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 September 30, 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:  1,831,161 shares of the Company's
Common  Stock,  par value  $0.01 per share,  were issued and  outstanding  as of
October 31, 2003.

Transitional Small Business Disclosure Format (Check one):

Yes [ ]  No [x]
<PAGE>

                                      INDEX

                                                                            Page
PART I.   FINANCIAL INFORMATION

          Item 1.   Financial Statements

                    Consolidated Balance Sheets (unaudited)
                    As of September 30, 2003 and December 31, 2002             3

                    Consolidated Statements of Operations and
                    Comprehensive Earnings (unaudited) for the three
                    and nine months ended September 30, 2003 and 2002          4

                    Consolidated Statements of Cash Flows
                    (unaudited) for the nine months ended
                    September 30, 2003 and 2002                                5


                    Notes to Unaudited Consolidated Financial Statements       7


          Item 2.   Management's Discussion and Analysis of
                    Financial Condition and Results of Operations             10

          Item 3.   Disclosure Controls and Procedures                        15

PART II.  OTHER INFORMATION

          Item 1.   Legal Proceedings                                         16

          Item 2.   Changes in Securities and Use of Proceeds                 16

          Item 3.   Defaults Upon Senior Securities                           16

          Item 4.   Submission of Matters to a Vote of Security Holders       16

          Item 5.   Other Information                                         16

          Item 6.   Exhibits and Reports on Form 8-K                          16



                                      2

<PAGE>

                         BROADWAY FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                           Consolidated Balance Sheets
                  (Dollars in thousands, except share amounts)
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                September 30,   December 31,
                                                                                    2003           2002
Assets:

<S>                                                                              <C>           <C>
Cash                                                                             $    4,264    $    3,859
Federal funds sold                                                                    6,900         1,500
Interest bearing deposits                                                                 -         1,028
Investment securities held to maturity                                                2,996         2,000
Investment securities available for sale                                                  -         5,007
Mortgage-backed securities held to maturity                                           7,327        10,843
Mortgage-backed securities available for sale                                        20,843        27,697
Loans receivable, net                                                               160,585       140,085
Loans receivable held for sale, at lower of cost or fair value                        1,852         3,770
Accrued interest receivable                                                             932           995
Investment in capital stock of the Federal Home Loan Bank, at cost                    1,771         1,561
Office properties and equipment, net                                                  5,664         5,811
Other assets                                                                          8,579           750

Total assets                                                                     $  221,713    $  204,906

Liabilities and stockholders' equity

Deposits                                                                         $  167,285    $  156,148
Advances from the Federal Home Loan Bank                                             31,071        28,724
Advance payments by borrowers for taxes and insurance                                   533           311
Deferred income taxes                                                                   906           931
Other liabilities                                                                     4,004         1,871

Total liabilities                                                                   203,799       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 September 30, 2003 and December 31, 2002                                     2             2
 Common stock, $.01 par value, authorized 3,000,000 shares; issued and
   outstanding 1,831,485 shares at September 30, 2003 and 1,815,294
   shares at December 31, 2002                                                           10            10
 Additional paid-in capital                                                          10,501        10,512
   Accumulated other comprehensive gain, net of taxes                                    26            57
 Retained earnings-substantially restricted                                           7,844         7,005
 Treasury stock-at cost, 37,457 shares at September 30, 2003 and 53,648
   shares at December 31, 2002                                                         (363)         (520)
 Unearned Employee Stock Ownership Plan shares                                         (106)         (145)

Total stockholders' equity                                                           17,914        16,921

Total liabilities and stockholders'  equity                                      $  221,713    $  204,906

</TABLE>

           See 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>
                                                                          Three Months Ended           Nine Months Ended
                                                                             September 30,               September 30,
                                                                          2003          2002          2003           2002

<S>                                                                    <C>           <C>           <C>            <C>
Interest on loans receivable                                           $   2,556     $   2,644     $   7,669      $   8,220
Interest on investment securities held to maturity                            26            40            84            129
Interest on investment securities available for sale                           7            92            52            182
Interest on mortgage-backed securities                                       345           208         1,153            612
Other interest income                                                         27            36           102            131

Total interest income                                                      2,961         3,020         9,060          9,274

Interest on deposits                                                         730           887         2,315          2,900
Interest on borrowings                                                       194           135           556            386

Total interest expense                                                       924         1,022         2,871          3,286

Net interest income before provision for loan losses                       2,037         1,998         6,189          5,988

Provision for loan losses                                                      -             -             -              -

Net interest income after provision for loan losses                        2,037         1,998         6,189          5,988

Noninterest income:
 Service charges                                                             255           186           773            574
 Gain on loans receivable held for sale                                        -             -            18              -
 Other                                                                       102            38           112             62
Total noninterest income                                                     357           224           903            636

Noninterest expense:
 Compensation and benefits                                                 1,038           898         2,986          2,717
 Occupancy expense, net                                                      152           108           795            765
 Information services                                                        267           282           434            472
 Professional services                                                       104           123           372            322
 Office services and supplies                                                103           100           315            295
 Other                                                                       129            82           411            337
Total noninterest expense                                                  1,793         1,593         5,313          4,908

Earnings before income taxes                                                 601           629         1,779          1,716

Income taxes                                                                 222           189           680            628

Net earnings                                                           $     379     $     440     $   1,099      $   1,088

Other comprehensive income (loss):
 Unrealized income (loss) on securities available for sale             $    (545)    $     (43)    $    (141)$          (11)
 Less:  reclassification of realized net gains included
        in net earnings                                                       85            19            85             24
 Income tax benefit (expense)                                                179            10            25             (5)
Other comprehensive income (loss)                                           (281)          (14)          (31)             8

Comprehensive earnings                                                 $      98     $     426     $   1,068 $        1,096

Net earnings                                                                 379           440         1,099          1,088
Dividends paid on preferred stock                                            (19)           (7)          (58)           (21)

Earnings available to common shareholders                              $     360     $     433     $   1,041 $    $   1,067

Earnings per share-basic                                               $    0.20     $    0.24     $    0.58      $    0.60
Earnings per share-diluted                                             $    0.19     $    0.24     $    0.55      $    0.59
Dividend declared per share-common stock                               $    0.04     $    0.03     $    0.11      $    0.08
Basic weighted average shares outstanding                              1,802,204     1,776,008     1,794,726      1,779,612
Diluted weighted average shares outstanding                            1,908,887     1,813,192     1,894,614      1,805,718
</TABLE>

            See Notes to Unaudited Consolidated Financial Statements.


                                       4
<PAGE>

                         BROADWAY FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                      Consolidated Statements of Cash Flows
                             (Dollars in thousands)
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                        Nine months ended September 30,
                                                                             2003           2002

Cash flows from operating activities
<S>                                                                       <C>          <C>
Net earnings                                                              $   1,099    $     1,088

Adjustments to reconcile net earnings to net cash provided by
 operating activities:
 Depreciation                                                                   273            304
 Amortization of premiums and (accretion) of discounts on
  loans purchased                                                                89           (145)
 Amortization of net deferred loan origination fees                             (69)          (221)
 Amortization of discounts and premiums on  investment securities
  and mortgage-backed securities                                                312            132
 Amortization of deferred compensation                                           97             64
 Gain on sale of securities available for sale                                  (85)           (24)
 Gain on sale of loans receivable held for sale                                 (18)             -
 (Gain) Loss on disposal of fixed assets                                         (1)            53
 Loans originated for sale                                                   (2,732)          (679)
 Proceeds from sale of loans receivable held for sale                         1,481            795
 Changes in operating assets and liabilities:
  Accrued interest receivable                                                    63              8
  Other assets                                                               (7,829)          (251)
  Other liabilities                                                           2,133            752

Net cash provided by (used in) operating activities                          (5,187)         1,876

Cash flows from investing activities
Loans originated, net of refinances                                         (35,362)       (18,855)
Principal repayment on loans                                                 36,038         21,754
Purchase of loans                                                           (18,009)          (820)
Purchases of investment securities held to maturity                            (996)        (2,000)
Purchases of investment securities availablefor sale                        (23,000)       (27,128)
Purchases of mortgage-backed securities held to maturity                          -         (2,093)
Purchases of mortgage-backed securities available for sale                  (17,373)             -
Proceeds from maturities of interest bearing deposits                         1,028          4,000
Proceeds from maturities of mortgage-backed securities held
 to maturity                                                                  3,389          3,471
Proceeds from sale of securities available for sale                          27,990         10,544
Proceeds from sale of mortgage-backed securities available for sale          14,467              -
Principal repayments on mortgage-backed securities
 available for sale                                                           9,621              -
Purchase of Federal Home Loan  Bank stock                                      (210)           (60)
Proceeds from sale of fixed assets                                               35             10
Capital expenditures for office properties and equipment                       (160)          (221)

Net cash used in investing activities                                        (2,542)       (11,398)
</TABLE>


     See accompanying notes to unaudited consolidated financial statements.


                                       5
<PAGE>

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

<TABLE>
<CAPTION>
                                                                        Nine months ended September 30,
                                                                           2003                2002

Cash flows from financing activities
<S>                                                                          <C>             <C>
Net increase in deposits                                                     11,137          5,059
Increase in advances from Federal Home Loan Bank                              2,347          4,750
Dividends paid                                                                 (260)          (153)
Purchases of treasury stock                                                       -            (83)
Stock options exercised                                                          88             24
Increase in advances by borrowers for taxes and insurance                       222            329

Net cash provided by financing activities                                    13,534          9,926
Net increase in cash and cash equivalents                                     5,805            404
Cash and cash equivalents at beginning of period                              5,359          5,239
Cash and cash equivalents at end of period                                $  11,164    $     5,643

Supplemental disclosures of cash flow information:

Cash paid for interest                                                    $    2,854   $     3,453
Cash paid for income taxes                                                $      582   $       568

Supplemental disclosure of noncash investing and
    financing activities
Transfers of loans to real estate acquired through foreclosure            $       -    $       107
Transfers of loans from held for sale to held for investment              $   3,184    $         -

</TABLE>

     See accompanying notes to unaudited consolidated financial statements.


                                       6
<PAGE>

                 BROADWAY FINANCIAL CORPORATION AND SUBSIDIARIES
              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 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 the 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 September 30, 2003 and December
31, 2002,  the results of their  operations and  comprehensive  earnings for the
three and nine months ended September 30, 2003 and 2002 and their cash flows for
the nine months ended September 30, 2003 and 2002. These unaudited  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  financial  statements.  The results of
operations  for the three  and nine  months  ended  September  30,  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  (1,802,204 and 1,776,008 shares for the three months
ended  September  30, 2003 and 2002,  and  1,794,726  and 1,779,612 for the nine
months ended September 30, 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, (1,908,887
and 1,813,192 shares for the three months ended September 30, 2003 and 2002, and
1,894,614 and  1,805,718 for the nine months ended  September 30, 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.

                                       7
<PAGE>

                 BROADWAY FINANCIAL CORPORATION AND SUBSIDIARIES
                    NOTES TO UNAUDITED CONSOLIDATED FINANCIAL
                              STATEMENTS -CONTINUED
                               SEPTEMBER 30, 2003


NOTE (4) - Current Accounting Pronouncements

In April 2003,  the FASB issued  Statement  of  Financial  Accounting  Standards
("SFAS") No. 149,  "Amendment  of Statement 133 on  Derivative  Instruments  and
Hedging  Activities" ("SFAS 149"). 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,  SFAS
149 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.  SFAS 149 is generally  effective for contracts  entered into or modified
after June 30, 2003.  Management  anticipates the adoption of SFAS 149 will have
no impact on the Company's consolidated financial statements.

In May 2003,  the FASB issued  Statement of Financial  Accounting  Standards No.
150, " Accounting for Certain Financial Instruments with Characteristics of both
Liabilities  and Equity"  ("SFAS 150") which  establishes  standards  for how an
issuer   classifies   and   measures   certain   financial    instruments   with
characteristics  of both  liabilities and equity that have been presented either
entirely as equity or between the liabilities  section and equity section of the
statement of financial position. SFAS 150 is effective for financial instruments
entered into or modified  after May 31, 2003,  and otherwise is effective at the
beginning of the first interim period beginning after June 15, 2003.  Management
anticipates  the  adoption  of SFAS 150 will  have no  impact  on the  Company's
consolidated financial statements.

Financial  Accounting  Standards Board  Interpretation  46, provides guidance to
improve financial  reporting for SPEs,  Off-Balance Sheet Structures and Similar
Entities" ("FIN 46"), and requires a variable interest entity to be consolidated
by a company if that  company is subject to a majority  of the risk of loss from
the variable interest  entity's  activities or is entitled to receive a majority
of the entity's  residual  returns or both.  Prior to FIN 46, a company included
another entity in its  consolidated  financial  statements only if it controlled
the entity  through voting  interests.  FIN 46 also requires  disclosures  about
variable  interest  entities that the company is not required to consolidate but
in which it has a significant variable interest. The consolidation  requirements
of FIN 46 apply  immediately to variable interest entities created after January
31, 2003. The FASB deferred the effective date for applying the provision of FIN
46 for  interests  held by public  entities  in  variable  interest  entities or
potential  variable  interest entities created before February 1, 2003 until the
end of the first  interim or annual  period after  December  15,  2003.  Certain
disclosure  requirements apply in all financial  statements issued after January
31, 2003,  regardless of when the variable interest entity was established.  The
Company has no business interests that require  consolidation or deconsolidation
as a result of applying the provisions of FIN 46.


                                       8
<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 428,050 shares (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 the  underlying  shares on the date the options are granted.  At
September 30, 2003,  the Company had 37,457 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 Plans been determined based
on the fair value  method  provision of the  Statement  of Financial  Accounting
Standards No. 123 "Accounting for Stock-Based Compensation" 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:

                                 Three months ended        Nine months ended
                                    September 30,             September 30,
                                    ------------              ------------
<TABLE>
<CAPTION>
                                   2003       2002         2003             2002
                                   ----       ----         ----             ----
Net Earnings:
<S>                              <C>        <C>          <C>          <C>
 As reported                     $379,000   $440,000     $1,099,000   $1,088,000
 Deduct:
  Stock-based compensation
  expense, net of tax              14,000     17,000         42,000       38,000
                                 --------   --------     -----------  ----------

 Pro forma                       $365,000   $423,000     $1,057,000   $1,050,000
                                 ========   ========     ==========   ==========

Earnings per share - Basic:
 As reported                        $0.20       $0.24        $0.58         $0.60
 Pro forma                          $0.19       $0.23        $0.56         $0.58
Earnings per share - Diluted:
 As reported                        $0.19       $0.24        $0.55         $0.59
 Pro forma                          $0.18       $0.23        $0.53         $0.57
</TABLE>


                                       9
<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  operations  are
conducted,  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 September 30, 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.


                                       10
<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 and Nine  Months  ended
September 30, 2003 and September 30, 2002

General

The Company recorded net earnings of $379,000 and $1,099,000, or $0.19 and $0.55
per diluted share,  respectively,  for the three and nine months ended September
30, 2003,  compared to $440,000 and  $1,088,000,  or $0.24 and $0.59 per diluted
share,  respectively,  for the three and nine months ended  September  30, 2002.
Compared to 2002,  third quarter net earnings  decreased 13.86% and net earnings
for the nine months increased 1.01%.

Net Earnings

The change in net earnings in 2003 over 2002 was primarily  attributable  to the
increase in net interest income and non-interest  income,  offset by an increase
in  non-interest  expense.  Net interest  income after provision for loan losses
increased $39,000 and $201,000, or 1.95% and 3.36%, respectively,  for the three
and nine months ended  September  30, 2003 compared to the same periods in 2002.
Non-interest  income  increased  $133,000  and  $267,000,  or 59.38% and 41.98%,
respectively, for the three and nine months ended September 30, 2003 compared to
the same periods in 2002.  Non-interest expense increased $200,000 and $405,000,
or 12.55% and 8.25%, respectively, for the three and nine months ended September
30, 2003 compared to the same periods in 2002.

Net Interest Income

Net interest income after provision for loan losses  increased to $2,037,000 and
$6,189,000  for the  three  and nine  months  ended  September  30,  2003,  from
$1,998,000 and $5,988,000 for the same periods in 2002. A nine month rate/volume
analysis indicates that the $201,000 increase was primarily  attributable to the
impact of the growth in average  interest-earning  assets of $32.9  million,  or
19.02%,  and  interest-bearing  liabilities of $30.8 million,  or 18.85%,  which
resulted in an increase in net interest  income of $1,080,000  (volume  impact),
offset by the impact of a decrease in the net  interest  rate spread of 57 basis
points,  which  resulted in a decrease in net interest  income of $879,000 (rate
impact).


                                       11
<PAGE>

Loan  originations  were $18.8  million and $37.8 million for the three and nine
months ended  September  30, 2003 compared to $7.0 million and $20.4 million for
the same periods in 2002. Loan purchases  totaled $3.8 million and $17.8 million
for the three and nine months ended September 30, 2003, compared to $820,000 and
$820,000  for the same  periods  in  2002.  Mortgage-backed  securities  ("MBS")
purchases  were $3.4  million  and $15.4  million  for the three and nine months
ended  September 30, 2003 compared to $5.0 million and $9.0 million for the same
periods in 2002.  Loan  prepayments  amounted to $12.9 million and $36.0 million
for the three and nine months ended  September 30, 2003 compared to $6.8 million
and $21.8 million for the same periods in 2002. In the current low interest rate
environment,  prepayments  are not expected to abate until  interest  rates rise
significantly,  and therefore  management is focusing on increasing  loan volume
through  originations and purchases.  Loans  receivable,  net grew $20.5 million
since December 31, 2002, and reflects the improvements made by management in the
Bank's loan  product  offerings as well as in its  efficiency  in service to new
loan customers.

Interest-bearing  liabilities increased $2.7 million during the third quarter of
2003. The increase was primarily  attributable  to the net effect of an increase
in deposits of $3.8  million and a decrease in Federal  Home Loan Bank  ("FHLB")
advances  of $1.1  million.  For the  nine  months  ended  September  30,  2003,
interest-bearing  liabilities  increased  $13.5  million,  comprised of an $11.1
million increase in deposits and a $2.4 million increase in FHLB advances.

The net interest  rate spread for the three and nine months ended  September 30,
2003  was  3.78%  and  3.90%,   respectively,   compared  to  4.39%  and  4.47%,
respectively,  for the same periods in 2002.  The 61 and 57 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  120 and 128 basis  points to 5.65% and  5.87%,  respectively,  for the
three  and  nine  months  ended   September  30,  2003  from  6.85%  and  7.15%,
respectively,  for the same periods in 2002. The weighted  average cost of funds
declined to 1.88% and 1.97%,  respectively,  for the three and nine months ended
September 30, 2003 compared to 2.46% and 2.68% for the same periods in 2002. The
primary spread  (weighted  average interest rate on loans minus weighted average
interest rate on deposits) at September 30, 2003 was 4.62%  compared to 4.76% at
September 30, 2002, a decline of 14 basis points.

Provision for Loan Losses

As of September 30, 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 0.87% of gross loans at September 30, 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  $55,000,  to $80,000 at
September  30, 2003 from  $135,000 at December  31, 2002.  Non-accrual  loans at
September  30,  2003  consisted  of  one  loan  totaling  $80,000  secured  by a
single-family  dwelling.  There was no REO as of September 30, 2003 and December
31, 2002. As a percentage of total assets,  non-performing  assets were 0.04% at
September 30, 2003, compared to 0.07% at December 31, 2002.


                                       12
<PAGE>

Management  believes  that the  allowance  for loan  losses is adequate to cover
inherent  losses in Broadway  Federal's loan portfolio as of September 30, 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.

Non-interest Income

Total  non-interest  income increased to $357,000 and $903,000 for the three and
nine months ended  September  30, 2003,  from $224,000 and $636,000 for the same
periods in 2002.  The  $133,000  increase  for the third  quarter was  primarily
attributable to an increase in loan fees and service  charges,  and net gains on
sale of investments and MBS available for sale.

Non-interest  Expense

Total non-interest  expense increased to $1,793,000 and $5,313,000 for the three
and nine months ended September 30, 2003, from $1,593,000 and $4,908,000 for the
same periods in 2002.  The $200,000  increase in the third  quarter from 2002 to
2003 was  primarily  attributable  to an increase in  compensation  and benefits
costs and occupancy expenses.

Loans Receivable,  Net

Loans  receivable,  net increased $20.5 million,  or 14.6%, to $160.6 million at
September  30, 2003 from $140.1  million at December 31,  2002.  During the nine
months ended  September 30, 2003, the Bank purchased $17.8 million of adjustable
rate mortgage loans having an initial fixed rate period  ("hybrid  ARMs").  This
purchase  of hybrid  ARMs,  along with loan  originations,  offset the  combined
negative  effect  of a  decline  in the  yield  on the  loan  portfolio  and the
continuing high level of loan prepayments.

Deposits

Total deposits increased $11.1 million,  or 7.11%, to $167.2 million from $156.1
million at December 31,  2002.  Core  deposits  (NOW,  demand,  money market and
passbook  accounts)  increased by $1.2 million during the third quarter of 2003.
At  September  30,  2003  core  deposits  represented  44.6% of total  deposits,
compared  to 40.4% at  December  31,  2002,  and 39.4% at  September  30,  2002.
Management has focused on increasing core deposit customers and closely managing
the cost of deposits. Management expects deposit growth to be the primary source
of funds for loan growth and plans to  aggressively  market deposit  products to
targeted customers.


                                       13
<PAGE>

Capital

Total capital at September 30, 2003 was $17.9 million, compared to $16.9 million
at December 31, 2002.  The  increase was  primarily  due to net earnings for the
period.

Performance Ratios

For the three months ended  September 30, 2003, the Company's  return on average
equity  declined to 8.49%  compared  to 11.39% for the same period in 2002.  The
return on average  assets  also  declined  to 0.69% for the three  months  ended
September 30, 2003  compared to 0.95% for the same period in 2002.  The ratio of
non-interest  expense to average  assets  improved to 3.28% for the three months
ended  September  30, 2003  compared  to 3.46% for the same period in 2002.  The
efficiency ratio (total non-interest  expense divided by the sum of net interest
income before  provision for loan losses and non-interest  income)  increased to
74.90% in third quarter 2003 compared to 71.69% in third quarter 2002.

Income Taxes

The  Company's  effective tax rate was  approximately  37% and 38% for the three
months and nine months ended September 30, 2003, compared to 30% and 37% for the
same  periods 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 California  Enterprise Zone  Incentive,  which were
substantially higher in 2002.

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.

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.


                                       14
<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
September  30,  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 September 30,
   for Broadway Federal      Requirement     Requirement           2003
--------------------------   -----------  ------------------  ----------------

<S>                             <C>                                <C>
Tangible capital                1.50%            N/A               7.53%

Core capital                    4.00%           5.00%              7.53%

Total risk-based capital        8.00%          10.00%             13.19%

Tier 1 risk-based capital        N/A            6.00%             12.14%
</TABLE>


ITEM 3.  DISCLOSURE CONTROLS AND PROCEDURES

As of September 30, 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 September 30, 2003.  There have been no  significant  changes in
the Company's  internal  controls or in other  factors that could  significantly
affect these controls subsequent to September 30, 2003.


                                       15
<PAGE>


PART II. OTHER INFORMATION

Item 1.   LEGAL PROCEEDINGS

          None

Item 2.   CHANGES IN SECURITIES AND USE OF PROCEEDS

          None

Item 3.   DEFAULTS UPON SENIOR SECURITIES

          None

Item 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

          None

Item 5.   OTHER INFORMATION

          None

Item 6.   EXHIBITS AND REPORTS ON FORM 8-K

          (a) Exhibits

          Exhibit 31 - Certifications  pursuant to Rules 13a-14 or 15d-14 of the
          Securities  Exchange Act of 1934 as adopted pursuant to Section 302 of
          the Sarbanes-Oxley Act of 2002

          Exhibit 32 -  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

          On October 29, 2003,  the Company filed a current  report on Form 8-K,
          pursuant  to  which  it  furnished  to  the  Securities  and  Exchange
          Commission a copy of the Company's press release  regarding  financial
          results for the third fiscal quarter of 2003.



                                       16
<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:     November 13, 2003      By:  /s/ PAUL C. HUDSON
                                         Paul C. Hudson
                                         President and Chief Executive Officer
                                         Broadway Financial Corporation


Date:     November 13, 2003      By:  /s/ ALVIN D. KANG
                                         Alvin D. Kang
                                         Chief Financial Officer
                                         Broadway Financial Corporation




                                       17
<PAGE>

                                                                      Exhibit 31

                            SECTION 302 CERTIFICATION

I, Paul C. Hudson, certify that:

1.   I have reviewed this quarterly report on Form 10-QSB of Broadway  Financial
     Corporation ( the "Company").

2.   Based on my knowledge, this 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
     report;

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

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

     a)   Designed  such  disclosure  controls  and  procedures,  or caused such
          disclosure   controls  and   procedures  to  be  designed   under  our
          supervision,  to ensure  that  material  information  relating  to the
          Company, including its consolidated subsidiaries,  is made known to us
          by others  within those  entities,  particularly  during the period in
          which this report is being prepared;

     b)   Evaluated the effectiveness of the Company's  disclosure  controls and
          procedures  and  presented  in this report our  conclusions  about the
          effectiveness of the disclosure  controls and procedures as of the end
          of the period covered by this report based on such evaluation;

     c)   Disclosed in this report any changes in the Company's internal control
          over  financial  reporting  that occurred  during the  Company's  most
          recent fiscal quarter (the Company's fourth fiscal quarter in the case
          of an annual  report) that has materially  affected,  or is reasonably
          likely to  materially  affect,  the  Company's  internal  control over
          financial reporting; and

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

     a)   All significant  deficiencies and material weaknesses in the design or
          operation of internal  controls  over  financial  reporting  which are
          reasonably likely to adversely affect the Company's ability to record,
          process, summarize and report financial information; and

     b)   Any fraud, whether or not material,  that involves management or other
          employees  who  have a  significant  role  in the  Company's  internal
          control over financial reporting.


Date:    November 13, 2003

         /s/ Paul C. Hudson
         Signature

         Paul C. Hudson
         Chief Executive Officer
         Broadway Financial Corporation


                                       18
<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 (the "Company").

2.   Based on my knowledge, this 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
     report;

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

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

     a)   Designed  such  disclosure  controls  and  procedures,  or caused such
          disclosure   controls  and   procedures  to  be  designed   under  our
          supervision,  to ensure  that  material  information  relating  to the
          Company, including its consolidated subsidiaries,  is made known to us
          by others  within those  entities,  particularly  during the period in
          which this report is being prepared;

     b)   Evaluated the effectiveness of the Company's  disclosure  controls and
          procedures  and  presented  in this report our  conclusions  about the
          effectiveness of the disclosure  controls and procedures as of the end
          of the period covered by this report based on such evaluation;

     c)   Disclosed in this report any changes in the Company's internal control
          over  financial  reporting  that occurred  during the  Company's  most
          recent fiscal quarter (the Company's fourth fiscal quarter in the case
          of an annual  report) that has materially  affected,  or is reasonably
          likely to  materially  affect,  the  Company's  internal  control over
          financial reporting; and

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

     a)   All significant  deficiencies and material weaknesses in the design or
          operation of internal  controls  over  financial  reporting  which are
          reasonably likely to adversely affect the Company's ability to record,
          process, summarize and report financial information; and

     b)   Any fraud, whether or not material,  that involves management or other
          employees  who  have a  significant  role  in the  Company's  internal
          control over financial reporting.



Date:    November 13, 2003


         /s/ Alvin D. Kang
         Signature

         Alvin D. Kang
         Chief Financial Officer
         Broadway Financial Corporation



                                       19
<PAGE>


                                                                      Exhibit 32

                            Section 906 Certification

Broadway  Financial  Corporation  is furnishing to the  Securities  and Exchange
Commission   pursuant  to  the   requirements   of  Form  10-QSB  the  following
Certification  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.

Each of the undersigned certifies that the foregoing Report on Form 10-QSB fully
complies  with the  requirements  of  Section  13(a) or 15(d) 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.




Date:  November 13, 2003         /s/ Paul C. Hudson
                                  -----------------
                                     Paul C. Hudson
                                     President and Chief Executive Officer
                                     Broadway Financial Corporation



Date: November 13, 2003          /s/ Alvin D. Kang
                                 -----------------
                                     Alvin D. Kang
                                     Chief Financial Officer
                                     Broadway Financial Corporation






                                       20