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) February 5, 2004


                         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 and year ended
               December 31, 2003.

Item 12.  Results of Operations and Financial Condition

          On February 5, 2004,  Broadway  Financial  Corporation  issued a Press
          Release on earnings for the quarter and year ended  December 31, 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:  February 9 2004                       /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 Record Earnings

LOS  ANGELES,  CA -  (BUSINESS  WIRE) - February  5, 2004 -  Broadway  Financial
Corporation  (the "Company")  (NASDAQ  Small-Cap:  BYFC), the holding company of
Broadway Federal Bank, f.s.b.  (the "Bank"),  today reported record net earnings
of $1,549,000, or $0.77 per diluted share, for the year ended December 31, 2003,
compared to $1,441,000,  or $0.77 per diluted share, for the year ended December
31, 2002,  an increase of 7.49%.  Fourth  quarter 2003 net earnings  amounted to
$450,000, or $0.22 per diluted share, compared to $353,000, or $0.18 per diluted
share, for the fourth quarter of 2002, an increase of 27.48%

President and CEO Paul C. Hudson stated, "Sound  asset/liability  management and
solid loan growth were the keys to our success in 2003." Hudson also noted,  "In
our 2002  annual  report,  we stated  that in 2003 we would focus on growing the
loan portfolio, and managing our liabilities and expenses. We were successful in
producing a 37% increase in loans,  and a 15% increase in deposits,  including a
22% increase in core  deposits,  which  offset a 51 basis point  decrease in the
primary spread."

During  the  year, management   focused  on  managing  the  mix  of  assets  and
liabilities,  and on increasing  interest-earning  assets to offset  anticipated
margin compression. The following was achieved:

     Net loans receivable  increased $52.0 million or 37.14% from $140.1 million
     at December 31, 2002 to $192.1  million at December  31,  2003.  Gross loan
     originations grew from $31.3 million in 2002 to $83.0 million in 2003, with
     fourth quarter gross loan  originations  growing from $10.9 million in 2002
     to $45.2 in 2003.  The record  level of  originations  was  tempered by the
     increase in loan repayments,  which increased from $29.6 million in 2002 to
     $51.5 million in 2003.  Management  augmented loan  originations in 2003 by
     purchasing loans amounting to $17.8 million.  The weighted average interest
     rate ("WAIR") on loans  decreased  from 6.84% at December 31, 2002 to 6.04%
     at December 31, 2003, a decline of 80 basis points.

     Agency  mortgage-backed  securities ("MBS") decreased from $38.5 million at
     December 31, 2002 to $15.4 million at December 31, 2003. During 2002 hybrid
     adjustable  rate loan MBS were  purchased  to put excess  liquidity to work
     while the loan  volume was being  ramped up.  During  2003,  as loan volume
     increased,  the MBS  were  sold and the  proceeds  were  used to fund  loan
     originations.  MBS  investments  were  primarily five and seven year hybrid
     adjustable  rate  securities  that provided  higher yields than other short
     term investments, and also generated net gains on sale of $99,000 in 2003.

                                       1
<PAGE>


     Total deposits grew by $23.8  million,  from $156.1 million at December 31,
     2002 to $179.9  million at December 31, 2003.  Core  deposits  (NOW,  money
     market,  and passbook  accounts)  increased by $15.2  million,  while Jumbo
     certificates  of deposit  (CDs)  increased by $1.4  million,  and other CDs
     increased by $7.2 million. Management focused on extending CD maturities in
     the current low  interest  rate  environment,  and was able to increase the
     weighted  average term of CD maturities  from 18 months at year-end 2002 to
     25 months at year-end  2003.  The WAIR on deposits  decreased from 2.12% at
     December  31, 2002 to 1.72% at  December  31,  2003,  a decline of 40 basis
     points.

     FHLB  advances  remained  flat as this  facility  was  used  primarily  for
     short-term needs since deposit growth and MBS sales were sufficient to fund
     loan growth. The WAIR decreased from 2.67% at December 31, 2002 to 2.46% at
     December 31, 2003 a 21 basis point decrease.

Our  asset/liability  management  strategies  described  above,  resulted in the
following:

     Net interest  income  before  recovery of loan losses  increased  from $7.9
     million  in 2002 to $8.4  million in 2003.  The  increase  of $0.5  million
     resulted from a $1.2 million  increase in net interest income  attributable
     to the effect of a $29.4 million  increase in average net interest  earning
     assets,   offset  by  a  $0.7  million  decrease  in  net  interest  income
     attributable  to a 35 basis  point  decrease  in the WAIR spread from 4.24%
     during 2002 compared to 3.89% during 2003.

     Average  interest-earning assets increased by $29.4 million or 16.37%, from
     $179.6 million in 2002 to $209.0  million in 2003,  due to increasing  loan
     originations and an increase in purchased mortgage-backed securities.

     Deposit  cost of funds  declined  more  slowly  than the  yield on the loan
     portfolio  in the  low  interest  rate  environment  experienced  in  2003,
     resulting in a decrease in the primary  spread (WAIR on loans minus WAIR on
     deposits)  from 5.32%  during 2002 to 4.81%  during  2003, a decrease of 51
     basis points.

     The WAIR on deposits decreased from 2.42% during 2002 to 1.83% during 2003,
     a decline  of 59 basis  points.

     The WAIR on loans  decreased from 7.74% during 2002 to 6.64% during 2003, a
     decline of 110 basis points.

     The WAIR on MBS  decreased  from 5.34%  during 2002 to 3.78% during 2003, a
     decline of 156 basis points.  The WAIR on other investments  increased from
     3.99% during 2002 to 4.08% during 2003, an increase of 9 basis points.

     The WAIR on FHLB advances  decreased from 5.41% during 2002 to 2.49% during
     2003, or 292 basis points.

The  allowance  for loan losses as a percentage  of total loans  decreased  from
0.98% at December 31, 2002 to 0.67% at December  31, 2003.  During 2003 and 2002
no additional  provisions  for loan losses were  considered  necessary  based on
periodic analyses of the credit quality of the loan portfolio. During the fourth
quarter of 2003, $826,000 of loans classified as substandard, were paid in full.
As a primary result, classified assets decreased from $1,046,000 at December 31,
2002 to $94,000 at December 31,  2003.  The Bank had no  foreclosed  real estate
assets at December 31, 2003 and 2002.

                                       2
<PAGE>

Non-performing assets to total assets improved from 0.07 % at December 31, 2002,
to 0.03% at December 31, 2003. Total non-performing  assets at December 31, 2003
were $80,000  compared to $135,000 at December 31, 2002.  Delinquent loans 60 or
more days past due were  $80,000 at December  31,  2003  compared to $149,000 at
December 31, 2002.

The return on average equity  decreased from 9.32% in 2002 to 9.08% in 2003, due
in part to the  Company's  issuance  of $1 million  in Series B  non-cumulative,
non-voting  Preferred  Stock to Fannie  Mae in the fourth  quarter of 2002.  The
return  on  average  assets  decreased  from  0.77%  in 2002 to 0.71% in 2003 as
average assets increased  15.98%.  The efficiency ratio decreased from 74.35% in
2002 to 74.01% in 2003.  The ratio of  non-interest  expense to  average  assets
decreased from 3.53% in 2002 to 3.28% in 2003. Comparing fourth quarter 2003 and
2002,  the  performance  ratios all improved,  with the return on average equity
improving to 9.84% from 8.76%, and the efficiency ratio improving to 71.52% from
75.09%. At December 31, 2003, the Bank met the capital requirements necessary to
be deemed "well capitalized" for regulatory capital purposes.

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.

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 or  performance  may  differ  materially  from those  suggested,
expressed,  or  implied  by  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  and
Exchange  Commission,  including the Company's Annual Reports on Form 10-KSB and
Quarterly Reports on Form 10-QSB.

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.

                                       3
<PAGE>



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

                                                                              December 31,   December 31,
                                                                                 2003           2002

Assets:

<S>                                                                          <C>            <C>
Cash                                                                         $     5,029    $    3,859
Fed funds sold                                                                     2,600         1,500
Interest bearing deposits                                                              -         1,028
Investment securities available for sale                                               -         5,007
Investment securities held to maturity                                             3,996         2,000
Mortgage-backed securities available for sale                                      9,122        27,697
Mortgage-backed securities held to maturity                                        6,317        10,843
Loans receivable held for sale, at lower of cost or fair value                     1,671         3,770
Loans receivable, net                                                            192,116       140,085
Accrued interest receivable                                                          883           995
Investments in capital stock of Federal Home Loan Bank, at cost                    1,789         1,561
Office properties and equipment, net                                               5,603         5,811
Other assets                                                                         689           750

Total assets                                                                 $   229,815    $  204,906



Liabilities and stockholders' equity

Deposits                                                                     $   179,907    $  156,148
Advances from Federal Home Loan Bank                                              28,502        28,724
Advance payments by borrowers for taxes and insurance                                324           311
Deferred income taxes                                                                846           931
Other liabilities                                                                  2,045         1,871

Total liabilities                                                                211,624       187,985
Stockholders' Equity:

  Preferred  non-convertible, non-cumulative, and non-voting stock,
    $.01 par value, authorized 1,000,000 shares; issued and outstanding
    155,199 shares at December 31, 2003 and December 31, 2002                          2             2
  Common stock, $.01 par value, authorized 3,000,000 shares; issued
    and outstanding 1,832,507 shares at December 31, 2003 and
    1,815,294 shares at December 31, 2002                                             10            10
  Additional paid-in capital                                                      10,507        10,512
  Accumulated other comprehensive gain (loss), net of taxes                          (68)           57
  Retained earnings-substantially restricted                                       8,207         7,005
  Treasury stock-at cost, 36,435 shares at December 31, 2003 and
    53,684 shares at December 31, 2002                                              (375)         (520)
  Unearned Employee Stock Ownership Plan shares                                      (92)         (145)

Total stockholders' equity                                                        18,191        16,921

Total liabilities and stockholders'  equity                                  $   229,815    $  204,906
</TABLE>



                                       4
<PAGE>


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

<TABLE>
<CAPTION>

                                                             Three Months Ended          Year Ended
                                                                December 31,            December 31,
                                                              2003        2002        2003         2002

<S>                                                         <C>         <C>         <C>         <C>
Interest on loans receivable                                $  2,757    $  2,564    $ 10,426    $ 10,784
Interest on investment securities                                 58          98         194         409
Interest on mortgage-backed securities                           286         497       1,438       1,109
Other interest income                                              8          36         111         167

Total interest income                                          3,109       3,195      12,169      12,469


Interest on deposits                                             746         852       3,061       3,752
Interest on borrowings                                           185         431         741         817

Total interest expense                                           931       1,283       3,802       4,569

Net interest income before recovery of loan losses             2,178       1,912       8,367       7,900

Recovery of loan losses                                         (117)       (142)       (117)       (142)

Net interest income after recovery of  loan losses             2,295       2,054       8,484       8,042

Non-interest income:
  Service charges                                                248         171       1,021         745
  Gain on sale of loans and mortgage-backed securities            23          66         126          80
  Other                                                            4           5          31          53
Total non-interest income                                        275         242       1,178         878

Non-interest expense:
  Compensation and benefits                                    1,014         937       4,000       3,654
  Occupancy expense, net                                         237         261       1,032       1,026
  Information services                                           154         154         588         626
  Professional services                                           97         133         469         455
  Office services and supplies                                    93          80         408         375
  Other                                                          243         159         654         496
Total non-interest expense                                     1,838       1,724       7,151       6,632

Earnings before income taxes                                     732         572       2,511       2,288

Income taxes                                                     282         219         962         847

Net earnings                                                $    450    $    353   $   1,549    $  1,441

Other comprehensive income (loss):
  Unrealized gain (loss) on securities available for sale   $   (163)   $     15   $    (304)   $      4
  Reclassification of realized net gains included
     in net earnings                                               9          66          94          90
  Income tax benefit (expense)                                    60         (34)         85         (39)
Other comprehensive income (loss)                                (94)         47        (125)         55

Comprehensive earnings                                      $    356    $    400   $   1,424    $  1,496

Net earnings                                                     450         353       1,549       1,441
Dividends paid on preferred stock                                (19)        (19)        (78)        (40)

Earnings available to common shareholders                   $    431    $    334   $   1,471    $  1,401

Earnings per share-basic                                    $   0.24    $   0.19       $0.82    $   0.79
Earnings per share-diluted                                  $   0.22    $   0.18       $0.77    $   0.77
Dividend declared per share-common stock                    $   0.04    $   0.04       $0.15    $   0.11
Basic weighted average shares outstanding                  1,813,527   1,783,600   1,799,465   1,780,617
Diluted weighted average shares outstanding                1,918,989   1,845,276   1,900,794   1,820,351
</TABLE>



                                       5
<PAGE>
                         BROADWAY FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                            Selected Ratios and Data
                             (Dollars in thousands)

<TABLE>
<CAPTION>

                                                    As of December 31,      Well-Capitalized
                                                    2003          2002        Requirement

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

<S>                                                 <C>          <C>            <C>
     Tangible capital                               7.52%        7.01%          5.00%
     Core capital                                   7.52%        7.01%          6.00%
     Total Risk-Based Capital                      11.92%       13.15%         10.00%

Asset Quality Ratios and Data:

     Non-performing loans as a percentage
        of total  gross loans                       0.04%        0.09%

     Non-performing assets as a percentage
        of total assets                             0.03%        0.07%

     Allowance for loan losses as a percentage
        of total gross loans                        0.67%        0.98%

     Allowance for loan losses as a percentage
        of non-performing loans                  1640.00%     1058.52%

     Allowance for losses as a percentage
        of non-performing assets                 1640.00%     1058.52%


Non-performing assets:

     Non-accrual loans                          $     80     $    135
     Real estate acquired through foreclosure       -            -
        Total non-performing assets             $     80     $    135

</TABLE>

<TABLE>
<CAPTION>
                                                Three Months Ended      Year Ended
                                                     December 31          December 31

                                                2003          2002      2003        2002
Performance Ratios:

<S>                                             <C>          <C>        <C>        <C>
     Return on average assets                   0.79%        0.68%      0.71%      0.77%
     Return on average equity                   9.84%        8.76%      9.08%      9.32%
     Average equity to average assets           7.99%        7.78%      7.83%      8.23%
     Non-interest expense to average assets     3.21%        3.33%      3.28%      3.53%
     Efficiency ratio (3)                      71.52%       75.09%     74.01%     74.35%
     Net interest rate spread (1)               3.87%        3.65%      3.89%      4.24%
     Effective net interest rate spread (2)     3.99%        3.84%      4.00%      4.40%

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

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

 (3) Efficiency  ratio represents  non-interest  expense divided by net interest
     income after recovery of loan losses plus non-interest income.
</TABLE>


                                       6
<PAGE>

                         BROADWAY FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                            Support for Calculations
                             (Dollars in thousands)

<TABLE>
<CAPTION>
                                                   Three Months Ended               Year Ended
                                                      December 31                   December 31

                                                  2003          2002           2003             2002

<S>                                             <C>           <C>            <C>           <C>
     Total assets                               $ 229,815     $ 204,906      $ 229,815     $  204,906
     Total gross loans                          $ 195,691     $ 146,455      $ 195,691     $  146,455
     Total equity                               $  18,191     $  16,921      $  18,191     $   16,921
     Average assets                             $ 228,772     $ 207,385      $ 217,799     $  187,789
     Average loans                              $ 173,224     $ 140,204      $ 156,902     $  139,349
     Average equity                             $  18,285     $  16,126      $  17,051     $   15,454
     Average interest-earning assets            $ 218,386     $ 199,394      $ 209,003     $  179,609
     Average interest-bearing liabilities       $ 204,372     $ 186,116      $ 196,629     $  169,076
     Net income                                 $     450     $     353      $   1,549     $    1,441
     Total income                               $   2,570     $   2,296      $   9,662     $    8,920
     Non-interest expense                       $   1,838     $   1,724      $   7,151     $    6,632
     Efficiency ratio                               71.52%        75.09%         74.01%         74.35%
     Non-accrual loans                          $      80     $     135      $      80     $      135
     REO, net                                   $     -       $     -        $     -       $      -
     ALLL                                       $   1,312     $   1,429      $   1,312     $    1,429
     REO-Allowance                              $     -       $     -        $     -       $      -
     Interest income                            $   3,109     $   3,195      $  12,169     $   12,469
     Interest expense                           $     931     $   1,283      $   3,802     $    4,569
     Net interest income before provision       $   2,178     $   1,912      $   8,367     $    7,900

</TABLE>


                                       7
<PAGE>
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{"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": "04577210"}, "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) February 5, 2004

                         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 and year ended
               December 31, 2003.

Item 12.  Results of Operations and Financial Condition

          On February 5, 2004,  Broadway  Financial  Corporation  issued a Press
          Release on earnings for the quarter and year ended  December 31, 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:  February 9 2004                       /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 Record Earnings

LOS  ANGELES,  CA -  (BUSINESS  WIRE) - February  5, 2004 -  Broadway  Financial
Corporation  (the "Company")  (NASDAQ  Small-Cap:  BYFC), the holding company of
Broadway Federal Bank, f.s.b.  (the "Bank"),  today reported record net earnings
of $1,549,000, or $0.77 per diluted share, for the year ended December 31, 2003,
compared to $1,441,000,  or $0.77 per diluted share, for the year ended December
31, 2002,  an increase of 7.49%.  Fourth  quarter 2003 net earnings  amounted to
$450,000, or $0.22 per diluted share, compared to $353,000, or $0.18 per diluted
share, for the fourth quarter of 2002, an increase of 27.48%

President and CEO Paul C. Hudson stated, "Sound  asset/liability  management and
solid loan growth were the keys to our success in 2003." Hudson also noted,  "In
our 2002  annual  report,  we stated  that in 2003 we would focus on growing the
loan portfolio, and managing our liabilities and expenses. We were successful in
producing a 37% increase in loans,  and a 15% increase in deposits,  including a
22% increase in core  deposits,  which  offset a 51 basis point  decrease in the
primary spread."

During  the  year, management   focused  on  managing  the  mix  of  assets  and
liabilities,  and on increasing  interest-earning  assets to offset  anticipated
margin compression. The following was achieved:

     Net loans receivable  increased $52.0 million or 37.14% from $140.1 million
     at December 31, 2002 to $192.1  million at December  31,  2003.  Gross loan
     originations grew from $31.3 million in 2002 to $83.0 million in 2003, with
     fourth quarter gross loan  originations  growing from $10.9 million in 2002
     to $45.2 in 2003.  The record  level of  originations  was  tempered by the
     increase in loan repayments,  which increased from $29.6 million in 2002 to
     $51.5 million in 2003.  Management  augmented loan  originations in 2003 by
     purchasing loans amounting to $17.8 million.  The weighted average interest
     rate ("WAIR") on loans  decreased  from 6.84% at December 31, 2002 to 6.04%
     at December 31, 2003, a decline of 80 basis points.

     Agency  mortgage-backed  securities ("MBS") decreased from $38.5 million at
     December 31, 2002 to $15.4 million at December 31, 2003. During 2002 hybrid
     adjustable  rate loan MBS were  purchased  to put excess  liquidity to work
     while the loan  volume was being  ramped up.  During  2003,  as loan volume
     increased,  the MBS  were  sold and the  proceeds  were  used to fund  loan
     originations.  MBS  investments  were  primarily five and seven year hybrid
     adjustable  rate  securities  that provided  higher yields than other short
     term investments, and also generated net gains on sale of $99,000 in 2003.

                                       1
Total deposits grew by $23.8  million,  from $156.1 million at December 31,
     2002 to $179.9  million at December 31, 2003.  Core  deposits  (NOW,  money
     market,  and passbook  accounts)  increased by $15.2  million,  while Jumbo
     certificates  of deposit  (CDs)  increased by $1.4  million,  and other CDs
     increased by $7.2 million. Management focused on extending CD maturities in
     the current low  interest  rate  environment,  and was able to increase the
     weighted  average term of CD maturities  from 18 months at year-end 2002 to
     25 months at year-end  2003.  The WAIR on deposits  decreased from 2.12% at
     December  31, 2002 to 1.72% at  December  31,  2003,  a decline of 40 basis
     points.

     FHLB  advances  remained  flat as this  facility  was  used  primarily  for
     short-term needs since deposit growth and MBS sales were sufficient to fund
     loan growth. The WAIR decreased from 2.67% at December 31, 2002 to 2.46% at
     December 31, 2003 a 21 basis point decrease.

Our  asset/liability  management  strategies  described  above,  resulted in the
following:

     Net interest  income  before  recovery of loan losses  increased  from $7.9
     million  in 2002 to $8.4  million in 2003.  The  increase  of $0.5  million
     resulted from a $1.2 million  increase in net interest income  attributable
     to the effect of a $29.4 million  increase in average net interest  earning
     assets,   offset  by  a  $0.7  million  decrease  in  net  interest  income
     attributable  to a 35 basis  point  decrease  in the WAIR spread from 4.24%
     during 2002 compared to 3.89% during 2003.

     Average  interest-earning assets increased by $29.4 million or 16.37%, from
     $179.6 million in 2002 to $209.0  million in 2003,  due to increasing  loan
     originations and an increase in purchased mortgage-backed securities.

     Deposit  cost of funds  declined  more  slowly  than the  yield on the loan
     portfolio  in the  low  interest  rate  environment  experienced  in  2003,
     resulting in a decrease in the primary  spread (WAIR on loans minus WAIR on
     deposits)  from 5.32%  during 2002 to 4.81%  during  2003, a decrease of 51
     basis points.

     The WAIR on deposits decreased from 2.42% during 2002 to 1.83% during 2003,
     a decline  of 59 basis  points.

     The WAIR on loans  decreased from 7.74% during 2002 to 6.64% during 2003, a
     decline of 110 basis points.

     The WAIR on MBS  decreased  from 5.34%  during 2002 to 3.78% during 2003, a
     decline of 156 basis points.  The WAIR on other investments  increased from
     3.99% during 2002 to 4.08% during 2003, an increase of 9 basis points.

     The WAIR on FHLB advances  decreased from 5.41% during 2002 to 2.49% during
     2003, or 292 basis points.

The  allowance  for loan losses as a percentage  of total loans  decreased  from
0.98% at December 31, 2002 to 0.67% at December  31, 2003.  During 2003 and 2002
no additional  provisions  for loan losses were  considered  necessary  based on
periodic analyses of the credit quality of the loan portfolio. During the fourth
quarter of 2003, $826,000 of loans classified as substandard, were paid in full.
As a primary result, classified assets decreased from $1,046,000 at December 31,
2002 to $94,000 at December 31,  2003.  The Bank had no  foreclosed  real estate
assets at December 31, 2003 and 2002.

                                       2
Non-performing assets to total assets improved from 0.07 % at December 31, 2002,
to 0.03% at December 31, 2003. Total non-performing  assets at December 31, 2003
were $80,000  compared to $135,000 at December 31, 2002.  Delinquent loans 60 or
more days past due were  $80,000 at December  31,  2003  compared to $149,000 at
December 31, 2002.

The return on average equity  decreased from 9.32% in 2002 to 9.08% in 2003, due
in part to the  Company's  issuance  of $1 million  in Series B  non-cumulative,
non-voting  Preferred  Stock to Fannie  Mae in the fourth  quarter of 2002.  The
return  on  average  assets  decreased  from  0.77%  in 2002 to 0.71% in 2003 as
average assets increased  15.98%.  The efficiency ratio decreased from 74.35% in
2002 to 74.01% in 2003.  The ratio of  non-interest  expense to  average  assets
decreased from 3.53% in 2002 to 3.28% in 2003. Comparing fourth quarter 2003 and
2002,  the  performance  ratios all improved,  with the return on average equity
improving to 9.84% from 8.76%, and the efficiency ratio improving to 71.52% from
75.09%. At December 31, 2003, the Bank met the capital requirements necessary to
be deemed "well capitalized" for regulatory capital purposes.

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.

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 or  performance  may  differ  materially  from those  suggested,
expressed,  or  implied  by  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  and
Exchange  Commission,  including the Company's Annual Reports on Form 10-KSB and
Quarterly Reports on Form 10-QSB.

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.

                                       3
BROADWAY FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                           Consolidated Balance Sheets
                  (Dollars in thousands, except share amounts)
                                   (Unaudited)
December 31,   December 31,
                                                                                 2003           2002

Assets:
Cash                                                                         $     5,029    $    3,859
Fed funds sold                                                                     2,600         1,500
Interest bearing deposits                                                              -         1,028
Investment securities available for sale                                               -         5,007
Investment securities held to maturity                                             3,996         2,000
Mortgage-backed securities available for sale                                      9,122        27,697
Mortgage-backed securities held to maturity                                        6,317        10,843
Loans receivable held for sale, at lower of cost or fair value                     1,671         3,770
Loans receivable, net                                                            192,116       140,085
Accrued interest receivable                                                          883           995
Investments in capital stock of Federal Home Loan Bank, at cost                    1,789         1,561
Office properties and equipment, net                                               5,603         5,811
Other assets                                                                         689           750

Total assets                                                                 $   229,815    $  204,906

Liabilities and stockholders' equity

Deposits                                                                     $   179,907    $  156,148
Advances from Federal Home Loan Bank                                              28,502        28,724
Advance payments by borrowers for taxes and insurance                                324           311
Deferred income taxes                                                                846           931
Other liabilities                                                                  2,045         1,871

Total liabilities                                                                211,624       187,985
Stockholders' Equity:

  Preferred  non-convertible, non-cumulative, and non-voting stock,
    $.01 par value, authorized 1,000,000 shares; issued and outstanding
    155,199 shares at December 31, 2003 and December 31, 2002                          2             2
  Common stock, $.01 par value, authorized 3,000,000 shares; issued
    and outstanding 1,832,507 shares at December 31, 2003 and
    1,815,294 shares at December 31, 2002                                             10            10
  Additional paid-in capital                                                      10,507        10,512
  Accumulated other comprehensive gain (loss), net of taxes                          (68)           57
  Retained earnings-substantially restricted                                       8,207         7,005
  Treasury stock-at cost, 36,435 shares at December 31, 2003 and
    53,684 shares at December 31, 2002                                              (375)         (520)
  Unearned Employee Stock Ownership Plan shares                                      (92)         (145)

Total stockholders' equity                                                        18,191        16,921

Total liabilities and stockholders'  equity                                  $   229,815    $  204,906
4
BROADWAY FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                      Consolidated Statements of Operations
                (Dollars in thousands, except per share amounts)
                                   (Unaudited)
Three Months Ended          Year Ended
                                                                December 31,            December 31,
                                                              2003        2002        2003         2002
Interest on loans receivable                                $  2,757    $  2,564    $ 10,426    $ 10,784
Interest on investment securities                                 58          98         194         409
Interest on mortgage-backed securities                           286         497       1,438       1,109
Other interest income                                              8          36         111         167

Total interest income                                          3,109       3,195      12,169      12,469

Interest on deposits                                             746         852       3,061       3,752
Interest on borrowings                                           185         431         741         817

Total interest expense                                           931       1,283       3,802       4,569

Net interest income before recovery of loan losses             2,178       1,912       8,367       7,900

Recovery of loan losses                                         (117)       (142)       (117)       (142)

Net interest income after recovery of  loan losses             2,295       2,054       8,484       8,042

Non-interest income:
  Service charges                                                248         171       1,021         745
  Gain on sale of loans and mortgage-backed securities            23          66         126          80
  Other                                                            4           5          31          53
Total non-interest income                                        275         242       1,178         878

Non-interest expense:
  Compensation and benefits                                    1,014         937       4,000       3,654
  Occupancy expense, net                                         237         261       1,032       1,026
  Information services                                           154         154         588         626
  Professional services                                           97         133         469         455
  Office services and supplies                                    93          80         408         375
  Other                                                          243         159         654         496
Total non-interest expense                                     1,838       1,724       7,151       6,632

Earnings before income taxes                                     732         572       2,511       2,288

Income taxes                                                     282         219         962         847

Net earnings                                                $    450    $    353   $   1,549    $  1,441

Other comprehensive income (loss):
  Unrealized gain (loss) on securities available for sale   $   (163)   $     15   $    (304)   $      4
  Reclassification of realized net gains included
     in net earnings                                               9          66          94          90
  Income tax benefit (expense)                                    60         (34)         85         (39)
Other comprehensive income (loss)                                (94)         47        (125)         55

Comprehensive earnings                                      $    356    $    400   $   1,424    $  1,496

Net earnings                                                     450         353       1,549       1,441
Dividends paid on preferred stock                                (19)        (19)        (78)        (40)

Earnings available to common shareholders                   $    431    $    334   $   1,471    $  1,401

Earnings per share-basic                                    $   0.24    $   0.19       $0.82    $   0.79
Earnings per share-diluted                                  $   0.22    $   0.18       $0.77    $   0.77
Dividend declared per share-common stock                    $   0.04    $   0.04       $0.15    $   0.11
Basic weighted average shares outstanding                  1,813,527   1,783,600   1,799,465   1,780,617
Diluted weighted average shares outstanding                1,918,989   1,845,276   1,900,794   1,820,351
5
BROADWAY FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                            Selected Ratios and Data
                             (Dollars in thousands)
As of December 31,      Well-Capitalized
                                                    2003          2002        Requirement

Broadway Federal Bank, f.s.b.
Regulatory Capital Ratios:
Tangible capital                               7.52%        7.01%          5.00%
     Core capital                                   7.52%        7.01%          6.00%
     Total Risk-Based Capital                      11.92%       13.15%         10.00%

Asset Quality Ratios and Data:

     Non-performing loans as a percentage
        of total  gross loans                       0.04%        0.09%

     Non-performing assets as a percentage
        of total assets                             0.03%        0.07%

     Allowance for loan losses as a percentage
        of total gross loans                        0.67%        0.98%

     Allowance for loan losses as a percentage
        of non-performing loans                  1640.00%     1058.52%

     Allowance for losses as a percentage
        of non-performing assets                 1640.00%     1058.52%

Non-performing assets:

     Non-accrual loans                          $     80     $    135
     Real estate acquired through foreclosure       -            -
        Total non-performing assets             $     80     $    135
Three Months Ended      Year Ended
                                                     December 31          December 31

                                                2003          2002      2003        2002
Performance Ratios:
Return on average assets                   0.79%        0.68%      0.71%      0.77%
     Return on average equity                   9.84%        8.76%      9.08%      9.32%
     Average equity to average assets           7.99%        7.78%      7.83%      8.23%
     Non-interest expense to average assets     3.21%        3.33%      3.28%      3.53%
     Efficiency ratio (3)                      71.52%       75.09%     74.01%     74.35%
     Net interest rate spread (1)               3.87%        3.65%      3.89%      4.24%
     Effective net interest rate spread (2)     3.99%        3.84%      4.00%      4.40%

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

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

 (3) Efficiency  ratio represents  non-interest  expense divided by net interest
     income after recovery of loan losses plus non-interest income.
6
BROADWAY FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                            Support for Calculations
                             (Dollars in thousands)
Three Months Ended               Year Ended
                                                      December 31                   December 31

                                                  2003          2002           2003             2002
Total assets                               $ 229,815     $ 204,906      $ 229,815     $  204,906
     Total gross loans                          $ 195,691     $ 146,455      $ 195,691     $  146,455
     Total equity                               $  18,191     $  16,921      $  18,191     $   16,921
     Average assets                             $ 228,772     $ 207,385      $ 217,799     $  187,789
     Average loans                              $ 173,224     $ 140,204      $ 156,902     $  139,349
     Average equity                             $  18,285     $  16,126      $  17,051     $   15,454
     Average interest-earning assets            $ 218,386     $ 199,394      $ 209,003     $  179,609
     Average interest-bearing liabilities       $ 204,372     $ 186,116      $ 196,629     $  169,076
     Net income                                 $     450     $     353      $   1,549     $    1,441
     Total income                               $   2,570     $   2,296      $   9,662     $    8,920
     Non-interest expense                       $   1,838     $   1,724      $   7,151     $    6,632
     Efficiency ratio                               71.52%        75.09%         74.01%         74.35%
     Non-accrual loans                          $      80     $     135      $      80     $      135
     REO, net                                   $     -       $     -        $     -       $      -
     ALLL                                       $   1,312     $   1,429      $   1,312     $    1,429
     REO-Allowance                              $     -       $     -        $     -       $      -
     Interest income                            $   3,109     $   3,195      $  12,169     $   12,469
     Interest expense                           $     931     $   1,283      $   3,802     $    4,569
     Net interest income before provision       $   2,178     $   1,912      $   8,367     $    7,900
7