James D. Goudge

statement of condition

Broadway Bank’s tag line is “We’re here for good.” To support this message, we are running a media campaign that offers answers to the question, “What is GOOD?” The same question can be asked about our numbers ... when it comes to our Statement of Condition, what is good? For a start, the bank has right at $3 billion in assets which are partially funded by $326 million in owners’ equity—these numbers equate to a very good (i.e., strong) capital ratio of 11%. “Good” is having $2.5 billion in deposits entrusted to us by our customers, with that number up $89 million (+3.7%) vs. June 2013. And, “good” is having all those added deposit dollars (and more) go into loans, which stood at $1.2 billion at the end of June—up by $128 million (+11%) vs. a year ago.

Of that loan growth, we have had a $53 million (7%) increase in loans to business, which is a “good” sign of economic activity in our communities. Residential home loans are up by $13 million (+10%) for the period, which is “good” for the families enjoying their new homes. Construction loans are up by $55 million (+71%) over June 2013, which is “good” because those dollars fund a lot of local construction jobs and material purchases. Finally, all of this activity is “good” for our employees, because they are truly eager to use their skills and talents to help customers with their fi nancial needs. If we continue to do this well, then the bank will truly be “here for good” (as in a long time to come!).

Sincerely,
James D. Goudge
Chairman and CEO

Source: 2Q14