Days after restating its 2011 results to show a larger loss, Broadway Financial (BYFC) in Los Angeles announced Wednesday that its first-quarter loss was lower than it first reported.
The $395 million-asset company now says it lost $132,000 in the first quarter, not $346,000 as it first reported.
Some of the losses it included in its previously announced first-quarter results are now reflected in its revised results for 2011, the company said. On Friday, Broadway increased its 2011 loss by 45%, to $15.4 million.
Broadway had to restate results for both 2011 and the first quarter of 2012 following errors that stemmed from a failure to use certain appraisals of properties securing impaired loans. Appraisals received after the end of 2011 also showed that losses tied to the loans had been understated.
