Broadway Financial (BYFC Stock Report) is part of this list of penny stocks. In its most recent earnings results, the company reported net income of $216K, or $ 0.01 per diluted share, for the second quarter of 2020. That compared to a net loss of $135K, or ($0.01) per diluted share, for the second quarter of 2019. This week, Broadway came out with another big update. The company announced that it entered into a transformational Merger of Equals agreement with CFBanc Corporation.
The company said this would effectively create the largest Black-led Minority Depository Institution in the nation. Furthermore, it would equate to more than $1 billion in combined assets under management. It would also equate to approximately $850 million in total depository institution assets (as of June 30, 2020 ).