UNITED STATES

                       SECURITITES 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) August 13, 2003


                         Broadway Financial Corporation
             (Exact name of registrant as specified in its charter)

                               Delaware 95-4547287
           (State of Incorporation) (IRS Employer Identification No.)

             4800 Wilshire Boulevard, Los Angeles, California 90010
                    (Address of Principal Executive Offices)

                                 (323) 634-1700
                (Issuer's Telephone Number, Including Area Code)


                                 NOT APPLICABLE
          (Former name or former address, if changed since last report)


                                       1
<PAGE>


Item 7.   Exhibits

          (c) Exhibit 99.1

          Copy of Press Release on earnings for the quarter ended June 30, 2003.


Item 12.  Results of Operations and Financial Condition

     On July 29, 2003, Broadway Financial  Corporation issued a Press Release on
earnings for the quarter  ended June 30,  2003.  A copy of the Press  Release is
attached as Exhibit 99.1.


                                   SIGNATURES


          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.



                                         BROADWAY FINANCIAL CORPORATION
                                        (Registrant)


Date:  August 13, 2003

                                         /s/ Alvin D. Kang
                                        ---------------------------------------
                                        (Signature)

                                        Name:  Alvin D. Kang
                                               Chief Financial Officer



                                       2
<PAGE>


                                 EXHIBIT INDEX


        Exhibit No.                 Exhibit               Page No.
        -----------                 -------               --------
           99.1                  Press Release                4



                                       3
<PAGE>


News Release


FOR IMMEDIATE RELEASE             Contact:      Paul C. Hudson
                                                President/CEO
                                                Alvin D. Kang, CFO
                                               (323) 634-1700
                                                www.broadwayfed.com

       Broadway Financial Corporation Reports 11% Increase in Net Earnings

LOS  ANGELES,  CA -  (BUSINESS  WIRE)  -  July  29,  2003 -  Broadway  Financial
Corporation  (the "Company")  (NASDAQ  Small-Cap:  BYFC), the holding company of
Broadway  Federal  Bank,  f.s.b.  (the "Bank"),  today  reported net earnings of
$356,000 and $720,000 or $0.18 and $0.36 per diluted share for the three and six
months ended June 30,  2003,  compared to $322,000  and  $648,000,  or $0.18 and
$0.35 per diluted  share,  respectively  for the three and six months ended June
30, 2002.  Compared to 2002,  second quarter  earnings  increased 10.56% and net
earnings for the six months increased 11.11%.

President Paul C. Hudson stated,  "We improved net interest income by increasing
interest-earning  assets,  which offset margin  compression and accelerated loan
prepayments.  Going  forward  management  continues to be focused on growing net
loan originations."

Net Earnings

The increase in net earnings in 2003 over 2002 was primarily attributable to the
increase in net interest income and non-interest  income,  offset by an increase
in  non-interest  expense.  Net interest  income after provision for loan losses
increased $92,000 and $163,000, or 4.59% and 4.09%, respectively,  for the three
and six  months  ended  June 30,  2003  compared  to the same  periods  in 2002.
Non-interest  income  increased  $125,000  and  $178,000,  or 56.56% and 38.95%,
respectively,  for the three and six months ended June 30, 2003  compared to the
same periods in 2002.  Non-interest expense increased $168,000 and $251,000,  or
9.92% and 7.47%, respectively,  for the three and six months ended June 30, 2003
compared to the same periods in 2002.

Net Interest Income

Net interest income after provision for loan losses  increased to $2,097,000 and
$4,152,000 for the three and six months ended June 30, 2003, from $2,005,000 and
$3,989,000  for the same  periods  in 2002.  A six  month  rate/volume  analysis
indicates  that the $163,000  increase in net interest  income in 2003 over 2002
was   primarily   attributable   to  the   impact  of  the   growth  in  average
interest-earning  assets  of $33.8  million,  or  19.71%,  and  interest-bearing
liabilities  of $30.9 million,  or 19.08%,  which resulted in an increase in net
interest income of $731,000 (volume impact),  offset by the impact of a decrease
in the net interest rate spread of 58 basis points, which resulted in a decrease
in net interest income of $568,000 (rate impact).


                                       4
<PAGE>

Loan  originations  were $6.6  million  and $19.0  million for the three and six
months ended June 30, 2003  compared to $8.3  million and $13.4  million for the
same periods in 2002. Loan purchases  totaled $14.2 million in the first quarter
of 2003. No loans were purchased in the 2002 periods or in the second quarter of
2003.  Mortgage-backed securities ("MBS") purchases were $10.0 million and $12.0
million  for the three and six  months  ended  June 30,  2003  compared  to $4.0
million  for the second  quarter of 2002.  Loan  prepayments  amounted  to $14.4
million  and $23.1  million  for the three and six months  ended  June 30,  2003
compared  to $8.0  million  and  $15.0  million  for the same  periods  in 2002.
Management  anticipates  that  prepayments will continue at a comparable rate in
the current low rate  environment,  and is focused on increasing  lending volume
and continuing purchases of loans and MBSs.

Interest-bearing  liabilities  increased  $900,000  during the second quarter of
2003 and  such  increase  was  primarily  attributable  to the net  effect  of a
decrease in deposits  of $6.0  million and an increase in FHLB  advances of $6.9
million.  For the six months ended June 30, 2003,  interest-bearing  liabilities
increased $10.8 million,  resulting from a $7.4 million increase in deposits and
a $3.4 million increase in FHLB advances.

The net  interest  rate spread for the three and six months  ended June 30, 2003
was 3.88% and 3.93%,  respectively,  compared to 4.52% and 4.51%,  respectively,
for the same periods in 2002.  The 64 and 58 basis point  decrease in spread was
attributable  to the fact that the weighted  average yield on the loan portfolio
declined  more  than the  weighted  average  cost of  funds on  interest-bearing
liabilities.  The yield on  interest-earning  assets  declined 139 and 135 basis
points to 5.81% and 5.95%, respectively, for the three and six months ended June
30, 2003 from 7.20% and 7.30%, respectively, for first the same periods in 2002.
The weighted  average cost of funds  declined to 1.93% and 2.02%,  respectively,
for the three and six months ended June 30, 2003 compared to 2.68% and 2.80% for
the same periods in 2002. The primary spread (weighted  average interest rate on
loans minus  weighted  average  interest  rate on deposits) at June 30, 2003 was
4.88% compared to 5.36% at June 30, 2002.

Non-interest Income

Total  non-interest  income increased to $346,000 and $635,000 for the three and
six months ended June 30, 2003,  from $221,000 and $457,000 for the same periods
in 2002. The $125,000 increase for the second quarter was primarily attributable
to an increase in service charges.

Non-interest Expense

Total non-interest  expense increased to $1,861,000 and $3,610,000 for the three
and six months ended June 30, 2003,  from $1,693,000 and $3,359,000 for the same
periods in 2002.  The $168,000  increase in the second quarter from 2002 to 2003
was primarily attributable to an increase in compensation and benefits costs.

Loans Receivable, Net

Loans  receivable,  net increased  $12.8 million,  or 9.2%, to $152.9 million at
June 30, 2003 from $140.1  million at December 31, 2002.  During  February 2003,
the Bank  purchased  $14.2 million of adjustable  rate mortgage  loans having an
initial fixed rate period ("hybrid  ARMs").  This purchase of hybrid ARMs, along
with loan originations,  offset the combined negative effect of a decline in the
yield on the loan portfolio and the continuing high level of loan prepayments.


                                       5
<PAGE>


The  allowance  for loan losses as a percentage of total loans was 0.90% at June
30, 2003 compared to 0.98% at December 31, 2002 and 1.11% at June 30, 2002.  The
Bank's  non-performing  assets to total assets ratio  improved to 0.04 % at June
30, 2003  compared to 0.07% at December 31, 2002 and 0.53% at June 30, 2002.  At
June 30, 2003,  the Bank had no loans in  foreclosure or REO (real estate owned)
properties.

Deposits

Total deposits  increased $7.4 million,  or 4.73%, to $163.5 million from $156.1
million at December 31,  2002.  Core  deposits  (NOW,  demand,  money market and
passbook accounts)  increased by $2.1 million during the second quarter of 2003.
At June 30, 2003 core deposits represented 44.6% of total deposits,  compared to
40.4% at December 31, 2002, and 40.0% at June 30, 2002.

Performance Ratios

For the three months ended June 30, 2003, the Company's return on average equity
declined  slightly to 8.03%  compared to 8.51% for the same period in 2002.  The
return on average  assets also  declined  slightly to 0.65% for the three months
ended June 30, 2003 compared to 0.72% for the same period in 2002.  The ratio of
non-interest  expense to average  assets  improved to 3.41% for the three months
ended  June  30,  2003  compared  to  3.76%  for the same  period  in 2002.  The
efficiency ratio (total non-interest  expense divided by the sum of net interest
income before provision for loan losses and non-interest  income) also increased
slightly to 76.18% in second  quarter 2003 compared to 76.06% in second  quarter
2002.

Forward Looking Statements

Certain  matters  discussed in this news release may constitute  forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995.  These   forward-looking   statements   relate  to,  among  other  things,
expectations  regarding the business  environment in which the Company operates,
projections of future  performance,  perceived  opportunities in the market, and
statements regarding strategic objectives.  These forward-looking statements are
based upon current management expectations, and involve risks and uncertainties.
Actual  results of  performance  may  differ  materially  from those  suggested,
expressed,  or implied by the forward-looking  statements due to a wide range of
factors  including,  but not limited to, the general business  environment,  the
real estate market,  competitive conditions in the business and geographic areas
in which the Company  conducts its business,  regulatory  actions or changes and
other risks detailed in the Company's reports filed with the Securities Exchange
Commission,  including the Company's Annual Reports on Form 10-KSB and Quarterly
Reports on Form 10-QSB.


                                       6
<PAGE>

About us

Broadway  Federal Bank,  f.s.b.  is a  community-oriented  savings  bank,  which
primarily  originates  residential mortgage loans and conducts funds acquisition
in the  geographic  areas  known as  Mid-City  and South Los  Angeles.  The Bank
operates four full service branches,  three in the city of Los Angeles,  and one
located in the nearby city of Inglewood,  California. At June 30, 2003, the Bank
met the capital  requirements  necessary  to be deemed  "well  capitalized"  for
regulatory capital purposes.

Shareholders,  analysts  and others  seeking  information  about the Company are
invited to write to: Broadway Financial  Corporation,  Investor Relations,  4800
Wilshire   Blvd.,   Los   Angeles,   CA   90010,   or  visit  our   website   at
www.broadwayfed.com.


                                       7
<PAGE>



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

                                                                    June 30,   December 31,
                                                                     2003         2002
Assets:

<S>                                                                <C>         <C>
Cash                                                               $  3,516    $   3,859
Fed funds sold                                                        1,600        1,500
Interest bearing deposits                                                 -        1,028
Investment securities held to maturity                                2,000        2,000
Investment securities available for sale                              2,000        5,007
Mortgage-backed securities held to maturity                           8,446       10,843
Mortgage-backed securities available for sale                        36,276       27,697
Loans receivable, net                                               152,911      140,085
Loans receivable held for sale, at lower of
   cost or fair value                                                   142        3,770
Accrued interest receivable                                           1,408          995
Investments in capital stock of Federal
   Home Loan Bank, at cost                                            1,657        1,561
Office properties and equipment, net                                  5,751        5,811
Other assets                                                            786          750

Total assets                                                      $ 216,493    $ 204,906

Liabilities and stockholders' equity

Deposits                                                          $ 163,532    $ 156,148
Advances from Federal Home Loan Bank                                 32,130       28,724
Advance payments by borrowers for taxes and insurance                   244          311
Deferred income taxes                                                 1,085          931
Other liabilities                                                     1,697        1,871

Total liabilities                                                   198,688      187,985

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 June 30, 2003 and December 31, 2002                        2            2
   Common stock, $.01 par value, authorized 3,000,000
     shares; issued and outstanding 1,819,934 shares
     at June 30, 2003 and 1,815,294 shares at
     December 31, 2002                                                   10           10
   Additional paid-in capital                                        10,528       10,512
     Accumulated other comprehensive gain, net of taxes                 307           57
   Retained earnings-substantially restricted                         7,552        7,005
   Treasury stock-at cost, 49,008 shares at June 30, 2003
     and 53,648 shares at December 31, 2002                            (475)        (520)
   Unearned Employee Stock Ownership Plan shares                       (119)        (145)

Total stockholders' equity                                           17,805       16,921

Total liabilities and stockholders'  equity                       $ 216,493    $ 204,906
</TABLE>


                                       8
<PAGE>

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

<TABLE>
<CAPTION>

                                                             Three Months Ended        Six Months Ended
                                                              June 30, 2003              June 30, 2003

                                                             2003        2002          2003          2002

<S>                                                        <C>          <C>          <C>            <C>
Interest on loans receivable                               $2,569       $2,752       $5,113         $5,576
Interest on investment securities held to maturity                          40           58             89
Interest on investment securities available for sale                        50           45             90
Interest on mortgage-backed securities                                     202          808            404
Other interest income                                          37           49           75             94

Total interest income                                       3,047        3,093        6,099          6,253


Interest on deposits                                          764          966        1,585          2,013
Interest on borrowings                                        186          122          362            251

Total interest expense                                        950        1,088        1,947          2,264

Net interest income before provision for loan losses                     2,005        4,152          3,989

Provision for loan losses                                       -            -            -              -

Net interest income after provision for loan losses                      2,005        4,152          3,989

Non-interest income:
     Service charges                                          331          206          601            432
     Gain on loans receivable held for sale                                  1           18              -
     Other                                                     10           14           16             25
Total non-interest income                                     346          221          635            457

Non-interest expense:
     Compensation and benefits                              1,020          876        1,934          1,804
     Occupancy expense, net                                   251          272          509            513
     Information services                                     126          145          256            279
     Professional services                                    107          106          268            199
     Office services and supplies                             108           94          210            173
     Other                                                    249          200          433            391
Total non-interest expense                                  1,861        1,693        3,610          3,359

Earnings before income taxes                                  582          533        1,177          1,087

Income taxes                                                  226          211          457            439

Net earnings                                               $  356       $  322 $     $  720         $  648

Other comprehensive income:
  Unrealized gain on securities available for sale         $  387       $   47 $     $  404         $   37
  Income tax expense                                         (153)         (20)        (154)           (15)
Other comprehensive income                                    234           27          250             22

Comprehensive earnings                                     $  590 $     $  349 $     $  970         $  670

Net earnings                                               $  356 $     $  322 $     $  720         $  648
Dividends paid on preferred stock                             (19)          (7)         (38)           (14)

earnings available to common shar$holders                  $  337       $  315 $     $  682         $  634

Earnings per share-basic                                   $ 0.19       $ 0.18       $ 0.38         $ 0.36
Earnings per share-diluted                                 $ 0.18       $ 0.18       $ 0.36         $ 0.35
Dividend declared per share-common stock                   $ 0.04       $ 0.03       $ 0.08         $ 0.05
Basic weighted average shares outstanding               1,794,153    1,780,568    1,790,925      1,781,444
Diluted weighted average shares outstanding             1,889,539    1,805,716    1,884,063      1,804,154
</TABLE>



                                       9
<PAGE>


                         BROADWAY FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                            Selected Ratios and Data
                             (Dollars in thousands)

<TABLE>
<CAPTION>

                                                  As of June 30,          Well-Capitalized
                                               2003           2002           Requirement

Broadway Federal Bank, f.s.b.
Regulatory Capital Ratios:

<S>                                               <C>            <C>           <C>
   Tangible capital                               7.52%          7.52%         5.00%
   Core capital                                   7.52%          7.52%         6.00%
   Total Risk-Based Capital                      14.02%         12.68%        10.00%

Asset Quality Ratios and Data:

   Non-performing loans as a percentage
      of total  gross loans                       0.05%          0.59%

   Non-performing assets as a percentage
      of total assets                             0.04%          0.53%

   Allowance for loan losses as a percentage
      of total gross loans                        0.92%          1.11%

   Allowance for loan losses as a percentage
      of non-performing loans                  1786.25%        187.02%

   Allowance for losses as a percentage
      of non-performing assets                 1786.25%        165.89%


Non-performing assets:

   Non-accrual loans                            $    80        $   840
   Real estate acquired through foreclosure           -            107
      Total non-performing assets               $    80        $   947

</TABLE>
<TABLE>
<CAPTION>

                                                  Three Months Ended            Six Months Ended
                                                       June 30,                     June 30,
                                                  2003           2002          2003           2002
Performance Ratios:
<S>                                               <C>            <C>           <C>             <C>
   Return on average assets                       0.65%          0.72%         0.67%           0.72%
   Return on average equity                       8.03%          8.51%         8.31%           8.62%
   Average equity to average assets               8.12%          8.41%         8.12%           8.38%
   Non-interest expense to average assets         3.41%          3.76%         3.38%           3.74%
   Efficiency ratio                              76.18%         76.06%        75.41%          75.55%
   Net interest rate spread (1)                   3.88%          4.52%         3.93%           4.51%
   Effective net interest rate spread (2)         4.00%          4.67%         4.05%           4.66%
</TABLE>

(1)  Net interest rate spread  represents  the  difference  between the yield on
     average   interest-earning   assets   and  the  cost  of   interest-bearing
     liabilities before provision for loan losses.

(2)  Effective net interest rate spread  represents  net interest  income before
     provision  for loan  losses as a  percentage  of  average  interest-earning
     assets.


                                       10
<PAGE>


                         BROADWAY FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                                  Selected Data
                             (Dollars in thousands)


<TABLE>
<CAPTION>

                                                Three Months Ended           Six Months Ended
                                                   June 30,                      June 30,
                                               2003           2002          2003           2002

<S>                                         <C>            <C>           <C>             <C>
 Average assets                             $ 218,376      $ 180,025     $ 213,434       $ 179,528
 Average loans                              $ 154,259      $ 139,379     $ 150,470       $ 139,461
 Average equity                             $  17,741      $  15,139     $  17,334       $  15,037
 Average interest-earning assets            $ 209,901      $ 171,852     $ 205,016       $ 171,255
 Average interest-bearing liabilities       $ 196,910      $ 162,271     $ 192,763       $ 161,880
 Non-accrual loans                          $      80      $     840     $      80       $     840
 REO, net                                   $     -        $     107     $     -         $     107
 ALLL                                       $   1,429      $   1,571     $   1,429       $   1,571
 REO-Allowance                              $     -        $     -       $     -         $     -
</TABLE>














                                       12
<PAGE>
















































 7

















 6
[{"type": "8-K", "sequence": "1", "filename": "form8k06-03earnings.txt", "description": "FORM 8-K 2QTR EARNINGS2003", "secsgml_size_bytes": 26195}]
{"company-data": {"conformed-name": "BROADWAY FINANCIAL CORP \\DE\\", "cik": "0001001171", "assigned-sic": "6035", "irs-number": "954547287", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-27464", "film-number": "03840882"}, "business-address": {"street1": "4800 WILSHIRE BLVD", "city": "LOS ANGELES", "state": "CA", "zip": "90010", "phone": "2136341700"}, "mail-address": {"street1": "4800 WILSHIRE BLVD", "city": "LOS ANGELES", "state": "CA", "zip": "90010"}}
UNITED STATES

                       SECURITITES 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) August 13, 2003

                         Broadway Financial Corporation
             (Exact name of registrant as specified in its charter)

                               Delaware 95-4547287
           (State of Incorporation) (IRS Employer Identification No.)

             4800 Wilshire Boulevard, Los Angeles, California 90010
                    (Address of Principal Executive Offices)

                                 (323) 634-1700
                (Issuer's Telephone Number, Including Area Code)

                                 NOT APPLICABLE
          (Former name or former address, if changed since last report)

                                       1
Item 7.   Exhibits

          (c) Exhibit 99.1

          Copy of Press Release on earnings for the quarter ended June 30, 2003.

Item 12.  Results of Operations and Financial Condition

     On July 29, 2003, Broadway Financial  Corporation issued a Press Release on
earnings for the quarter  ended June 30,  2003.  A copy of the Press  Release is
attached as Exhibit 99.1.

                                   SIGNATURES

          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.

                                         BROADWAY FINANCIAL CORPORATION
                                        (Registrant)

Date:  August 13, 2003

                                         /s/ Alvin D. Kang
                                        ---------------------------------------
                                        (Signature)

                                        Name:  Alvin D. Kang
                                               Chief Financial Officer

                                       2
EXHIBIT INDEX

        Exhibit No.                 Exhibit               Page No.
        -----------                 -------               --------
           99.1                  Press Release                4

                                       3
News Release

FOR IMMEDIATE RELEASE             Contact:      Paul C. Hudson
                                                President/CEO
                                                Alvin D. Kang, CFO
                                               (323) 634-1700
                                                www.broadwayfed.com

       Broadway Financial Corporation Reports 11% Increase in Net Earnings

LOS  ANGELES,  CA -  (BUSINESS  WIRE)  -  July  29,  2003 -  Broadway  Financial
Corporation  (the "Company")  (NASDAQ  Small-Cap:  BYFC), the holding company of
Broadway  Federal  Bank,  f.s.b.  (the "Bank"),  today  reported net earnings of
$356,000 and $720,000 or $0.18 and $0.36 per diluted share for the three and six
months ended June 30,  2003,  compared to $322,000  and  $648,000,  or $0.18 and
$0.35 per diluted  share,  respectively  for the three and six months ended June
30, 2002.  Compared to 2002,  second quarter  earnings  increased 10.56% and net
earnings for the six months increased 11.11%.

President Paul C. Hudson stated,  "We improved net interest income by increasing
interest-earning  assets,  which offset margin  compression and accelerated loan
prepayments.  Going  forward  management  continues to be focused on growing net
loan originations."

Net Earnings

The increase in net earnings in 2003 over 2002 was primarily attributable to the
increase in net interest income and non-interest  income,  offset by an increase
in  non-interest  expense.  Net interest  income after provision for loan losses
increased $92,000 and $163,000, or 4.59% and 4.09%, respectively,  for the three
and six  months  ended  June 30,  2003  compared  to the same  periods  in 2002.
Non-interest  income  increased  $125,000  and  $178,000,  or 56.56% and 38.95%,
respectively,  for the three and six months ended June 30, 2003  compared to the
same periods in 2002.  Non-interest expense increased $168,000 and $251,000,  or
9.92% and 7.47%, respectively,  for the three and six months ended June 30, 2003
compared to the same periods in 2002.

Net Interest Income

Net interest income after provision for loan losses  increased to $2,097,000 and
$4,152,000 for the three and six months ended June 30, 2003, from $2,005,000 and
$3,989,000  for the same  periods  in 2002.  A six  month  rate/volume  analysis
indicates  that the $163,000  increase in net interest  income in 2003 over 2002
was   primarily   attributable   to  the   impact  of  the   growth  in  average
interest-earning  assets  of $33.8  million,  or  19.71%,  and  interest-bearing
liabilities  of $30.9 million,  or 19.08%,  which resulted in an increase in net
interest income of $731,000 (volume impact),  offset by the impact of a decrease
in the net interest rate spread of 58 basis points, which resulted in a decrease
in net interest income of $568,000 (rate impact).

                                       4
Loan  originations  were $6.6  million  and $19.0  million for the three and six
months ended June 30, 2003  compared to $8.3  million and $13.4  million for the
same periods in 2002. Loan purchases  totaled $14.2 million in the first quarter
of 2003. No loans were purchased in the 2002 periods or in the second quarter of
2003.  Mortgage-backed securities ("MBS") purchases were $10.0 million and $12.0
million  for the three and six  months  ended  June 30,  2003  compared  to $4.0
million  for the second  quarter of 2002.  Loan  prepayments  amounted  to $14.4
million  and $23.1  million  for the three and six months  ended  June 30,  2003
compared  to $8.0  million  and  $15.0  million  for the same  periods  in 2002.
Management  anticipates  that  prepayments will continue at a comparable rate in
the current low rate  environment,  and is focused on increasing  lending volume
and continuing purchases of loans and MBSs.

Interest-bearing  liabilities  increased  $900,000  during the second quarter of
2003 and  such  increase  was  primarily  attributable  to the net  effect  of a
decrease in deposits  of $6.0  million and an increase in FHLB  advances of $6.9
million.  For the six months ended June 30, 2003,  interest-bearing  liabilities
increased $10.8 million,  resulting from a $7.4 million increase in deposits and
a $3.4 million increase in FHLB advances.

The net  interest  rate spread for the three and six months  ended June 30, 2003
was 3.88% and 3.93%,  respectively,  compared to 4.52% and 4.51%,  respectively,
for the same periods in 2002.  The 64 and 58 basis point  decrease in spread was
attributable  to the fact that the weighted  average yield on the loan portfolio
declined  more  than the  weighted  average  cost of  funds on  interest-bearing
liabilities.  The yield on  interest-earning  assets  declined 139 and 135 basis
points to 5.81% and 5.95%, respectively, for the three and six months ended June
30, 2003 from 7.20% and 7.30%, respectively, for first the same periods in 2002.
The weighted  average cost of funds  declined to 1.93% and 2.02%,  respectively,
for the three and six months ended June 30, 2003 compared to 2.68% and 2.80% for
the same periods in 2002. The primary spread (weighted  average interest rate on
loans minus  weighted  average  interest  rate on deposits) at June 30, 2003 was
4.88% compared to 5.36% at June 30, 2002.

Non-interest Income

Total  non-interest  income increased to $346,000 and $635,000 for the three and
six months ended June 30, 2003,  from $221,000 and $457,000 for the same periods
in 2002. The $125,000 increase for the second quarter was primarily attributable
to an increase in service charges.

Non-interest Expense

Total non-interest  expense increased to $1,861,000 and $3,610,000 for the three
and six months ended June 30, 2003,  from $1,693,000 and $3,359,000 for the same
periods in 2002.  The $168,000  increase in the second quarter from 2002 to 2003
was primarily attributable to an increase in compensation and benefits costs.

Loans Receivable, Net

Loans  receivable,  net increased  $12.8 million,  or 9.2%, to $152.9 million at
June 30, 2003 from $140.1  million at December 31, 2002.  During  February 2003,
the Bank  purchased  $14.2 million of adjustable  rate mortgage  loans having an
initial fixed rate period ("hybrid  ARMs").  This purchase of hybrid ARMs, along
with loan originations,  offset the combined negative effect of a decline in the
yield on the loan portfolio and the continuing high level of loan prepayments.

                                       5
The  allowance  for loan losses as a percentage of total loans was 0.90% at June
30, 2003 compared to 0.98% at December 31, 2002 and 1.11% at June 30, 2002.  The
Bank's  non-performing  assets to total assets ratio  improved to 0.04 % at June
30, 2003  compared to 0.07% at December 31, 2002 and 0.53% at June 30, 2002.  At
June 30, 2003,  the Bank had no loans in  foreclosure or REO (real estate owned)
properties.

Deposits

Total deposits  increased $7.4 million,  or 4.73%, to $163.5 million from $156.1
million at December 31,  2002.  Core  deposits  (NOW,  demand,  money market and
passbook accounts)  increased by $2.1 million during the second quarter of 2003.
At June 30, 2003 core deposits represented 44.6% of total deposits,  compared to
40.4% at December 31, 2002, and 40.0% at June 30, 2002.

Performance Ratios

For the three months ended June 30, 2003, the Company's return on average equity
declined  slightly to 8.03%  compared to 8.51% for the same period in 2002.  The
return on average  assets also  declined  slightly to 0.65% for the three months
ended June 30, 2003 compared to 0.72% for the same period in 2002.  The ratio of
non-interest  expense to average  assets  improved to 3.41% for the three months
ended  June  30,  2003  compared  to  3.76%  for the same  period  in 2002.  The
efficiency ratio (total non-interest  expense divided by the sum of net interest
income before provision for loan losses and non-interest  income) also increased
slightly to 76.18% in second  quarter 2003 compared to 76.06% in second  quarter
2002.

Forward Looking Statements

Certain  matters  discussed in this news release may constitute  forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995.  These   forward-looking   statements   relate  to,  among  other  things,
expectations  regarding the business  environment in which the Company operates,
projections of future  performance,  perceived  opportunities in the market, and
statements regarding strategic objectives.  These forward-looking statements are
based upon current management expectations, and involve risks and uncertainties.
Actual  results of  performance  may  differ  materially  from those  suggested,
expressed,  or implied by the forward-looking  statements due to a wide range of
factors  including,  but not limited to, the general business  environment,  the
real estate market,  competitive conditions in the business and geographic areas
in which the Company  conducts its business,  regulatory  actions or changes and
other risks detailed in the Company's reports filed with the Securities Exchange
Commission,  including the Company's Annual Reports on Form 10-KSB and Quarterly
Reports on Form 10-QSB.

                                       6
About us

Broadway  Federal Bank,  f.s.b.  is a  community-oriented  savings  bank,  which
primarily  originates  residential mortgage loans and conducts funds acquisition
in the  geographic  areas  known as  Mid-City  and South Los  Angeles.  The Bank
operates four full service branches,  three in the city of Los Angeles,  and one
located in the nearby city of Inglewood,  California. At June 30, 2003, the Bank
met the capital  requirements  necessary  to be deemed  "well  capitalized"  for
regulatory capital purposes.

Shareholders,  analysts  and others  seeking  information  about the Company are
invited to write to: Broadway Financial  Corporation,  Investor Relations,  4800
Wilshire   Blvd.,   Los   Angeles,   CA   90010,   or  visit  our   website   at
www.broadwayfed.com.

                                       7
BROADWAY FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                           Consolidated Balance Sheets
                (Dollars in thousands, except per share amounts)
                                   (Unaudited)
June 30,   December 31,
                                                                     2003         2002
Assets:
Cash                                                               $  3,516    $   3,859
Fed funds sold                                                        1,600        1,500
Interest bearing deposits                                                 -        1,028
Investment securities held to maturity                                2,000        2,000
Investment securities available for sale                              2,000        5,007
Mortgage-backed securities held to maturity                           8,446       10,843
Mortgage-backed securities available for sale                        36,276       27,697
Loans receivable, net                                               152,911      140,085
Loans receivable held for sale, at lower of
   cost or fair value                                                   142        3,770
Accrued interest receivable                                           1,408          995
Investments in capital stock of Federal
   Home Loan Bank, at cost                                            1,657        1,561
Office properties and equipment, net                                  5,751        5,811
Other assets                                                            786          750

Total assets                                                      $ 216,493    $ 204,906

Liabilities and stockholders' equity

Deposits                                                          $ 163,532    $ 156,148
Advances from Federal Home Loan Bank                                 32,130       28,724
Advance payments by borrowers for taxes and insurance                   244          311
Deferred income taxes                                                 1,085          931
Other liabilities                                                     1,697        1,871

Total liabilities                                                   198,688      187,985

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 June 30, 2003 and December 31, 2002                        2            2
   Common stock, $.01 par value, authorized 3,000,000
     shares; issued and outstanding 1,819,934 shares
     at June 30, 2003 and 1,815,294 shares at
     December 31, 2002                                                   10           10
   Additional paid-in capital                                        10,528       10,512
     Accumulated other comprehensive gain, net of taxes                 307           57
   Retained earnings-substantially restricted                         7,552        7,005
   Treasury stock-at cost, 49,008 shares at June 30, 2003
     and 53,648 shares at December 31, 2002                            (475)        (520)
   Unearned Employee Stock Ownership Plan shares                       (119)        (145)

Total stockholders' equity                                           17,805       16,921

Total liabilities and stockholders'  equity                       $ 216,493    $ 204,906
8
BROADWAY FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                      Consolidated Statements of Operations
                (Dollars in thousands, except per share amounts)
                                   (Unaudited)
Three Months Ended        Six Months Ended
                                                              June 30, 2003              June 30, 2003

                                                             2003        2002          2003          2002
Interest on loans receivable                               $2,569       $2,752       $5,113         $5,576
Interest on investment securities held to maturity                          40           58             89
Interest on investment securities available for sale                        50           45             90
Interest on mortgage-backed securities                                     202          808            404
Other interest income                                          37           49           75             94

Total interest income                                       3,047        3,093        6,099          6,253

Interest on deposits                                          764          966        1,585          2,013
Interest on borrowings                                        186          122          362            251

Total interest expense                                        950        1,088        1,947          2,264

Net interest income before provision for loan losses                     2,005        4,152          3,989

Provision for loan losses                                       -            -            -              -

Net interest income after provision for loan losses                      2,005        4,152          3,989

Non-interest income:
     Service charges                                          331          206          601            432
     Gain on loans receivable held for sale                                  1           18              -
     Other                                                     10           14           16             25
Total non-interest income                                     346          221          635            457

Non-interest expense:
     Compensation and benefits                              1,020          876        1,934          1,804
     Occupancy expense, net                                   251          272          509            513
     Information services                                     126          145          256            279
     Professional services                                    107          106          268            199
     Office services and supplies                             108           94          210            173
     Other                                                    249          200          433            391
Total non-interest expense                                  1,861        1,693        3,610          3,359

Earnings before income taxes                                  582          533        1,177          1,087

Income taxes                                                  226          211          457            439

Net earnings                                               $  356       $  322 $     $  720         $  648

Other comprehensive income:
  Unrealized gain on securities available for sale         $  387       $   47 $     $  404         $   37
  Income tax expense                                         (153)         (20)        (154)           (15)
Other comprehensive income                                    234           27          250             22

Comprehensive earnings                                     $  590 $     $  349 $     $  970         $  670

Net earnings                                               $  356 $     $  322 $     $  720         $  648
Dividends paid on preferred stock                             (19)          (7)         (38)           (14)

earnings available to common shar$holders                  $  337       $  315 $     $  682         $  634

Earnings per share-basic                                   $ 0.19       $ 0.18       $ 0.38         $ 0.36
Earnings per share-diluted                                 $ 0.18       $ 0.18       $ 0.36         $ 0.35
Dividend declared per share-common stock                   $ 0.04       $ 0.03       $ 0.08         $ 0.05
Basic weighted average shares outstanding               1,794,153    1,780,568    1,790,925      1,781,444
Diluted weighted average shares outstanding             1,889,539    1,805,716    1,884,063      1,804,154
9
BROADWAY FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                            Selected Ratios and Data
                             (Dollars in thousands)
As of June 30,          Well-Capitalized
                                               2003           2002           Requirement

Broadway Federal Bank, f.s.b.
Regulatory Capital Ratios:
Tangible capital                               7.52%          7.52%         5.00%
   Core capital                                   7.52%          7.52%         6.00%
   Total Risk-Based Capital                      14.02%         12.68%        10.00%

Asset Quality Ratios and Data:

   Non-performing loans as a percentage
      of total  gross loans                       0.05%          0.59%

   Non-performing assets as a percentage
      of total assets                             0.04%          0.53%

   Allowance for loan losses as a percentage
      of total gross loans                        0.92%          1.11%

   Allowance for loan losses as a percentage
      of non-performing loans                  1786.25%        187.02%

   Allowance for losses as a percentage
      of non-performing assets                 1786.25%        165.89%

Non-performing assets:

   Non-accrual loans                            $    80        $   840
   Real estate acquired through foreclosure           -            107
      Total non-performing assets               $    80        $   947
Three Months Ended            Six Months Ended
                                                       June 30,                     June 30,
                                                  2003           2002          2003           2002
Performance Ratios:
Return on average assets                       0.65%          0.72%         0.67%           0.72%
   Return on average equity                       8.03%          8.51%         8.31%           8.62%
   Average equity to average assets               8.12%          8.41%         8.12%           8.38%
   Non-interest expense to average assets         3.41%          3.76%         3.38%           3.74%
   Efficiency ratio                              76.18%         76.06%        75.41%          75.55%
   Net interest rate spread (1)                   3.88%          4.52%         3.93%           4.51%
   Effective net interest rate spread (2)         4.00%          4.67%         4.05%           4.66%
(1)  Net interest rate spread  represents  the  difference  between the yield on
     average   interest-earning   assets   and  the  cost  of   interest-bearing
     liabilities before provision for loan losses.

(2)  Effective net interest rate spread  represents  net interest  income before
     provision  for loan  losses as a  percentage  of  average  interest-earning
     assets.

                                       10
BROADWAY FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                                  Selected Data
                             (Dollars in thousands)
Three Months Ended           Six Months Ended
                                                   June 30,                      June 30,
                                               2003           2002          2003           2002
Average assets                             $ 218,376      $ 180,025     $ 213,434       $ 179,528
 Average loans                              $ 154,259      $ 139,379     $ 150,470       $ 139,461
 Average equity                             $  17,741      $  15,139     $  17,334       $  15,037
 Average interest-earning assets            $ 209,901      $ 171,852     $ 205,016       $ 171,255
 Average interest-bearing liabilities       $ 196,910      $ 162,271     $ 192,763       $ 161,880
 Non-accrual loans                          $      80      $     840     $      80       $     840
 REO, net                                   $     -        $     107     $     -         $     107
 ALLL                                       $   1,429      $   1,571     $   1,429       $   1,571
 REO-Allowance                              $     -        $     -       $     -         $     -
12
7

 6