[PART I. FINANCIAL STATEMENTS](index=3&type=section&id=PART%20I.%20FINANCIAL%20STATEMENTS) [Item 1. Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) The consolidated financial statements reflect significant post-merger growth, with total assets reaching $1.06 billion and stockholders' equity at $143.3 million [Consolidated Statements of Financial Condition](index=3&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) The company's financial condition expanded significantly post-merger, with total assets reaching $1.06 billion and stockholders' equity at $143.3 million | Financial Metric (in thousands) | September 30, 2021 (Unaudited) | December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$1,063,561** | **$483,378** | | Cash and cash equivalents | $208,687 | $96,109 | | Loans receivable, net | $642,198 | $360,129 | | Securities available-for-sale | $157,628 | $10,698 | | Goodwill | $25,996 | $0 | | **Total Liabilities** | **$920,182** | **$434,493** | | Deposits | $749,645 | $315,630 | | FHLB advances | $91,070 | $110,500 | | **Total Stockholders' Equity** | **$143,323** | **$48,885** | [Consolidated Statements of Operations and Comprehensive Income (Loss)](index=4&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20(Loss)) The company reported Q3 2021 net income of $206 thousand, a reversal from a prior-year loss, but a nine-month net loss of $2.5 million due to merger expenses | Metric (in thousands) | Q3 2021 | Q3 2020 | Nine Months 2021 | Nine Months 2020 | | :--- | :--- | :--- | :--- | :--- | | **Net Interest Income** | **$5,991** | **$3,377** | **$14,657** | **$9,306** | | Loan loss provision | $365 | $0 | $446 | $29 | | Total non-interest income | $609 | $206 | $2,924 | $645 | | Total non-interest expense | $5,978 | $3,732 | $19,979 | $10,283 | | **Net Income (Loss)** | **$206** | **($244)** | **($2,547)** | **($61)** | | Earnings (loss) per share-basic | $0.00 | ($0.01) | ($0.05) | $0.00 | [Consolidated Statements of Cash Flows](index=5&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash and cash equivalents increased by $112.6 million for the nine months ended September 30, 2021, driven by positive contributions from operating, investing, and financing activities | Cash Flow Activity (in thousands) | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | Net cash from operating activities | $3,913 | ($39,763) | | Net cash from investing activities | $31,197 | $35,566 | | Net cash from financing activities | $77,468 | $58,347 | | **Net change in cash and cash equivalents** | **$112,578** | **$54,150** | | Cash acquired in merger | $84,745 | $0 | [Consolidated Statements of Changes in Stockholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Stockholders' equity dramatically increased from $48.9 million to $143.4 million, primarily driven by stock issuance for the CFBanc merger and a private placement - Total stockholders' equity grew from **$48.9 million** at the end of 2020 to **$143.4 million** as of September 30, 2021[20](index=20&type=chunk) - Key drivers of the equity increase were the issuance of common stock (**$63.3 million**) and preferred stock (**$3.0 million**) for the business combination, and proceeds from a private placement (**$30.8 million**)[20](index=20&type=chunk) [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail significant accounting policies and events, primarily the CFBanc merger, which led to goodwill and intangible asset recognition, a private placement, and the company maintaining a "well capitalized" status - The merger with CFBanc Corporation was completed on April 1, 2021, adding approximately **$471.0 million** in total assets, **$227.7 million** in gross loans, and **$353.7 million** in total deposits[39](index=39&type=chunk) - The merger was accounted for as an acquisition, resulting in the recognition of **$26.0 million** in goodwill and a **$3.3 million** core deposit intangible asset[43](index=43&type=chunk)[99](index=99&type=chunk) - On April 6, 2021, the company completed a private placement, selling **18.47 million** shares of common stock for an aggregate purchase price of **$32.9 million**[52](index=52&type=chunk) - As of September 30, 2021, the Bank was **"well capitalized"** with a Community Bank Leverage Ratio (CBLR) of **9.41%**, exceeding the **8.50%** minimum requirement[130](index=130&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion highlights the transformative CFBanc merger, increasing total assets to over $1 billion, despite a nine-month net loss of $2.6 million due to merger costs, while maintaining a strong capital position [Overview and COVID-19 Impact](index=34&type=section&id=Overview%20and%20COVID-19%20Impact) The CFBanc merger fundamentally altered the company's financial position, increasing total assets to $1.064 billion, with a nine-month net loss of $2.6 million due to merger costs, while COVID-19 had no impact on loan modifications or delinquencies - Total assets increased by **$580.2 million** to **$1.064 billion** at September 30, 2021, primarily due to the CFBanc merger[145](index=145&type=chunk) - The net loss for the first nine months of 2021 was **$2.6 million**, primarily due to **$5.6 million** in merger-related costs[149](index=149&type=chunk) - As of September 30, 2021, the Bank had no loan modification requests or delinquencies related to COVID-19[142](index=142&type=chunk) [Results of Operations](index=35&type=section&id=Results%20of%20Operations) Net interest income for Q3 2021 rose to $6.0 million, though net interest margin declined to 2.43%, while non-interest expenses significantly increased to $6.0 million due to merger-related operating costs - Q3 2021 net interest income increased by **$2.6 million** year-over-year to **$6.0 million**, driven by growth in average interest-earning assets from the merger[150](index=150&type=chunk) - The net interest margin for Q3 2021 decreased to **2.43%** from **2.82%** in Q3 2020, primarily due to lower rates earned on significantly higher cash balances[158](index=158&type=chunk) - Non-interest expense for Q3 2021 increased by **$2.3 million** year-over-year to **$6.0 million**, due to the inclusion of the acquired bank's operations and one-time data processing conversion costs[175](index=175&type=chunk) [Financial Condition](index=40&type=section&id=Financial%20Condition) The company's balance sheet expanded significantly post-merger, with loans receivable increasing to $642.2 million, deposits growing to $749.6 million, and stockholders' equity rising to $143.3 million - Loans receivable increased by **$282.1 million** in the first nine months of 2021, mainly due to **$225.9 million** in loans acquired in the merger[181](index=181&type=chunk) - The ALLL was **$3.7 million**, or **0.57%** of gross loans, at September 30, 2021, compared to **$3.2 million**, or **0.88%**, at year-end 2020. The ratio decrease is due to merger accounting for acquired loans[184](index=184&type=chunk) - Deposits increased to **$749.6 million** from **$315.6 million**, driven by **$353.7 million** assumed in the merger and **$83.6 million** in organic growth[201](index=201&type=chunk) - Stockholders' equity increased to **$143.3 million**, with tangible book value per share at **$1.55**, adjusted for goodwill and intangible assets from the merger[208](index=208&type=chunk)[209](index=209&type=chunk) [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with $208.7 million in cash and $49.7 million in unpledged securities, and robust capital resources, being classified as "well capitalized" with a 9.41% CBLR - Liquid assets at September 30, 2021, consisted of **$208.7 million** in cash and cash equivalents and **$49.7 million** in unpledged securities available-for-sale[213](index=213&type=chunk) - The Bank had additional borrowing capacity of **$16.9 million** from the FHLB and **$11.0 million** in lines of credit with other institutions[212](index=212&type=chunk) - The Bank is considered **"well capitalized,"** with a Community Bank Leverage Ratio (CBLR) of **9.41%** as of September 30, 2021, exceeding all regulatory requirements[218](index=218&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section on market risk disclosures is stated as not applicable for the current quarterly report filing - The company states that Quantitative and Qualitative Disclosures About Market Risk are not applicable to this report[219](index=219&type=chunk) [Item 4. Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures) As of September 30, 2021, management concluded that disclosure controls and procedures were effective, with ongoing integration of CFBanc's internal controls following the merger - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of September 30, 2021[219](index=219&type=chunk) - The company is in the process of integrating CFBanc's operations and internal controls following the merger, which may be excluded from the scope of the year-end internal control assessment[221](index=221&type=chunk) [PART II. OTHER INFORMATION](index=47&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Items 1-6. Other Information](index=47&type=section&id=Items%201-6.%20Other%20Information) This section reports no material events, including no legal proceedings, unregistered sales of equity securities, or defaults on senior securities, with risk factors and mine safety disclosures noted as not applicable - The company reported no information for the following items: Legal Proceedings, Unregistered Sales of Equity Securities and Use of Proceeds, and Defaults Upon Senior Securities[225](index=225&type=chunk) - Risk Factors and Mine Safety Disclosures were noted as not applicable[225](index=225&type=chunk)

PART I. FINANCIAL INFORMATION This section presents the company's consolidated financial statements and management's analysis of its financial condition and results of operations [Consolidated Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements%20(Unaudited)) The unaudited consolidated financial statements for the period ended June 30, 2021, reflect the significant impact of the CFBanc merger, leading to substantial increases in assets, liabilities, and equity, a Q2 2021 net income of $701 thousand, and a six-month net loss of $2.8 million due to merger-related expenses [Consolidated Statements of Financial Condition](index=3&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) As of June 30, 2021, total assets more than doubled to $1.04 billion, primarily due to the CFBanc merger, which significantly increased loans, securities, and cash, and recognized $26.0 million in goodwill, while total liabilities grew to $897.5 million and stockholders' equity nearly tripled to $143.5 million Consolidated Balance Sheet Highlights (in thousands) | Financial Metric | June 30, 2021 | December 31, 2020 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **$1,040,998** | **$483,378** | **+115.4%** | | Cash and cash equivalents | $210,383 | $96,109 | +118.9% | | Loans receivable, net | $614,718 | $360,129 | +70.7% | | Goodwill | $25,996 | $0 | N/A | | **Total Liabilities** | **$897,503** | **$434,493** | **+106.6%** | | Deposits | $705,041 | $315,630 | +123.4% | | **Total Stockholders' Equity** | **$143,463** | **$48,885** | **+193.4%** | [Consolidated Statements of Operations and Comprehensive Income (Loss)](index=4&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20(Loss)) For Q2 2021, net income attributable to the corporation was $701 thousand, boosted by higher net interest income and a $1.8 million CDFI grant, but the first six months resulted in a net loss of $2.8 million, primarily due to substantial non-interest expenses including merger-related costs Key Operating Results (in thousands, except per share data) | Metric | Q2 2021 | Q2 2020 | H1 2021 | H1 2020 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $5,821 | $3,031 | $8,666 | $5,929 | | Non-interest Income | $2,192 | $242 | $2,315 | $439 | | Non-interest Expense | $5,374 | $3,402 | $14,001 | $6,551 | | **Net Income (Loss) Attributable to BFC** | **$701** | **$216** | **($2,786)** | **$183** | | **EPS - Diluted** | **$0.01** | **$0.01** | **($0.06)** | **$0.01** | - Non-interest income in Q2 2021 was significantly boosted by a **$1.826 million** grant from the Community Development Financial Institution (CDFI) Fund[11](index=11&type=chunk) [Consolidated Statements of Cash Flows](index=5&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the first six months of 2021, net cash from financing activities was a strong inflow of $58.5 million, driven by stock sales and deposit increases, while investing activities provided $58.4 million, primarily from cash acquired in the merger, and operating activities used $2.6 million, leading to an overall increase of $114.3 million in cash and cash equivalents Cash Flow Summary for the Six Months Ended June 30 (in thousands) | Cash Flow Category | 2021 | 2020 | | :--- | :--- | :--- | | Net Cash from Operating Activities | ($2,570) | ($49,154) | | Net Cash from Investing Activities | $58,362 | $23,392 | | Net Cash from Financing Activities | $58,482 | $50,044 | | **Net Change in Cash** | **$114,274** | **$24,282** | | Cash at End of Period | $210,383 | $39,848 | - Investing activities were dominated by **$84.7 million** in cash acquired from the merger[13](index=13&type=chunk) - Financing activities were primarily driven by **$30.8 million** in net proceeds from a stock sale and a **$35.7 million** net increase in deposits[13](index=13&type=chunk) [Consolidated Statements of Changes in Stockholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity) Stockholders' equity increased dramatically from $48.9 million to $143.5 million by June 30, 2021, primarily due to stock issuance for the CFBanc merger and a subsequent private placement, partially offset by a $2.8 million net loss - Total stockholders' equity grew from **$48.9 million** on January 1, 2021, to **$143.5 million** on June 30, 2021[19](index=19&type=chunk) - Key drivers of the equity increase were the issuance of **$3.0 million** in preferred stock and **$63.3 million** in common stock for the business combination, and an additional **$30.8 million** from a private placement[17](index=17&type=chunk)[19](index=19&type=chunk) - The growth in equity was partially offset by a net loss of **$2.8 million** for the six-month period[19](index=19&type=chunk) [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail significant accounting events, dominated by the CFBanc merger, including $26.0 million in goodwill, a $32.9 million capital raise, the expanded loan and securities portfolios, the bank's strong CBLR capital position, and a $370 thousand impairment on deferred tax assets due to an ownership change - The company completed its merger with CFBanc Corporation on April 1, 2021, acquiring **$471.0 million** in total assets, **$227.7 million** in gross loans, and **$353.7 million** in total deposits[42](index=42&type=chunk)[43](index=43&type=chunk)[46](index=46&type=chunk) - The transaction was valued at approximately **$66.3 million** and resulted in **$26.0 million** of goodwill[42](index=42&type=chunk)[43](index=43&type=chunk)[46](index=46&type=chunk) - On April 6, 2021, the company raised **$32.9 million** in gross proceeds (**$30.8 million** net) by selling **18.47 million** shares of common stock in private placements at **$1.78 per share**[56](index=56&type=chunk) - Gross loans receivable increased to **$618.0 million** from **$363.3 million** at year-end 2020, primarily due to the merger[71](index=71&type=chunk) - The allowance for loan losses (ALLL) stood at **$3.3 million**, or **0.53%** of gross loans[71](index=71&type=chunk)[196](index=196&type=chunk) - The bank elected to adopt the Community Bank Leverage Ratio (CBLR) and reported a ratio of **10.10%** at June 30, 2021, exceeding the **8.5%** minimum to be considered 'well capitalized'[138](index=138&type=chunk)[140](index=140&type=chunk) - A **$370 thousand** impairment was recorded on deferred tax assets due to limitations on the use of Net Operating Losses (NOLs) under Section 382 of the tax code, triggered by the ownership change from the private placements[143](index=143&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion centers on the transformative CFBanc merger, which more than doubled assets to over $1 billion, highlighting a profitable Q2 driven by expanded net interest income and a CDFI grant, but a H1 net loss due to $5.6 million in merger costs, with a successful $30.8 million post-merger capital raise strengthening the bank's 'well capitalized' position [Overview](index=34&type=section&id=MD%26A%20Overview) The company's financial landscape was fundamentally altered by the CFBanc merger, increasing total assets to $1.041 billion, resulting in a profitable Q2 2021 but a H1 net loss of $2.8 million due to $5.6 million in merger-related expenses, with a successful $30.8 million post-merger private placement bolstering capital - The merger with CFBanc Corporation on April 1, 2021, was the most significant event, increasing total assets from **$483.4 million** to **$1.041 billion**[154](index=154&type=chunk)[156](index=156&type=chunk) - A net loss of **$2.8 million** for the first six months of 2021 was primarily due to **$5.6 million** in merger-related costs[160](index=160&type=chunk) - The company raised **$32.9 million** in gross proceeds (**$30.8 million** net) from private placements immediately following the merger[159](index=159&type=chunk) [Results of Operations](index=35&type=section&id=MD%26A%20Results%20of%20Operations) Net interest income for Q2 2021 nearly doubled to $5.8 million due to the merger, though net interest margin compressed to 2.33%, while non-interest income surged to $2.2 million from a CDFI grant, and H1 non-interest expenses rose to $14.0 million due to $5.6 million in merger costs, resulting in a high 71.3% effective tax rate in Q2 from deferred tax asset impairment Net Interest Income and Margin | Period | Net Interest Income | Net Interest Margin | | :--- | :--- | :--- | | Q2 2021 | $5.8 million | 2.33% | | Q2 2020 | $3.0 million | 2.43% | | H1 2021 | $8.7 million | 2.35% | | H1 2020 | $5.9 million | 2.45% | - Non-interest income for Q2 2021 was **$2.2 million**, primarily due to a **$1.8 million** grant from the CDFI Fund[185](index=185&type=chunk) - Non-interest expense for H1 2021 totaled **$14.0 million**, which included **$5.6 million** in merger-related expenses[188](index=188&type=chunk) - The company recorded a high effective tax rate of **71.3%** in Q2 2021, reflecting a **$370 thousand** valuation allowance on deferred tax assets due to tax code limitations triggered by the recent capital raise[189](index=189&type=chunk) [Financial Condition](index=41&type=section&id=MD%26A%20Financial%20Condition) The company's financial condition strengthened significantly post-merger, with total assets reaching $1.041 billion, an ALLL of $3.3 million (0.53% of gross loans), low NPLs at $735 thousand, deposits growing to $705.0 million, and stockholders' equity increasing to $143.5 million, resulting in a tangible book value of $1.55 per share - The ALLL as a percentage of gross loans decreased to **0.53%** at June 30, 2021, from **0.88%** at December 31, 2020, because no ALLL is associated with the loans acquired in the merger[196](index=196&type=chunk) - Non-performing loans (NPLs) decreased to **$735 thousand** at June 30, 2021, from **$787 thousand** at year-end 2020[198](index=198&type=chunk) - Stockholders' equity increased to **$143.5 million**[218](index=218&type=chunk) - Tangible book value per share was **$1.55** as of June 30, 2021, after adjusting for **$26.0 million** in goodwill and **$3.2 million** in net core deposit intangible[219](index=219&type=chunk) [Liquidity and Capital Resources](index=44&type=section&id=MD%26A%20Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with $210.4 million in cash and $24.6 million FHLB borrowing capacity, while capital resources are robust, with the Bank 'well capitalized' and reporting a CBLR of 10.10% at June 30, 2021, exceeding the minimum requirement - The Bank's liquid assets at June 30, 2021 consisted of **$210.4 million** in cash and cash equivalents and **$68.4 million** in unpledged securities available-for-sale[223](index=223&type=chunk) - The Bank is 'well capitalized' and has elected to adopt the Community Bank Leverage Ratio (CBLR), which was **10.10%** at June 30, 2021, exceeding the **8.5%** requirement[220](index=220&type=chunk)[229](index=229&type=chunk) - The Bank has an additional borrowing capacity of **$24.6 million** from the FHLB and **$11 million** in lines of credit with other institutions[222](index=222&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This item is not applicable for the reporting period - The company has indicated that this section is not applicable[230](index=230&type=chunk) [Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2021, and is integrating CFBanc's internal controls, a process expected to be completed within one year of acquisition, with a potential exclusion from the 2021 year-end assessment as permitted by SEC guidance - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2021[230](index=230&type=chunk) - The company is currently integrating the internal controls of the recently acquired CFBanc, a process expected to be completed within one year of the acquisition[232](index=232&type=chunk) PART II. OTHER INFORMATION This section provides information on legal proceedings, risk factors, equity sales, and other corporate disclosures [Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no legal proceedings during the period - There are no legal proceedings to report[236](index=236&type=chunk) [Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) This item is not applicable for the reporting period - The company has indicated that this section is not applicable[236](index=236&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds for this specific item - There are no unregistered sales of equity securities or use of proceeds to report under this item[236](index=236&type=chunk) [Other Information](index=47&type=section&id=Item%205.%20Other%20Information) On August 12, 2020, the Board of Directors amended the company's bylaws to conform the deadlines for stockholder director nominations and new business proposals for annual meetings - The company amended its bylaws to standardize the submission deadlines for stockholder director nominations and new business proposals, requiring them to be submitted between 90 and 120 days before the anniversary of the previous year's annual meeting[236](index=236&type=chunk) [Exhibits](index=47&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the report, including the Amended and Restated Certificate of Incorporation, Bylaws, employment agreements, and various certifications required by the Sarbanes-Oxley Act - A list of exhibits filed with the Form 10-Q is provided, including corporate governance documents and required certifications[237](index=237&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For transition period from__________ to___________ Commission file number 001-39043 BROADWAY FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 95-4547287 (State or other ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10‑K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to___________ Commission file number 001‑39043 BROADWAY FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 95‑4547287 (State or other ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For transition period from__________ to___________ Commission file number 001-39043 BROADWAY FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 95-4547287 (State or o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 Title of each class: Trading Symbol(s) Name of each exchange on which registered: Common Stock, par value $0.01 per share (including attached preferred stock purchase rights) BYFC The Nasdaq Stock Market LLC Non-accelerated filer x Smaller reporting company x FORM 10-Q (Mark One) x QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 ¨ TRANSITION REPORT UNDER SECTI ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 ¨ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For transition period from__________ to___________ Commission file number 001-39043 BROADWAY FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 95-4547287 (State or other ...

Use these links to rapidly review the document TABLE OF CONTENTS BROADWAY FINANCIAL CORPORATION AND SUBSIDIARY Index to Consolidated Financial Statements Years ended December 31, 2019 and 2018 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K (Mark one) [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHA ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For transition period from__________ to___________ Commission file number 001-39043 BROADWAY FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Delaware ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Consolidated%20Financial%20Statements%20(Unaudited)) This section presents Broadway Financial Corporation's unaudited consolidated financial statements as of June 30, 2019, showing total assets of **$429.8 million**, net income of **$142 thousand**, and stockholders' equity of **$49.0 million** [Consolidated Statements of Financial Condition](index=4&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) Total assets increased to **$429.8 million** by June 30, 2019, driven by loans held for sale, with liabilities reaching **$380.8 million** and equity at **$49.0 million** Consolidated Balance Sheet Summary (in thousands) | Account | June 30, 2019 (Unaudited) | December 31, 2018 | | :--- | :--- | :--- | | **Total Assets** | **$429,844** | **$409,397** | | Cash and cash equivalents | $20,146 | $16,651 | | Loans receivable held for sale | $26,085 | $6,231 | | Loans receivable held for investment, net | $353,342 | $355,556 | | **Total Liabilities** | **$380,828** | **$360,961** | | Deposits | $295,798 | $281,414 | | FHLB advances | $75,000 | $70,000 | | **Total Stockholders' Equity** | **$49,016** | **$48,436** | [Consolidated Statements of Operations and Comprehensive (Loss) Income](index=5&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20(Loss)%20Income) The company reported a **net income of $142 thousand** for the six months ended June 30, 2019, a significant improvement from a prior-year loss, driven by a loan loss provision recapture and a CDFI grant Consolidated Statement of Operations Summary (in thousands, except per share) | Metric | Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $2,462 | $2,572 | $5,275 | $5,346 | | Loan loss provision recapture | $158 | $0 | $348 | $0 | | **Net (Loss) Income** | **($135)** | **($127)** | **$142** | **($211)** | | (Loss) Earnings Per Share - Diluted | ($0.01) | ($0.00) | $0.01 | ($0.01) | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating activities resulted in a **$10.2 million net cash outflow**, offset by a **$19.1 million inflow from financing**, leading to a **$3.5 million net increase** in cash and cash equivalents Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Category | 2019 | 2018 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | ($10,230) | $4,779 | | Net cash used in investing activities | ($5,404) | ($12,268) | | Net cash provided by (used in) financing activities | $19,129 | ($1,132) | | **Net change in cash and cash equivalents** | **$3,495** | **($8,621)** | [Consolidated Statements of Changes in Stockholders' Equity](index=8&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Stockholders' equity increased by **$580 thousand** to **$49.0 million** by June 30, 2019, primarily due to net income and other comprehensive income - Total stockholders' equity increased by **$580 thousand** during the first six months of 2019, from **$48.4 million** to **$49.0 million**[25](index=25&type=chunk) [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section details accounting policies, portfolio composition, allowance for loan losses, fair value measurements, and confirms the Bank's 'well capitalized' status with strong regulatory capital ratios - The company adopted the new lease accounting standard (ASU 2016-02) on January 1, 2019, recognizing an operating lease right-of-use (ROU) asset and liability of **$1.2 million**[30](index=30&type=chunk)[31](index=31&type=chunk) - Loans receivable held for sale increased significantly to **$26.1 million** at June 30, 2019, from **$6.2 million** at December 31, 2018[49](index=49&type=chunk) - The Bank's capital levels exceeded all regulatory requirements, with a Tier 1 (Leverage) ratio of **11.83%** and a Total Capital ratio of **19.86%** as of June 30, 2019, qualifying it as 'well capitalized'[119](index=119&type=chunk)[120](index=120&type=chunk) - A significant credit risk concentration exists, with one customer accounting for approximately **10%** of the Bank's total deposits as of June 30, 2019[124](index=124&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the **$142 thousand net income** to a loan loss provision recapture and CDFI grant, highlighting **$20.4 million asset growth** and improved asset quality with **$2.8 million** in allowance for loan losses - Total assets grew by **$20.4 million** to **$429.8 million** in the first half of 2019, primarily due to a **$19.9 million** increase in loans held for sale[128](index=128&type=chunk)[157](index=157&type=chunk) - Net income for the first six months of 2019 was **$142 thousand**, a significant improvement from a net loss of **$211 thousand** in the prior-year period, mainly due to a loan loss provision recapture and a CDFI grant[129](index=129&type=chunk)[131](index=131&type=chunk) - Net interest margin decreased by **13 basis points** to **2.57%** for the six months ended June 30, 2019, compared to **2.70%** for the same period in 2018, as the cost of funds rose[140](index=140&type=chunk) - The Allowance for Loan Losses (ALLL) was **$2.8 million**, or **0.78%** of gross loans held for investment, as of June 30, 2019, with Non-performing loans (NPLs) totaling **$728 thousand**, representing **0.17%** of total assets[161](index=161&type=chunk)[162](index=162&type=chunk) - The company's liquidity remains strong, with an additional borrowing capacity of **$50.6 million** from the FHLB and an **$11.0 million** line of credit with another institution as of June 30, 2019[176](index=176&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable for the current reporting period - Not Applicable[184](index=184&type=chunk) [Item 4. Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective as of June 30, 2019, with no material changes to internal controls - The CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of June 30, 2019[184](index=184&type=chunk) [PART II. OTHER INFORMATION](index=39&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no legal proceedings during this period - None[186](index=186&type=chunk) [Item 1A. Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) This section is not applicable for the current reporting period - Not Applicable[186](index=186&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds - None[186](index=186&type=chunk) [Item 3. Defaults Upon Senior Securities](index=39&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None[186](index=186&type=chunk) [Item 4. Mine Safety Disclosures](index=39&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable for the current reporting period - Not Applicable[186](index=186&type=chunk) [Item 5. Other Information](index=39&type=section&id=Item%205.%20Other%20Information) The company reported no other information - None[186](index=186&type=chunk) [Item 6. Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including the Certificate of Incorporation, Bylaws, CEO/CFO certifications, and XBRL data files - The report includes certifications from the CEO and CFO as required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[186](index=186&type=chunk)