Broadway Financial Corporation (BYFC) and John Allen, its Executive Vice President and Chief Banking Officer, agreed to his resignation, effective December 31, 2026. The company expects Allen to continue serving in a transition capacity through that date. Broadway Financial said it will evaluate the position’s structure, scope and responsibilities before determining next steps, including whether to search for a successor.
Broadway Financial Corporation (City First Broadway) reported a solid return to profitability for the six months ended June 30, 2026. Net income was $2.3 million, compared with a net loss of $1.9 million a year earlier; net income attributable to common stockholders was $627 thousand versus a loss of $3.4 million. Net interest income rose to $18.5 million from $15.8 million, driven by loan and securities growth despite higher funding costs. Non-interest income increased to $1.5 million, while non-interest expense declined to $15.5 million from $17.7 million, reflecting lower operational losses.
Total assets expanded to $1.56 billion from $1.35 billion, with loans receivable, net, up to $1.13 billion and deposits up to $1.11 billion. The allowance for credit losses increased to $10.8 million, largely due to portfolio growth and a specific reserve on a non-accrual loan. The company transitioned its credit loss methodology to a discounted cash flow model, which management indicates did not materially affect results. Capital remains anchored by $150 million of ECIP Series C preferred stock, on which dividends of $1.5 million were paid in the first half of 2026.
Broadway Financial Corporation has a significant shareholder group led by M3 Partners, L.P., which reports beneficial ownership of 547,529 shares of Class A common stock, representing 8.86% of the class as of June 30, 2026. All reported shares are held directly by M3 Partners, whose general partner is M3 Funds, LLC and whose investment adviser is M3F, Inc. M3 Funds, LLC, M3F, Inc., and individuals Jason A. Stock and William C. Waller are each reported as sharing voting and dispositive power over these shares, with no sole voting or dispositive power reported for any of them.
Broadway Financial Corporation reports that executive Brian Francis Wagner, EVP and Chief HR Officer, beneficially owns 16,317 shares of common stock. All 16,317 shares are restricted stock subject to vesting under the Broadway Financial Corporation Amended and Restated 2018 Long-Term Incentive Plan effective April 16, 2023.
Carew Tina reported acquisition or exercise transactions in this Form 4 filing.
Tina Carew, EVP, CLO & Corporate Secretary of Broadway Financial, reported a grant of 4,921 shares of restricted common stock on July 28, 2026 at $10.16 per share. The award vests over four years under the Amended and Restated 2018 Long-Term Incentive Plan, and she now directly holds 4,921 shares. This amendment updates the grant date due to a clerical error.
Carew Tina reported acquisition or exercise transactions in this Form 4 filing.
Broadway Financial Corp executive Tina Carew, EVP, CLO & Corporate Secretary, received a grant of 4,921 shares of common stock as restricted stock. The award is priced at $10.16 per share, was granted on March 2, 2026, and vests over four years under the Amended and Restated 2018 Long-Term Incentive Plan. After this grant, she holds 4,921 shares directly, and the transaction is reported as not made under a Rule 10b5-1 trading plan.
Broadway Financial Corporation reported second-quarter 2026 net income attributable to common stockholders of $218 thousand, or $0.02 per diluted share, versus $2 thousand a year earlier and $409 thousand in the prior quarter. Net income before preferred dividends was $968 thousand for the quarter and $2.1 million for the first six months of 2026, compared with a $1.9 million net loss before preferred dividends in the first half of 2025.
Balance sheet growth was strong: total loans reached $1.14 billion and total deposits $1.11 billion at June 30, 2026, with loans up $110.0 million (10.8%) and deposits up $197.0 million (21.5%) in the first six months of 2026. Net interest income rose to $9.5 million in the quarter, though net interest margin slipped to 2.65% from 2.75% in the first quarter as the cost of funds increased to 3.02%.
Pre-provision net revenue improved to $3.0 million, up 82.2% sequentially and 404% year over year, and the efficiency ratio improved to 71.61%. Credit quality indicators remained stable, with non-performing assets at 0.71% of total assets and an allowance for credit losses of $10.8 million, or 0.95% of total loans. The Community Bank Leverage Ratio was 13.20%, indicating a solid capital position.
BROADWAY FINANCIAL CORP executive Tina Carew, EVP, CLO & Corporate Secretary, filed a Form 3 as a reporting person for the company. The data provided shows no reported purchases, sales, gifts, or derivative exercises, indicating an initial ownership filing without transaction activity.
Broadway Financial Corporation furnished its Annual Meeting presentation, highlighting 2025 results and its strategy through 2026 and beyond. The bank reported total assets of $1.3 billion, gross loans of $1.0 billion, and deposits of $0.9 billion as of December 31, 2025.
Results were pressured by a $25.9 million goodwill impairment in 2025, producing a GAAP net loss of $24.8 million, while adjusted net income was $1.1 million and adjusted return on average assets was 0.08%. The bank remains well capitalized, with a Community Bank Leverage Ratio of 14.09% and total liquidity of $425 million.
Management described a strategic repositioning away from less profitable wholesale multifamily lending toward relationship-based, mission-driven commercial, CRE, and small business banking. First quarter 2026 figures showed net income of $1.1 million, net interest margin of 2.75%, and a CBLR of 14.06%, supporting the plan to grow low-cost deposits, diversify loans, and increase fee income.
Broadway Financial Corporation, parent of City First Bank, has appointed financial services veteran Tina Carew as Executive Vice President, Chief Legal Officer and Corporate Secretary, effective June 17, 2026.
Carew will oversee corporate governance, regulatory disclosure strategies, and board advisory operations, reporting directly to City First Bank CEO Brian Argrett. The company highlights her more than 29 years of experience in regulatory compliance, capital markets, and complex corporate transactions as support for City First Bank’s long-term, mission-driven growth strategy.
She previously served as Vice President, General Counsel and Corporate Secretary of Invesco Mortgage Capital Inc. and held senior legal and governance roles at the Federal Home Loan Bank of Atlanta, after earlier work in securities and M&A law at Sullivan & Cromwell LLP.