Broadway Financial to Restate Financials.Tuesday, August 21, 2012
Broadway Financial Corp. said in a regulatory filing that it would restate its financial statements for fiscal 2011 and the first quarter of this year.
The Los Angeles thrift, which has been a significant lender to churches and has struggled with loan losses for several years, said the restatements were related to corrections and updates to collateral valuations on certain impaired loans.
The bank said that it likely will have to increase its allowance for loan losses for the quarter ended March 31. Shares were unchanged at $1.03 Tuesday on the Nasdaq.