”, or the “Company”) (NASDAQ: BYFC), parent company of City First Bank, National Association (the “Bank”, and collectively, with the Company, “City First Broadway”), reported net income attributable to common stockholders of $218 thousand during the second quarter of 2026, compared to net income attributable to common stockholders of $409 thousand for the first quarter of 2026, and net income attributable to common stockholders of $2 thousand for the second quarter of 2025. Diluted income per common share was $0.02 for the second quarter of 2026, compared to $0.05 per diluted common share for the first quarter of 2026 and $0.00 for the second quarter of 2025.
The Company reported consolidated net income before preferred dividends 1 of $968 thousand, or $0.11 per diluted common share, for the second quarter of 2026, compared to $1.2 million, or $0.13 per diluted common share, for the first quarter of 2026, and $752 thousand, or $0.09 per diluted common share, for the second quarter of 2025.
For the first six months of 2026, the Company reported consolidated net income before preferred dividends of $2.1 million, or $0.24 per diluted common share, compared to consolidated net loss before preferred dividends of $1.9 million, or ($0.23) per diluted common share, for the first six months of 2025.
Net income attributable to common stockholders was $627 thousand during the first six months of 2026 after deducting preferred dividends of $1.5 million, compared to net loss attributable to common stockholders of $3.4 million for the first six months of 2025 after deducting preferred dividends of $1.5 million. Diluted income per common share was $0.07 for the first six months of 2026, compared to ($0.39) of diluted loss per common share for the first six months of 2025. Diluted income per common share for the first six months of 2026 reflects preferred dividends of $0.17 per diluted common share, compared to $0.18 per diluted common share for the first six months of 2025.
Second Quarter Highlights
1
“Net income before preferred dividends", "pre-provision net revenue", and “efficiency ratio” are non-GAAP financial measures. A reconciliation of these non-GAAP financial measures and the nearest GAAP measures is provided in the GAAP Reconciliation to Non-GAAP Financial Measures tables that accompany this document.
Chief Executive Officer, Brian Argrett commented, “Our second quarter results reflect continued progress in executing our growth strategy while maintaining a disciplined approach to credit, capital, and liquidity management. During the first six months of 2026, total loans increased $110.0 million, or 10.8%, and total deposits increased $197.0 million, or 21.5%, providing additional capacity to support our customers and communities. Operating performance continued to improve during the quarter, with pre-provision net revenue increasing 82.2% to $3.0 million, reflecting the benefits of balance sheet growth and disciplined expense management."
"The diversification and growth of our funding base supported strong loan growth while maintaining a solid liquidity position. Credit quality remains a key area of focus for management. During the quarter, we established a specific reserve on a non-accrual loan, which increased provision expense. This action reflects our disciplined approach to risk management, while overall portfolio performance remained stable and our capital position continues to provide significant capacity to absorb potential losses.”
"I would like to thank our employees, customers, stockholders, and community partners for their continued trust and support as we work to create long-term value for all stakeholders."
Quarterly Results of Operations
Year-to-Date Results of Operations
Financial Condition Review
Asset Quality
Capital
About Broadway Financial Corporation
Broadway Financial Corporation operates through its wholly-owned banking subsidiary, City First Bank, National Association, which is a leading mission-driven bank that serves low-to-moderate income communities within urban areas in Southern California and the Washington, D.C. market.
City First Bank offers a variety of commercial loan products, services, and depository accounts that support investments in affordable housing, small businesses, and nonprofit community facilities located within low-to-moderate income neighborhoods. City First Bank is a Community Development Financial Institution, Minority Depository Institution, Certified B Corp, and a member of the Global Alliance of Banking on Values. The Bank and the City First network of nonprofits, City First Enterprises, Homes By CFE, and City First Foundation, represent the City First branded family of community development financial institutions, which offer a robust lending and deposit platform.
Cautionary Statement Regarding Forward-Looking Information
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations and capital allocation and structure, are forward-looking statements. Forward‑looking statements typically include the words “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” “poised,” “optimistic,” “prospects,” “ability,” “looking,” “forward,” “invest,” “grow,” “improve,” “deliver” and similar expressions, but the absence of such words or expressions does not mean a statement is not forward-looking. These forward‑looking statements are subject to risks and uncertainties, including those identified below, which could cause actual future results to differ materially from historical results or from those anticipated or implied by such statements. The following factors, among others, could cause future results to differ materially from historical results or from those indicated by forward‑looking statements included in this press release: (1) the level of demand for mortgage and commercial loans, which is affected by such external factors as general economic conditions, market interest rate levels, tax laws, and the demographics of our lending markets; (2) the direction and magnitude of changes in interest rates and the relationship between market interest rates and the yield on our interest‑earning assets and the cost of our interest‑bearing liabilities; (3) the rate and amount of credit losses incurred and projected to be incurred by us, increases in the amounts of our nonperforming assets, the level of our loss reserves and management’s judgments regarding the collectability of loans; (4) changes in the regulation of lending and deposit operations or other regulatory actions, whether industry-wide or focused on our operations, including increases in capital requirements or directives to increase allowances for credit losses or make other changes in our business operations; (5) legislative or regulatory changes, including those that may be implemented by the current administration in Washington, D.C. and the Federal Reserve Board; (6) possible adverse rulings, judgments, settlements and other outcomes of litigation; (7) actions undertaken by both current and potential new competitors; (8) the possibility of adverse trends in property values or economic trends in the residential and commercial real estate markets in which we compete; (9) the effect of changes in general economic conditions; (10) the effect of geopolitical uncertainties; (11) the impact of health crises on our future financial condition and operations; (12) the impact of any volatility in the banking sector due to the failure of certain banks due to high levels of exposure to liquidity risk, interest rate risk, uninsured deposits and cryptocurrency risk; (13) the loss of our CDFI certification could potentially limit our grant income awards; and (14) other risks and uncertainties. All such factors are difficult to predict and are beyond our control. Additional factors that could cause results to differ materially from those described above can be found in our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K or other filings made with the SEC and are available on our website at http://www.cityfirstbank.com and on the SEC’s website at http://www.sec.gov.
Forward-looking statements in this press release speak only as of the date they are made, and we undertake no obligation, and do not intend, to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except to the extent required by law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
BROADWAY FINANCIAL CORPORATION
Consolidated Statements of Financial Condition
(In thousands, except share and per share amounts)
June 30, 2026
December 31, 2025
(Unaudited)
Assets:
Cash and due from banks
$
2,135
$
1,676
Interest-bearing deposits in other banks
46,770
8,831
Cash and cash equivalents
48,905
10,507
Securities available-for-sale, at fair value (amortized cost of $337,681 and $265,371)
327,030
256,835
Loans receivable held for investment, net of allowance of $10,799 and $9,424
1,126,539
1,016,540
Accrued interest receivable
6,746
5,999
Federal Home Loan Bank (FHLB) stock
5,464
4,417
Federal Reserve Bank (FRB) stock
3,543
3,543
Office properties and equipment, net
8,782
8,732
Bank owned life insurance
24,179
23,663
Deferred tax assets, net
7,312
6,711
Core deposit intangible, net
1,308
1,460
Other assets
3,891
7,162
Total assets
$
1,563,699
$
1,345,569
Liabilities and equity
Liabilities:
Deposits
$
1,114,651
$
917,603
Securities sold under agreements to repurchase
81,928
80,773
Borrowings
94,000
72,000
Accrued expenses and other liabilities
10,639
12,236
Total liabilities
1,301,218
1,082,612
Equity:
Non-Cumulative Redeemable Perpetual Preferred stock, Series C; authorized 150,000 shares at June 30, 2026 and December 31, 2025; issued and outstanding 150,000 shares at June 30, 2026 and December 31, 2025; liquidation value $1,000 per share
150,000
150,000
Common stock, Class A, $0.01 par value, voting; authorized 75,000,000 shares at June 30, 2026 and December 31, 2025; issued 6,502,886 shares at June 30, 2026 and 6,409,760 shares at December 31, 2025; outstanding 6,175,658 shares at June 30, 2026 and 6,082,532 shares at December 31, 2025
65
64
Common stock, Class B, $0.01 par value, non-voting; authorized 15,000,000 shares at June 30, 2026 and December 31, 2025; issued and outstanding 1,425,404 shares at June 30, 2026 and December 31, 2025
14
14
Common stock, Class C, $0.01 par value, non-voting; authorized 25,000,000 shares at June 30, 2026 and December 31, 2025; issued and outstanding 1,672,562 at June 30, 2026 and December 31, 2025
17
17
Additional paid-in capital
143,494
143,194
Accumulated deficit
(14,611
)
(15,238
)
Unearned Employee Stock Ownership Plan (ESOP) shares
(3,743
)
(3,869
)
Accumulated other comprehensive loss, net of tax
(7,606
)
(6,105
)
Treasury stock-at cost, 327,228 shares at June 30, 2026 and at December 31, 2025
(5,326
)
(5,326
)
Total Broadway Financial Corporation and Subsidiary equity
262,304
262,751
Non-controlling interest
177
206
Total liabilities and equity
$
1,563,699
$
1,345,569
The following table sets forth the consolidated statements of operations for the three and six months ended June 30, 2026 and 2025.
BROADWAY FINANCIAL CORPORATION
Consolidated Statements of Operations
(In thousands, except share and per share amounts)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
2026
March 31,
2026
June 30,
2025
June 30,
2026
June 30,
2025
Interest income:
Interest and fees on loans receivable
$
14,353
$
13,287
$
12,825
$
27,640
$
25,942
Interest on available-for-sale securities
3,210
2,613
1,171
5,823
2,379
Other interest income
240
309
401
549
877
Total interest income
17,803
16,209
14,397
34,012
29,198
Interest expense:
Interest on deposits
6,985
5,990
4,879
12,975
9,078
Interest on borrowings
1,328
1,166
1,763
2,494
4,320
Total interest expense
8,313
7,156
6,642
15,469
13,398
Net interest income
9,490
9,053
7,755
18,543
15,800
Provision for (recapture of) credit losses
1,481
200
(454
)
1,681
1,460
Net interest income after provision for (recapture of) credit losses
8,009
8,853
8,209
16,862
14,340
Non-interest income:
Service charges
44
44
41
88
84
Grants
23
107
105
130
130
Earnings on bank owned life insurance
261
255
11
516
22
Management fees
475
14
37
489
87
Other
147
169
161
316
320
Total non-interest income
950
589
355
1,539
643
Non-interest expense:
Compensation and benefits
4,253
4,886
4,412
9,139
9,696
Occupancy expense
458
508
485
966
1,025
Information services
804
940
774
1,744
1,480
Professional services
571
586
788
1,157
1,488
Advertising and promotional expense
56
124
61
180
107
Supervisory costs
179
185
156
364
349
Corporate insurance
56
55
66
111
133
Amortization of core deposit intangible
76
76
79
152
158
Operational loss
-
-
-
-
1,943
Other
1,023
655
701
1,678
1,340
Total non-interest expense
7,476
8,015
7,522
15,491
17,719
Income (loss) before income taxes
1,483
1,427
1,042
2,910
(2,736
)
Income tax expense (benefit)
330
282
296
612
(790
)
Net income (loss)
1,153
1,145
746
2,298
(1,946
)
Less: Net income (loss) attributable to non-controlling interest
185
(14
)
(6
)
171
(9
)
Net income (loss) attributable to Broadway Financial Corporation
968
1,159
752
2,127
(1,937
)
Less: Preferred stock dividends
750
750
750
1,500
1,500
Net income (loss) attributable to common stockholders
$
218
$
409
$
2
$
627
$
(3,437
)
Earnings (loss) per common share-basic
$
0.02
$
0.05
$
0.00
$
0.07
$
(0.39
)
Earnings (loss) per common share-diluted
$
0.02
$
0.05
$
0.00
$
0.07
$
(0.39
)
The following tables set forth the average balances, average yields and costs for the periods indicated. All average balances are daily average balances. The yields set forth below include the effect of deferred loan fees, and discounts and premiums that are amortized or accreted to interest income or expense.
BROADWAY FINANCIAL CORPORATION
Consolidated Averages, Interest Yields and Rates (Unaudited)
(In thousands, except share and per share amounts)
Three Months Ended
Three Months Ended
Three Months Ended
30-Jun-26
31-Mar-26
30-Jun-25
Assets
Interest-earning assets:
Interest-bearing deposits
$
13,380
$
120
3.60
%
$
22,560
$
201
3.61
%
$
24,132
$
266
4.42
%
Securities
312,186
3,210
4.12
265,415
2,613
3.99
182,351
1,171
2.58
Loans receivable (1)
1,101,866
14,353
5.22
1,039,076
13,287
5.19
989,861
12,825
5.20
FRB and FHLB stock (2)
7,530
120
6.39
6,642
108
6.59
7,473
135
7.25
Total interest-earning assets
1,434,962
17,803
4.98
1,333,693
16,209
4.93
1,203,817
14,397
4.80
Non-interest-earning assets
42,246
42,377
48,563
Total assets
$
1,477,208
$
1,376,070
$
1,252,380
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Money market deposits
$
175,103
$
942
2.16
%
$
191,248
$
1,047
2.22
%
$
133,930
$
336
1.01
Savings deposits
244,794
2,213
3.63
102,463
631
2.50
46,762
61
0.52
Interest checking and other demand deposits
262,783
1,447
2.21
264,446
1,619
2.48
251,146
1,975
3.15
%
Certificate accounts
281,036
2,383
3.40
313,330
2,693
3.49
270,424
2,507
3.72
Total deposits
963,716
6,985
2.91
871,487
5,990
2.79
702,262
4,879
2.79
FHLB Borrowings
62,884
614
3.92
44,072
421
3.87
94,795
1,126
4.76
Other borrowings
77,553
714
3.69
82,359
745
3.67
69,721
637
3.66
Total borrowings
140,437
1,328
3.79
126,431
1,166
3.74
164,516
1,763
4.30
Total interest-bearing liabilities
$
1,104,153
$
8,313
3.02
$
997,918
$
7,156
2.91
$
866,778
$
6,642
3.07
Non-interest-bearing liabilities
109,709
113,688
101,461
Stockholders’ equity
263,346
264,464
284,141
Total liabilities and stockholders’ equity
$
1,477,208
$
1,376,070
$
1,252,380
Net interest rate spread (3)
$
9,490
1.96
$
9,053
2.02
7,755
1.72
Net interest rate margin (4)
2.65
2.75
2.58
%
Ratio of interest-earning assets to interest-bearing liabilities
129.96
133.65
138.88
%
(1)
Amount includes non-accrual loans.
(2)
FHLB is Federal Home Loan Bank.
(3)
Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(4)
Net interest rate margin represents net interest income as a percentage of average interest-earning assets.
For the Six Months Ended
June 30, 2026
June 30, 2025
(Dollars in thousands) (Unaudited)
Average Balance
Interest
Average Yield
Average Balance
Interest
Average Yield
Assets
Interest-earning assets:
Interest-earning deposits
$
17,945
$
321
3.61
%
$
26,532
$
578
4.39
%
Securities
288,930
5,823
4.06
%
189,368
2,379
2.53
%
Loans receivable (1)
1,070,644
27,640
5.21
%
996,757
25,942
5.25
%
FRB and FHLB stock (2)
7,089
228
6.49
%
9,320
299
6.47
%
Total interest-earning assets
$
1,384,608
$
34,012
4.95
%
1,221,977
$
29,198
4.82
%
Non-interest-earning assets
42,310
49,364
Total assets
$
1,426,918
$
1,271,341
Liabilities and Equity
Interest-bearing liabilities:
Money market deposits
$
183,131
$
1,989
2.19
%
$
126,557
$
593
0.94
%
Savings deposits
174,022
2,844
3.30
%
47,732
129
0.54
%
Interest checking and other demand deposits
263,610
3,066
2.35
%
253,384
3,886
3.09
%
Certificate accounts
297,093
5,076
3.45
%
247,498
4,470
3.64
%
Total deposits
917,856
12,975
2.85
%
675,171
9,078
2.71
%
Borrowings
53,531
1,035
3.90
%
137,406
3,082
4.52
%
Other borrowings
79,942
1,459
3.68
%
68,453
1,238
3.65
%
Total borrowings
133,473
2,494
3.77
%
205,859
4,320
4.23
%
Total interest-bearing liabilities
$
1,051,329
$
15,469
2.97
%
881,030
$
13,398
3.07
%
Non-interest-bearing liabilities
111,687
105,028
Equity
263,902
285,283
Total liabilities and equity
$
1,426,918
$
1,271,341
Net interest rate spread (3)
$
18,543
1.99
%
$
15,800
1.75
%
Net interest rate margin (4)
2.70
%
2.61
%
Ratio of interest-earning assets to interest-bearing liabilities
131.70
%
138.70
%
(1)
Amount includes non-accrual loans.
(2)
FHLB is Federal Home Loan Bank.
(3)
Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
(4)
Net interest rate margin represents net interest income as a percentage of average interest-earning assets.
The following table sets forth selected financial data and ratios for the quarters and six months noted below.
BROADWAY FINANCIAL CORPORATION
Selected Financial Data and Ratios (Unaudited)
(Dollars in thousands, except per share data)
Three Months Ended
Six Months Ended
June 30,
2026
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
June 30,
2026
June 30,
2025
Balance Sheets at Period Ended:
Total gross loans
$
1,137,338
$
1,068,771
$
1,025,964
$
1,023,483
$
986,944
$
1,137,338
$
986,944
Allowance for credit losses
10,799
9,509
9,424
10,339
9,880
10,799
9,880
Investment securities
327,030
284,103
256,835
244,005
177,977
327,030
177,977
Total assets
1,563,699
1,426,065
1,345,569
1,335,565
1,247,517
1,563,699
1,247,517
Total deposits
1,114,651
1,073,056
917,603
849,205
798,922
1,114,651
798,922
Total shareholders' equity
262,304
262,480
262,751
261,687
284,679
262,304
284,679
Profitability for Period Ended:
Interest income
$
17,803
$
16,209
$
16,293
$
15,791
$
14,397
$
34,012
$
29,198
Interest expense
8,313
7,156
7,563
7,174
6,642
15,469
13,398
Net interest income
9,490
9,053
8,730
8,617
7,755
18,543
15,800
Provision for (recapture of) credit losses
1,481
200
47
679
(454
)
1,681
1,460
Non-interest income
950
589
687
422
355
1,539
643
Non-interest expenses
7,476
8,015
7,946
31,518
7,522
15,491
17,719
Income (loss) before income taxes
1,483
1,427
1,424
(23,158
)
1,042
2,910
(2,736
)
Income tax expense (benefit)
330
282
392
736
296
612
(790
)
Net income (loss)
1,153
1,145
1,032
(23,894
)
746
2,298
(1,946
)
Less: Net income (loss) attributable to non-controlling interest
185
(14
)
7
(11
)
(6
)
171
(9
)
Net income (loss) attributable to Broadway Financial Corporation
968
1,159
1,025
(23,883
)
752
2,127
(1,937
)
Less: Preferred stock dividends
750
750
750
750
750
1,500
1,500
Net income (loss) attributable to common stockholders
$
218
$
409
$
275
$
(24,633
)
$
2
$
627
$
(3,437
)
Financial Performance:
Return (loss) on average assets (annualized)
0.06
%
0.12
%
0.08
%
(7.48
)%
0.00
%
0.09
%
(0.49
)%
Return (loss) on average equity (annualized)
0.34
%
0.63
%
0.41
%
(34.12
)%
0.00
%
0.48
%
(2.43
)%
Net interest margin
2.65
%
2.75
%
2.62
%
2.72
%
2.58
%
2.70
%
2.61
%
Efficiency ratio 1
71.61
%
83.13
%
84.38
%
348.69
%
92.75
%
77.14
%
107.76
%
Per Share Data:
Book value per share
$
12.11
$
12.10
$
12.28
$
12.17
$
14.65
$
12.11
$
14.65
Weighted average common shares (basic)
8,679,800
8,597,291
8,639,459
8,617,707
8,622,891
8,636,143
8,557,745
Weighted average common shares (diluted)
8,874,673
8,816,188
8,639,459
8,617,707
8,808,467
8,845,593
8,557,745
Common shares outstanding at end of period
9,273,624
9,298,949
9,180,498
9,180,760
9,195,909
9,273,624
9,195,909
Financial Measures:
Loans to assets
72.73
%
74.95
%
76.25
%
76.63
%
79.11
%
72.73
%
79.11
%
Loans to deposits
102.04
%
99.60
%
111.81
%
120.52
%
123.53
%
102.04
%
123.53
%
Allowance for credit losses to total loans
0.95
%
0.89
%
0.92
%
1.01
%
1.00
%
0.95
%
1.00
%
Allowance for credit losses to total non-accrual loans
96.74
%
82.97
%
84.38
%
76.36
%
182.02
%
96.74
%
182.02
%
Non-accrual loans to total loans
0.98
%
1.07
%
1.09
%
1.32
%
0.55
%
0.98
%
0.55
%
Non-performing assets to total assets
0.71
%
0.80
%
0.83
%
1.01
%
0.44
%
0.71
%
0.44
%
Net charge-offs (recoveries) to average total loans
0.03
%
-
0.11
%
-
-
0.03
%
-
Average Balance Sheets:
Total loans
$
1,101,866
$
1,039,076
$
1,050,757
$
993,090
$
989,861
$
1,070,644
$
996,757
Investment securities
312,186
265,415
246,662
206,224
182,351
288,930
189,368
Total assets
1,477,208
1,376,070
1,361,026
1,306,782
1,252,380
1,426,918
1,271,341
Total deposits
963,716
871,487
775,913
746,143
702,262
917,857
675,171
Total shareholders' equity
263,346
264,464
263,266
286,458
284,141
263,902
285,283
In addition to results presented in accordance with U.S. generally accepted accounting principles ("GAAP"), management considers various non-GAAP measures when evaluating the performance of the business, including diluted earnings per common share before dividends, pre-provision net revenue, efficiency ratio, and tangible book value. Management believes these non-GAAP measures provide useful supplemental information to investors because they assist investors in understanding how management evaluates operating performance and makes day-to-day operating decisions.
The following table sets forth a GAAP to Non-GAAP reconciliation of financial measures for the quarters and six months noted below.
BROADWAY FINANCIAL CORPORATION AND SUBSIDIARY
GAAP Reconciliation to Non-GAAP Financial Measures (Unaudited)
(Dollars in thousands, except per share data)
Three Months Ended
Six Months Ended
June 30,
2026
March 31,
2026
June 30,
2026
Net income before preferred dividends and Earnings per common share - diluted before preferred dividends:
Net income attributable to common shareholders
$
218
$
2
$
627
Add: Preferred stock dividends
750
750
1,500
Net income before preferred dividends
$
968
$
752
$
2,127
Weighted average common shares outstanding for diluted earnings per common share
8,874,673
8,808,467
8,845,593
Earnings per common share - diluted before preferred dividends
$
0.11
$
0.09
$
0.24
Pre-provision net revenue:
Net interest income
$
9,490
$
9,053
$
18,543
Non-interest income
950
589
1,539
Less: Non-interest expense
7,476
8,015
15,491
Pre-provision net revenue
$
2,964
$
1,627
$
4,591
Efficiency ratio:
Net interest income
$
9,490
$
9,053
$
18,543
Non-interest income
950
589
1,539
Operating revenue
10,440
9,642
20,082
Non-interest expense
$
7,476
$
8,015
$
15,491
Efficiency ratio
71.61
%
83.13
%
77.14
%
Common Equity
Shares
Per Share
Capital
Outstanding
Amount
Tangible book value:
June 30, 2026
Common book value
$
112,304
9,273,624
$
12.11
Less:
Net unamortized core deposit intangible
1,308
Tangible book value
$
110,996
9,273,624
$
11.97
December 31, 2025
Common book value
$
112,751
9,180,498
$
12.28
Less:
Net unamortized core deposit intangible
1,460
Tangible book value
$
111,291
9,180,498
$
12.12
Diluted earnings per common share before preferred dividends represents diluted earnings per share adjusted to exclude the impact of preferred stock dividends. Management considers this information useful to investors because it provides additional perspective on the earnings available from the Company’s operating activities and facilitates comparisons across reporting periods.
Pre-provision net revenue is calculated by subtracting noninterest expenses from the sum of net interest income and noninterest income. Management considers this information useful to investors because it provides supplemental information regarding the Company’s ability to generate earnings through its business activities before consideration of the provision for credit losses, which can vary significantly from period to period.
Efficiency ratio represents noninterest expense divided by the sum of net interest income and noninterest income, excluding certain non-core items, as applicable. Management considers this information useful to investors as it provides supplemental information regarding the relationship between operating expenses and revenue generation.
The Company calculates tangible book value per common share by dividing tangible common equity by common shares outstanding. Tangible common equity is calculated as common shareholders’ equity less goodwill and other intangible assets. Management believes this measure is useful to investors as tangible equity is a measure that is consistent with the calculation of capital for bank regulatory purposes, which excludes intangible assets from the calculation of risk based ratios, and provides a meaningful assessment of capital adequacy and facilitates comparisons with other financial institutions.