Broadway Financial (BYFC) in Los Angeles has increased its 2011 loss by 45%, to $15.4 million, after restating its financial results.
The $414 million-asset company had to restate last year's results because of "errors made in determining the appropriate provisions for losses and charge-offs," Broadway said in a press release Friday. The errors resulted from a failure to use certain appraisals of properties securing impaired loans. Additionally, appraisals received after the end of 2011 indicated that losses tied to the loans had been understated.
The company originally reported a loss of $10.6 million. Its loan-loss provision increased 41% from its previous reporting, to $12.2 million.
Broadway said in August that it would
Some of the provision that Broadway included in its previously announced results for the first quarter are now reflected in the results for 2011, the company said.
