# EDGAR Filing Document

**Accession Number:** 0001001171
**File Stem:** 0001140361-25-028195
**Filing Date:** 2025-7
**Character Count:** 44090
**Document Hash:** ebd4ac9b342d18dc73c588d6de34a1e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-028195.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0001140361-25-028195

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250731

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BROADWAY FINANCIAL CORP \DE\
- **CENTRAL INDEX KEY:** 0001001171
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 954547287
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39043
- **FILM NUMBER:** 251172562

**BUSINESS ADDRESS:**
- **STREET 1:** 5055 WILSHIRE BLVD STE 500
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90036
- **BUSINESS PHONE:** 3236341700

**MAIL ADDRESS:**
- **STREET 1:** 5055 WILSHIRE BLVD STE 500
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90036

?xml version='1.0' encoding='ASCII'?

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): **July 31, 2025**

## BROADWAY FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware**<br>| **001-39043**<br>| **95-4547287**<br>|
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |

---

---

| | |
|:---|:---|
| **4601 Wilshire Boulevard Suite 150, Los Angeles, California** | **90010**<br>|
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: (**323** **) 634-1700**

**NOT APPLICABLE**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Class A Common Stock, par value $0.01 per share (including attached preferred stock purchase rights)<br>| BYFC<br>| Nasdaq Capital Market<br>|

---

Indicate by check mark whether the registrant is an emerging growth company in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

---

On July 31, 2025, Broadway Financial Corporation (the "Company") issued a press release announcing results for the quarter ended June 30, 2025. A copy of the press release is attached as Exhibit 99.1.

The information set forth in this Current Report, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section. The information in this Current Report, including Exhibits 99.1 attached hereto, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing to this Current Report.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

[99.1](ef20053033_ex99-1.htm) Press Release dated July 31, 2025, announcing results for the quarter ended June 30, 2025.

104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101).

------

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

---

| | | |
|:---|:---|:---|
| Date: July 31, 2025 |  | **BROADWAY FINANCIAL CORPORATION** |
|  | By: | /s/ Zack Ibrahim |
|  |  | Name: Zack Ibrahim |
|  |  | Title: Chief Financial Officer |

---

------

## Exhibit 99.1

------

### Exhibit 99.1<br>

#### News Release

FOR IMMEDIATE RELEASE

#### Broadway Financial Corporation Announces Results of Operations for Second Quarter 2025

LOS ANGELES, CA – (PRNEWSWIRE) – July 31, 2025 – Broadway Financial Corporation ("Broadway", "we", or the "Company") (NASDAQ: BYFC), parent company of City First Bank, National Association (the "Bank", and collectively, with the Company, "City First Broadway"), reported consolidated net income before preferred dividends of $603 thousand, or $0.07 per diluted share, for the second quarter of 2025, compared to consolidated net income of $269 thousand, or $0.03 per diluted share, for the second quarter of 2024. Net loss attributable to common stockholders was $147 thousand during the second quarter of 2025 after deducting preferred dividends of $750 thousand, compared to net income attributable to common stockholders of $269 thousand for the second quarter of 2024. Diluted loss per common share was ($0.02) for the second quarter of 2025, compared to $0.03 of income per diluted common share for the second quarter of 2024. Diluted loss per common share for the second quarter of 2025 reflects preferred dividends of $0.09 per diluted common share.

For the first six months of 2025, the Company reported consolidated net loss before preferred dividends of $1.3 million, or ($0.15) per diluted share, compared to consolidated net income before preferred dividends of $105 thousand, or $0.01 per diluted share, for the first six months of 2024. Net loss attributable to common stockholders was $2.8 million during the first six months of 2025 after deducting preferred dividends of $1.5 million, compared to net income attributable to common stockholders of $105 thousand for the first six months of 2024. Diluted loss per common share was ($0.32) for the first six months of 2025, compared to $0.01 per diluted common share for the first six months of 2024. Diluted loss per common share for the first six months of 2025 reflects preferred dividends of $0.18 per diluted common share.

#### Second Quarter 2025 Highlights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The net interest margin increased by 22 basis points to 2.63% for the second quarter of 2025, compared to 2.41% for the second quarter of 2024. This increase was driven
 largely by growth in the yield on average loan balances and a reduction in the cost of interest-bearing liabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total deposits increased by $53.5 million, or 7.2%, during the first six months of 2025 compared to December 31, 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital ratios remain strong with a Community Bank Leverage Ratio of 15.69% at June 30, 2025 compared to 13.96% at December 31, 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Credit quality remains strong with non-accrual loans to total loans at 0.42% and non-performing loans to total assets at 0.36%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Borrowings were $69.2 million at June 30, 2025 compared to $195.5 million at December 31, 2024, a reduction of $126.3 million, or 64.6%

Chief Executive Officer, Brian Argrett commented, "We had a favorable second quarter of 2025, and continue to build on this positive momentum. Deposits grew by 2.9%, or $22.4 million, since March 31, 2025 and 7.18%, or $53.5 million, this year. We reduced borrowings by $126.3 million to $69.2 million as of June 30, 2025 resulting in lower cost of funds. The net interest margin was 2.63% for the three months ended June 30, 2025, which is an improvement of 22 basis points compared to the same three-month period of last year."

"Our results for the second quarter of 2025 were positively impacted by a reduction in non-interest expense of 26.23%, or $2.7 million, since last quarter, mainly due to the operational loss associated with the $1.9 million fraudulent wire during the first quarter, which will result in a corresponding gain if recovered. In addition, our second quarter financial results were positively impacted by a reduction in the provision for loan losses of $266 thousand, mainly due to a decrease in loans."

------

"We remain focused on executing our strategic goals and mission objectives, building a stronger balance sheet and improving profitability in order to drive long-term performance that will help support growth in the low-to-moderate income communities within our markets."

"As always, I thank our employees for their endless dedication and our stockholders, depositors, and board for their continued support of our strategy and mission. Your support and efforts are essential in our ability to improve our efficiency and promote growth."

#### Income Statement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net Interest Income** before provision for credit losses for the second quarter of 2025 totaled $7.8 million, representing a decrease of $163 thousand, or 2.1%, from net interest income before provision for credit
 losses of $7.9 million for the second quarter of 2024. The decrease resulted from a $1.3 million decrease in interest income,
 primarily due to a decrease in interest on interest-bearing deposits, as a result of a decrease in the average balance of interest-bearing deposits, as well as a decline in interest income on available-for-sale securities due to a
 decrease in the average balance of available-for-sale securities. These decreases were partially offset by a $1.1 million decrease in interest expense due to a decline in interest on borrowings as a result of a decrease in the
 average balance of borrowings. The Company reduced borrowings to improve the net interest margin and to support capacity for future loan growth.

The net interest margin increased to 2.63% for the second quarter of 2025 from 2.41% for the second quarter of 2024, due to an increase in the average rate earned on interest-earning assets, which increased to 4.83% for the second quarter of 2025 from 4.71% for the second quarter of 2024, and a decrease in the cost of funds, which decreased to 3.07% for the second quarter of 2025 from 3.19% for the second quarter of 2024.

Net Interest Income before provision for credit losses for the first six months of 2025 totaled $15.8 million, representing an increase of $358 thousand, or 2.3%, from net interest income before provision for credit losses of $15.4 million for the first six months of 2024. The increase resulted from a $2.0 million decrease in interest expense due to a decline in interest on borrowings as a result of a decrease in the average balance of borrowings. The Company reduced borrowings to improve the net interest margin and to support capacity for future loan growth. This increase was partially offset by a $1.7 million decrease in interest income, primarily due to a decrease in interest on interest-bearing deposits, as a result of a decrease in the average balance of interest-bearing deposits, as well as a decline in interest income on available-for-sale securities due to a decrease in the average balance of available-for-sale securities.

The net interest margin increased to 2.67% for the first six months of 2025 from 2.34% for the first six months of 2024, due to an increase in the average rate earned on interest-earnings assets, which increased to 4.83% for the first six months of 2025 from 4.59% for the first six months of 2024, and a decrease in the cost of funds, which decreased to 3.02% for the first six months of 2025 from 3.11% for the first six months of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Recapture of/Provision for Credit Losses** resulted in a recapture of credit losses of $266 thousand for the three months ended June 30, 2025 , compared to a provision for credit losses
 of $494 thousand for the three months ended June 30, 2024. This recapture was mainly due to the decrease in loans.

The Provision for Credit Losses was $423 thousand for the six months ended June 30, 2025, compared to $754 thousand for the six months ended June 30, 2024. There were no loan charge-offs recorded during the six months ended June 30, 2025 or 2024.

The allowance for credit losses ("ACL") increased to $8.6 million as of June 30, 2025, compared to $8.1 million as of December 31, 2024. The Bank had four non-accrual loans at June 30, 2025 with an unpaid principal balance of $4.0 million. Credit quality remains strong with non-accrual loans as a percentage of total loans at 0.42% and non-performing assets to total assets of 0.36% despite the increase in non-accrual loans.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Non-interest Expense** was $7.5
 million for the second quarter of 2025, compared to $7.3 million for the second quarter of 2024, representing an increase of $242 thousand, or 3.3%. The increase was primarily due to increases of $224 thousand in professional services and $112 thousand in information services, partially offset by a $60 thousand decrease in supervisory costs and a $57 thousand decrease in compensation and benefits
 expense.

Non-interest Expense was $17.7 million for the first six months of 2025, compared to $15.1 million for the first six months of 2024, representing an increase of $2.6 million, or 17.4%. The increase was primarily due to a $1.9 million loss incurred from wire fraud, which will result in a gain if recovered, as well as an $830 thousand increase in compensation and benefits expense. The increase in compensation and benefits expense was primarily attributable to the addition of full-time employees during 2024 in various production and administrative positions as part of the Bank's efforts to expand its operational capabilities to grow its balance sheet. These increases were partially offset by a $485 thousand decrease in professional services expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Income Tax Expense** was $257 thousand for the second quarter of 2025 compared to $146 thousand for the second quarter of 2024. The increase in tax expense reflected an increase of $437 thousand in
 pre-tax income between the two periods. The effective tax rate was 30.09% for the second quarter of 2025, compared to 35.01% for the second quarter of 2024.

The Company recorded an income tax benefit of $435 thousand for the first six months of 2025 and income tax expense of $89 thousand for the first six months of 2024. The decrease in tax expense reflected a decrease of $1.9 million in pre-tax income between the two periods. The effective tax rate was 25.60% for the first six months of 2025, compared to 50.28% for the first six months of 2024.

#### Balance Sheet

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Total Assets** decreased by $76.3
 million at June 30, 2025, compared to December 31, 2024, reflecting decreases in cash and cash equivalents of $31.9 million, securities available-for-sale of $25.9 million, net loans of $11.6 million and FHLB stock of $5.9 million. The
 reduction in securities available-for-sale was mainly due to maturities and paydowns, and the cash from the securities in addition to the cash on hand was used to reduce borrowings, leading to the decrease in stock held with FHLB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Loans Held for Investment, Net of the ACL,** decreased by $11.6 million to $957.3 million at June 30, 2025, compared to $968.9 million at December 31, 2024. The decrease was primarily due to loan payoffs and repayments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Deposits** increased by $53.5 million,
 or 7.2%, to $798.9 million at June 30, 2025, from $745.4 million at December 31, 2024. The increase in deposits was attributable to an increase of $67.7 million in certificates of deposit accounts, partially offset by decreases of $4.5
 million in savings deposits, $3.5 million in Certificate of Deposit Registry Service ("CDARS") deposits (CDARS deposits are similar to ICS deposits, but involve certificates of deposit, instead of money market accounts), $3.3 million in
 liquid deposits (demand, interest checking, and money market accounts), and $2.9 million in Insured Cash Sweep ("ICS") deposits (ICS deposits are the Bank's money market

 deposit accounts in excess of FDIC insured limits whereby the Bank makes reciprocal arrangements for insurance with other banks) . As of June 30, 2025, our
 uninsured deposits, including deposits from City First Bank and other affiliates, represented 35% of our total deposits, compared to 32% as of December 31, 2024. We leverage our long-standing partnership with IntraFi Deposit
 Solutions to offer deposit insurance for accounts exceeding the FDIC deposit insurance limit of $250,000.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Total Borrowings** decreased by $129.1
 million to $133.0 million at June 30, 2025 , from $262.1 million at December 31, 2024,
 primarily due to a $135.3 million decrease in FHLB advances, partially offset by a $9.2 million increase in secured borrowings related to participation loans.

#### Asset Quality

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Allowance for Credit Losses** was
 0.89% of total loans held for investment at June 30, 2025, compared to 0.83% at December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Nonperforming Assets** were $4.4
 million at June 30, 2025, compared to $264 thousand at December 31, 2024.

#### Capital

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Stockholders' equity** was $285.5
 million, or 23.3% of the Company's total assets, at June 30, 2025, compared to $285.2 million, or 21.9% of the Company's total assets, at December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Book Value per Share** was $14.74 at June 30, 2025, compared to $14.82 at December 31, 2024. Capital ratios remain strong with a Community Bank Leverage Ratio of 15.69% at June 30, 2025 compared to 13.96% at December 31, 2024.

#### About Broadway Financial Corporation

Broadway Financial Corporation operates through its wholly-owned banking subsidiary, City First Bank, National Association, which is a leading mission-driven bank that serves low-to-moderate income communities within urban areas in Southern California and the Washington, D.C. market.

City First Bank offers a variety of commercial real estate loan products, services, and depository accounts that support investments in affordable housing, small businesses, and nonprofit community facilities located within low-to-moderate income neighborhoods. City First Bank is a Community Development Financial Institution, Minority Depository Institution, Certified B Corp, and a member of the Global Alliance of Banking on Values. The Bank and the City First network of nonprofits, City First Enterprises, Homes By CFE, and City First Foundation, represent the City First branded family of community development financial institutions, which offer a robust lending and deposit platform.

#### Contacts

Investor Relations

Zack Ibrahim, Chief Financial Officer, (202) 243-7100

Investor.relations@cityfirstbroadway.com

------

#### Cautionary Statement Regarding Forward-Looking Information
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations and capital allocation and structure, are forward-looking statements. Forward-looking statements typically include the words "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," "poised," "optimistic," "prospects," "ability," "looking," "forward," "invest," "grow," "improve," "deliver" and similar expressions, but the absence of such words or expressions does not mean a statement is not forward-looking. These forward-looking statements are subject to risks and uncertainties, including those identified below, which could cause actual future results to differ materially from historical results or from those anticipated or implied by such statements. The following factors, among others, could cause future results to differ materially from historical results or from those indicated by forward-looking statements included in this press release: (1) the level of demand for mortgage and commercial loans, which is affected by such external factors as general economic conditions, market interest rate levels, tax laws, and the demographics of our lending markets; (2) the direction and magnitude of changes in interest rates and the relationship between market interest rates and the yield on our interest-earning assets and the cost of our interest-bearing liabilities; (3) the rate and amount of loan losses incurred and projected to be incurred by us, increases in the amounts of our nonperforming assets, the level of our loss reserves and management's judgments regarding the collectability of loans; (4) changes in the regulation of lending and deposit operations or other regulatory actions, whether industry-wide or focused on our operations, including increases in capital requirements or directives to increase allowances for loan losses or make other changes in our business operations; (5) legislative or regulatory changes, including those that may be implemented by the current administration in Washington, D.C. and the Federal Reserve Board; (6) possible adverse rulings, judgments, settlements and other outcomes of litigation; (7) actions undertaken by both current and potential new competitors; (8) the possibility of adverse trends in property values or economic trends in the residential and commercial real estate markets in which we compete; (9) the effect of changes in general economic conditions; (10) the effect of geopolitical uncertainties; (11) the impact of health crises on our future financial condition and operations; (12) the impact of any volatility in the banking sector due to the failure of certain banks due to high levels of exposure to liquidity risk, interest rate risk, uninsured deposits and cryptocurrency risk; and (13) other risks and uncertainties. All such factors are difficult to predict and are beyond our control. Additional factors that could cause results to differ materially from those described above can be found in our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K or other filings made with the SEC and are available on our website at http://www.cityfirstbank.com and on the SEC's website at <u>http://www.sec.gov</u>.

Forward-looking statements in this press release speak only as of the date they are made, and we undertake no obligation, and do not intend, to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except to the extent required by law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

The following table sets forth the consolidated statements of financial condition as of June 30, 2025 and December 31, 2024.

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#### BROADWAY FINANCIAL CORPORATION

#### <br>

#### Consolidated Statements of Financial Condition

#### <br>

#### (In thousands, except share and per share amounts)

#### <br>

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
|  | (Unaudited) | |
|  **Assets:** |  |  |
|  Cash and due from banks | $1955 | $2255 |
|  Interest-bearing deposits in other banks | 27559 | 59110 |
|  Cash and cash equivalents | 29514 | 61365 |
|  Securities available-for-sale, at fair value (amortized cost of $190,030 and $219,658) | 177977 | 203862 |
|  Loans receivable held for investment, net of allowance of $8,582 and $8,103 | 957293 | 968861 |
|  Accrued interest receivable | 5109 | 5001 |
|  Federal Home Loan Bank (FHLB) stock | 3761 | 9637 |
|  Federal Reserve Bank (FRB) stock | 3543 | 3543 |
|  Office properties and equipment, net | 8721 | 8899 |
|  Bank owned life insurance | 3343 | 3321 |
|  Deferred tax assets, net | 8268 | 8803 |
|  Core deposit intangible, net | 1618 | 1775 |
|  Goodwill | 25858 | 25858 |
|  Other assets | 2387 | 2786 |
|  **Total assets** | $**1227392** | $**1303711** |
|  **Liabilities and stockholders' equity** |  |  |
|  **Liabilities:** |  |  |
|  Deposits | $798922 | $745399 |
|  Securities sold under agreements to repurchase | 63786 | 66610 |
|  Borrowings | 69217 | 195532 |
|  Accrued expenses and other liabilities | 9712 | 10794 |
|  **Total liabilities** | **941637** | **1018335** |
|  **Stockholders' equity:** |  |  |
|  Non-Cumulative Redeemable Perpetual Preferred stock, Series C; authorized 150,000 shares at June 30, 2025 and December 31, 2024; issued and outstanding 150,000 shares at June 30, 2025 and December 31, 2024; liquidation value $1,000 per share | 150000 | 150000 |
|  Common stock, Class A, $0.01 par value, voting; authorized 75,000,000 shares at June 30, 2025 and December 31, 2024; issued 6,425,001 shares at June 30, 2025 and 6,349,455 shares at December 31, 2024; outstanding 6,097,773 shares at June 30, 2025 and 6,022,227 shares at December 31, 2024 | 64 | 63 |
|  Common stock, Class B, $0.01 par value, non-voting; authorized 15,000,000 shares at June 30, 2025 and December 31, 2024; issued and outstanding 1,425,574 shares at June 30, 2025 and December 31, 2024 | 14 | 14 |
|  Common stock, Class C, $0.01 par value, non-voting; authorized 25,000,000 shares at June 30, 2025 and December 31, 2024; issued and outstanding 1,672,562 at June 30, 2025 and December 31, 2024 | 17 | 17 |
|  Additional paid-in capital | 143266 | 142902 |
|  Retained earnings | 10156 | 12911 |
|  Unearned Employee Stock Ownership Plan (ESOP) shares | (4089) | (4201) |
|  Accumulated other comprehensive loss, net of tax | (8557) | (11223) |
|  Treasury stock-at cost, 327,228 shares at June 30, 2025 and at December 31, 2024 | (5326) | (5326) |
|  **Total Broadway Financial Corporation and Subsidiary stockholders' equity** | **285545** | **285157** |
|  **Non-controlling interest** | **210** | **219** |
|  **Total liabilities and stockholders' equity** | $**1227392** | $**1303711** |

---

The following table sets forth the consolidated statements of operations for the three and six months ended June 30, 2025 and 2024.

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#### BROADWAY FINANCIAL CORPORATION

#### Consolidated Statements of Operations

#### (In thousands, except share and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  **Interest income:** |  |  |  |  |
|  Interest and fees on loans receivable | $12658 | $12179 | $25348 | $23308 |
|  Interest on available-for-sale securities | 1171 | 1876 | 2379 | 3951 |
|  Other interest income | 401 | 1433 | 877 | 3022 |
|  Total interest income | 14230 | 15488 | 28604 | 30281 |
|  **Interest expense:** |  |  |  |  |
|  Interest on deposits | 4879 | 3086 | 9078 | 5885 |
|  Interest on borrowings | 1596 | 4484 | 3726 | 8954 |
|  Total interest expense | 6475 | 7570 | 12804 | 14839 |
|  Net interest income | 7755 | 7918 | 15800 | 15442 |
|  (Recapture of) provision for credit losses | (266) | 494 | 423 | 754 |
|  Net interest income after (recapture of) provision for credit losses | 8021 | 7424 | 15377 | 14688 |
|  **Non-interest income:** |  |  |  |  |
|  Service charges | 41 | 38 | 84 | 78 |
|  Grants | 105 | - | 131 | - |
|  Other | 209 | 235 | 428 | 501 |
|  Total non-interest income | 355 | 273 | 643 | 579 |
|  **Non-interest expense:** |  |  |  |  |
|  Compensation and benefits | 4412 | 4469 | 9696 | 8866 |
|  Occupancy expense | 485 | 432 | 1025 | 867 |
|  Information services | 775 | 663 | 1480 | 1370 |
|  Professional services | 787 | 563 | 1488 | 1973 |
|  Advertising and promotional expense | 61 | 63 | 107 | 91 |
|  Supervisory costs | 156 | 216 | 349 | 393 |
|  Corporate insurance | 66 | 64 | 133 | 125 |
|  Amortization of core deposit intangible | 79 | 84 | 157 | 168 |
|  Operational loss | - | - | 1943 | - |
|  Other expense | 701 | 726 | 1341 | 1237 |
|  Total non-interest expense | 7522 | 7280 | 17719 | 15090 |
|  Income (loss) before income taxes | 854 | 417 | (1699) | 177 |
|  Income tax expense (benefit) | 257 | 146 | (435) | 89 |
|  Net income (loss) | $597 | $271 | $(1264) | $88 |
|  Less: Net (loss) income attributable to non-controlling interest | (6) | 2 | (9) | (17) |
|  Net income (loss) attributable to Broadway Financial Corporation | $603 | $269 | $(1255) | $105 |
|  Less: Preferred stock dividends | 750 | - | 1500 | - |
|  Net (loss) income attributable to common stockholders | $(147) | $269 | $(2755) | $105 |
| (Loss) earnings per common share-basic | $(0.02) | $0.03 | $(0.32) | $0.01 |
| (Loss) earnings per common share-diluted | $(0.02) | $0.03 | $(0.32) | $0.01 |

---

The following tables set forth the average balances, average yields and costs for the periods indicated. All average balances are daily average balances. The yields set forth below include the effect of deferred loan fees, and discounts and premiums that are amortized or accreted to interest income or expense.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
|  | **(Dollars in thousands) (Unaudited)** | **(Dollars in thousands) (Unaudited)** | **(Dollars in thousands) (Unaudited)** | **(Dollars in thousands) (Unaudited)** | **(Dollars in thousands) (Unaudited)** | **(Dollars in thousands) (Unaudited)** |
|  | **Average** <br> **Balance** | **Interest** | **Average** <br> **Yield** | **Average**<br> **Balance** | **Interest** | **Average** <br> **Yield** |
| &nbsp;&nbsp;&nbsp; **Assets** | | | | | | |
| &nbsp;&nbsp;&nbsp; Interest-earning assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest-earning deposits | $24132 | $266 | 4.42% | $88294 | $1189 | 5.42% |
| &nbsp;&nbsp;&nbsp; Securities | 182351 | 1171 | 2.58% | 276457 | 1876 | 2.73% |
| &nbsp;&nbsp;&nbsp; Loans receivable <sup>(1)</sup> | 968028 | 12658 | 5.24% | 943072 | 12179 | 5.19% |
| &nbsp;&nbsp;&nbsp; FRB and FHLB stock <sup>(2)</sup> | 7473 | 135 | 7.25% | 13835 | 244 | 7.09% |
| &nbsp;&nbsp;&nbsp; Total interest-earning assets | 1181984 | $14230 | 4.83% | 1321658 | $15488 | 4.71% |
| &nbsp;&nbsp;&nbsp; Non-interest-earning assets | 49786 |  |  | 53207 |  |  |
| &nbsp;&nbsp;&nbsp; Total assets | $1231770 |  |  | $1375165 |  |  |
| &nbsp;&nbsp;&nbsp; **Liabilities and Stockholders' Equity** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Money market deposits | $133930 | $336 | 1.01% | $274915 | $1623 | 2.37% |
| &nbsp;&nbsp;&nbsp; Savings deposits | 46762 | 61 | 0.52% | 57684 | 102 | 0.71% |
| &nbsp;&nbsp;&nbsp; Interest checking and other demand deposits | 251146 | 1975 | 3.15% | 73853 | 166 | 0.90% |
| &nbsp;&nbsp;&nbsp; Certificate accounts | 270424 | 2507 | 3.72% | 163237 | 1195 | 2.94% |
| &nbsp;&nbsp;&nbsp; Total deposits | 702262 | 4879 | 2.79% | 569689 | 3086 | 2.18% |
| &nbsp;&nbsp;&nbsp; Borrowings | 72962 | 710 | 3.90% | 209261 | 2593 | 4.98% |
| &nbsp;&nbsp;&nbsp; Bank Term Funding Program borrowing | - | - | -% | 100000 | 1210 | 4.87% |
| &nbsp;&nbsp;&nbsp; Other borrowings | 69722 | 886 | 5.10% | 74523 | 681 | 3.68% |
| &nbsp;&nbsp;&nbsp; Total borrowings | 142684 | 1596 | 4.49% | 383784 | 4484 | 4.70% |
| &nbsp;&nbsp;&nbsp; Total interest-bearing liabilities | 844946 | $6475 | 3.07% | 953473 | $7570 | 3.19% |
| &nbsp;&nbsp;&nbsp; Non-interest-bearing liabilities | 101670 |  |  | 139900 |  |  |
| &nbsp;&nbsp;&nbsp; Stockholders' equity | 285154 |  |  | 281792 |  |  |
| &nbsp;&nbsp;&nbsp; Total liabilities and stockholders' equity | $1231770 |  |  | $1375165 |  |  |
| &nbsp;&nbsp;&nbsp; Net interest rate spread <sup>(3)</sup> |  | $7755 | 1.76% |  | $7918 | 1.52% |
| &nbsp;&nbsp;&nbsp; Net interest rate margin <sup>(4)</sup> |  |  | 2.63% |  |  | 2.41% |
|  Ratio of interest-earning assets to interest-bearing liabilities |  |  | 139.89% |  |  | 138.62% |

---

<sup>(1)</sup> Amount includes non-accrual loans.

<sup>(2)</sup> FHLB is Federal Home Loan Bank.

<sup>(3)</sup> Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.

<sup>(4)</sup> Net interest rate margin represents net interest income as a percentage of average interest-earning assets.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
|  | **(Dollars in thousands) (Unaudited)** | **(Dollars in thousands) (Unaudited)** | **(Dollars in thousands) (Unaudited)** | **(Dollars in thousands) (Unaudited)** | **(Dollars in thousands) (Unaudited)** | **(Dollars in thousands) (Unaudited)** |
|  | **Average** <br> **Balance** | **Interest** | **Average** <br> **Yield** | **Average** <br> **Balance** | **Interest** | **Average** <br> **Yield** |
| &nbsp;&nbsp;&nbsp; **Assets** | | | | | | |
| &nbsp;&nbsp;&nbsp; Interest-earning assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest-earning deposits | $26532 | $578 | 4.39% | $97640 | $2533 | 5.22% |
| &nbsp;&nbsp;&nbsp; Securities | 189368 | 2379 | 2.53% | 290721 | 3951 | 2.73% |
| &nbsp;&nbsp;&nbsp; Loans receivable <sup>(1)</sup> | 970241 | 25348 | 5.27% | 925443 | 23308 | 5.06% |
| &nbsp;&nbsp;&nbsp; FRB and FHLB stock <sup>(2)</sup> | 9320 | 299 | 6.47% | 13777 | 489 | 7.14% |
| &nbsp;&nbsp;&nbsp; Total interest-earning assets | 1195461 | $28604 | 4.83% | 1327581 | $30281 | 4.59% |
| &nbsp;&nbsp;&nbsp; Non-interest-earning assets | 50061 |  |  | 51988 |  |  |
| &nbsp;&nbsp;&nbsp; Total assets | $1245512 |  |  | $1379569 |  |  |
| &nbsp;&nbsp;&nbsp; **Liabilities and Stockholders' Equity** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Money market deposits | $126557 | $593 | 0.94% | $272290 | $3065 | 2.26% |
| &nbsp;&nbsp;&nbsp; Savings deposits | 47732 | 129 | 0.54% | 58377 | 204 | 0.70% |
| &nbsp;&nbsp;&nbsp; Interest checking and other demand deposits | 253384 | 3886 | 3.09% | 78772 | 311 | 0.79% |
| &nbsp;&nbsp;&nbsp; Certificate accounts | 247498 | 4470 | 3.64% | 164319 | 2305 | 2.82% |
| &nbsp;&nbsp;&nbsp; Total deposits | 675171 | 9078 | 2.71% | 573758 | 5885 | 2.06% |
| &nbsp;&nbsp;&nbsp; FHLB advances | 106106 | 2239 | 4.26% | 209280 | 5191 | 4.99% |
| &nbsp;&nbsp;&nbsp; Bank Term Funding Program borrowing | - | - | -% | 100000 | 2413 | 4.85% |
| &nbsp;&nbsp;&nbsp; Other borrowings | 73237 | 1487 | 4.09% | 76688 | 1350 | 3.45% |
| &nbsp;&nbsp;&nbsp; Total borrowings | 179343 | 3726 | 4.19% | 385968 | 8954 | 4.67% |
| &nbsp;&nbsp;&nbsp; Total interest-bearing liabilities | 854514 | $12804 | 3.02% | 959726 | $14839 | 3.11% |
| &nbsp;&nbsp;&nbsp; Non-interest-bearing liabilities | 105111 |  |  | 138012 |  |  |
| &nbsp;&nbsp;&nbsp; Stockholders' equity | 285887 |  |  | 281831 |  |  |
| &nbsp;&nbsp;&nbsp; Total liabilities and stockholders' equity | $1245512 |  |  | $1379569 |  |  |
| &nbsp;&nbsp;&nbsp; Net interest rate spread <sup>(3)</sup> |  | $15800 | 1.80% |  | $15442 | 1.48% |
| &nbsp;&nbsp;&nbsp; Net interest rate margin <sup>(4)</sup> |  |  | 2.67% |  |  | 2.34% |
|  Ratio of interest-earning assets to interest-bearing liabilities |  |  | 139.90% |  |  | 138.33% |

---

<sup>(1)</sup> Amount includes non-accrual loans.

<sup>(2)</sup> FHLB is Federal Home Loan Bank.

<sup>(3)</sup> Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.

<sup>(4)</sup> Net interest rate margin represents net interest income as a percentage of average interest-earning assets.

------

#### BROADWAY FINANCIAL CORPORATION AND SUBSIDIARY

#### <br>

#### Selected Financial Data and Ratios (Unaudited)

#### <br>
(Dollars in thousands, except per share data)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** <br> **2025** | **March 31, <br> 2025** | **December 31,** <br> **2024** | **September 30,**<br> **2024** | **June 30,** <br> **2024** | **June 30,** <br> **2025** | **June 30,** <br> **2024** |
|  **Balance Sheets:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total gross loans | 965875 | 980005 | 976964 | 975315 | 946840 | 965785 | 946840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Allowance for credit losses | 8582 | 8774 | 8103 | 8527 | 8104 | 8582 | 8104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities | 177977 | 185938 | 203862 | 238489 | 261454 | 177977 | 261454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1227392 | 1238019 | 1303711 | 1373055 | 1367290 | 1227392 | 1367290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deposits | 798922 | 776543 | 745399 | 672248 | 687369 | 798922 | 687369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | 285545 | 284581 | 285157 | 286392 | 282293 | 285545 | 282293 |
|  **Profitability:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 14230 | 14374 | 15762 | 16166 | 15488 | 28604 | 30281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 6475 | 6329 | 7765 | 7836 | 7570 | 12804 | 14839 |
| &nbsp;&nbsp;&nbsp; Net interest income | 7755 | 8045 | 7997 | 8330 | 7918 | 15800 | 15442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Recovery of) provision for credit losses | (266) | 689 | (489) | 399 | 494 | 423 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-interest income | 355 | 288 | 560 | 416 | 273 | 643 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-interest expenses | 7522 | 10197 | 7210 | 7594 | 7280 | 17719 | 15090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income (loss) before income taxes | 854 | (2553) | 1836 | 753 | 417 | (1699) | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense (benefit) | 257 | (692) | 516 | 209 | 146 | (435) | 89 |
| &nbsp;&nbsp;&nbsp; Net income (loss) | 597 | (1861) | 1320 | 544 | 271 | (1264) | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Net (loss) income attributable to non-controlling interest | (6) | (3) | 20 | 22 | 2 | (9) | (17) |
| &nbsp;&nbsp;&nbsp; Net income (loss) attributable to Broadway Financial Corporation | 603 | (1858) | 1300 | 522 | 269 | (1255) | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Preferred stock dividends | 750 | 750 | 750 | 750 | - | 1500 | - |
| &nbsp;&nbsp;&nbsp; Net (loss) income attributable to common stockholders | (147) | (2608) | 550 | (228) | 269 | (2755) | 105 |
|  **Financial Performance:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return on average assets (annualized) | (0.05%) | (0.84%) | 0.16% | (0.07%) | 0.08% | (0.45%) | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return on average equity (annualized) | (0.21%) | (3.69%) | 0.77% | (0.32%) | 0.38% | (1.94%) | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest margin | 2.63% | 2.70% | 2.42% | 2.49% | 2.41% | 2.67% | 2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Efficiency ratio | 92.75% | 122.37% | 84.26% | 86.83% | 88.88% | 107.76% | 94.19% |
|  **Per Share Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Book value per share | 14.74 | 14.58 | 14.82 | 14.97 | 14.49 | 14.74 | 14.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted average common shares (basic) | 8622891 | 8547460 | 8459460 | 8520730 | 8394367 | 8557745 | 8308359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted average common shares (diluted) | 8622891 | 8547460 | 8638660 | 8684296 | 8596985 | 8557745 | 8513262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common shares outstanding at end of period | 9195909 | 9231180 | 9120363 | 9112777 | 9131979 | 9195909 | 9131979 |
|  **Financial Measures:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans to assets | 78.69% | 79.16% | 74.94% | 71.03% | 69.25% | 78.69% | 69.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans to deposits | 120.90% | 126.20% | 131.07% | 145.08% | 137.75% | 120.90% | 137.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for credit losses to total loans | 0.89% | 0.90% | 0.83% | 0.87% | 0.86% | 0.89% | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for credit losses to total nonperforming loans | 192.98% | 1020.23% | 3069.32% | 2930.24% | 2470.73% | 192.98% | 2470.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-accrual loans to total loans | 0.42% | 0.09% | 0.03% | 0.03% | 0.03% | 0.42% | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonperforming loans to total assets | 0.36% | 0.07% | 0.02% | 0.02% | 0.02% | 0.36% | 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net charge-offs (recoveries) (annualized) to average total loans | - | - | - | - | - | - | - |
|  **Average Balance Sheets:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loans | 968028 | 972479 | 976873 | 963849 | 943072 | 970241 | 925443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities | 182351 | 196463 | 222879 | 248833 | 276457 | 189368 | 290721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1231770 | 1259448 | 1363572 | 1382066 | 1375165 | 1245512 | 1379569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest-bearing deposits | 702262 | 647777 | 622217 | 570512 | 569689 | 675171 | 573758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | 285154 | 286629 | 285775 | 284343 | 281792 | 285887 | 281831 |

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