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, 2002

       [ ]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 of
               incorporation or (IRS Employer Identification No.)
                                 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:  1,814,414 shares of the Company's
Common  Stock,  par value  $0.01 per share,  were issued and  outstanding  as of
October 31, 2002.

Transitional Small Business Disclosure Format (Check one):

Yes [ ]  No [x]



                                        1

<PAGE>




                                      INDEX

PART I   FINANCIAL INFORMATION                                            Page

         Item 1. Financial Statements
                 Consolidated Balance Sheets (unaudited)
                 as of September 30, 2002 and December 31, 2001             3

                 Consolidated Statements of Operations and
                 Comprehensive Earnings (unaudited) for the
                 three months and nine months ended September
                 30, 2002 and September 30, 2001                            4

                 Consolidated Statements of Cash Flows
                 (unaudited) for the nine months ended
                 September 30, 2002 and September 30, 2001                  5

                 Notes to 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 - NONE                                          15


SIGNATURES                                                                 16

SECTION 302 CERTIFICATIONS                                                 17

SECTION 906 CERTIFICATIONS                                                 19













                                        2

<PAGE>

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

                                                                              September 30,    December 31,
                                                                                2002            2001
Assets:

<S>                                                                            <C>             <C>
Cash                                                                           $     2,843     $    2,639
Fed funds sold                                                                       2,800          2,600
Interest bearing deposits                                                            1,028          5,028
Investment securities held to maturity                                               2,000              -
Investment securities available for sale                                            21,225          4,604
Mortgage-backed securities held to maturity                                         12,423         13,931
Loans receivable, net                                                              136,047        133,937
Loans receivable held for sale, at lower of cost or fair value                       3,316          7,362
Accrued interest receivable                                                            936            943
Real estate acquired through foreclosure, net                                          107              -
Investments in capital stock of Federal Home Loan Bank, at cost                      1,459          1,399
Office properties and equipment, net                                                 5,855          6,001
Other assets                                                                           708            457

Total assets                                                                   $   190,747     $  178,901
</TABLE>




Liabilities and stockholders' equity
<TABLE>
<CAPTION>

<S>                                                                            <C>             <C>
Deposits                                                                       $   156,215     $  151,156
Advances from Federal Home Loan Bank                                                15,750         11,000
Advance payments by borrowers for taxes and insurance                                  553            224
Deferred income taxes                                                                  562            556
Other liabilities                                                                    2,089          1,337

Total liabilities                                                                  175,169        164,273

Stockholders' Equity:
    Preferred non-convertible, non-cumulative, and non-voting stock, $.01 par
        value, authorized 1,000,000 shares; issued and outstanding 55,199 shares
        at September 30, 2002 and December 31, 2001                                      1              1
   Common stock, $.01 par value, authorized 6,000,000 shares; issued and
        outstanding 1,814,414 shares at September 30, 2002 and 1,821,076 shares
        at December 31, 2001                                                            10             10
   Additional paid-in capital                                                        9,505          9,481
    Accumulated other comprehensive gain (loss), net of taxes                           10              2
   Retained earnings-substantially restricted                                        6,740          5,804
   Treasury stock-at cost, 109,056 shares at September 30, 2002 and 102,394
        shares at December 31, 2001                                                   (529)          (469)
   Unearned Employee Stock Ownership Plan shares                                      (159)          (201)

Total stockholders' equity                                                          15,578         14,628

Total liabilities and stockholders'  equity                                    $   190,747     $  178,901
</TABLE>



                                       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 September 30,
                                                                          Nine Months ended September 30,

                                                                 2002            2001            2002          2001

<S>                                                          <C>               <C>           <C>           <C>
Interest on loans receivable                                 $      2,644      $    2,957    $     8,220   $     8,552
Interest on investment securities held to maturity                     21              13             47           150
Interest on investment securities available for sale                   86              58            182            94
Interest on mortgage-backed securities                                208             194            612           539
Other interest income                                                  61              50            213           476

Total interest income                                               3,020           3,272          9,274         9,811

Interest on deposits                                                  887           1,418          2,900         4,382
Interest on borrowings                                                135             138            386           451

Total interest expense                                              1,022           1,556          3,286         4,833

Net interest income before provision for loan losses                1,998           1,716          5,988         4,978

Provision for loan losses                                               -              30              -           105

Net interest income after provision for loan losses                 1,998           1,686          5,988         4,873

Non-interest income:
     Service charges                                                  214             169            646           489
     Gain on loans receivable held for sale                             -              (1)             -            (1)
     Other                                                             51              25             84            77
Total non-interest income                                             265             193            730           565

Non-interest expense:
     Compensation and benefits                                        920             796          2,724         2,434
     Occupancy expense, net                                           309             315            954           878
     Advertising and promotional expense                               32              35             93           122
     Professional services                                            123              56            322           169
     Real estate operations, net                                        1               -             (4)            -
     Contracted security services                                      45              41            127           121
     Telephone and postage                                             21              46             98           160
     Stationary, printing and supplies                                 32              36             91            89
     Other                                                            151             147            597           487
Total non-interest expense                                          1,634           1,472          5,002         4,460

Earnings before income taxes                                          629             407          1,716           978

Income taxes                                                          189             167            628           401

Net earnings                                                 $        440      $      240          1,088   $       577

Other comprehensive income (loss):
  Unrealized income (loss) on securities available for $ale            (24)     $       10             13   $         5
  Income tax (expense) benefit                                         10              (4)            (5)           (2)
Other comprehensive income (loss)                                     (14)              6              8             3

Comprehensive earnings                                       $        426      $      246    $     1,096   $       580

Net earnings                                                 $        440             240    $     1,088           577
Dividends paid on preferred stock                                      (7)             (7)           (21)          (21)

Earnings available to common shareholders                    $        433      $      233    $     1,067   $       556

Earnings per share-basic                                            $0.25           $0.13          $0.60         $0.32
Earnings per share-diluted                                          $0.24           $0.13          $0.59         $0.32
Dividend declared per share-common stock                            $0.03           $0.03          $0.08         $0.08
Basic weighted average shares outstanding                       1,776,008       1,770,738      1,779,612     1,753,604
Diluted weighted average shares outstanding                     1,813,192       1,783,040      1,805,718     1,758,106
</TABLE>


                                       4


<PAGE>
                         BROADWAY FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                      Consolidated Statements of Cash Flows
                             (Dollars in thousands)
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                                          Nine months ended September 30,
                                                                                2002          2001


Cash flows from operating activities
<S>                                                                           <C>           <C>
Net earnings                                                                  $ 1,088       $   577

Adjustments to reconcile net earnings to net cash provided by used in
    (used in) operating activities:
          Depreciation                                                            304           265
          Amortization of premiums and discounts on loans purchased              (145)            4
          Amortization of net deferred loan origination fees                     (221)          (14)
          Amortization of discounts and premium on  investment securities
             and mortgage-backed securities                                       132          (195)
          Amortization of deferred compensation                                    64            67
          Gain on sale of securities available for sale                           (24)            1
          Loss (gain) on disposal of fixed assets                                  53           (15)
          Provision for loan losses                                                 -           105
          Loans originated for sale                                              (679)         (299)
          Proceeds from sale of loans receivable held for sale                    795           357
          Purchases of loans held for sale                                          -        (8,001)
          Principal repayment on loans held for sale                            3,930         1,127
          Changes in operating assets and liabilities:
             Accrued interest receivable                                            8            32
             Other assets                                                        (251)           60
             Accrual for branch closure                                             -            55
             Deferred income taxes                                                  -             2
             Other liabilities                                                    752          (526)

Total adjustments                                                               4,718        (6,975)

Net cash provided by (used in) operating activities                             5,806        (6,398)

Cash flows from investing activities
Loans originated                                                              (18,855)      (17,870)
Principal repayment on loans                                                   17,824        12,816
Purchase of loans                                                                (820)
Purchases of investment securities held-to-maturity                            (2,000)       (5,000)
Purchases of mortgage-backed securities held to maturity                       (2,093)       (5,317)
Purchases of securities held for sale                                         (27,128)       (4,600)
Proceeds from maturities of interest bearing deposits                           4,000             -
Proceeds from maturities of investment securities held-to-maturity                  -        11,624
Proceeds from maturities of mortgage-backed securities held-
          to-maturity                                                           3,471         2,276
Proceeds from sale of securities available for sale                            10,544
Purchase of Federal Home Loan stock                                               (60)          (64)
Proceeds from sale of fixed assets                                                 10           210
Capital expenditures for office properties and equipment                         (221)         (191)

Net cash used in investing activities                                         (15,328)       (6,116)
</TABLE>





                                        5


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


<TABLE>
<CAPTION>

                                                                           Nine months ended September 30,
                                                                                2002           2001

Cash flows from financing activities
<S>                                                                              <C>          <C>
Net increase in deposits                                                         5,059        15,646
Increase (decrease) in advances from Federal Home Loan Bank                      4,750        (1,750)
Dividends paid                                                                    (153)         (152)
Purchases of treasury stock                                                        (83)            -
Exercises of stock options                                                          24             -
Increase in advances by borrowers                                                    -             -
     for taxes and insurance                                                       329           224

Net cash provided by financing activities                                        9,926        13,968

Net increase in cash and cash equivalents                                          404         1,454

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

Cash and cash equivalents at end of period                                     $ 5,643       $11,721

Supplemental disclosures of cash flow information:

Cash paid for interest                                                         $ 3,453       $ 4,856
Cash paid for income taxes                                                         568           581

Supplemental disclosure of non-cash investing and financing activities
Transfers of loans to real estate acquired through foreclosure                 $   107       $     -
</TABLE>




                                       6




<PAGE>

                 BROADWAY FINANCIAL CORPORATION AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)
                               SEPTEMBER 30, 2002

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, 2002 and the
results of their operations and comprehensive  earnings for the three months and
nine months ended September 30, 2002 and 2001, and their cash flows for the nine
months  ended  September  30,  2002  and  2001.  These  consolidated   financial
statements  do  not  include  all  disclosures  associated  with  the  Company's
consolidated  annual financial  statements included in its annual report on Form
10-KSB for the year ended December 31, 2001 and, accordingly,  should be read in
conjunction  with such audited  statements.  The results of  operations  for the
three  months and nine  months  ended  September  30,  2002 are not  necessarily
indicative of the results to be expected for the full year.

NOTE (2) - Earnings Per Share (adjusted for stock split)

On November 5, 2002 the Company  announced a two-for-one stock split in the form
of a dividend of one new common  share on each  outstanding  share of its common
stock.  The  dividend  will be payable on November 30, 2002 to  stockholders  of
record as of November  15,  2002.  The number of shares and  earnings  per share
computations  have been  adjusted  to reflect  the stock  split for all  periods
presented.  The par value of the additional  shares of common stock to be issued
in  connection  with the stock split will be credited to common stock and a like
amount charged to additional paid in capital in the fourth quarter of 2002.

Basic  earnings per share were  computed by dividing  net earnings  available to
common  shareholders  by the weighted  average  number of shares of Common Stock
outstanding for the period  (1,776,008 and 1,770,738 shares for the three months
ended  September 30, 2002 and 2001,  and 1,779,612 and 1,753,604  shares for the
nine months ended September 30, 2002 and 2001,  respectively).  Diluted earnings
per shares  reflect the  potential  dilution  that could occur if  securities or
other  contracts to issue common stock were  exercised or converted  into common
stock.  Diluted earnings per share additionally  included the dilutive effect of
Common Stock  equivalents  (1,813,192 and 1,783,040  shares for the three months
ended  September 30, 2002 and 2001 and  1,805,718  and 1,758,106  shares for the
nine months  ended  September  30, 2002 and 2001,  respectively).  The number of
shares reflected above have been adjusted for the stock split.



                                        7

<PAGE>


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 fed funds sold.


NOTE (4) - Current Accounting Issues

In April 2002, the FASB issued SFAS No. 145.  Statement of Financial  Accounting
Standards No. 145,  "Rescission of SFAS Statements No. 4, 44, and 64,  Amendment
of SFAS  Statement No. 13, and  Technical  Corrections"  ("SFAS 145"),  updates,
clarifies and simplifies existing accounting  pronouncements.  SFAS 145 rescinds
SFAS No. 4, "Reporting Gains and Losses from  Extinguishment  of Debt." SFAS 145
amends SFAS No. 13,  "Accounting  for  Leases," to  eliminate  an  inconsistency
between the required accounting for sale-leaseback transactions and the required
accounting for certain lease  modifications  that have economic effects that are
similar to  sale-leaseback  transactions.  The provisions of SFAS 145 related to
SFAS  No. 4 and SFAS  No.  13 are  effective  for  fiscal  years  beginning  and
transactions occurring after May 15, 2002, respectively.  Management anticipates
the  adoption  of SFAS  145 will not have a  material  impact  on the  Company's
consolidated financial statements.

In June 2002, the FASB issued SFAS No. 146. Accounting for Costs Associated with
Exit or Disposal  Activities"  ("SFAS 146") which  requires the  recognition  of
costs associated with exit or disposal  activities when they are incurred rather
than at the date of a commitment to an exit or disposal plan.  SFAS 146 replaces
Emerging  Issues Task Force ("EITF") Issue No. 94-3  "Liability  Recognition for
Certain  Employee  Termination  Benefits  and  Other  Costs to Exit an  Activity
(Including Certain Costs Incurred in a  Restructuring)."  The provisions of SFAS
146 are to be applied  prospectively  to exit or disposal  activities  initiated
after December 31, 2002.  Management  anticipates  the adoption of SFAS 146 will
not have a material impact on the Company's consolidated financial statements.

In October, 2002 the FASB issued Statement of Financial Accounting Standards No.
147,  "Acquisitions  of Certain  Financial  Institutions,  an  amendment of FASB
Statements  No. 72 and 144 and FASB  Interpretation  No. 9" ("SFAS 147"),  which
addresses the financial  accounting and reporting for the  acquisition of all or
part of a financial  institution,  except for a transaction  between two or more
mutual  enterprises.  SFAS 147 removes  acquisitions of financial  institutions,
other than transactions  between two or more mutual enterprises,  from the scope
of Statement of Financial  Accounting  Standards No. 72, "Accounting for Certain
Acquisitions  of Banking or Thrift  Institutions,"  ("SFAS 72"),  and  Financial
Accounting  Standards Board  Interpretation No. 9, "Applying APB Opinions No. 16
and 17 When a Savings and Loan Association or a Similar  Institution Is Acquired
in a Business  Combination  Accounted for by the Purchase  Method," and requires
that those  transactions  be  accounted  for in  accordance  with  Statement  of
Financial Accounting  Standards No. 141, "Business  Combinations," and SFAS 142.
Thus, the requirement in SFAS 72 to recognize,  and subsequently  amortize,  any
excess of the fair value of liabilities  assumed over the fair value of tangible
and  identifiable  intangible  assets acquired as an  unidentifiable  intangible
asset no longer applies to acquisitions within the scope of SFAS 147. Management
anticipates  the  adoption  of SFAS 147 will not have a  material  impact on the
Company's consolidated financial statements.

                                        8

<PAGE>


NOTE (5) - Critical Accounting Policy

Accounting for the allowance for loan losses involves significant  judgments and
assumptions by management,  which has a material impact on the carrying value of
net  loans.  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 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, 2001.


















                                        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 might
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  Central Los
Angeles,  California.  Broadway  Federal's  business  is  that  of  a  financial
intermediary  and  consists  primarily of  accepting  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, 2002, Broadway Federal operated four retail banking
offices in Mid-City and South Central Los Angeles.  Broadway  Federal is subject
to  significant  competition  from  other  financial  institutions,  and is also
subject to regulation by federal agencies and undergoes periodic examinations by
those regulatory agencies.

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


Comparison  of  Operating  Results for the Three  Months and Nine  Months  Ended
September 30, 2002 and September 30, 2001

General

The Company recorded net earnings of $440,000 and $1,088,000, or $0.24 and $0.59
per diluted  common  share,  respectively,  for the three months and nine months
ended September 30, 2002, compared to $240,000 and $577,000,  or $0.13 and $0.32
per diluted  common  share,  respectively,  for the three months and nine months
ended September 30, 2001. Compared to 2001, third quarter net earnings increased
83.33% and for the nine months net earnings increased 88.56%.

The increase in net earnings  from 2001 to 2002 resulted  primarily  from higher
net  interest  income  and  non-interest  income  offset by higher  non-interest
expense.

Net Interest Income

Net interest income after provision for loan losses  increased from $1.7 million
and $4.9 million for the three months and nine months ended  September 30, 2001,
respectively, to $2.0 million and $6.0 million for the same periods in 2002. The
increase was  attributable  primarily  to 1) increases in the net interest  rate
spread of 54 basis  points and 64 basis  points,  respectively,  2) increases in
average interest-earning assets of $6.2 million and $7.2 million,  respectively,
and 3) lower  provisions  for loan losses,  for the three months and nine months
ended September 30, 2002 compared to the same periods in 2001.

The net  interest  rate  spreads  for the three  months  and nine  months  ended
September  30,  2002 were 4.39% and 4.47%,  respectively,  compared to 3.85% and
3.83%,  respectively,  for the same periods in 2001.  The increase in spread was
attributable  to deposit  cost of funds  declining  faster than the yield on the
loan portfolio in the current low interest rate environment

Non-interest Income

Non-interest  income  increased by $72,000 and  $165,000,  or 37.31% and 29.20%,
respectively,  from  $193,000  and $565,000 for the three months and nine months
ended September 30, 2001, to $265,000 and $730,000,  respectively,  for the same
periods in 2002. The increase in non-interest income was primarily  attributable
to an increase in NOW monthly service fees,  prepayment fees on loans and higher
dividend income from FHLB stock.

Non-interest Expense

Total non-interest  expense increased from $1.5 million and $4.5 million for the
three months and nine months ended September 30, 2001, respectively, to $1.6 and
$5.0  million  for  the  same  periods  in  2002.  The  increase  was  primarily
attributable  to increases in  compensation  costs of $124,000 for third quarter
2002 compared to third quarter 2001, and $290,000 for the nine months ended




                                       11

<PAGE>


September  30, 2002  compared to the nine month ended  September  30, 2001.  The
increase in compensation costs was due to an increase in incentive  compensation
resulting from improved  profitability.  In addition,  several needed management
personnel  were added at the beginning of the year. An increase in  professional
service  fees of $67,000 for the third  quarter 2002  compared to third  quarter
2001, and $153,000 for the nine months ended  September 30, 2002 compared to the
2001 period also accounted for higher non-interest expense.  Management believes
the effective use of consultants has helped to improve operations.

Provision for Loan Losses

The provision for loan losses  decreased by $30,000 and $105,000,  respectively,
for the three months and nine months ended  September  30, 2002  compared to the
same periods in 2001.

As of September  30, 2002 the Company's  allowance for loan losses  totaled $1.6
million, unchanged from the balance at December 31, 2001. The allowance for loan
losses  represents  1.10%  of  gross  loans at both  September  30,  2002 and at
December 31, 2001.  The allowance for loan losses was 660.08% of  non-performing
loans at September  30, 2002,  compared to 335.68% of such loans at December 31,
2001.

Total  non-performing  assets,  consisting of non-accrual  loans and real estate
acquired through  foreclosure  ("REO"),  decreased from $468,000 at December 31,
2001 to $238,000  at  September  30,  2002 as a result of  payments  received on
non-accrual  loans reducing the balance of such non-accrual  loans. At September
30,  2002  non-performing  assets  as a  percentage  of total  assets  was 0.18%
compared  to 0.26% at December  31, 2001 and 0.58% at  September  30,  2001.  At
September 30, 2002,  the Bank had one  foreclosed  real property with a carrying
value of $107,000. The property was sold in October 2002 at a nominal profit.

For the three months and nine months ended  September  30, 2002 no provision for
loan losses was considered  necessary based upon management's ongoing assessment
of the  Company's  level of credit risk  inherent in the  portfolio  and changes
within the loan categories  resulting from various  factors,  including new loan
originations,   loan  repayments,   and   prepayments,   and  changes  in  asset
classifications.  Management  will  continue to monitor the  allowance  for loan
losses and adjust the  Company's  provision  for loan losses  based on the risks
inherent in the loan portfolio.

Management  believes  that the  allowance  for loan  losses is adequate to cover
inherent losses in its loan portfolio as of September 30, 2002, but there can be
no  assurance  that actual  losses  will not exceed the  estimated  amounts.  In
addition,  the Office of Thrift  Supervision and the Federal  Deposit  Insurance
Corporation  periodically  review the Company's  allowance for loan losses as an
integral  part of their  examination  process.  These  agencies  may require the
Company to increase the  allowance  for loan losses based on their  judgments of
the information available to them at the time of the examination.





                                       12

<PAGE>


Income Taxes

The  Company's  effective tax rate was  approximately  30.05% and 36.60% for the
three months and nine months ended  September  30, 2002,  compared to 41.03% and
41.00% for the same period in the prior year. The Company  computed income taxes
by  applying  the  statutory  federal  income tax rate of 34.00% and  California
income tax rate of 10.84% to earnings  before  income  taxes.  The effective tax
rate in  2002  was  lower  than in 2001  principally  due to  higher  California
Enterprise Zone tax incentives received in 2002.

Comparison of Financial Condition at September 30, 2002 and December 31, 2001

Total  assets at  September  30,  2002 were $190.7  million,  compared to $178.9
million at December 31, 2001,  representing  an increase of $11.8  million.  Net
loans  receivable  (excluding loans held for sale) increased from $133.9 million
at December  31,  2001 to $136.0  million at  September  30, 2002 as a result of
$19.7 million in new loan originations and $0.6 million in loans purchases,  and
a decrease in discounts and deferred loan fees of $0.4 million,  offset by $17.8
million in principal repayments and payoffs.

Loans held for sale at September 30, 2002 were $3.3 million, as compared to $7.4
million at December  31, 2001.  During the period,  loans  originated  that were
classified as held-for-sale  totaled $0.6 million,  principal repayments totaled
$3.9 million and loans sold totaled $0.8 million.

Total liabilities at September 30, 2002 and December 31, 2001 amounted to $175.2
and $164.3  million.  Deposits  increased  $5.0 million,  or 3.31%,  from $151.2
million at December 31, 2001 to $156.2  million at September 30, 2002.  The Bank
has targeted, and has succeeded in increasing, core deposits (NOW, Demand, Money
Market, and Passbook accounts) by $7.2 million,  while managing rates paid on CD
accounts,  including  Jumbo CDs,  resulting  in a decline in CD accounts of $2.2
million.  Core deposits  amounted to 39.41 % of total  deposits at September 30,
2002, compared to 35.95% at December 31, 2001 and 36.07% at September 30, 2001.

FHLB advances have  increased by $4.8 million since December 31, 2001 as part of
the Bank's program to fund increases in interest earning assets.

Total capital at September 30, 2002 was $15.6 million, compared to $14.6 million
at December 31, 2001.  The $950,000  increase was  primarily due to net earnings
for the period  and the  allocation  of ESOP  shares,  offset by cash  dividends
declared.










                                       13

<PAGE>


Liquidity, Capital Resources and Market Risk

Sources  of  liquidity  and  capital  for the  Company  on a  stand-alone  basis
primarily  include  distributions  from the Bank.  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 FHLB.  While  maturities  and  scheduled  amortization  of the  Bank's  loan
portfolio  are  relatively  predictable  sources  of  funds,  deposit  flows and
mortgage  prepayments  are  influenced  by changes in interest  rates,  economic
conditions and  competitions.  FHLB advances are the Bank's  principal source of
liquidity in the event that other  sources of liquidity  are not  available.  At
September 30, 2002 and December 31, 2001,  FHLB  advances  totaled $15.8 million
and $11.0 million, respectively.

Between  December  31,  2001 and  September  30, 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-K  for the year  ended  December  31,  2001,  including  the
Company's audited financial statements and the notes thereto included therein.

Stock Split and Cash Dividend Increase

The  Company  has  announced  a  two-for-one  stock split in the form of a stock
dividend of one new common share on each outstanding  share of its common stock.
The dividend will be payable on November 30, 2002 to  stockholders  of record as
of November 15, 2002.

The Company has also  announced  its  intention to increase the  quarterly  cash
dividend  on its common  stock from $0.05 per share to $0.075 per share based on
shares  outstanding  prior  to the  announced  stock  split.  Accordingly,  on a
post-split  basis the cash  dividend  would  increase from $0.025 to $0.0375 per
common  share.  The  record  date and the  payment  date for the next  quarterly
dividend have not been  determined and the amounts of any future  dividends will
depend  on  the  Board  of  Directors'  assessment  of the  Company's  financial
condition,  capital  requirements,  projected  results of  operations  and other
relevant considerations.

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.



                                       14

<PAGE>



Broadway  Federal was in compliance  with all capital  requirements in effect at
September  30,  2002,  and  meets  all  standards  necessary  to  be  considered
"well-capitalized" under the prompt corrective action regulations adopted by the
OTS pursuant to the Federal  Deposit  Insurance  Corporation  Improvement Act of
1991 (FDICIA).  The following table reflects the required and actual  regulatory
capital ratios of Broadway Federal at the date indicated:



                              Regulatory          FDICIA            Actual At
Regulatory Capital Ratios       Minimum     "Well-capitalized"    September 30,
  for Broadway Federal        Requirement       Requirement           2002
-------------------------     ------------   ----------------     --------------

Tangible capital                 1.50%             N/A                7.31%

Core capital                     4.00%            5.00%               7.31%

Risk-based capital               8.00%           10.00%               13.37%

Tier 1 Risk-based capital         N/A             6.00%               12.13%



Item 3. DISCLOSURE CONTROLS AND PROCEDURES

As of September 30, 2002, 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, 2002.  There have been no  significant  changes in
the Company's  internal  controls or in other  factors that could  significantly
affect internal controls subsequent to September 30, 2002.


PART II.  OTHER INFORMATION

          None.












                                       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:     November  14, 2002        By:  /s/ PAUL C. HUDSON
                                         ------------------
                                         Paul C. Hudson
                                         President and Chief Executive Officer
                                         Broadway Financial Corporation


Date:       November 14, 2002            /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 we have:

     a.   Designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  registrant,   including  the
          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 function):

     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.   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 or not 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:  November 14, 2002            By: /s/Paul C. Hudson
                                        Paul C. Hudson
                                        President and 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 we have:

    a.    Designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  registrant,   including  the
          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 function):

     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.   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 or not 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:  November 14, 2002                  By:/s/Alvin D. Kang
                                             Alvin D. Kang
                                             Chief Financial Officer
                                             Broadway Financial Corporation


                                       18

<PAGE>


                            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
and nine months ended September 30, 2002.



Date:  November 14, 2002


                                By:  /s/Paul C. Hudson
                                     Paul C. Hudson
                                     President and Chief Executive Officer
                                     Broadway Financial Corporation




                                By:  /s/Alvin D. Kang
                                     Alvin D. Kang
                                     Chief Financial Officer
                                     Broadway Financial Corporation




                                       19