ブロードウェイファイナンシャルの適時開示・決算・その他

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	001-39043	95-4547287
(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
(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)		BYFC		Nasdaq Capital Market

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.

(d)

Exhibits

99.1	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

EX-99.1 2 ef20053033_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

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:

•

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

•

Total deposits increased by $53.5 million, or 7.2%, during the first six months of 2025 compared to 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

•

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

•

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

•

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.

•

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.

•

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.

•

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

•

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.

•

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.

•

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.

•

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

•

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.

•

Nonperforming Assets were $4.4 million at June 30, 2025, compared to $264 thousand at December 31, 2024.

Capital

•

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.

•

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 http://www.sec.gov.

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.

BROADWAY FINANCIAL CORPORATION

Consolidated Statements of Financial Condition

(In thousands, except share and per share amounts)

	June 30, 2025			December 31, 2024
	(Unaudited)
Assets:
Cash and due from banks	$	1,955		$	2,255
Interest-bearing deposits in other banks		27,559			59,110
Cash and cash equivalents		29,514			61,365
Securities available-for-sale, at fair value (amortized cost of $190,030 and $219,658)		177,977			203,862
Loans receivable held for investment, net of allowance of $8,582 and $8,103		957,293			968,861
Accrued interest receivable		5,109			5,001
Federal Home Loan Bank (FHLB) stock		3,761			9,637
Federal Reserve Bank (FRB) stock		3,543			3,543
Office properties and equipment, net		8,721			8,899
Bank owned life insurance		3,343			3,321
Deferred tax assets, net		8,268			8,803
Core deposit intangible, net		1,618			1,775
Goodwill		25,858			25,858
Other assets		2,387			2,786
Total assets	$	1,227,392		$	1,303,711
Liabilities and stockholders’ equity
Liabilities:
Deposits	$	798,922		$	745,399
Securities sold under agreements to repurchase		63,786			66,610
Borrowings		69,217			195,532
Accrued expenses and other liabilities		9,712			10,794
Total liabilities		941,637			1,018,335
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		150,000			150,000
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		143,266			142,902
Retained earnings		10,156			12,911
Unearned Employee Stock Ownership Plan (ESOP) shares		(4,089	)		(4,201	)
Accumulated other comprehensive loss, net of tax		(8,557	)		(11,223	)
Treasury stock-at cost, 327,228 shares at June 30, 2025 and at December 31, 2024		(5,326	)		(5,326	)
Total Broadway Financial Corporation and Subsidiary stockholders’ equity		285,545			285,157
Non-controlling interest		210			219
Total liabilities and stockholders’ equity	$	1,227,392		$	1,303,711

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

BROADWAY FINANCIAL CORPORATION

Consolidated Statements of Operations

(In thousands, except share and per share amounts)

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2025			2024		2025			2024

Interest income:
Interest and fees on loans receivable	$	12,658		$	12,179	$	25,348		$	23,308
Interest on available-for-sale securities		1,171			1,876		2,379			3,951
Other interest income		401			1,433		877			3,022
Total interest income		14,230			15,488		28,604			30,281

Interest expense:
Interest on deposits		4,879			3,086		9,078			5,885
Interest on borrowings		1,596			4,484		3,726			8,954
Total interest expense		6,475			7,570		12,804			14,839

Net interest income		7,755			7,918		15,800			15,442
(Recapture of) provision for credit losses		(266	)		494		423			754
Net interest income after (recapture of) provision for credit losses		8,021			7,424		15,377			14,688

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		4,412			4,469		9,696			8,866
Occupancy expense		485			432		1,025			867
Information services		775			663		1,480			1,370
Professional services		787			563		1,488			1,973
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		-			-		1,943			-
Other expense		701			726		1,341			1,237
Total non-interest expense		7,522			7,280		17,719			15,090

Income (loss) before income taxes		854			417		(1,699	)		177
Income tax expense (benefit)		257			146		(435	)		89
Net income (loss)	$	597		$	271	$	(1,264	)	$	88
Less: Net (loss) income attributable to non-controlling interest		(6	)		2		(9	)		(17	)
Net income (loss) attributable to Broadway Financial Corporation	$	603		$	269	$	(1,255	)	$	105
Less: Preferred stock dividends		750			-		1,500			-

Net (loss) income attributable to common stockholders	$	(147	)	$	269	$	(2,755	)	$	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.

	For the Three Months Ended
	June 30, 2025							June 30, 2024

	(Dollars in thousands) (Unaudited)

	Average Balance		Interest		Average Yield				Average Balance		Interest		Average Yield
Assets
Interest-earning assets:
Interest-earning deposits	$	24,132	$	266		4.42	%		$	88,294	$	1,189		5.42	%
Securities		182,351		1,171		2.58	%			276,457		1,876		2.73	%
Loans receivable (1)		968,028		12,658		5.24	%			943,072		12,179		5.19	%
FRB and FHLB stock (2)		7,473		135		7.25	%			13,835		244		7.09	%
Total interest-earning assets		1,181,984	$	14,230		4.83	%			1,321,658	$	15,488		4.71	%
Non-interest-earning assets		49,786								53,207
Total assets	$	1,231,770							$	1,375,165

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Money market deposits	$	133,930	$	336		1.01	%		$	274,915	$	1,623		2.37	%
Savings deposits		46,762		61		0.52	%			57,684		102		0.71	%
Interest checking and other demand deposits		251,146		1,975		3.15	%			73,853		166		0.90	%
Certificate accounts		270,424		2,507		3.72	%			163,237		1,195		2.94	%
Total deposits		702,262		4,879		2.79	%			569,689		3,086		2.18	%
Borrowings		72,962		710		3.90	%			209,261		2,593		4.98	%
Bank Term Funding Program borrowing		-		-		-	%			100,000		1,210		4.87	%
Other borrowings		69,722		886		5.10	%			74,523		681		3.68	%
Total borrowings		142,684		1,596		4.49	%			383,784		4,484		4.70	%
Total interest-bearing liabilities		844,946	$	6,475		3.07	%			953,473	$	7,570		3.19	%
Non-interest-bearing liabilities		101,670								139,900
Stockholders’ equity		285,154								281,792
Total liabilities and stockholders’ equity	$	1,231,770							$	1,375,165

Net interest rate spread (3)			$	7,755		1.76	%				$	7,918		1.52	%
Net interest rate margin (4)						2.63	%							2.41	%
Ratio of interest-earning assets to interest-bearing liabilities						139.89	%							138.62	%

(1)

Amount includes non-accrual loans.

(2)

FHLB is Federal Home Loan Bank.

(3)

Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.

(4)

Net interest rate margin represents net interest income as a percentage of average interest-earning assets.

	For the Six Months Ended
	June 30, 2025							June 30, 2024
	(Dollars in thousands) (Unaudited)
	Average Balance		Interest		Average Yield				Average Balance		Interest		Average Yield
Assets
Interest-earning assets:
Interest-earning deposits	$	26,532	$	578		4.39	%		$	97,640	$	2,533		5.22	%
Securities		189,368		2,379		2.53	%			290,721		3,951		2.73	%
Loans receivable (1)		970,241		25,348		5.27	%			925,443		23,308		5.06	%
FRB and FHLB stock (2)		9,320		299		6.47	%			13,777		489		7.14	%
Total interest-earning assets		1,195,461	$	28,604		4.83	%			1,327,581	$	30,281		4.59	%
Non-interest-earning assets		50,061								51,988
Total assets	$	1,245,512							$	1,379,569

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Money market deposits	$	126,557	$	593		0.94	%		$	272,290	$	3,065		2.26	%
Savings deposits		47,732		129		0.54	%			58,377		204		0.70	%
Interest checking and other demand deposits		253,384		3,886		3.09	%			78,772		311		0.79	%
Certificate accounts		247,498		4,470		3.64	%			164,319		2,305		2.82	%
Total deposits		675,171		9,078		2.71	%			573,758		5,885		2.06	%
FHLB advances		106,106		2,239		4.26	%			209,280		5,191		4.99	%
Bank Term Funding Program borrowing		-		-		-	%			100,000		2,413		4.85	%
Other borrowings		73,237		1,487		4.09	%			76,688		1,350		3.45	%
Total borrowings		179,343		3,726		4.19	%			385,968		8,954		4.67	%
Total interest-bearing liabilities		854,514	$	12,804		3.02	%			959,726	$	14,839		3.11	%
Non-interest-bearing liabilities		105,111								138,012
Stockholders’ equity		285,887								281,831
Total liabilities and stockholders’ equity	$	1,245,512							$	1,379,569

Net interest rate spread (3)			$	15,800		1.80	%				$	15,442		1.48	%
Net interest rate margin (4)						2.67	%							2.34	%
Ratio of interest-earning assets to interest-bearing liabilities						139.90	%							138.33	%

(1)

Amount includes non-accrual loans.

(2)

FHLB is Federal Home Loan Bank.

(3)

Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.

(4)

Net interest rate margin represents net interest income as a percentage of average interest-earning assets.

BROADWAY FINANCIAL CORPORATION AND SUBSIDIARY

Selected Financial Data and Ratios (Unaudited)

(Dollars in thousands, except per share data)

	Three Months Ended															Six Months Ended
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			June 30, 2025			June 30, 2024

Balance Sheets:
Total gross loans		965,875			980,005			976,964			975,315			946,840			965,785			946,840
Allowance for credit losses		8,582			8,774			8,103			8,527			8,104			8,582			8,104
Investment securities		177,977			185,938			203,862			238,489			261,454			177,977			261,454
Total assets		1,227,392			1,238,019			1,303,711			1,373,055			1,367,290			1,227,392			1,367,290
Total deposits		798,922			776,543			745,399			672,248			687,369			798,922			687,369
Total shareholders' equity		285,545			284,581			285,157			286,392			282,293			285,545			282,293

Profitability:
Interest income		14,230			14,374			15,762			16,166			15,488			28,604			30,281
Interest expense		6,475			6,329			7,765			7,836			7,570			12,804			14,839
Net interest income		7,755			8,045			7,997			8,330			7,918			15,800			15,442
(Recovery of) provision for credit losses		(266	)		689			(489	)		399			494			423			754
Non-interest income		355			288			560			416			273			643			579
Non-interest expenses		7,522			10,197			7,210			7,594			7,280			17,719			15,090
Income (loss) before income taxes		854			(2,553	)		1,836			753			417			(1,699	)		177
Income tax expense (benefit)		257			(692	)		516			209			146			(435	)		89
Net income (loss)		597			(1,861	)		1,320			544			271			(1,264	)		88
Less: Net (loss) income attributable to non-controlling interest		(6	)		(3	)		20			22			2			(9	)		(17	)
Net income (loss) attributable to Broadway Financial Corporation		603			(1,858	)		1,300			522			269			(1,255	)		105
Less: Preferred stock dividends		750			750			750			750			-			1,500			-
Net (loss) income attributable to common stockholders		(147	)		(2,608	)		550			(228	)		269			(2,755	)		105

Financial Performance:
Return on average assets (annualized)		(0.05	%)		(0.84	%)		0.16	%		(0.07	%)		0.08	%		(0.45	%)		0.02	%
Return on average equity (annualized)		(0.21	%)		(3.69	%)		0.77	%		(0.32	%)		0.38	%		(1.94	%)		0.08	%
Net interest margin		2.63	%		2.70	%		2.42	%		2.49	%		2.41	%		2.67	%		2.34	%
Efficiency ratio		92.75	%		122.37	%		84.26	%		86.83	%		88.88	%		107.76	%		94.19	%

Per Share Data:
Book value per share		14.74			14.58			14.82			14.97			14.49			14.74			14.49
Weighted average common shares (basic)		8,622,891			8,547,460			8,459,460			8,520,730			8,394,367			8,557,745			8,308,359
Weighted average common shares (diluted)		8,622,891			8,547,460			8,638,660			8,684,296			8,596,985			8,557,745			8,513,262
Common shares outstanding at end of period		9,195,909			9,231,180			9,120,363			9,112,777			9,131,979			9,195,909			9,131,979

Financial Measures:
Loans to assets		78.69	%		79.16	%		74.94	%		71.03	%		69.25	%		78.69	%		69.25	%
Loans to deposits		120.90	%		126.20	%		131.07	%		145.08	%		137.75	%		120.90	%		137.75	%
Allowance for credit losses to total loans		0.89	%		0.90	%		0.83	%		0.87	%		0.86	%		0.89	%		0.86	%
Allowance for credit losses to total nonperforming loans		192.98	%		1020.23	%		3069.32	%		2930.24	%		2470.73	%		192.98	%		2470.73	%
Non-accrual loans to total loans		0.42	%		0.09	%		0.03	%		0.03	%		0.03	%		0.42	%		0.03	%
Nonperforming loans to total assets		0.36	%		0.07	%		0.02	%		0.02	%		0.02	%		0.36	%		0.02	%
Net charge-offs (recoveries) (annualized) to average total loans		-			-			-			-			-			-			-

Average Balance Sheets:
Total loans		968,028			972,479			976,873			963,849			943,072			970,241			925,443
Investment securities		182,351			196,463			222,879			248,833			276,457			189,368			290,721
Total assets		1,231,770			1,259,448			1,363,572			1,382,066			1,375,165			1,245,512			1,379,569
Total interest-bearing deposits		702,262			647,777			622,217			570,512			569,689			675,171			573,758
Total shareholders' equity		285,154			286,629			285,775			284,343			281,792			285,887			281,831