BYFCHIGH SIGNALFINANCIAL10-K

BYFC experienced a dramatic financial deterioration with net income swinging from $1.9M profit to -$24.8M loss while cash reserves plummeted 83% despite significant deposit growth.

This represents a severe liquidity and profitability crisis, as the company burned through most of its cash while posting massive losses. The combination of drastically reduced operating cash flow and depleted cash reserves raises serious questions about the company's ability to fund operations and meet obligations.

Comparing 2026-03-31 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

BYFC's financials show a company in distress, with net income collapsing by over 1,300% from positive $1.9M to negative $24.8M, driven primarily by interest expense surging 421% to $17.8M. While the company grew deposits by 23% to $917.6M, it simultaneously burned through 83% of its cash reserves, dropping from $61.4M to just $10.5M, and operating cash flow fell 84% to only $230K. This combination of massive losses, depleted liquidity, and weak cash generation despite deposit growth signals potential solvency concerns and suggests the bank may be struggling to manage its asset-liability mix effectively.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-1387.4%
$1.9M→-$24.8M

Net income declined 1387.4% — review whether driven by operations, interest costs, or non-recurring items.

Provision for Credit Losses
P&L
+514.3%
-$7K→$29K

Credit loss provisions surged 514.3% — management flagging significant deterioration in loan quality ahead.

Interest Expense
P&L
+421.1%
$3.4M→$17.8M

Interest expense surged 421.1% — significant debt increase or rising rates materially impacting earnings.

Operating Cash Flow
Cash Flow
-83.5%
$1.4M→$230K

Operating cash flow fell 83.5% — earnings quality concerns; investigate working capital changes and non-cash items.

Cash & Equivalents
Balance Sheet
-82.9%
$61.4M→$10.5M

Cash declined 82.9% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Capital Expenditure
Cash Flow
+76.1%
$138K→$243K

Capital expenditure jumped 76.1% — major investment cycle underway; assess returns on deployment.

Total Deposits
Balance Sheet
+23.1%
$745.4M→$917.6M

Deposits grew 23.1% — expanding customer base or increased trust in the institution.

Revenue
P&L
+18.7%
$155K→$184K

Revenue growing 18.7% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-03-31
ADDED
Aggregate market value of the voting and non voting common stock held by non affiliates as of June 30, 2025: $ 54.2 million.
As of March 18, 2026, 6,206,166 shares of the registrant s Class A voting common stock, 1,425,404 shares of the registrant s Class B non-voting common stock and 1,672,562 shares of the registrant s Class C non voting common stock were outstanding.
In 1996, the conversion was completed and Broadway Federal became a wholly owned subsidiary of the Company.
In 2021, the Company completed its merger (the Merger ) with CFBanc Corporation ( CFBanc ), with the Company continuing as the surviving entity.
Available Information Our internet website address is www.cityfirstbank.com.
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REMOVED
Aggregate market value of the voting and non voting common stock held by non affiliates as of June 30, 2024: $ 38.1 million.
As of March 21, 2025, 6,022,227 shares of the registrant s Class A voting common stock, 1,425,574 shares of the registrant s Class B non-voting common stock and 1,672,562 shares of the registrant s Class C non voting common stock were outstanding.
The conversion was completed, and Broadway Federal became a wholly owned subsidiary of the Company, in January 1996.
On April 1, 2021, the Company completed its merger (the Merger ) with CFBanc Corporation ( CFBanc ), with the Company continuing as the surviving entity.
Reverse Stock Split On October 31, 2023, the Company effected a reverse stock split of the Company s outstanding shares of Class A common stock, Class B common stock, and Class C common stock, par value $0.01 per share, at a ratio of 1-for-8 (the Reverse Stock Split ).
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