Filing Analysis
Broadway Financial Corporation announced its quarterly earnings results for the period ending June 30, 2026. The filing includes a press release and an investor presentation.
📋 Key Facts
- Reporting date: July 28, 2026
- Period covered: Quarter ended June 30, 2026
- Included exhibits: Press Release (99.1) and Investor Presentation (99.2)
- The filing is for the purpose of disclosing results of operations and financial condition.
Broadway Financial Corporation held its Annual Meeting of Stockholders on June 17, 2026. The meeting resulted in the election of three directors and the ratification of several advisory proposals including auditor appointment and executive compensation frequency.
📋 Key Facts
- Annual Meeting of Stockholders held on June 17, 2026.
- Three nominees (Brian E. Argrett, Mary Ann Donovan, and Mary M. Hentges) were elected to the Board of Directors.
- Stockholders ratified the appointment of Crowe LLP as independent registered public accounting firm for fiscal year ending Dec 31, 2026.
- Advisory vote approved executive compensation on a non-binding basis.
- Stockholders voted in favor of holding advisory votes on executive compensation annually (majority support).
- Company provided an investor presentation via Exhibit 99.1.
Broadway Financial Corporation announced the appointment of Tina Carew as Executive Vice President, Chief Legal Officer, and Corporate Secretary of City First Broadway, effective June 17, 2026.
📋 Key Facts
- Tina Carew appointed as EVP, Chief Legal Officer and Corporate Secretary.
- Appointment effective date: June 17, 2026.
- Announcement made via press release on June 18, 2026.
Broadway Financial Corp filed an 8-K to furnish a quarterly earnings presentation intended for investors and analysts. The filing serves as a formal disclosure of materials used in investor relations communications.
📋 Key Facts
- The filing date is June 3, 2026.
- The company provided a quarterly earnings presentation as Exhibit 99.1.
- The information is furnished under Item 7.01 and is not deemed 'filed' under Section 18 of the Exchange Act.
Broadway Financial Corporation filed an 8-K/A to amend a previous report, correcting an error in the calculation of interest income on its loan portfolio for the quarter ended March 31, 2026. The revisions impact interest income, net interest margin, and net income.
🚩 Red Flags
- Financial restatement/revision of previously reported quarterly results
- Error in core revenue calculation (interest income) for a financial services company
📋 Key Facts
- The filing is an Amendment No. 1 to a Current Report on Form 8-K originally filed on April 28, 2026.
- The correction relates to the financial information for the quarter ended March 31, 2026.
- The error specifically affected the calculation of interest on loans.
- Impacted metrics include interest income, net interest margin, and net income.
- The company claims the error did not impact total cash flows or the underlying economics of lending arrangements.
Broadway Financial Corporation announced its financial results for the first quarter ended March 31, 2026. The announcement was made via a press release furnished as an exhibit to the 8-K filing.
📋 Key Facts
- The filing reports financial results for the quarter ended March 31, 2026.
- The report was filed on April 28, 2026, under Item 2.02 (Results of Operations and Financial Condition).
- The press release is included as Exhibit 99.1.
- The filing was signed by Zack Ibrahim, Chief Financial Officer.
Broadway Financial Corporation announced that its subsidiary, City First Bank, was selected by the CDFI Fund to receive a $75 million New Markets Tax Credit (NMTC) allocation.
📋 Key Facts
- On February 26, 2026, the company announced a $75 million NMTC allocation award.
- The award was granted by the Community Development Financial Institutions Fund (CDFI Fund).
- The allocation is intended to support financing and investment in low-income communities.
- City First Bank, National Association is the primary beneficiary of the allocation.
Broadway Financial Corporation announced that Nasdaq has confirmed the company is back in compliance with Listing Rule 5250(c)(1) following its September 30, 2025, Form 10-Q filing. The regulatory matter regarding this specific rule is now considered closed by the exchange.
🚩 Red Flags
- Previous non-compliance with Nasdaq Listing Rule 5250(c)(1) (typically related to timely filing of periodic reports).
📋 Key Facts
- Nasdaq notified the company on February 17, 2026, that it has achieved compliance with Nasdaq Listing Rule 5250(c)(1).
- Compliance was based on the Form 10-Q filed on February 13, 2026, for the period ended September 30, 2025.
- Nasdaq stated that the matter is now closed.
Broadway Financial Corporation received a notice from Nasdaq for failing to file its Q3 2025 Form 10-Q on time. The delay is due to ongoing accounting evaluations regarding sold loan participation under ASC Topic 860.
🚩 Red Flags
- Delisting notice from Nasdaq due to failure to file periodic financial reports.
- Ongoing accounting complexities regarding loan participation (ASC Topic 860) causing reporting delays.
- History of delinquency: The company previously required an extension for its Q2 Form 10-Q.
📋 Key Facts
- Received Nasdaq notice of non-compliance with Rule 5250(c)(1) on November 20, 2025.
- The delay is caused by the evaluation of 'sold loan participation accounting' in accordance with ASC Topic 860.
- Nasdaq requires an updated compliance plan to be submitted by December 8, 2025.
- The company has an existing extension deadline of February 16, 2026, for delinquent filings.
- Q3 Form 10-Q (for quarter ended Sept 30, 2025) remains unfiled.
Broadway Financial Corporation has received an extension from Nasdaq to file its delayed Form 10-Q for the quarter ended June 30, 2025. The company must file by February 16, 2026, to regain compliance with Nasdaq listing rules.
🚩 Red Flags
- Failure to file quarterly reports on time indicates internal control or accounting issues.
- Delisting risk: Failure to meet the February 16, 2026, deadline could lead to delisting from Nasdaq.
- Material delay in financial reporting (reporting for June 30 is significantly overdue as of November 2025).
📋 Key Facts
- Nasdaq granted an extension until February 16, 2026, for the filing of the Form 10-Q (quarter ended June 30, 2025).
- The delay is related to compliance with Nasdaq Rule 5250(c)(1) regarding timely periodic reporting.
- The company anticipates meeting the new extension deadline.
Broadway Financial Corporation announced a significant non-cash goodwill impairment charge of $25.9 million following an annual impairment analysis by its Audit Committee.
🚩 Red Flags
- Significant non-cash impairment charge ($25.9 million) which may impact reported net income and equity.
- Goodwill impairment often indicates that previous acquisitions or business units are performing significantly below the valuations used during acquisition.
📋 Key Facts
- The company expects to record a $25.9 million non-cash goodwill impairment charge for the quarter ended September 30, 2025.
- The impairment was determined based on the Company's annual impairment analysis in accordance with U.S. GAAP.
- Management states the charge is expected not to result in future cash expenditures.
Broadway Financial Corporation has announced that its audited financial statements for fiscal years 2023 and 2024, as well as quarterly reports through Q1 2025, can no longer be relied upon due to errors in loan participation agreements. The company identified a material weakness in internal controls over financial reporting related to these accounting errors.
🚩 Red Flags
- Restatement of multiple years of financial data (FY 2023, FY 2024) and several quarters.
- Identification of a material weakness in internal control over financial reporting.
- Errors impact critical banking metrics including interest income/expense and allowance for credit losses.
📋 Key Facts
- Affected periods include FY 2023, FY 2024, and quarters ended March 31, June 30, Sept 30, 2024, and March 31, 2025.
- The error relates to the treatment of certain loan participation agreements under ASC Topic 860.
- Impacted line items include Consolidated Statements of Financial Condition, interest income/expense in Statements of Operations, and allowance for credit losses.
- Management has identified a material weakness in internal control over financial reporting as of the date the original financials were filed.
- The company will file amendments to its 2024 Form 10-K and Q1 2025 Form 10-Q.
Broadway Financial Corporation received a notice from Nasdaq for failing to file its Form 10-Q for the quarter ended June 30, 2025 on time. The delay is due to ongoing evaluations regarding compliance with Accounting Standards Codification Topic 860 and its impact on consolidated financial statements.
🚩 Red Flags
- Delisting notice from Nasdaq regarding failure to meet periodic reporting requirements.
- Potential material delay in financial reporting due to complex accounting evaluations (ASC Topic 860).
- Risk of delisting if the compliance plan is rejected by Nasdaq or a Hearings Panel.
📋 Key Facts
- Received Nasdaq notice on August 21, 2025, for non-compliance with Rule 5250(c)(1) (periodic reporting).
- The delay is caused by the need to evaluate participation agreements for compliance with ASC Topic 860.
- The company has 60 days from August 21, 2025, to submit a plan to Nasdaq to regain compliance.
- If a plan is accepted, the company may receive up to 180 days (until February 16, 2026) to file the overdue Form 10-Q.
Broadway Financial Corporation issued an 8-K to announce its quarterly earnings results for the period ending June 30, 2025. The filing serves as a formal notification that a press release containing financial results has been released.
📋 Key Facts
- Report date: July 31, 2025
- Reporting period: Quarter ended June 30, 2025
- The filing includes Exhibit 99.1 (Press Release) and Exhibit 104 (Inline XBRL cover page)
- Signed by Zack Ibrahim, Chief Financial Officer
Broadway Financial Corp is filing an amendment to its previous 8-K to restate financial results for the quarter ended March 31, 2025. The revision is driven by a $1.9 million wire fraud loss and accounting complexities regarding a Securities Purchase Option Agreement with the U.S. Treasury.
🚩 Red Flags
- Restatement of previously reported financial results (Item 2.02).
- Significant loss ($1.9 million) due to wire fraud, indicating potential internal control weaknesses.
- Complexity in accounting treatment regarding U.S. Treasury agreements requiring third-party intervention.
📋 Key Facts
- Company is filing Amendment No. 1 to its April 28, 2025, Form 8-K/A.
- Financial results for the quarter ended March 31, 2025, are being revised.
- The revision includes a $1.9 million loss resulting from wire fraud during Q1 2025.
- Accounting revisions were also prompted by an ECIP Securities Purchase Option Agreement with the U.S. Treasury.
- An independent third-party was engaged to determine proper accounting treatment for the Treasury agreement.
Broadway Financial Corporation filed an 8-K/A to amend a previous filing regarding the results of its 2025 Annual Meeting. The amendment corrects a clerical error where a Charter Amendment Proposal was incorrectly reported as approved when it actually failed to receive majority support.
🚩 Red Flags
- Correction of previous material disclosure (voting results) indicates potential internal control weaknesses in financial reporting/disclosure processes.
📋 Key Facts
- Amendment (8-K/A) filed on July 7, 2025, to correct the Original Report filed on July 2, 2025.
- The error specifically concerned the 'Charter Amendment Proposal' regarding director removal provisions.
- The Charter Amendment Proposal failed to receive a majority of affirmative votes from outstanding Voting Common Stock.
- No Certificate of Amendment will be filed with the Secretary of State of Delaware due to the failure of the proposal.
Broadway Financial Corporation held its Annual Meeting of Stockholders on June 30, 2025. The meeting resulted in the election of three directors and the approval of several shareholder proposals, including auditor ratification and executive compensation.
📋 Key Facts
- Annual Meeting of Stockholders held on June 30, 2025.
- Election of Robert C. Davidson, Jr., John M. Driver, and Dutch C. Ross III to the Board of Directors through 2028.
- Ratification of Crowe LLP as independent registered public accounting firm for fiscal year ending Dec 31, 2025 (Approved).
- Approval of executive compensation on an advisory basis (Approved).
- Approval of amendment to Certificate of Incorporation regarding director removal provisions (Approved).
Broadway Financial Corporation announced the resignation of Board member William A. Longbrake, effective at the 2025 Annual Meeting of Stockholders on June 30, 2025.
📋 Key Facts
- William A. Longbrake is resigning from the Board of Directors.
- The resignation is scheduled to take effect at the 2025 Annual Meeting of Stockholders on June 30, 2025.
- The company explicitly stated the resignation was not due to any disagreement regarding operations, policies, or practices.
Broadway Financial Corporation received a notice from Nasdaq for failing to file its Form 10-Q for the quarter ended March 31, 2025 on time. The delay is attributed to valuation complexities regarding a Securities Purchase Option Agreement and fair value measurement disclosures.
🚩 Red Flags
- Delisting notice from Nasdaq due to failure to meet periodic reporting requirements.
- Complexity in valuing instruments related to U.S. Treasury capital investments suggests potential balance sheet volatility or valuation disputes.
- Auditor (Crowe LLP) is still reviewing disclosure controls and procedures, indicating internal control weaknesses or significant accounting adjustments are pending.
📋 Key Facts
- Nasdaq issued a notice of non-compliance with Rule 5250(c)(1) on May 28, 2025.
- The delay is due to the need for additional time to value a Securities Purchase Option Agreement related to Series C Preferred Stock issued to the U.S. Treasury.
- Crowe LLP (independent auditor) requires more time to complete review procedures regarding disclosure controls and procedures.
- The Company has 60 days from May 28, 2025, to submit a plan to Nasdaq to regain compliance.
- If a plan is accepted, the company may have until November 17, 2025, to file the overdue Form 10-Q.
Broadway Financial Corporation issued an 8-K to announce its quarterly earnings results for the period ending March 31, 2025. The filing serves as a formal announcement of financial performance via a press release.
📋 Key Facts
- Report date: April 28, 2025
- Reporting period: Quarter ended March 31, 2025
- The company issued a press release (Exhibit 99.1) containing the results of operations and financial condition.
- Signed by Zack Ibrahim, Chief Financial Officer.
Broadway Financial Corporation announced the expansion of its Board of Directors from nine to ten members with the election of Mary Hentges. Ms. Hentges will also serve on several key committees for both the Company and its subsidiary, City First Bank.
📋 Key Facts
- Board size increased from 9 to 10 members effective March 5, 2025.
- Mary Hentges elected to the Board; term expires at the 2026 annual meeting.
- Ms. Hentges appointed to the Audit Committee (Company and City First Bank), Risk and Compliance Committee, and Internal Asset Review Committee of the Bank.
- Ms. Hentges brings extensive CFO experience from PayPal, Inc., CBS Interactive, and Yapstone, Inc.
Broadway Financial Corporation issued an 8-K to announce its financial results for the quarter and calendar year ended December 31, 2024. The filing serves as a formal announcement of earnings via a press release.
📋 Key Facts
- Reporting period: Quarter and calendar year ended December 31, 2024.
- Announcement date: January 27, 2025.
- The filing includes Exhibit 99.1 containing the full press release of financial results.
Broadway Financial Corporation announced the retirement of COO Ruth McCloud effective March 31, 2025, and the appointment of John A. Allen as the new Chief Banking Officer.
📋 Key Facts
- COO Ruth McCloud provided notice on January 13, 2025, to retire from City First Bank on March 31, 2025.
- John A. Allen joined City First Bank as Chief Banking Officer on January 13, 2025.
- The new role of Chief Banking Officer is a newly created position overseeing Commercial Sales, Credit Administration, Operations, and Retail.
- Mr. Allen's compensation includes a $310,000 base salary with target annual cash and equity awards at 25% of base salary each.
- John A. Allen previously served as Region President for Wells Fargo in the Washington, D.C. metro area.
Broadway Financial Corporation has dismissed Moss Adams LLP as its independent auditor and appointed Crowe LLP for the fiscal year ending December 31, 2025. The change follows ongoing disclosures regarding material weaknesses in internal control over financial reporting.
🚩 Red Flags
- Auditor change occurring alongside previously reported material weaknesses in internal control over financial reporting (reported in 10-K filed May 20, 2024 and multiple 10-Qs).
- The presence of 'material weaknesses' is a significant risk factor for micro-cap companies regarding financial statement reliability.
📋 Key Facts
- Moss Adams LLP was dismissed effective upon issuance of their audit report for the fiscal year ending December 31, 2024.
- Crowe LLP has been appointed as the new independent registered public accounting firm for the fiscal year ending December 31, 2025.
- The company reported no disagreements with Moss Adams regarding accounting principles or auditing scope.
- Moss Adams's reports for 2023 and 2022 contained no adverse opinions or disclaimers of opinion.
Broadway Financial Corporation has filed an 8-K to announce its quarterly results for the period ended September 30, 2024. The filing serves as a formal announcement of earnings via a press release.
📋 Key Facts
- The company issued a press release on October 29, 2024, regarding financial results.
- The reported period is the quarter ended September 30, 2024.
- The filing includes Exhibit 99.1 (Press Release) and Exhibit 101 (Inline XBRL cover page).
Broadway Financial Corporation issued an 8-K to announce its quarterly earnings results for the period ending June 30, 2024. The filing serves as a formal announcement of the company's financial performance and includes the corresponding press release.
📋 Key Facts
- Report date: July 30, 2024
- Reporting period: Quarter ended June 30, 2024
- The filing is under Item 2.02 (Results of Operations and Financial Condition)
- Includes Exhibit 99.1 containing the press release for the quarterly results
Broadway Financial Corporation held its Annual Meeting of Stockholders on July 17, 2024. The meeting resulted in the election of three directors and the ratification of both the independent auditor and executive compensation plans.
📋 Key Facts
- Annual Meeting of Stockholders held on July 17, 2024.
- Election of Wayne-Kent A. Bradshaw, Marie C. Johns, and David J. McGrady to the Board of Directors (terms through 2027).
- Ratification of Moss Adams LLP as independent registered public accounting firm for fiscal year ending December 31, 2024.
- Advisory approval of executive compensation plans.
Broadway Financial Corporation filed an 8-K to furnish a presentation released in connection with its Annual Meeting of Stockholders. The filing is for Regulation FD disclosure purposes and does not contain material changes or financial updates.
📋 Key Facts
- The company posted an investor presentation on its website (www.cityfirstbank.com) on July 17, 2024.
- The presentation was released in connection with the Company's Annual Meeting of Stockholders.
- The filing is made pursuant to Item 7.01 (Regulation FD Disclosure).
Broadway Financial Corporation issued an 8-K to announce its quarterly earnings results for the period ended March 31, 2024. The filing serves as a formal announcement of financial performance via a press release.
📋 Key Facts
- Report date: June 11, 2024
- Reporting period: Quarter ended March 31, 2024
- The company issued a press release (Exhibit 99.1) containing the results.
- The filing is furnished under Item 2.02 of Form 8-K.
Broadway Financial Corporation announced that Nasdaq has confirmed the company is back in compliance with listing rules following the filing of its Form 10-Q for the period ended March 31, 2024. The regulatory matter regarding timely reporting is now considered closed.
🚩 Red Flags
- The filing confirms a prior period of non-compliance with Nasdaq listing rules due to late financial reporting (Rule 5250(c)(1)).
📋 Key Facts
- Nasdaq notified the Company on May 30, 2024, that it has achieved compliance with Nasdaq Listing Rule 5250(c)(1).
- Compliance was achieved based on the Form 10-Q filed by the company on May 24, 2024.
- Nasdaq stated that the matter regarding the reporting delinquency is now closed.
Broadway Financial Corporation issued a press release announcing its financial results for the quarter and full year ended December 31, 2023. The filing is a standard earnings announcement under Item 2.02.
📋 Key Facts
- Report date: June 5, 2024
- Reporting period: Quarter and Full Year ended December 31, 2023
- The information was furnished but not 'filed' for purposes of Section 18 liability.
- The filing includes Exhibit 99.1 (Press Release) and Exhibit 104 (Inline XBRL cover page).
Broadway Financial Corporation received a notification from Nasdaq stating it is non-compliant with periodic financial reporting requirements due to the late filing of its Form 10-Q for the quarter ended March 31, 2024. The company has since filed the delinquent report as of May 24, 2024.
🚩 Red Flags
- Delisting notice from Nasdaq due to failure to meet periodic reporting requirements.
- Late filing of Form 10-Q indicates potential internal control weaknesses or administrative issues in financial reporting.
📋 Key Facts
- Received Nasdaq notification on May 22, 2024, regarding non-compliance with Nasdaq Listing Rule 5250(c)(1).
- The violation was caused by the failure to file the Quarterly Report (Form 10-Q) for the period ended March 31, 2024 on time.
- The Company filed the delinquent Form 10-Q on May 24, 2024.
- The Company must submit a plan to regain compliance within 60 days of the notice date.
- If a plan is accepted, Nasdaq may grant an exception until November 18, 2024.
Broadway Financial Corporation announced the appointment of Zack Ibrahim as Executive Vice President and Chief Financial Officer (CFO) effective May 15, 2024. Mr. Ibrahim brings over 20 years of financial leadership experience from institutions such as Texas Capital Bancshares and TIAA Bank.
📋 Key Facts
- Zack Ibrahim appointed as EVP and CFO on May 15, 2024.
- Mr. Ibrahim will also serve as Principal Financial Officer and Principal Accounting Officer.
- Compensation includes a base salary of $340,000, with target annual cash and equity awards at 25% of base salary each.
- He was granted 31,645 shares of restricted stock under the Company’s Amended and Restated 2018 Long-Term Incentive Plan.
- Previous experience includes roles at Texas Capital Bancshares Inc. and TIAA Bank.
Broadway Financial Corporation received a Staff Delisting Determination from Nasdaq due to failure to meet an exception deadline for timely SEC filings. While the company has since filed its delinquent Q3 2023 10-Q and 2023 10-K, it remains non-compliant regarding its Q1 2024 10-Q.
🚩 Red Flags
- Delisting notice from Nasdaq.
- Repeated failure to meet SEC filing deadlines for multiple consecutive periods (Q3 2023, FY 2023, and Q1 2024).
- Potential for further delisting action despite recent filings of older delinquent reports.
- Risk of identified control deficiencies or misstatements during the review process.
📋 Key Facts
- Received Nasdaq Staff Delisting Determination on May 14, 2024.
- Non-compliance stems from failure to file Q3 2023 Form 10-Q and 2023 Form 10-K by the extended exception deadline of May 13, 2024.
- As of May 20, 2024, the company has successfully filed the delinquent Q3 2023 10-Q and 2023 10-K.
- The company is currently unable to file its Q1 2024 Form 10-Q (as of May 16, 2024 filing).
- Company intends to appeal the Staff Determination before a Nasdaq Hearing Panel.
Broadway Financial Corporation received a notice from Nasdaq stating it is non-compliant with periodic financial reporting requirements because its 2023 Form 10-K was not filed on time. The company must file both the delinquent 10-Q (for Q3 2023) and the 2023 10-K by May 13, 2024.
🚩 Red Flags
- Delisting notice from Nasdaq due to failure to file timely periodic reports.
- Ongoing deficiencies in internal control over financial reporting (ICFR).
- Multiple delinquent filings (both 10-K and 10-Q are outstanding/delayed).
- Risk that the evaluation of controls may identify further misstatements or errors requiring more time.
📋 Key Facts
- Received Nasdaq Notification Letter on April 18, 2024, regarding non-compliance with Rule 5250(c)(1).
- Failure to file Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
- The delay is linked to an ongoing evaluation of internal controls over financial reporting (ICFR) by the CEO and CFO.
- Nasdaq has set a deadline of May 13, 2024, for the filing of both the delinquent Q3 2023 Form 10-Q and the FY 2023 Form 10-K.
- The company must submit an updated plan to Nasdaq detailing progress made toward regaining compliance.
Broadway Financial Corporation has received an extension from Nasdaq to file its overdue Form 10-Q for the quarter ended September 30, 2023. The company must file by May 13, 2024, to regain compliance with Nasdaq listing rules.
🚩 Red Flags
- Failure to file timely quarterly reports (Form 10-Q) is a primary indicator of internal control weaknesses or accounting irregularities.
- Delisting risk: Failure to meet the extension deadline will result in delisting from Nasdaq.
- Potential for material misstatements or control deficiencies as noted in the company's own cautionary statement.
📋 Key Facts
- Received an extension from Nasdaq until May 13, 2024, to file the Form 10-Q for the period ended September 30, 2023.
- The delay is related to compliance with Nasdaq Rule 5250(c)(1).
- Company anticipates filing the required report on or before the new deadline of May 13, 2024.