U.S. SECURITIES AND EXCHANGE COMMISSION

                              WASHINGTON D.C. 20549

                                   FORM 10-QSB
                                   (Mark One)

        [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                  For the quarterly period ended March 31, 2002

 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT

               For transition period from__________ to___________

                         Commission file number 0-27464
                                     -------

                         BROADWAY FINANCIAL CORPORATION
                         ------------------------------
        (Exact Name of Small Business Issuer as Specified in its Charter)

                               Delaware 95-4547287
                               -------- ----------
           (State of Incorporation) (IRS Employer Identification No.)

             4800 Wilshire Boulevard, Los Angeles, California 90010
             ------------------------------------------------------
                    (Address of Principal Executive Offices)

                                 (323) 634-1700
                                 --------------
                (Issuer's Telephone Number, Including Area Code)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days. Yes [x] No [ ]

State the number of shares outstanding of each of the issuer's classes of common
equity,  as of the latest  practicable  date:  910,538  shares of the  Company's
Common Stock, par value $0.01 per share, were issued and outstanding as of April
19, 2002.

           Transitional Small Business Disclosure Format (Check one):

                                 Yes [ ] No [x]








                                        1




<PAGE>







                                      INDEX



                                                                           Page
PART I        FINANCIAL INFORMATION

   Item 1.    Financial Statements

              Consolidated Balance Sheets (unaudited)
              as of March 31, 2002 and December 31, 2001                     3

              Consolidated Statements of Operations
              (unaudited) for the three months
              ended March 31, 2002 and March 31, 2001                        4

              Consolidated Statements of Cash Flows
              (unaudited) for the three months ended
              March 31, 2002 and March 31, 2001                              5


              Notes to Unaudited Consolidated Financial Statements           6

   Item 2.    Management's Discussion and Analysis of
              Financial Condition and Results of Operations                  6
















                                        2

<PAGE>
                         BROADWAY FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                           Consolidated Balance Sheets
                  (Dollars in thousands, except share amounts)
                                   (Unaudited)
<TABLE>
<CAPTION>
<S>                                                                                 <C>             <C>
                                                                                   March 31,     December 31,
                                                                                      2002          2001
                                                                                      ----          ----

Assets:

Cash                                                                           $    5,701       $       2,639
Fed funds sold                                                                      5,000               2,600
Interest bearing deposits                                                           5,028               5,028
Investment securities held to maturity                                              1,000                   -
Investment securities available for sale                                            4,595               4,604
Mortgage-backed securities held to maturity                                        12,631              13,931
Loans receivable, net                                                             132,792             133,937
Loans receivable held for sale, at lower of cost or fair value                      5,934               7,362
Accrued interest receivable                                                           942                 943
Real estate acquired through foreclosure, net                                         108                   -
Investments in capital stock of Federal Home Loan Bank, at cost                     1,420               1,399
Office properties and equipment, net                                                5,951               6,001
Other assets                                                                          884                 457

Total assets                                                                   $  181,986       $     178,901
</TABLE>


<TABLE>
<CAPTION>
<S>                                                                            <C>             <C>
Liabilities and stockholders' equity

Deposits                                                                       $    153,210     $     151,156
Advances from Federal Home Loan Bank                                                  9,500            11,000
Advance payments by borrowers for taxes and insurance                                    41               224
Deferred income taxes                                                                   552               556
Other liabilities                                                                     3,767             1,337

Total liabilities                                                                   167,070           164,273
Stockholders' Equity:
    Preferred  non-convertible, non-cumulative, and non-voting stock, $.01 par
        value, authorized 1,000,000 shares; issued and outstanding 55,199 shares
        at March 31, 2002 and December 31, 2001                                           1                 1
   Common stock, $.01 par value, authorized 3,000,000 shares; issued and
        outstanding 910,538 shares at March 31, 2002 and
        December 31, 2001                                                                10                10
   Additional paid-in capital                                                         9,486             9,481
    Accumulated other comprehensive gain (loss), net of taxes                            (3)                2
   Retained earnings-substantially restricted                                         6,078             5,804
   Treasury stock-51,197 shares, at cost at March 31, 2002 and
        December 31, 2001                                                              (469)             (469)
   Unearned Employee Stock Ownership Plan shares                                       (187)             (201)

Total stockholders' equity                                                           14,916            14,628

Total liabilities and stockholders'  equity                                    $    181,986     $     178,901
</TABLE>



     See accompanying notes to unaudited consolidated financial statements.

                                        3

<PAGE>

                         BROADWAY FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                      Consolidated Statements of Operations
                (Dollars in thousands, except per share amounts)
                                   (Unaudited)

<TABLE>
<CAPTION>
<S>                                                                            <C>              <C>
                                                                                  Three Months ended March 31,

                                                                                  2002                   2001
                                                                                  ----                   ----

Interest on loans receivable                                                   $    2,823       $       2,735
Interest on investment securities held to maturity                                      5                  95
Interest on investment securities available for sale                                   40                --
Interest on mortgage-backed securities                                                202                 170
Other interest income                                                                  89                 259

Total interest income                                                               3,159               3,259


Interest on deposits                                                                1,047               1,491
Interest on borrowings                                                                129                 165

Total interest expense                                                              1,176               1,656

Net interest income before provision for loan losses                                1,983               1,603

Provision for loan losses                                                            --                    30

Net interest income after provision for loan losses                                 1,983               1,573

Non-interest income:
     Service charges                                                                  221                 161
     Gain (loss) on loans receivable held for sale                                     (1)                  1
     Other                                                                             15                  28
Total non-interest income                                                             235                 190

Non-interest expense:
     Compensation and benefits                                                        928                 831
     Occupancy expense, net                                                           302                 254
     Advertising and promotional expense                                               20                  50
     Professional services                                                             93                  41
     Contracted security services                                                      40                  39
     Telephone and postage                                                             45                  56
     Stationary, printing and supplies                                                 31                  25
     Other                                                                            205                 152
Total non-interest expense                                                          1,664               1,448

Earnings before income taxes                                                          554                 315

Income taxes                                                                          228                 134

Net earnings                                                                          326                 181

Other comprehensive income (loss):
  Unrealized income (loss) on securities available for sale                            (5)               --
  Income tax benefits                                                                   2                --
Other comprehensive income (loss)                                                      (3)               --

Comprehensive earnings                                                         $      323       $         181

Net earnings                                                                   $      326       $         181
Dividends paid on preferred stock                                                      (7)                 (7)

Earnings available to common shareholders                                      $      319       $         174

Earnings per share-basic                                                       $     0.36       $        0.20
Earnings per share-diluted                                                     $     0.35       $        0.20
Dividend declared per share-common stock                                       $     0.05       $        0.05
</TABLE>



     See accompanying notes to unaudited consolidated financial statements.

                                        4

<PAGE>


                         BROADWAY FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                      Consolidated Statements of Cash Flows
                             (Dollars in thousands)
                                   (Unaudited)

<TABLE>
<CAPTION>
<S>                                                                                <C>                 <C>
                                                                                Three months ended March 31,
                                                                                  2002               2001
                                                                                  ----               ----
Cash flows from operating activities
Net earnings                                                                   $      326       $         181

Adjustments to reconcile net earnings to net cash provided by
   (used in)operating activities:
   Depreciation                                                                        33                  91
   Amortization of premiums and discounts on loans purchased                          (44)                  1
   Amortization of net deferred loan origination fees                                (102)                 16
   Amortization of discounts and premiums on  investment securities                    40                  21
   Amortization of deferred compensation                                               22                  14
   Loss (gain) on sale of loans receivable held for sale                                1                  (1)
   Loss on disposal of fixed assets                                                    46                   -
   Provision for loan losses                                                            -                  30
   Loans originated for sale, net of refinances                                      (376)                  -
   Proceeds from sale of loans receivable held for sale                               613                  60
   Changes in operating assets and liabilities:
      Accrued interest receivable                                                       1                  65
      Other assets                                                                   (427)                 16
       Deferred income taxes                                                           (4)                  -
      Other liabilities                                                             2,395                (318)

Total adjustments                                                                   2,198                  (5)

Net cash  provided by operating activities                                          2,524                 176

Cash flows from investing activities
Loans originated, net of refinances                                                (4,658)             (2,696)
Principal repayment on loans                                                        7,066               4,218
Purchases of investment securities held-to-maturity                                (1,000)             (1,000)
Proceeds from maturities of investment securities held-to-maturity                      -               7,624
Proceeds from maturities of mortgage-backed securities held-
   to-maturity                                                                      1,260                 735
Purchase of Federal Home Loan stock                                                   (21)                (22)
Capital expenditures for office properties and equipment                              (29)                (78)

Net cash  provided by investing activities                                          2,618               8,781

Cash flows from financing activities
Net increase in deposits                                                            2,054               9,668
Decrease in advances from Federal Home Loan Bank                                   (1,500)                  -
Dividends paid                                                                        (51)                (51)
Increase in advances by borrowers
     for taxes and insurance                                                         (183)               (189)

Net cash provided by financing activities                                             320               9,428

Net increase in cash and cash equivalents                                           5,462              18,385

Cash and cash equivalents at beginning of period                                    5,239              10,267

Cash and cash equivalents at end of period                                     $   10,701    $         28,652

Supplemental disclosures of cash flow information:

Cash paid for interest                                                         $    1,245    $          1,697
Cash paid for income taxes                                                              -                 408

Supplemental disclosure of non-cash investing and
   financing activities
Transfers of real estate acquired through foreclosure                          $       73    $              -
</TABLE>

     See accompanying notes to unaudited consolidated financial statements.

                                        5

<PAGE>





                 BROADWAY FINANCIAL CORPORATION AND SUBSIDIARIES
              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 2002


1.   The unaudited  consolidated  financial statements included herein have been
     prepared  pursuant  to the  rules and  regulations  of the  Securities  and
     Exchange  Commission.  In the opinion of management  of Broadway  Financial
     Corporation (the "Company"), the preceding unaudited consolidated financial
     statements  contain all material  adjustments,  consisting solely of normal
     recurring accruals,  necessary to present fairly the consolidated financial
     position of Broadway  Financial  Corporation and  subsidiaries at March 31,
     2002 and the results of their operations and their cash flows for the three
     months  ended  March  31,  2002  and  2001.  These  consolidated  financial
     statements  do not include all  disclosures  associated  with the Company's
     consolidated  annual financial  statements included in its annual report on
     Form 10-KSB for the year ended December 31, 2001 and,  accordingly,  should
     be read in  conjunction  with  such  audited  statements.  The  results  of
     operations  for the three months  ended March 31, 2002 are not  necessarily
     indicative of the results to be expected for the full year.

2.   Basic  earnings per share were computed by dividing net earnings  available
     to common  shareholders by the weighted  average number of shares of Common
     Stock  outstanding for the period (891,165 and 874,718 shares for the three
     months ended March 31, 2002 and 2001,  respectively).  Diluted earnings per
     share additionally  include the dilutive effect of Common Stock equivalents
     (900,194  and 874,718  shares for the three months ended March 31, 2002 and
     2001, respectively).

3.   Certain  reclassifications  have  been  made in the  prior  year  financial
     statements  to conform to the current  year's  presentation.  Certain prior
     year  average  balances  and  ratios  have been  changed  to conform to the
     current  year's method of determining  average asset or liability  balances
     and resulting ratios.  Prior year average balances were based on month- end
     balances. Current year average balances are based on daily balances.

ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
     OF OPERATIONS

General

Broadway  Financial  Corporation  (the  "Company")  is primarily  engaged in the
savings and loan business through its wholly owned subsidiary,  Broadway Federal
Bank,  f.s.b.  ("Broadway  Federal"  or  "the  Bank").  Broadway  Federal  is  a
community-oriented   savings  institution   dedicated  to  serving  the  African
American,  Hispanic  and other  communities  of Mid City and South  Central  Los
Angeles,  California.  Broadway  Federal's  business  is  that  of  a  financial
intermediary  and consists  primarily of  attracting  deposits  from the general
public and using such


                                        6

<PAGE>



deposits,  together with  borrowings  and other funds,  to make  mortgage  loans
secured  principally by residential real estate located in Southern  California.
At March 31, 2002, Broadway Federal operated four retail-banking  offices in Mid
City and South Central Los Angeles.  Broadway  Federal is subject to significant
competition from other financial institutions, and is also subject to regulation
by federal  agencies and undergoes  periodic  examinations  by those  regulatory
agencies.

The accompanying  consolidated  financial statements include the accounts of the
Company and its wholly owned subsidiaries,  Broadway Federal and BankSmart, Inc.
(a dormant  company).  All significant  inter-company  balances and transactions
have been eliminated in consolidation.

The Company's  principal  business is serving as a holding  company for Broadway
Federal.  The Company's results of operations are dependent primarily on its net
interest income,  which is the difference  between the interest income earned on
its  interest-earning  assets,  such as loans and investments,  and the interest
expense  paid  on  its  interest-bearing   liabilities,  such  as  deposits  and
borrowings.  Broadway Federal also generates recurring non-interest income, such
as  transactional  fees  on its  loan  and  deposit  portfolios.  The  Company's
operating  results are affected by the amount of provisions  for loan losses and
the  Bank's  non-interest  expenses,   which  consist  principally  of  employee
compensation and benefits and occupancy expenses. More generally, the results of
operations  of thrift and banking  institutions  are also affected by prevailing
economic  conditions,  competition,  and the  monetary  and fiscal  policies  of
governmental agencies.

Comparison  of  Operating  Results for the Three Months Ended March 31, 2002 and
March 30, 2001

General

The Company  recorded  net  earnings of  $326,000,  or $0.35 per diluted  common
share, for the three months ended March 31, 2002, as compared to net earnings of
$181,000,  or $0.20 per diluted  common share,  for the three months ended March
31,  2001.  The  increase in net  earnings for three months ended March 31, 2002
compared to the same period in the prior year resulted primarily from higher net
interest income after provision for loan losses,  offset by higher  non-interest
expense.

Net Interest Income Before Provision for Loan Losses

Net interest  income  before  provision  for loan losses for the quarter  ended
March 31, 2002  amounted to $2.0  million  compared to $1.6 million for the same
period a year ago. The increase of $380,000 was  primarily  attributable  to the
effect of 1) an  increase  in the net  interest  rate  spread from 3.42% for the
three  months ended March 31, 2001 to 4.31% for the three months ended March 31,
2002, an 89 basis point increase; and 2) a lower provision for loan losses.





                                        7

<PAGE>



The 89 basis  point  increase  in the net  interest  rate  spread was  primarily
attributable to the rapid decline in deposit cost of funds, and a slower decline
in yield on the loan  portfolio.  The  weighted  average  rate paid on  deposits
decreased  from 4.26% for first  quarter 2001 to 2.88% for first quarter 2002, a
138 basis point  decrease.  The weighted  average rate paid on  borrowings  also
decreased from 6.60% to 5.41% for the same periods,  a 119 basis point decrease,
however the amount of average borrowings were significantly less than the amount
of average deposits, and therefore did not have as much of an impact on the cost
of funds.

The yield on the loan  portfolio  decreased from 8.65% for first quarter 2001 to
8.09% for first quarter 2002, a 56 basis point  decrease.  This decrease was the
primary  reason for a 49 basis point  decrease in the yield on  interest-earning
assets from 7.84% during first quarter 2001 to 7.35% during first quarter 2002.

Provision for Loan Losses

There was no provision for loan losses for the three months ended March 31, 2002
as compared to a $30,000 provision for loan losses for the same period in 2001.

Total  non-performing  assets,  consisting of non-accrual  loans and real estate
acquired  through  foreclosure  ("REO"),  decreased by $193,000 from $538,000 at
March 31, 2001 to $345,000  at March 31,  2002.  The  decrease  resulted  from a
decrease  in  non-accrual  loans of  $301,000  offset by an  increase  in REO of
$108,000.  As a percentage of total assets,  non-performing assets were 0.19% at
March 31,  2002,  compared to 0.30% and 0.26% at March 31, 2001 and December 31,
2001, respectively. Since December 2001, non-accrual loans decreased by $231,000
to  $237,000.  There was one REO for  $108,000  at March 31,  2002 and no REO at
December  31, 2001.  Non-accrual  loans at March 31, 2002  included  three loans
totaling  $94,000  secured by one- to four-unit  properties and three  unsecured
loans totaling $143,000.

As of March 31,  2002,  the  Company's  allowance  for loan losses  totaled $1.6
million, unchanged from the balance at December 31, 2001. The allowance for loan
losses  represents  1.12% of gross loans at March 31, 2002  compared to 1.10% at
December  31, 2001.  The  allowance  for loan losses was 662.87% of  non-accrual
loans at March 31, 2002, compared to 335.68% at December 31, 2001.

The  provision for loan losses for the quarter ended March 31, 2002 results from
management's  ongoing  assessment of the Company's level of credit risk inherent
in the portfolio and changes within the loan  categories  resulting from various
factors,  including new loan  originations,  loan  repayments,  prepayments  and
changes in asset classifications.

Management  believes  that the  allowance  for loan  losses is adequate to cover
inherent losses in its loan portfolio as of March 31, 2002, but, there can be no
assurance that actual losses will not exceed the estimated amounts. In addition,
the Office of Thrift  Supervision and the Federal Deposit Insurance  Corporation
periodically  review the Company's allowance for loan losses as an integral part
of their examination process. These agencies may require the Company to increase
the  allowance  for loan  losses  based on their  judgments  of the  information
available to them at the time of the examination.

                                        8

<PAGE>



Non-interest Income

Non-interest  income increased by $45,000 to $235,000 for the three months ended
March 31, 2002 as compared to the same period in 2001. Service charges increased
$60,000 to $221,000, for the three months ended March 31, 2002 from $161,000 for
the same period in the prior year. The increases  primarily resulted from higher
fees earned from customers on deposit accounts.

Non-interest Expense

Non-interest  expense increased by $216,000 during the three-month  period ended
March 31,  2002,  as  compared  to the same  period  in 2001.  The  increase  in
non-interest  expense  primarily  resulted from  increases in  compensation  and
benefits, occupancy expense, professional services and other expense offset by a
decrease in advertising and promotional expense and telephone and postage.

Compensation  and benefits  expense  increased by $97,000 for three months ended
March  31,  2002 as  compared  to the same  period  in 2001.  The  increase  was
principally  due to a higher  accrual of vested stock  grants and  bonuses,  and
higher  employees'  compensation  expense due to the addition of new  management
personnel.

Occupancy expense increased by $48,000 for three months ended March 31, 2002, as
compared  to the same  period  in 2001.  The  increase  was  primarily  due to a
non-recurring  reversal  of  $51,000 in  equipment  lease  termination  cost for
SmartCopy, a discontinued business in 2001.

Professional  services increased by $52,000 for the three months ended March 31,
2002, as compared to the same period in 2001. The increase  principally resulted
from a $17,000  increase in legal fees,  and a $30,000  increase in  operational
consulting fees.

Other non-interest expense increased by $53,000 for the three-month period ended
March 31,  2002,  as compared to the same period  during  2001.  The increase in
other expense was primarily due to the write off of obsolete furniture, fixtures
and equipment,  and an increase in item processing fees,  offset by decreases in
savings losses, loan expense, FDIC premiums and courier service expense.

Advertising and promotional  expense decreased by $30,000 for three months ended
March 31, 2002 as compared to the same period in 2001  because of a reduction in
promotions and customer give-aways in 2002.

Income Taxes

The  Company's  estimated  effective tax rate was  approximately  41.15% for the
three months ended March 31, 2002, compared to approximately 42.54% for the same
period in the prior year. Broadway Federal computes income taxes by applying the
statutory  federal  income  tax rate of 34% and  California  income  tax rate of
10.84% to taxable earnings before income taxes.



                                        9

<PAGE>



Comparison of Financial Condition at March 31, 2002 and December 31, 2001

Total assets at March 31, 2002 were $182.0 million compared to $178.9 million at
December  31,  2001,  representing  an  increase  of  $3.1  million.  Net  loans
receivable  (excluding  loans held for sale)  decreased  from $133.9  million at
December  31,  2001 to  $132.8  million  at March  31,  2002 as a result of $4.7
million  in  new  loan  originations,   offset  by  $5.8  million  in  principal
repayments.  Historically,  the  Bank has  experienced  lower  loan  origination
volumes in the first quarter,  and this trend,  coupled with the higher level of
loan  pay-offs that  occurred  during first  quarter 2002,  caused a decrease in
loans receivable, net compared to the balance at December 31, 2001.

Loans  held for sale at March 31,  2002 were $5.9  million as  compared  to $7.4
million at December 31, 2001. During the period,  single-family fixed rate loans
originated  that were classified as  held-for-sale  amounted to $376,000 and the
principal amount of such type of loans sold totaled $614,000.

Total  liabilities  at March 31,  2002 were  $167.1  million  compared to $164.3
million  at  December  31,  2001.  The  $2.8  million   increase  was  primarily
attributable  to the  increase  in  deposits  and other  liabilities,  offset by
decreases  in advances  from the  Federal  Home Loan Bank  ("FHLB")  and advance
payments by borrowers for taxes and insurance.

Since December 31, 2001,  deposits have increased by $2.0 million.  The increase
is attributable to an increase in core deposits (NOW,  Demand,  Money Market and
Passbook) of $5.9 million, and a decrease in CD accounts (principally Jumbo CDs)
of $3.9 million.

FHLB advances  decreased by $1.5 million since  December 31, 2001 as a result of
pay-offs of short-term borrowings.

Total capital at March 31, 2002 was $14.9  million  compared to $14.6 million at
December 31, 2001.  The $288,000  increase was primarily due to net earnings for
the period and the allocation of ESOP shares, offset by cash dividends declared.

Liquidity, Capital Resources and Market Risk

Sources of liquidity and capital for the Company on a stand-alone  basis include
distributions  from the Bank  and  borrowings,  such as  securities  sold  under
agreements to  repurchase.  Dividends and other capital  distributions  from the
Bank are subject to regulatory restrictions.

The  Bank's  primary  sources  of funds are  customer  deposits,  principal  and
interest  payments on loans and, to a lesser  extent,  principal  repayments  on
mortgage-backed  securities,  proceeds  from the sale of loans and advances from
the  FHLB.  While  maturities  and  scheduled  amortization  of Bank  loans  are
relatively predictable sources of funds, deposit flows and mortgage prepayments




                                       10

<PAGE>



are greatly  influenced by general  interest  rates,  economic  conditions,  and
competition.  Broadway Federal's  short-term liquid assets (cash,  Federal funds
sold, interest bearing deposits,  and investment  securities available for sale)
amounted to $20.3  million at March 31,  2002,  as compared to $14.9  million at
December  31,  2001.  The  increase  is  primarily  due to the  increase in cash
provided from  operations  of $2.5 million and net cash provided from  investing
activities of $2.6 million.

FHLB advances are the Bank's  principal  source of liquidity in the event that a
need for additional funds arises.  At March 31, 2002 and December 31, 2001, FHLB
advances  totaled  $9.5  million  and $11.0  million,  respectively.  The Bank's
borrowing  capacity with the FHLB of San Francisco,  based on collateral held by
the FHLB, was $17.5 million at March 31, 2002.

Since  December  31,  2001 there has been no  material  change in the  Company's
interest  rate  sensitivity  as of  March  31,  2002.  For a  discussion  on the
Company's  interest rate  sensitivity and market risk, see the Company's  annual
report for the year ended December 31, 2001 and the notes thereto.

Regulatory Capital

The OTS capital regulations include three separate minimum capital  requirements
for  savings  institutions  that are  subject  to OTS  supervision.  First,  the
tangible capital requirement mandates that the Bank's stockholder's equity, less
intangible  assets, be at least 1.50% of adjusted total assets as defined in the
capital  regulations.  Second, the core capital  requirement  currently mandates
that core capital (tangible capital plus certain  qualifying  intangible assets)
be  at  least  4.00%  of  adjusted  total  assets  as  defined  in  the  capital
regulations.  Third, the risk-based capital requirement  presently mandates that
core capital plus supplemental capital (as defined by the OTS) be at least 8.00%
of risk-weighted  assets as prescribed in the capital  regulations.  The capital
regulations  assign specific risk weightings to all assets and off-balance sheet
items.

Broadway  Federal was in compliance  with all capital  requirements in effect at
March  31,  2002,   and  meets  all   standards   necessary  to  be   considered
"well-capitalized" under the prompt corrective action regulations adopted by the
OTS pursuant to the Federal  Deposit  Insurance  Corporation  Improvement Act of
1991 (FDICIA).












                                       11

<PAGE>



The following table reflects the required and actual  regulatory  capital ratios
of Broadway Federal at the date indicated:
<TABLE>
<CAPTION>
<S>                                            <C>                      <C>                              <C>
                                                OTS                     FDICIA                           Actual
     Regulatory Capital Ratios                Minimum             "Well-capitalized"                  At March 31,
        for Broadway Federal                Requirement               Requirement                         2002
-------------------------------------    ------------------    --------------------------          --------------------

Tangible capital                               1.50%                      N/A                             7.20%

Core capital                                   4.00%                     5.00%                            7.20%

Risk-based capital                             8.00%                    10.00%                           12.64%

Tier 1 Risk-based capital                       N/A                      6.00%                           11.36%

</TABLE>


SIGNATURES


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


                                       BROADWAY FINANCIAL CORPORATION

Date:     May 15, 2002        By:      /s/ PAUL C. HUDSON
                                       ------------------
                                       Paul C. Hudson
                                       President and Chief Executive Officer



                                       By:  /s/ ALVIN D. KANG
                                             ----------------
                                       Alvin D. Kang
                                       Chief Financial Officer












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