Broadway Financial Corporation Announces Notification from Nasdaq Regarding Late Filing of Form 10-Q

Rhea-AI Summary

Broadway Financial (NASDAQ: BYFC) received a Nasdaq letter dated November 20, 2025 notifying the company is not in compliance with Nasdaq Listing Rule 5250(c)(1) because its Form 10-Q for the quarter ended September 30, 2025 was not filed on time.

The filing delay stems from the company's evaluation of sold loan participation accounting under ASC 860 and its impact on consolidated financial statements. Nasdaq gave Broadway until December 8, 2025 to submit an updated compliance plan and may grant an extension only to the existing February 16, 2026 deadline if the plan is accepted. Nasdaq's notice has no immediate effect on listing or trading; the company expects to file the Q3 Form 10-Q as promptly as reasonably practicable.

Positive

• Nasdaq notice has no immediate effect on listing or trading
• Existing Nasdaq extension to Feb 16, 2026 remains available
• Company plans to submit updated compliance plan by Dec 8, 2025

Negative

• Company is not in compliance with Rule 5250(c)(1) for late 10-Q
• Q3 Form 10-Q for Sept 30, 2025 remains unfiled
• Compliance relief limited to the Feb 16, 2026 Extension Deadline

Insights

Corporate Reporting & Compliance Analyst

Nasdaq notified Broadway Financial of a filing delinquency for the Q3 Form 10-Q; a compliance plan is due by December 8, 2025.

Broadway Financial missed the filing deadline for its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, and Nasdaq sent a notice dated November 20, 2025 under Listing Rule 5250(c)(1). The company attributes the delay to its evaluation of sold loan participation accounting under ASC Topic 860, which affects the consolidation and disclosure of those transactions.

The situation hinges on Nasdaq accepting an updated plan by December 8, 2025. Nasdaq previously granted an extension that limits any further cure period to February 16, 2026. Failure to submit an acceptable plan or to file the Q3 Form 10-Q by the applicable deadline could expose the company to listing risk; however, the notice currently has no immediate trading effect.

Monitor three concrete near-term items: 1) the filed compliance plan by December 8, 2025, 2) Nasdaq’s acceptance or rejection of that plan, and 3) the actual filing date of the Q3 Form 10-Q and whether it meets the February 16, 2026 extension ceiling. Expect resolution within the next three months.

LOS ANGELES, Nov. 25, 2025 /PRNewswire/ -- Broadway Financial Corporation ("Broadway", "we", or the "Company") (NASDAQ: BYFC), parent company of City First Bank, National Association, announced today it received a letter from The Nasdaq Stock Market LLC ("Nasdaq"), dated November 20, 2025, informing the Company that it is not in compliance with Nasdaq Listing Rule 5250(c)(1) ("Rule 5250(c)(1)") for continued listing on The Nasdaq Capital Market because its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 (the "Q3 Form 10-Q") was not filed within the time period prescribed by the Securities and Exchange Commission ("SEC") rules. 

Nasdaq's notice has no immediate effect on the listing or trading of the Company's shares on The Nasdaq Capital Market, although there can be no assurances that further delays in the filing of the Q3 Form 10-Q or the Company's other SEC reports will not have an impact on the listing or trading of the Company's common stock.

As previously disclosed on the Company's Form 12b-25 filed with the SEC on November 14, 2025, the Company was unable to complete and timely file the Q3 Form 10-Q due to the evaluation of its sold loan participation accounting in accordance with Accounting Standards Codification Topic 860 and its impact to the consolidated financial statements. As a result of this delay, the Company requires additional time to fully complete its review of the financial statements for the quarter ended September 30, 2025 for adequate disclosure of the information required to be included in Q3 the Form 10-Q.

As previously disclosed on the Company's Current Report on Form 8-K filed with the SEC on August 22, 2025, the Company received an extension from Nasdaq to February 16, 2026 (the "Extension Deadline") for the Company to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. As a result, any additional Nasdaq exception to allow the Company to regain compliance with all delinquent filings, including the Q3 Form 10-Q, will be limited to the Extension Deadline. Nasdaq has provided the Company until December 8, 2025 to submit an updated plan to regain compliance with Rule 5250(c)(1). If Nasdaq accepts the Company's updated plan, then Nasdaq may grant the Company up to the Extension Deadline for filing the Q3 Form 10-Q to regain compliance.

The Company expects to provide the updated compliance plan to Nasdaq and to file the Q3 Form 10-Q as promptly as reasonably practicable.

About Broadway Financial Corporation

Broadway Financial Corporation conducts its operations through its wholly-owned banking subsidiary, City First Bank, National Association, which is a leading community-oriented bank in Southern California and in the Washington, D.C. market serving low-to-moderate income communities. We offer a variety of residential and commercial real estate loan products for consumers, businesses, and non-profit organizations, other loan products, and a variety of deposit products, including checking, savings, and money market accounts, certificates of deposits, and retirement accounts.

Stockholders, analysts, and others seeking information about the Company are invited to write to: Broadway Financial Corporation, Investor Relations, 4601 Wilshire Boulevard, Suite 150, Los Angeles, CA 90010 or contact Investor Relations at the phone number or email address below.

Cautionary Statement Regarding Forward-Looking Information

This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including statements regarding the Company's beliefs and expectations relating to the submission of its updated plan to regain compliance with Rule 5250(c)(1) and the filing of the Q3 Form 10-Q. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual outcomes to differ materially from the outcomes expressed or implied by this press release. Such risks include, among others, Nasdaq rejecting the Company's updated plan to regain compliance or a material delay in the Company's financial reporting. All such factors are difficult to predict and may be beyond the Company's control. The Company undertakes no obligation and does not intend to update or revise any forward-looking statements contained herein, except as required by law or regulation. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

Contacts

Investor Relations
Zack Ibrahim, Chief Financial Officer, (202) 243-7100
Investor.relations@cityfirstbroadway.com 

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SOURCE Broadway Financial Corporation

FAQ

Why did Broadway Financial (BYFC) miss its Q3 2025 Form 10-Q filing?

The company said the delay resulted from evaluating sold loan participation accounting under ASC 860 and its effect on consolidated financials.

What deadline did Nasdaq give BYFC to submit a compliance plan?

Nasdaq gave Broadway until December 8, 2025 to submit an updated plan to regain compliance.

How long can BYFC take to file the late Q3 2025 10-Q if Nasdaq accepts the plan?

If accepted, Nasdaq may grant relief only up to the existing extension deadline of February 16, 2026.

Does the Nasdaq notice stop BYFC shares from trading?

No, Nasdaq's notice has no immediate effect on the listing or trading of BYFC shares.

What is the immediate risk to BYFC shareholders from the Nasdaq notice?

Further delays beyond the extension could affect the company's listing or trading status if not resolved by Feb 16, 2026.

When does Broadway expect to file the Q3 2025 Form 10-Q for BYFC?

The company expects to file the Q3 Form 10-Q as promptly as reasonably practicable after submitting its updated plan.