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) October 29, 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)

<PAGE>




Item 7.      Exhibits

             (c)     Exhibit 99.1

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


Item 12.     Results of Operations and Financial Condition

             On October 29,  2003,  Broadway  Financial  Corporation  issued a
             Press  Release on earnings for the quarter  ended  September  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:  October 29, 2003             /s/ Alvin D. Kang
                                   (Signature)

                                    Name:  Alvin D. Kang
                                           Chief Financial Officer

<PAGE>

                                  EXHIBIT INDEX



    Exhibit No.               Exhibit                 Page No.
       99.1                Press Release                  4



<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 Third Quarter Net Earnings

LOS  ANGELES,  CA -  (BUSINESS  WIRE) - October  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
$379,000 and  $1,099,000  or $0.19 and $0.55 per diluted share for the three and
nine months ended September 30, 2003,  compared to $440,000 and  $1,088,000,  or
$0.24 and $0.59 per diluted share,  respectively,  for the three and nine months
ended September 30, 2002. Compared to 2002, third quarter net earnings decreased
13.86% and net earnings for the nine months increased 1.01%.

President Paul C. Hudson stated,  "The last two months have been  encouraging as
our loan  origination  volume has increased,  and we have had net loan growth in
spite of continuing heavy loan prepayments.  Our pipeline of loans in process is
also growing,  which bodes well for the next  quarter".  Hudson  explained,  "We
expected net  earnings for the current  quarter to be less than last year due to
the  effective  tax rate in third  quarter  2002 being 7% lower than the current
quarter.  In 2002, we benefited  from a higher  California  Enterprise  Zone tax
incentive that reduced California taxable income."

Net Earnings

The change in net earnings,  comparing 2003 to 2002, was primarily  attributable
to the increase in net interest  income and  non-interest  income,  offset by an
increase in non-interest expense. Additionally, the effective tax rate was lower
in 2002 as a result of higher interest income exclusions  relating to loans made
in California  Enterprise  Zones.  Net interest  income after provision for loan
losses increased $39,000 and $201,000 or 1.95% and 3.36%, respectively,  for the
three and nine months ended  September  30, 2003 compared to the same periods in
2002.  Non-interest income increased $133,000 and $267,000 or 59.38% and 41.98%,
respectively, for the three and nine months ended September 30, 2003 compared to
the same periods in 2002.  Non-interest expense increased $200,000 and $405,000,
or 12.55% and 8.25%, respectively, for the three and nine months ended September
30, 2003 compared to the same periods in 2002.

Net Interest Income

Net interest income after provision for loan losses  increased to $2,037,000 and
$6,189,000  for the  three  and nine  months  ended  September  30,  2003,  from
$1,998,000 and $5,988,000 for the same periods in 2002. A nine month rate/volume
analysis indicates that the $201,000 increase was primarily  attributable to the
impact of the  growth in  average  interest-earning  assets of $32.9  million or
19.02%,  and  interest-bearing  liabilities  of $30.8  million or 18.85%,  which
resulted in an increase in net interest  income of $1,080,000  (volume  impact),
offset by the impact of a decrease in the net  interest  rate spread of 57 basis
points,  which  resulted in a decrease in net interest  income of $879,000 (rate
impact).

                                        1
<PAGE>

Loan  originations  were $18.8  million and $37.8 million for the three and nine
months ended  September  30, 2003 compared to $7.0 million and $20.4 million for
the same periods in 2002. Loan purchases were $3.8 million and $17.8 million for
the three and nine months ended  September  30,  2003,  compared to $820,000 and
$820,000  for the same  periods  in  2002.  Mortgage-backed  securities  ("MBS")
purchases  were $3.4  million  and $15.4  million  for the three and nine months
ended  September  30, 2003 compared to 5.0 million and $9.0 million for the same
periods in 2002.  Loan  prepayments  amounted to $12.9 million and $36.0 million
for the three and nine months ended  September 30, 2003 compared to $6.8 million
and $21.8 million for the same periods in 2002. In the current low interest rate
environment,  prepayments  are not expected to abate until  interest  rates rise
significantly,  and therefore  management  is focused on increasing  loan volume
through  originations and purchases.  Loans  receivable,  net grew $20.5 million
since December 31, 2002, and reflects the improvements made by Management in the
Bank's loan  product  offerings as well as in its  efficiency  in service to new
loan customers.

Interest-bearing  liabilities  increased  $2.7 million during the third quarter.
This was  attributable  to the net effect of an  increase  in  deposits  of $3.8
million and a decrease in FHLB  advances  of $1.1  million.  For the nine months
ended September 30, 2003, interest-bearing  liabilities increased $13.5 million,
comprised of an $11.1 million  increase in deposits and $2.4 million increase in
FHLB advances.

The net interest  rate spread for the three and nine months ended  September 30,
2003  was  3.78%  and  3.90%   respectively,   compared   to  4.39%  and  4.47%,
respectively,  for the same periods in 2002.  The 61 and 57 basis point decrease
in spread was  attributable to the larger decline in the weighted  average yield
on the loan portfolio,  compared to the decline in the weighted  average cost of
funds on  interest-bearing  liabilities.  The yield on  interest-earning  assets
declined  120 and 128 basis  points to 5.65% and  5.87%,  respectively,  for the
three  and  nine  months  ended   September  30,  2003  from  6.85%  and  7.15%,
respectively,  for the same periods in 2002. The weighted  average cost of funds
declined to 1.88% and 1.97%,  respectively,  for the three and nine months ended
September 30, 2003 compared to 2.46% and 2.68% for the same periods in 2002. The
primary spread  (weighted  average interest rate on loans minus weighted average
interest rate on deposits) at September 30, 2003 was 4.62%  compared to 4.76% at
September 30, 2002, a decline of 14 basis points.

Non-interest Income

Total  non-interest  income increased to $357,000 and $903,000 for the three and
nine months ended  September  30, 2003,  from $224,000 and $636,000 for the same
periods in 2002.  The $133,000  increase in the third  quarter from 2002 to 2003
was primarily  attributable to an increase in loan fees and service charges, and
net gains on sale of investments and MBS available for sale.

Non-interest Expense

Total non-interest  expense increased to $1,793,000 and $5,313,000 for the three
and nine months ended  September 30, 2003 from  $1,593,000 and 4,908,000 for the
same periods in 2002.  The $200,000  increase in the third  quarter from 2002 to
2003 was primarily  attributable to increases in compensation and benefits costs
and occupancy expenses.

                                        2
<PAGE>

Loans Receivable, Net

Loans  receivable,  net increased  $20.5  million or 14.6% to $160.6  million at
September  30, 2003 from $140.1  million at December 31,  2002.  During the nine
months ended  September 30, 2003, the Bank purchased $17.8 million of adjustable
rate mortgage loans having an initial fixed rate period ("hybrid  ARMs").  These
purchases  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.

The  allowance  for loan  losses  as a  percentage  of total  loans was 0.87% at
September 30, 2003 compared to 0.98% at December 31, 2002 and 1.10% at September
30, 2002.  The Bank's  non-performing  assets to total assets ratio  improved to
0.04% at September  30, 2003 compared to 0.07% at December 31, 2002 and 0.18% at
September 30, 2002. At September 30, 2003,  the Bank had no loans in foreclosure
or REO (real estate owned) properties.

Deposits

Total  deposits  increased  $11.1 million or 7.11% to $167.2 million from $156.1
million at December 31, 2002.  Core deposits  (NOW,  demand,  money market,  and
passbook  accounts)  increased by $1.2 million during the third quarter of 2003.
At  September  30,  2003  core  deposits  represented  44.6% of total  deposits,
compared  to 40.4% at  December  31,  2002,  and 39.4% at  September  30,  2002.
Management has focused on increasing core deposit customers and closely managing
its cost of deposits. Management expects deposit growth to be the primary source
of funds for loan growth and plans to  aggressively  market deposit  products to
targeted customers.

Performance Ratios

For the three months ended  September 30, 2003 the  Company's  return on average
equity  declined to 8.49%  compared  to 11.39% for the same period in 2002.  The
return on average  assets  also  declined  to 0.69% for the three  months  ended
September 30, 2003  compared to 0.95% for the same period in 2002.  The ratio of
non-interest  expense to average  assets  improved to 3.28% for the three months
ended  September  30, 2003  compared  to 3.46% for the same period in 2002.  The
efficiency ratio increased to 74.90% in third quarter 2003 compared to 71.69% in
third quarter 2002.

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 September 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.


                                        3
<PAGE>


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

                                                                       September 30,       December 31,
                                                                           2003               2002
Assets
<S>                                                                     <C>               <C>
Cash                                                                    $    4,264        $    3,859
Federal funds sold                                                           6,900             1,500
Interest bearing deposits                                                        -             1,028
Investment securities held to maturity                                       2,996             2,000
Investment securities available for sale                                         -             5,007
Mortgage-backed securities held to maturity                                  7,327            10,843
Mortgage-backed securities available for sale                               20,843            27,697
Loans receivable, net                                                      160,585           140,085
Loans receivable held for sale, at lower of cost or fair value               1,852             3,770
Accrued interest receivable                                                    932               995
Investments in capital stock of Federal Home Loan Bank, at cost              1,771             1,561
Office properties and equipment, net                                         5,664             5,811
Other assets                                                                 8,579               750
         Total assets                                                   $  221,713        $  204,906

Liabilities and stockholders' equity

Deposits                                                                $  167,285        $  156,148
Advances from Federal Home Loan Bank                                        31,071            28,724
Advance payments by borrowers for taxes and insurance                          533               311
Deferred income taxes                                                          906               931
Other liabilities                                                            4,004             1,871
         Total liabilities                                                 203,799           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 September 30, 2003 and
         December 31, 2002                                                       2                 2
Common stock, $.01 par value, authorized 3,000,000 shares; issued
         and outstanding 1,831,485 shares at September 30, 2003 and
         1,815,294 at December 31, 2002                                         10                10
Additional paid-in capital                                                  10,501            10,512
Accumulated other comprehensive gain, net of taxes                              26                57
Retained earnings-substantially restricted                                   7,844             7,005
Treasury stock-at cost, 37,457 shares at September 30, 2003
         and 53,648 shares at December 31, 2002                               (363)             (520)
Unearned Employee Stock Ownership Plan shares                                 (106)             (145)
         Total stockholders' equity                                         17,914            16,921

         Total liabilities and stockholders'  equity                    $  221,713        $  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          Nine Months ended
                                                                September 30,                September 30,
                                                             2003          2002          2003             2002

<S>                                                           <C>      <C>             <C>           <C>
Interest on loans receivable                               $  2,556    $    2,644      $   7,669     $    8,220
Interest on investment securities held to maturity               26            40             84            129
Interest on investment securities available for sale              7            92             52            182
Interest on mortgage-backed securities                          345           208          1,153            612
Other interest income                                            27            36            102            131

Total interest income                                         2,961         3,020          9,060          9,274


Interest on deposits                                            730           887          2,315          2,900
Interest on borrowings                                          194           135            556            386

Total interest expense                                          924         1,022          2,871          3,286

Net interest income before provision for loan losses          2,037         1,998          6,189          5,988

Provision for loan losses                                      -             -              -              -

Net interest income after provision for loan losses           2,037         1,998          6,189          5,988

Noninterest income:
     Service charges                                            255           186            773            574
     Gain on loans receivable held for sale                    -             -                18              -
     Other                                                      102            38            112             62
Total noninterest income                                        357           224            903            636

Noninterest expense:
     Compensation and benefits                                1,038           898          2,986          2,717
     Occupancy expense, net                                     152           108            795            765
     Information services                                       267           282            434            472
     Professional services                                      104           123            372            322
     Office service and supplies                                103           100            315            295
     Other                                                      129            82            411            337
Total noninterest expense                                     1,793         1,593          5,313          4,908

Earnings before income taxes                                    601           629          1,779          1,716

Income taxes                                                    222           189            680            628

Net earnings                                                $   379    $      440      $   1,099     $    1,088

Other comprehensive income (loss):
  Unrealized income (loss) on securties available for sale  $  (460)   $      (24)     $     (56)    $       13
  Income tax benefit (expense)                                  179            10             25             (5)
Total other comprehensive income (loss)                        (281)          (14)           (31)             8

Comprehensive earnings                                      $    98    $      426      $   1,068     $    1,096

Net earnings                                                    379           440          1,099          1,088
Dividends paid on preferred stock                               (19)           (7)           (58)           (21)

Earnings available to common shareholders                   $   360    $      433      $   1,041     $    1,067

Earnings per share-basic                                      $0.20         $0.25          $0.58          $0.60
Earnings per share-diluted                                    $0.19         $0.24          $0.55          $0.59
Dividend declared per share-common stock                      $0.04         $0.03          $0.11          $0.08
Basic weighted average shares outstanding                 1,802,204     1,776,008      1,794,726      1,779,612
Diluted weighted average shares outstanding               1,908,887     1,813,192      1,894,614      1,805,718
</TABLE>


                                      5
<PAGE>


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

<TABLE>
<CAPTION>
                                                   As of September 30,    Well-Capitalized
                                                    2003         2002        Requirement

<S>                                                 <C>          <C>            <C>
Tangible capital                                    7.53%        7.32%          5.00%
Core capital                                        7.53%        7.32%          6.00%
Total Risk-Based Capital                           13.19%       13.38%         10.00%

Non-performing loans as a percentage
              of total  gross loans                 0.05%        0.17%

Non-performing assets as a percentage
              of total assets                       0.04%        0.18%

Allowance for loan losses as a percentage
              of total gross loans                  0.87%        1.10%

Allowance for loan losses as a percentage
              of non-performing loans            1786.25%      660.08%

Allowance for losses as a percentage
              of non-performing assets           1786.25%      455.36%

Non-accrual loans                               $      80     $    238
Real estate acquired through foreclosure                -          107
              Total non-performing assets       $      80     $    345

</TABLE>

<TABLE>
<CAPTION>
                                                    Three Months Ended        Nine Months Ended
                                                       September 30,            September 30,
                                                     2003        2002         2003        2002
Performance Ratios:
<S>                                                  <C>          <C>           <C>
Return on average assets                            0.69%        0.95%        0.68%       0.80%
Return on average equity                            8.49%       11.39%        8.70%       9.56%
Average equity to average assets                    8.18%        8.38%        7.86%       8.38%
Non-interest expense to average assets              3.28%        3.46%        3.30%       3.61%
Efficiency ratio                                   74.90%       71.69%       74.92%      74.09%
Net interest rate spread (1)                        3.78%        4.39%        3.90%       4.47%
Effective net interest rate spread (2)              3.89%        4.53%        4.01%       4.62%

</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.

                                       6
<PAGE>


                         BROADWAY FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                            Support for Calculations
                             (Dollars in thousands)
<TABLE>
<CAPTION>
                                                       Three Months Ended                    Nine Months Ended
                                                          September 30,                        September 30,
                                                      2003             2002              2003                2002

<S>                                                <C>             <C>                <C>               <C>
Total assets                                       $  221,713      $  190,747         $  221,713        $  190,747
Total gross loans                                  $  164,535      $  142,521         $  164,535        $  142,521
Total equity                                       $   17,914      $   15,578         $   17,914        $   15,578
Average assets                                     $  218,383      $  184,300         $  214,460        $  181,135
Average loans                                      $  155,143      $  138,274         $  151,401        $  139,061
Average equity                                     $   17,862      $   15,451         $   16,851        $   15,175
Average interest-earning assets                    $  209,463      $  176,258         $  205,842        $  172,941
Average interest-bearing liabilities               $  196,794      $  166,197         $  194,120        $  163,334
Net income                                         $      379      $      440         $    1,099        $    1,088
Total income                                       $    2,394      $    2,222         $    7,092        $    6,624
Non-interest expense                               $    1,793      $    1,593         $    5,313        $    4,908
Efficiency ratio                                       74.90%          71.69%             74.92%            74.09%
Non-accrual loans                                  $       80      $      238         $       80        $      238
REO, net                                           $     -         $      107         $     -           $      107
ALLL                                               $    1,429      $    1,571         $    1,429        $    1,571
REO-Allowance                                      $     -         $     -            $     -           $     -
Interest income                                    $    2,961      $    3,020         $    9,060        $    9,274
Interest expense                                   $      924      $    1,022         $    2,871        $    3,286
Net interest income before provision               $    2,037      $    1,998         $    6,189        $    5,988

</TABLE>



                                       7
<PAGE>
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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) October 29, 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)
Item 7.      Exhibits

             (c)     Exhibit 99.1

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

Item 12.     Results of Operations and Financial Condition

             On October 29,  2003,  Broadway  Financial  Corporation  issued a
             Press  Release on earnings for the quarter  ended  September  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:  October 29, 2003             /s/ Alvin D. Kang
                                   (Signature)

                                    Name:  Alvin D. Kang
                                           Chief Financial Officer
EXHIBIT INDEX

    Exhibit No.               Exhibit                 Page No.
       99.1                Press Release                  4
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 Third Quarter Net Earnings

LOS  ANGELES,  CA -  (BUSINESS  WIRE) - October  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
$379,000 and  $1,099,000  or $0.19 and $0.55 per diluted share for the three and
nine months ended September 30, 2003,  compared to $440,000 and  $1,088,000,  or
$0.24 and $0.59 per diluted share,  respectively,  for the three and nine months
ended September 30, 2002. Compared to 2002, third quarter net earnings decreased
13.86% and net earnings for the nine months increased 1.01%.

President Paul C. Hudson stated,  "The last two months have been  encouraging as
our loan  origination  volume has increased,  and we have had net loan growth in
spite of continuing heavy loan prepayments.  Our pipeline of loans in process is
also growing,  which bodes well for the next  quarter".  Hudson  explained,  "We
expected net  earnings for the current  quarter to be less than last year due to
the  effective  tax rate in third  quarter  2002 being 7% lower than the current
quarter.  In 2002, we benefited  from a higher  California  Enterprise  Zone tax
incentive that reduced California taxable income."

Net Earnings

The change in net earnings,  comparing 2003 to 2002, was primarily  attributable
to the increase in net interest  income and  non-interest  income,  offset by an
increase in non-interest expense. Additionally, the effective tax rate was lower
in 2002 as a result of higher interest income exclusions  relating to loans made
in California  Enterprise  Zones.  Net interest  income after provision for loan
losses increased $39,000 and $201,000 or 1.95% and 3.36%, respectively,  for the
three and nine months ended  September  30, 2003 compared to the same periods in
2002.  Non-interest income increased $133,000 and $267,000 or 59.38% and 41.98%,
respectively, for the three and nine months ended September 30, 2003 compared to
the same periods in 2002.  Non-interest expense increased $200,000 and $405,000,
or 12.55% and 8.25%, respectively, for the three and nine months ended September
30, 2003 compared to the same periods in 2002.

Net Interest Income

Net interest income after provision for loan losses  increased to $2,037,000 and
$6,189,000  for the  three  and nine  months  ended  September  30,  2003,  from
$1,998,000 and $5,988,000 for the same periods in 2002. A nine month rate/volume
analysis indicates that the $201,000 increase was primarily  attributable to the
impact of the  growth in  average  interest-earning  assets of $32.9  million or
19.02%,  and  interest-bearing  liabilities  of $30.8  million or 18.85%,  which
resulted in an increase in net interest  income of $1,080,000  (volume  impact),
offset by the impact of a decrease in the net  interest  rate spread of 57 basis
points,  which  resulted in a decrease in net interest  income of $879,000 (rate
impact).

                                        1
Loan  originations  were $18.8  million and $37.8 million for the three and nine
months ended  September  30, 2003 compared to $7.0 million and $20.4 million for
the same periods in 2002. Loan purchases were $3.8 million and $17.8 million for
the three and nine months ended  September  30,  2003,  compared to $820,000 and
$820,000  for the same  periods  in  2002.  Mortgage-backed  securities  ("MBS")
purchases  were $3.4  million  and $15.4  million  for the three and nine months
ended  September  30, 2003 compared to 5.0 million and $9.0 million for the same
periods in 2002.  Loan  prepayments  amounted to $12.9 million and $36.0 million
for the three and nine months ended  September 30, 2003 compared to $6.8 million
and $21.8 million for the same periods in 2002. In the current low interest rate
environment,  prepayments  are not expected to abate until  interest  rates rise
significantly,  and therefore  management  is focused on increasing  loan volume
through  originations and purchases.  Loans  receivable,  net grew $20.5 million
since December 31, 2002, and reflects the improvements made by Management in the
Bank's loan  product  offerings as well as in its  efficiency  in service to new
loan customers.

Interest-bearing  liabilities  increased  $2.7 million during the third quarter.
This was  attributable  to the net effect of an  increase  in  deposits  of $3.8
million and a decrease in FHLB  advances  of $1.1  million.  For the nine months
ended September 30, 2003, interest-bearing  liabilities increased $13.5 million,
comprised of an $11.1 million  increase in deposits and $2.4 million increase in
FHLB advances.

The net interest  rate spread for the three and nine months ended  September 30,
2003  was  3.78%  and  3.90%   respectively,   compared   to  4.39%  and  4.47%,
respectively,  for the same periods in 2002.  The 61 and 57 basis point decrease
in spread was  attributable to the larger decline in the weighted  average yield
on the loan portfolio,  compared to the decline in the weighted  average cost of
funds on  interest-bearing  liabilities.  The yield on  interest-earning  assets
declined  120 and 128 basis  points to 5.65% and  5.87%,  respectively,  for the
three  and  nine  months  ended   September  30,  2003  from  6.85%  and  7.15%,
respectively,  for the same periods in 2002. The weighted  average cost of funds
declined to 1.88% and 1.97%,  respectively,  for the three and nine months ended
September 30, 2003 compared to 2.46% and 2.68% for the same periods in 2002. The
primary spread  (weighted  average interest rate on loans minus weighted average
interest rate on deposits) at September 30, 2003 was 4.62%  compared to 4.76% at
September 30, 2002, a decline of 14 basis points.

Non-interest Income

Total  non-interest  income increased to $357,000 and $903,000 for the three and
nine months ended  September  30, 2003,  from $224,000 and $636,000 for the same
periods in 2002.  The $133,000  increase in the third  quarter from 2002 to 2003
was primarily  attributable to an increase in loan fees and service charges, and
net gains on sale of investments and MBS available for sale.

Non-interest Expense

Total non-interest  expense increased to $1,793,000 and $5,313,000 for the three
and nine months ended  September 30, 2003 from  $1,593,000 and 4,908,000 for the
same periods in 2002.  The $200,000  increase in the third  quarter from 2002 to
2003 was primarily  attributable to increases in compensation and benefits costs
and occupancy expenses.

                                        2
Loans Receivable, Net

Loans  receivable,  net increased  $20.5  million or 14.6% to $160.6  million at
September  30, 2003 from $140.1  million at December 31,  2002.  During the nine
months ended  September 30, 2003, the Bank purchased $17.8 million of adjustable
rate mortgage loans having an initial fixed rate period ("hybrid  ARMs").  These
purchases  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.

The  allowance  for loan  losses  as a  percentage  of total  loans was 0.87% at
September 30, 2003 compared to 0.98% at December 31, 2002 and 1.10% at September
30, 2002.  The Bank's  non-performing  assets to total assets ratio  improved to
0.04% at September  30, 2003 compared to 0.07% at December 31, 2002 and 0.18% at
September 30, 2002. At September 30, 2003,  the Bank had no loans in foreclosure
or REO (real estate owned) properties.

Deposits

Total  deposits  increased  $11.1 million or 7.11% to $167.2 million from $156.1
million at December 31, 2002.  Core deposits  (NOW,  demand,  money market,  and
passbook  accounts)  increased by $1.2 million during the third quarter of 2003.
At  September  30,  2003  core  deposits  represented  44.6% of total  deposits,
compared  to 40.4% at  December  31,  2002,  and 39.4% at  September  30,  2002.
Management has focused on increasing core deposit customers and closely managing
its cost of deposits. Management expects deposit growth to be the primary source
of funds for loan growth and plans to  aggressively  market deposit  products to
targeted customers.

Performance Ratios

For the three months ended  September 30, 2003 the  Company's  return on average
equity  declined to 8.49%  compared  to 11.39% for the same period in 2002.  The
return on average  assets  also  declined  to 0.69% for the three  months  ended
September 30, 2003  compared to 0.95% for the same period in 2002.  The ratio of
non-interest  expense to average  assets  improved to 3.28% for the three months
ended  September  30, 2003  compared  to 3.46% for the same period in 2002.  The
efficiency ratio increased to 74.90% in third quarter 2003 compared to 71.69% in
third quarter 2002.

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 September 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.

                                        3
BROADWAY FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                           Consolidated Balance Sheets
                  (Dollars in thousands, except share amounts)
                                   (Unaudited)
September 30,       December 31,
                                                                           2003               2002
Assets
Cash                                                                    $    4,264        $    3,859
Federal funds sold                                                           6,900             1,500
Interest bearing deposits                                                        -             1,028
Investment securities held to maturity                                       2,996             2,000
Investment securities available for sale                                         -             5,007
Mortgage-backed securities held to maturity                                  7,327            10,843
Mortgage-backed securities available for sale                               20,843            27,697
Loans receivable, net                                                      160,585           140,085
Loans receivable held for sale, at lower of cost or fair value               1,852             3,770
Accrued interest receivable                                                    932               995
Investments in capital stock of Federal Home Loan Bank, at cost              1,771             1,561
Office properties and equipment, net                                         5,664             5,811
Other assets                                                                 8,579               750
         Total assets                                                   $  221,713        $  204,906

Liabilities and stockholders' equity

Deposits                                                                $  167,285        $  156,148
Advances from Federal Home Loan Bank                                        31,071            28,724
Advance payments by borrowers for taxes and insurance                          533               311
Deferred income taxes                                                          906               931
Other liabilities                                                            4,004             1,871
         Total liabilities                                                 203,799           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 September 30, 2003 and
         December 31, 2002                                                       2                 2
Common stock, $.01 par value, authorized 3,000,000 shares; issued
         and outstanding 1,831,485 shares at September 30, 2003 and
         1,815,294 at December 31, 2002                                         10                10
Additional paid-in capital                                                  10,501            10,512
Accumulated other comprehensive gain, net of taxes                              26                57
Retained earnings-substantially restricted                                   7,844             7,005
Treasury stock-at cost, 37,457 shares at September 30, 2003
         and 53,648 shares at December 31, 2002                               (363)             (520)
Unearned Employee Stock Ownership Plan shares                                 (106)             (145)
         Total stockholders' equity                                         17,914            16,921

         Total liabilities and stockholders'  equity                    $  221,713        $  204,906
4
BROADWAY FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                      Consolidated Statements of Operations
                (Dollars in thousands, except per share amounts)
                                   (Unaudited)
Three Months ended          Nine Months ended
                                                                September 30,                September 30,
                                                             2003          2002          2003             2002
Interest on loans receivable                               $  2,556    $    2,644      $   7,669     $    8,220
Interest on investment securities held to maturity               26            40             84            129
Interest on investment securities available for sale              7            92             52            182
Interest on mortgage-backed securities                          345           208          1,153            612
Other interest income                                            27            36            102            131

Total interest income                                         2,961         3,020          9,060          9,274

Interest on deposits                                            730           887          2,315          2,900
Interest on borrowings                                          194           135            556            386

Total interest expense                                          924         1,022          2,871          3,286

Net interest income before provision for loan losses          2,037         1,998          6,189          5,988

Provision for loan losses                                      -             -              -              -

Net interest income after provision for loan losses           2,037         1,998          6,189          5,988

Noninterest income:
     Service charges                                            255           186            773            574
     Gain on loans receivable held for sale                    -             -                18              -
     Other                                                      102            38            112             62
Total noninterest income                                        357           224            903            636

Noninterest expense:
     Compensation and benefits                                1,038           898          2,986          2,717
     Occupancy expense, net                                     152           108            795            765
     Information services                                       267           282            434            472
     Professional services                                      104           123            372            322
     Office service and supplies                                103           100            315            295
     Other                                                      129            82            411            337
Total noninterest expense                                     1,793         1,593          5,313          4,908

Earnings before income taxes                                    601           629          1,779          1,716

Income taxes                                                    222           189            680            628

Net earnings                                                $   379    $      440      $   1,099     $    1,088

Other comprehensive income (loss):
  Unrealized income (loss) on securties available for sale  $  (460)   $      (24)     $     (56)    $       13
  Income tax benefit (expense)                                  179            10             25             (5)
Total other comprehensive income (loss)                        (281)          (14)           (31)             8

Comprehensive earnings                                      $    98    $      426      $   1,068     $    1,096

Net earnings                                                    379           440          1,099          1,088
Dividends paid on preferred stock                               (19)           (7)           (58)           (21)

Earnings available to common shareholders                   $   360    $      433      $   1,041     $    1,067

Earnings per share-basic                                      $0.20         $0.25          $0.58          $0.60
Earnings per share-diluted                                    $0.19         $0.24          $0.55          $0.59
Dividend declared per share-common stock                      $0.04         $0.03          $0.11          $0.08
Basic weighted average shares outstanding                 1,802,204     1,776,008      1,794,726      1,779,612
Diluted weighted average shares outstanding               1,908,887     1,813,192      1,894,614      1,805,718
5
BROADWAY FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                            Selected Ratios and Data
                             (Dollars in thousands)
As of September 30,    Well-Capitalized
                                                    2003         2002        Requirement
Tangible capital                                    7.53%        7.32%          5.00%
Core capital                                        7.53%        7.32%          6.00%
Total Risk-Based Capital                           13.19%       13.38%         10.00%

Non-performing loans as a percentage
              of total  gross loans                 0.05%        0.17%

Non-performing assets as a percentage
              of total assets                       0.04%        0.18%

Allowance for loan losses as a percentage
              of total gross loans                  0.87%        1.10%

Allowance for loan losses as a percentage
              of non-performing loans            1786.25%      660.08%

Allowance for losses as a percentage
              of non-performing assets           1786.25%      455.36%

Non-accrual loans                               $      80     $    238
Real estate acquired through foreclosure                -          107
              Total non-performing assets       $      80     $    345
Three Months Ended        Nine Months Ended
                                                       September 30,            September 30,
                                                     2003        2002         2003        2002
Performance Ratios:
Return on average assets                            0.69%        0.95%        0.68%       0.80%
Return on average equity                            8.49%       11.39%        8.70%       9.56%
Average equity to average assets                    8.18%        8.38%        7.86%       8.38%
Non-interest expense to average assets              3.28%        3.46%        3.30%       3.61%
Efficiency ratio                                   74.90%       71.69%       74.92%      74.09%
Net interest rate spread (1)                        3.78%        4.39%        3.90%       4.47%
Effective net interest rate spread (2)              3.89%        4.53%        4.01%       4.62%
(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.

                                       6
BROADWAY FINANCIAL CORPORATION
                                AND SUBSIDIARIES
                            Support for Calculations
                             (Dollars in thousands)
Three Months Ended                    Nine Months Ended
                                                          September 30,                        September 30,
                                                      2003             2002              2003                2002
Total assets                                       $  221,713      $  190,747         $  221,713        $  190,747
Total gross loans                                  $  164,535      $  142,521         $  164,535        $  142,521
Total equity                                       $   17,914      $   15,578         $   17,914        $   15,578
Average assets                                     $  218,383      $  184,300         $  214,460        $  181,135
Average loans                                      $  155,143      $  138,274         $  151,401        $  139,061
Average equity                                     $   17,862      $   15,451         $   16,851        $   15,175
Average interest-earning assets                    $  209,463      $  176,258         $  205,842        $  172,941
Average interest-bearing liabilities               $  196,794      $  166,197         $  194,120        $  163,334
Net income                                         $      379      $      440         $    1,099        $    1,088
Total income                                       $    2,394      $    2,222         $    7,092        $    6,624
Non-interest expense                               $    1,793      $    1,593         $    5,313        $    4,908
Efficiency ratio                                       74.90%          71.69%             74.92%            74.09%
Non-accrual loans                                  $       80      $      238         $       80        $      238
REO, net                                           $     -         $      107         $     -           $      107
ALLL                                               $    1,429      $    1,571         $    1,429        $    1,571
REO-Allowance                                      $     -         $     -            $     -           $     -
Interest income                                    $    2,961      $    3,020         $    9,060        $    9,274
Interest expense                                   $      924      $    1,022         $    2,871        $    3,286
Net interest income before provision               $    2,037      $    1,998         $    6,189        $    5,988
7