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!).
James D. Goudge
Chairman and CEO