UNITED STATES
                       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, 2003

[ ]   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE  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 or other jurisdiction          (IRS Employer Identification No.)
   of incorporation or organization)

             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:  1,819,934 shares of the Company's
Common Stock, par value $0.01 per share, were issued and outstanding as of April
30, 2003.

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, 2003 and December 31, 2002             3

                      Consolidated Statements of Operations and
                      Comprehensive Earnings (unaudited) for the
                      Three months ended March 31, 2003 and 2002             4

                      Consolidated Statements of Cash Flows
                      (unaudited) for the three months ended
                      March 31, 2003 and 2002                                5

                      Notes to Consolidated Financial Statements             7

         Item 2.      Management's Discussion and Analysis of
                      Financial Condition and Results of Operations          9

         Item 3.      Disclosure Controls and Procedures                    13

PART II. OTHER INFORMATION

         Item 1.      Legal Proceedings                                     14

         Item 2.      Changes in Securities                                 14

         Item 3.      Defaults Upon Senior Securities                       14

         Item 4.      Submission of Matters to a Vote of
                      Security Holders                                      14

         Item 5.      Other Information                                     14

         Item 6.      Exhibits and Reports on Form 8-K                      14

Signatures                                                                  16

Section 302 Certifications                                                  17



                                        2

<PAGE>

                         BROADWAY FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                           Consolidated Balance Sheets
                  (Dollars in thousands, except share amounts)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                 March 31,       December 31,
                                                                                    2003             2002
Assets:
<S>                                                                             <C>             <C>
Cash                                                                            $   4,658       $    3,859
Federal funds sold                                                                  5,500            1,500
Interest bearing deposits                                                           1,028            1,028
Investment securities held to maturity                                              2,000            2,000
Investment securities available for sale, at fair value                                -             5,007
Mortgage-backed securities held to maturity                                         9,581           10,843
Mortgage-backed securities available for sale                                      28,633           27,697
Loans receivable, net                                                             156,156          140,085
Loans receivable held for sale, at lower of cost or fair value                        480            3,770
Accrued interest receivable                                                         1,023              995
Investments in capital stock of Federal Home Loan Bank, at cost                     1,582            1,561
Office properties and equipment, net                                                5,797            5,811
Other assets                                                                          876              750

Total assets                                                                    $ 217,314       $  204,906


Liabilities and stockholders' equity

Deposits                                                                        $ 169,509       $  156,148
Advances from Federal Home Loan Bank                                               25,181           28,724
Advance payments by borrowers for taxes and insurance                                  18              311
Deferred income taxes                                                                 932              931
Other liabilities                                                                   4,413            1,871

Total liabilities                                                                 200,053          187,985

Stockholders' Equity:
  Preferred  non-convertible, non-cumulative, and non-voting
  stock, $.01 par value, authorized 1,000,000 shares; issued
  and outstanding 155,199 shares at March 31, 2003 and at
  December 31, 2002                                                                     2                2
 Common stock, $.01 par value, authorized 3,000,000 shares;
  issued and outstanding 1,818,934 shares at March 31, 2003
  and 1,815,294 shares at December 31, 2002                                            10               10
 Additional paid-in capital                                                        10,514           10,512
 Accumulated other comprehensive gain, net of taxes                                    73               57
 Retained earnings-substantially restricted                                         7,279            7,005
 Treasury stock-at cost, 50,008 shares at March 31, 2003 and
 53,648 shares at December 31, 2002                                                  (485)            (520)
 Unearned Employee Stock Ownership Plan shares                                       (132)            (145)

Total stockholders' equity                                                         17,261           16,921

Total liabilities and stockholders' equity                                      $ 217,314       $  204,906

</TABLE>

          See accompanying notes to consolidated financial statements


                                       3

<PAGE>


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

<TABLE>
<CAPTION>
                                                                                 Three Months ended March 31
                                                                                   2003               2002
<S>                                                                             <C>               <C>
Interest on loans receivable                                                    $   2,544         $   2,824
Interest on investment securities held to maturity                                     30                49
Interest on investment securities available for sale                                   36                40
Interest on mortgage-backed securities                                                404               202
Other interest income                                                                  38                45
Total interest income                                                               3,052             3,160

Interest on deposits                                                                  821             1,047
Interest on borrowings                                                                176               129
Total interest expense                                                                997             1,176

Net interest income before provision for loan losses                                2,055             1,984
Provision for loan losses                                                            -                 -
Net interest income after provision for loan losses                                 2,055             1,984
Non-interest income:
     Service charges                                                                  270               226
     Gain (loss) on loans receivable held for sale                                     13                (1)
     Other                                                                              6                11
Total non-interest income                                                             289               236

Non-interest expense:
     Compensation and benefits                                                        914               928
     Occupancy expense, net                                                           258               241
     Information services                                                             130               134
     Professional services                                                            161                93
     Office services and supplies                                                     102                79
     Other                                                                            184               191
Total non-interest expense                                                          1,749             1,666

Earnings before income taxes                                                          595               554
Income taxes                                                                          231               228

Net earnings                                                                    $     364         $     326

Other comprehensive income (loss):
  Unrealized gain (loss) on securities available for sale                       $      16         $     (10)
  Income tax (expense) benefit                                                        -                   5
Other comprehensive income (loss)                                                      16                (5)

Comprehensive earnings                                                          $     380         $     321

Net earnings                                                                          364               326
Dividends paid on preferred stock                                                     (19)               (7)
Earnings available to common shareholders                                       $     345         $     319

Earnings per share-basic                                                        $    0.19         $    0.18
Earnings per share-diluted                                                      $    0.18         $    0.17
Dividend declared per share-common stock                                        $    0.04         $    0.03
Basic weighted average shares outstanding                                       1,787,662         1,782,330
Diluted weighted average shares outstanding                                     1,878,512         1,800,972

</TABLE>

          See accompanying notes to consolidated financial statements

                                       4

<PAGE>


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

<TABLE>
<CAPTION>

                                                                                 Three months ended March 31,
                                                                                   2003                2002
Cash flows from operating activities
<S>                                                                             <C>               <C>
Net earnings                                                                    $     364         $     326

Adjustments to reconcile net earnings to net cash provided by
    (used in) operating activities:
    Depreciation                                                                       92                33
    Amortization of premiums and discounts on loans purchased                           -               (44)
    Amortization of net deferred loan origination fees                                (16)             (102)
    Amortization of discounts and premiums on  investment securities
       and mortgage-backed securities                                                 105                40
    Amortization of deferred compensation                                              31                22
    Gain on sale of securities available for sale                                       -                 1
    Gain on sale of loans receivable held for sale                                    (13)                -
    Gain on disposal of fixed assets                                                    -                46
    Loans originated for sale                                                        (480)             (376)
    Proceeds from sale of loans receivable held for sale                              596               613
    Changes in operating assets and liabilities:
       Accrued interest receivable                                                    (28)                1
       Other assets                                                                  (126)             (427)
       Deferred income taxes                                                            1                (4)
       Other liabilities                                                            2,542             2,395

Total adjustments                                                                   2,704             2,198

Net cash provided by operating activities                                           3,068             2,524

Cash flows from investing activities
Loans originated, net of refinances                                                (7,455)           (4,658)
Principal repayments on loans                                                       8,758             7,066
Purchase of loans                                                                 (14,171)                -
Purchases of investment securities held to maturity                                     -            (1,000)
Purchases of investment securities available for sale                              (9,500)                -
Purchases of mortgage-backed securities available for sale                         (2,000)                -
Proceeds from maturities of mortgage-backed securities held to maturity             1,197             1,260
Proceeds from sale of securities available for sale                                14,502                 -
Proceeds from principal paydowns of mortgage backed securities
  available for sale                                                                1,045                 -
Purchase of Federal Home Loan Bank stock                                              (21)              (21)
Capital expenditures for office properties and equipment                              (78)              (29)

Net cash provided by (used in) investing activities                                (7,723)            2,618

</TABLE>

          See accompanying notes to consolidated financial statements


                                       5

<PAGE>


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

<TABLE>
<CAPTION>


                                                                                 Three months ended March 31,
                                                                                   2003                2002
                                                                                 ----------------------------
Cash flows from financing activities
<S>                                                                             <C>               <C>
Net increase in deposits                                                        $  13,361         $   2,054
Decrease in advances from Federal Home Loan Bank                                   (3,543)           (1,500)
Dividends paid                                                                        (90)              (51)
Stock options exercised                                                                19               -
Decrease in advances by borrowers
     for taxes and insurance                                                         (293)             (183)
                                                                                ----------        -----------

Net cash provided by financing activities                                           9,454               320
                                                                                ----------        -----------

Net increase in cash and cash equivalents                                           4,799             5,462
Cash and cash equivalents at beginning of period                                    5,359             5,239
                                                                                ----------        -----------

Cash and cash equivalents at end of period                                      $  10,158         $  10,701
                                                                                ==========       ============

Supplemental disclosures of cash flow information:

Cash paid for interest                                                          $   1,002         $    1,245
Cash paid for income taxes                                                              -               -
                                                                                ==========       ============


Supplemental disclosure of non-cash investing and
      financing activities
Transfers of loans to real estate acquired through foreclosure                  $    -            $       73
Transfers of loans from held for sale to loans receivable                           3,184                -
                                                                                ==========       ============
</TABLE>

          See accompanying notes to consolidated financial statements

                                       6

<PAGE>



                 BROADWAY FINANCIAL CORPORATION AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)
                                 MARCH 31, 2003

NOTE (1)  -  Basis of Financial Statement Presentation

The  unaudited  consolidated  financial  statements  included  herein  have been
prepared in accordance  with  accounting  principles  generally  accepted in the
United States of America for interim  financial  statements  and pursuant to the
instructions  for Form 10-QSB and rules and  regulations  of the  Securities and
Exchange  Commission.  In the opinion of the  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 the Company and its  subsidiaries  at March 31, 2003 and the results
of their operations and comprehensive  earnings for the three months ended March
31,  2003 and 2002,  and their cash flows for the three  months  ended March 31,
2003 and 2002.  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, 2002 and,  accordingly,  should be read in  conjunction  with such
audited  statements.  The results of operations for the three months ended March
31, 2003 are not  necessarily  indicative  of the results to be expected for the
full year.

NOTE (2) - Earnings Per Share

Basic  earnings per share is  determined  by dividing net earnings  available to
common  shareholders  by the weighted  average  number of shares of Common Stock
outstanding for the period  (1,787,662 and 1,782,330 shares for the three months
ended  March 31, 2003 and 2002,  respectively).  Diluted  earnings  per share is
determined  by dividing net earnings  available  to common  shareholders  by the
weighted  average number of shares of Common Stock  outstanding  for the period,
adjusted for the dilutive  effect of Common Stock  equivalents,  (1,878,512  and
1,800,972   shares  for  the  three  months  ended  March  31,  2003  and  2002,
respectively).

NOTE (3) - Cash and Cash Equivalents

For purposes of reporting  cash flows in the  "Consolidated  Statements  of Cash
Flows", cash and cash equivalents include cash and federal funds sold.

NOTE (4) - Current Accounting Pronouncements

In April 2003,  the FASB issued SFAS No. 149,  "Amendment  of  Statement  133 on
Derivative  Instruments and Hedging  Activities".  SFAS 149 amends and clarifies
accounting for derivative instruments,  including certain derivative instruments
embedded  in other  contracts,  and for  hedging  activities  under SFAS 133. In
particular, this Statement clarifies under what circumstances a contract with an
initial net  investment  meets the  characteristic  of a  derivative  and when a
derivative contains a financing component that warrants special reporting in the
statement of cash flows.  This  Statement is generally  effective  for contracts
entered  into or  modified  after  June 30,  2003.  Management  anticipates  the
adoption  of SFAS No.  149 will  have no impact  on the  Company's  consolidated
financial statements.

                                       7

<PAGE>



NOTE (5) - Stock-based Compensation Plans

The Company has stock-based  compensation plans (the "Plans"), which provide for
the granting of stock options, stock appreciation rights and restricted stock to
employees  and  directors.  The  Plans  authorize  422,693  (adjusted  for stock
dividends  and splits) of Common  Stock to be available  for issuance  under the
Plans.  Stock  options  granted  under the Plans are  exercisable  over  vesting
periods specified in each Plan and, unless exercised,  the options terminate ten
years from the date of the grant. The option price must be no less than the fair
market  value of such shares on the date the options are  granted.  At March 31,
2003,  the Company had 50,008 shares of treasury stock that may be issued on the
exercise of options or for payment of other awards.

The Company measures its employee  stock-based  compensation  arrangements under
the provisions of Accounting  Principles  Board Option No. 25,  "Accounting  for
Stock Issued to Employees ("APB 25").  Accordingly,  no compensation expense has
been  recognized  for the Plans,  as stock options were granted at fair value at
the date of  grant.  Had  compensation  expense  for the  Company's  Plans  been
determined based on their estimated fair value using the Black-Scholes  model at
the grant date for previous awards,  the Company's net earnings and earnings per
share  would  have been  reduced  to the pro  forma  amounts  indicated  for the
quarters below:

<TABLE>
<CAPTION>

                                            March 31,      March 31,
                                              2003           2002
                                            ---------      ---------
Net Earnings:
<S>                                         <C>            <C>
 As reported                                $ 364,000      $ 326,000
 Stock-based compensation
   expense, net of tax                         13,000         10,000
                                            ---------      ---------

 Pro forma                                  $ 351,000      $ 316,000
                                            =========      =========

Earnings per share - Basic:
 As reported                                $ 0.19         $ 0.18
 Pro forma                                  $ 0.19         $ 0.17

Earnings per share - Diluted:
 As reported                                $ 0.18         $ 0.17
 Pro forma                                  $ 0.18         $ 0.17
</TABLE>


NOTE (6) - Line of Credit

On January  17,  2003,  the  Company  entered  into an  unsecured  $5.0  million
revolving  line of credit  agreement  with  First  Federal  Bank of  California.
Interest is at the prime rate,  if the loan  proceeds  are used for CRA lending,
and at  prime  plus one  percent  if the loan  proceeds  are used for any  other
purpose. The line of credit is renewable annually,  and at the Company's option,
may be converted to a four-year term loan at the same rate of interest.

NOTE (7) - Shareholder  Rights Plan

On January 31, 2003,  the  Company's  Board of Directors  adopted a  Shareholder
Rights Plan (the "Rights Plan"). The Board's purpose in adopting the Rights Plan
is to protect  shareholder value in the event of an unsolicited offer to acquire
the Company,  particularly one that does not provide equitable  treatment to all
shareholders.  Adoption of the Rights Plan is intended to  encourage a potential
acquirer of the Company to negotiate directly with the Board. In connection with
the adoption of the Rights Plan, the Board declared a dividend  distribution  of
one right for each  outstanding  common share held by  shareholders of record on
February 13, 2003.

                                       8

<PAGE>



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

Certain   statements   under  this  caption  may   constitute   "forward-looking
statements"  under the Private  Securities  Litigation  Reform Act of 1995 which
involve risks and  uncertainties.  Actual results may differ  significantly from
the results discussed in such forward-looking statements. Factors that may cause
such a  difference  include,  but  are  not  limited  to,  economic  conditions,
competition  in the  geographic  and  business  areas in which  we  conduct  our
operations,  fluctuations in the interest  rates,  credit quality and government
regulation.

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 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
deposits,  together with  borrowings  and other funds,  to make  mortgage  loans
secured by residential real estate located in Southern California.  At March 31,
2003,  Broadway  Federal  operated four retail  banking  offices in Mid-City and
South 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 Broadway
Federal's  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,  occupancy expenses, and technology and communication
costs.  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.

                                       9

<PAGE>



Critical Accounting Policy

Accounting for the allowance for loan losses involves significant  judgments and
assumptions by management, which have a material impact on the carrying value of
net  loans  receivable.  Management  considers  this  accounting  policy to be a
critical accounting policy. The judgments and assumptions used by management are
based  on  historical   experience,   current  economic  trends,  the  Company's
assessment of the  borrowers'  ability to repay and repayment  performance,  and
other factors,  which are believed to be reasonable  under the  circumstances as
described under the heading "Loans Receivable and the Allowance for Loan Losses"
in the Notes to  Consolidated  Financial  Statements  included in the  Company's
Annual Report on Form 10-KSB for the year ended December 31, 2002.


Comparison  of  Operating  Results for the Three Months ended March 31, 2003 and
March 31, 2002

General

The Company  recorded  net earnings of  $364,000,  or $ 0.18 per diluted  common
share,  for the three months  ended March 31, 2003,  compared to net earnings of
$326,000,  or $0.17 per diluted  common share,  for the three months ended March
31, 2002. The increase in net earnings from 2002 to 2003 resulted primarily from
higher net interest income, offset by higher non-interest expense.

Net Interest Income

Net interest  income after  provision for loan losses  increased by $71,000,  or
3.58%,  to $2,055,000 for the three months ended March 31, 2003, from $1,984,000
for the same period in 2002.  The increase  was  primarily  attributable  to the
impact of the growth in average  interest-earning  assets of $28.2  million,  or
16.42%,  and  interest-bearing  liabilities  of $33.8 million,  or 21.9%,  which
resulted in an  increase in net  interest  income of $251,000  (volume  impact),
offset by the impact of a decrease in the net  interest  rate spread of 32 basis
points,  which  resulted in a decrease in net interest  income of $180,000 (rate
impact).

The net interest rate spread for the three months ended March 31, 2003 and March
31,  2002,  was 3.99% and 4.31%,  respectively.  The 32 basis point  decrease in
spread was  attributable to the larger decline in the weighted  average yield on
the loan  portfolio,  compared to the decline in the  weighted  average  cost of
funds on  interest-bearing  liabilities.  The yield on  interest-earning  assets
declined 125 basis  points to 6.10% for first  quarter 2003 from 7.35% for first
quarter  2002.  The weighted  average cost of funds  declined to 2.11% for first
quarter  2003,  compared to 3.04% for first  quarter  2002.  The primary  spread
(weighted average interest rate on loans minus weighted average interest rate on
deposits) at March 31, 2003, was 4.92%, compared to 4.72% at March 31, 2002.

                                       10

<PAGE>



Non-interest Income

Non-interest  income increased by $53,000,  or 22.46%, to $289,000 for the three
months ended March 31,  2003,  from  $236,000  for the same period in 2002.  The
increase in  non-interest  income was primarily  attributable  to an increase in
service charges.

Non-interest Expense

Total  non-interest  expense  increased to $1,749,000 for the three months ended
March 31, 2003,  from  $1,666,000  for the same period in 2002. The increase was
primarily   attributable  to  higher  professional  services  costs  (legal  and
investment banking fees) of $82,000.

Provision for Loan Losses

As of March 31,  2003,  the  Company's  allowance  for loan losses  totaled $1.4
million, unchanged from the balance at December 31, 2002. The allowance for loan
losses  represents 0.90% of gross loans at March 31, 2003,  compared to 0.98% at
December 31, 2002.

Total  non-performing  assets,  consisting of non-accrual  loans and real estate
acquired through foreclosure ("REO"),  decreased by $47,000, to $88,000 at March
31, 2003 from $135,000 at December 31, 2002. Non-accrual loans at March 31, 2003
included two loans  totaling  $88,000  secured by one- to-four unit  properties.
There  was no REO as of  March  31,  2003.  As a  percentage  of  total  assets,
non-performing  assets  were  0.04%  at March  31,  2003,  compared  to 0.07% at
December 31, 2002.

Management  believes  that the  allowance  for loan  losses is adequate to cover
inherent  losses in Broadway  Federal's loan portfolio as of March 31, 2003, but
there can be no  assurance  that  actual  losses  will not exceed the  estimated
amounts.  In addition,  the Office of Thrift Supervision ("OTS") and the Federal
Deposit Insurance  Corporation  periodically review Broadway Federal's allowance
for loan losses as an integral part of their examination process. These agencies
may require  Broadway Federal to increase the allowance for loan losses based on
their  judgments  of the  information  available  to them at the  time of  their
examination.

Income Taxes

The  Company's  effective  tax rate was  approximately  39% for the three months
ended  March 31,  2003,  compared  to 41% for the same period in the prior year.
Income taxes are computed by applying the statutory  federal  income tax rate of
34% and the  California  income  tax rate of 10.84% to  earnings  before  income
taxes.  California  income  taxes are  reduced by tax  credits  relating  to the
Enterprise Zone Incentive.


                                       11
<PAGE>



Comparison of Financial Condition at March 31, 2003 and December 31, 2002

Total assets at March 31, 2003 were $217.3  million,  compared to $204.9 million
at December  31,  2002,  representing  an increase of $12.4  million.  Net loans
receivable  (excluding loans held for sale) increased to $156.2 million at March
31, 2003 from $140.1 million at December 31, 2002 as a result of $7.5 million in
new loan originations,  $14.2 million in loans purchased,  $3.2 million in loans
transferred  from  loans  held for sale,  offset by $8.8  million  in  principal
repayments.

Loans held for sale at March 31, 2003 were $480,000, as compared to $3.8 million
at December 31, 2002.  During the period,  $3.2 million of loans  classified  as
held for sale were transferred to the held to maturity portfolio.

Total  liabilities  at March 31, 2003 were $200.1  million as compared to $188.0
million at December 31, 2002.  Deposits  increased  $13.4 million,  or 8.58%, to
$169.5 million at March 31, 2003 from $156.1 million at December 31, 2002.  Core
deposits (NOW, demand,  money market,  and passbook accounts)  increased by $7.9
million  during the first  quarter of 2003.  At March 31,  2003,  core  deposits
represented 42.30% of total deposits, compared to 40.40% at December 31, 2002.

Total capital at March 31, 2003 was $17.3 million,  compared to $16.9 million at
December  31,  2002.  The  increase  was  primarily  due to net earnings for the
period.

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 the issuance of equity  securities  such as the
preferred stock issued in 2002.  Dividends and other capital  distributions from
the Bank are subject to regulatory restrictions.  In addition, the Company has a
$5  million  unsecured  line of  credit  agreement  with a bank  as  more  fully
described in Note 6 to the consolidated financial statements.

The  Bank's  primary  sources  of funds are  deposits,  principal  and  interest
payments on loans, mortgage backed securities and investments, and advances from
the Federal Home Loan Bank of San Francisco.  Other sources of liquidity include
principal  repayments on mortgage-backed  securities and other investments,  and
contributions  of capital by the Company.  During the first quarter of 2003, the
Company  contributed $1 million to the Bank,  which was raised from the issuance
of preferred stock to Fannie Mae.

Since  December 31,  2002,  there has been no material  change in the  Company's
interest  rate  sensitivity.  For a discussion  on the  Company's  interest rate
sensitivity and market risk, see the Company's  annual report on Form 10-KSB for
the year ended  December 31, 2002,  including  the Company's  audited  financial
statements and the notes thereto.

                                       12

<PAGE>



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,   2003,   and  met  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").

The following table reflects the required and actual  regulatory  capital ratios
of Broadway Federal at the date indicated:

<TABLE>
<CAPTION>

                                 FIRREA             FDICIA            Actual
 Regulatory Capital Ratios       Minimum      "Well-capitalized"   At March 31,
    for Broadway Federal       Requirement        Requirement           2003
---------------------------    ------------   ------------------   -------------
<S>                               <C>                                 <C>
Tangible capital                  1.50%              N/A              7.28%

Core capital                      4.00%             5.00%             7.28%

Risk-based capital                8.00%            10.00%            13.15%

Tier 1 risk-based capital          N/A              6.00%            12.24%
</TABLE>



                   ITEM 3. DISCLOSURE CONTROLS AND PROCEDURES

As of March 31, 2003, an evaluation was performed  under the  supervision of the
Company's Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO") of
the  effectiveness  of the  design and  operation  of the  Company's  disclosure
controls and  procedures.  Based on that  evaluation,  the Company's CEO and CFO
concluded that the Company's  disclosure  controls and procedures were effective
as of March 31, 2003.  There have been no  significant  changes in the Company's
internal controls or in other factors that could  significantly  affect internal
controls subsequent to March 31, 2003.










                                       13
<PAGE>



PART II.     OTHER INFORMATION

  Item 1.    LEGAL PROCEEDINGS

             None

  Item 2.    CHANGES IN SECURITIES

             None

  Item 3.    DEFAULTS UPON SENIOR SECURITIES

             None

  Item 4.    SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS

             None

  Item 5.    OTHER INFORMATION

             None

  Item 6.    EXHIBITS AND REPORTS ON FORM 8-K

             (a)  Exhibits

                  Exhibit  99 -  Certifications  pursuant  to  18  U.S.C.
                  Section  1350,  as adopted  pursuant  to Section  906 of the
                  Sarbanes-Oxley Act of 2002.

             (b)  Reports on Form 8-K

                  None










                                       14

<PAGE>


                                                                     Exhibit 99

                            Section 906 Certification


The  following  statement  is  provided  by the  undersigned  to  accompany  the
foregoing  Report on Form 10-QSB  pursuant to 18 U.S.C.  Section 1350 as adopted
pursuant  to section  906 of the  Sarbanes-Oxley  Act of 2002,  and shall not be
deemed filed  pursuant to any provision of the Exchange Act of 1934 or any other
securities law.

Each of the undersigned certifies that the foregoing Report on Form 10-QSB fully
complies with the  requirements of Section 13(a) of the Securities  Exchange Act
of 1934 (15 U.S.C.  Section 78m) and that the information  contained in the Form
10-QSB fairly presents,  in all material respects,  the financial  condition and
results of operations of Broadway Financial  Corporation as of and for the three
months ended March 31, 2003.



Date:  May 15, 2003              By:  /s/ PAUL C. HUDSON
                                      Paul C. Hudson
                                      President and Chief Executive Officer
                                      Broadway Financial Corporation

Date: May 15, 2003               By:  /s/ ALVIN D. KANG
                                      Alvin D. Kang
                                      Chief Financial Officer
                                      Broadway Financial Corporation



















                                       15

<PAGE>




                                   SIGNATURES

In accordance with the  requirements of the Exchange Act of 1934, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


Date:     May 15, 2003                By:  /s/ PAUL C. HUDSON
     ------------------
                                           Paul C. Hudson
                                           President and Chief Executive Officer
                                           Broadway Financial Corporation

Date:     May 15, 2003                By:  /s/ ALVIN D. KANG
      ----------------
                                           Alvin D. Kang
                                           Chief Financial Officer
                                           Broadway Financial Corporation









                                       16

<PAGE>



                      SECTION 302 CERTIFICATION


    I, Paul C. Hudson, certify that:

1.   I have reviewed this quarterly report on Form 10-QSB of Broadway  Financial
     Corporation.

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

4.   The  registrant's  other  certifying  officer  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     a)   designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  registrant,   including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;

     b)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     c)   presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's  other certifying  officer and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent functions):

     a)   all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal controls; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and

6.   The  registrant's  other  certifying  officer and I have  indicated in this
     quarterly  report  whether  there  were  significant  changes  in  internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

Date:    May 15, 2003


         /s/ Paul C. Hudson
         Signature

         Paul C. Hudson
         Chief Executive Officer
         Broadway Financial Corporation


                                       17

<PAGE>



                            SECTION 302 CERTIFICATION


    I, Alvin D. Kang, certify that:

1.   I have reviewed this quarterly report on Form 10-QSB of Broadway  Financial
     Corporation.

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

4.   The  registrant's  other  certifying  officer  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     a)   designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  registrant,   including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;

     b)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     c)   presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's  other certifying  officer and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent functions):

     a)   all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal controls; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and

6.   The  registrant's  other  certifying  officer and I have  indicated in this
     quarterly  report  whether  there  were  significant  changes  in  internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

Date:    May 15, 2003


         /s/ Alvin D. Kang
         Signature

         Alvin D. Kang
         Chief Financial Officer
         Broadway Financial Corporation

                                       18