Broadway Financial (BYFC) in Los Angeles earned $1.4 million in the second quarter.
A year earlier, the $391 million-asset company lost $2 million.
Broadway, which recently restated its financial results for 2011 and the first quarter of 2012, said the second-quarter results benefited from the June sale of the company's headquarters building and a lower loan-loss provision. The provision fell 90% from a year earlier, to $102,000, because of fewer loans and reduced charge offs.
Nonperforming assets fell 14% from a year earlier, to $48.3 million. The company's total risk-based capital ratio increased 8 basis points from a year earlier, to 13.34%.
"Our results for the first half indicate that we are making progress in improving our portfolio, and building our capital," Wayne Kent Bradshaw, Broadway's chief executive, said in a press release.
