Broadway Financial Corporation is a community development financial institution operating primarily through its banking subsidiary, City First Bank, serving underserved communities with a focus on community development investments.

# Company Overview: Broadway Financial Corporation

**Company Name:** Broadway Financial Corporation  
**Type of Filing:** 10-K/A (Amendment No. 1) for fiscal year ended December 31, 2024  
**Location:** Washington, D.C. and Los Angeles, California  

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## Business Focus
Broadway Financial Corporation operates as a financial services company with a primary focus on community development banking and related financial activities.

## Key Details
- **Stock Listings:**  
  - Common Stock (par value $0.01 per share) traded on Nasdaq Capital Market (Ticker: BYFC)  
  - Attached preferred stock purchase rights

- **Number of Shares Outstanding (as of March 21, 2025):**  
  - Class A Voting Common Stock: 6,022,227 shares  
  - Class B Non-Voting Common Stock: 1,425,574 shares  
  - Class C Non-Voting Common Stock: 1,672,562 shares  

- **Market Value:**  
  - As of June 30, 2024, the aggregate market value of voting and non-voting common stock held by non-affiliates was approximately **$38.1 million**.

- **Employees:**  
  - The document references multiple senior officers and directors, but does not specify total employee count.

- **Customers & Revenue:**  
  - The filing does not provide specific figures regarding the number of customers or total revenue.

- **Financial Results:**  
  - The document is an amendment to the original 10-K for 2024 and does not include detailed financial metrics such as revenue, net income, or earnings.

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## Business Operations
- **Core Business:**  
  - The company primarily operates as a community development financial institution (CDFI) with a focus on serving underserved communities through its banking subsidiary, City First Bank, National Association.

- **Subsidiary:**  
  - City First Bank, N.A., a community bank, with whom the parent company shares the same board membership and governance structure.

- **Community Development Focus:**  
  - The company engages in community development investments, including loans and projects aimed at economic growth in underserved markets.

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## Corporate Governance & Leadership
- **Board Composition:**  
  - 10 members, with ongoing elections and class divisions for terms.  
  - Key officers include CEO Brian E. Argrett, CFO Zakariya H. Ibrahim, and others.

- **Ownership:**  
  - Significant ownership by City First Enterprises (approximately 14.05%) and the City First Bank Employee Stock Ownership Trust (approximately 9.66%).

**Note:** The document provided does not contain specific financial figures such as total revenue, net income, or detailed customer counts. It focuses on governance, stock, and organizational structure.

Broadway Financial Corporation is a community-focused financial institution based in Los Angeles, dedicated to promoting economic development in underserved populations through equitable access to financial services.

# Summary of Broadway Financial Corporation

## Company Overview
Broadway Financial Corporation is a Delaware-based financial institution primarily engaged in providing banking services through its wholly-owned subsidiary, City First Bank, National Association. The company focuses on promoting economic development in historically underserved communities through equitable access to financial services.

**Headquarters:** Los Angeles, California  
**Year of Incorporation:** 1995  
**Stock Ticker Symbol:** BYFC, listed on Nasdaq Capital Market

## Business Model
The company's mission is to strengthen the well-being of historically excluded communities. They aim to achieve this by closing funding gaps, increasing access to affordable housing, and creating jobs through mission-driven lending. Broadway Financial Corporation operates within the guidelines of Community Development Financial Institutions (CDFI) and is a certified B Corporation, aiming to balance profitability with social impact.

### Service Portfolio
- **Deposits:** Offering a variety of deposit accounts, including savings, checking, and fixed-term certificates of deposit.
- **Loans:** Focused on:
  - **Multi-Family and Commercial Real Estate Loans:** The primary business focus, with $561.4 million in multi-family loans and $119.4 million in commercial real estate loans as of December 31, 2023.
  - **Single-Family Loans:** Totaling approximately $24.7 million at the end of 2023.
  - **Construction Loans:** Totaling $89.9 million at the end of 2023.
  - **SBA Loans:** Amounting to $15 million at the end of 2023.
- **Additional Services:** Management of investments in securities, Treasury bonds, and municipal bonds.

### Customer Base
- The bank serves a diverse clientele, which includes individual borrowers, multi-family properties, non-profit organizations, and local municipalities.
- The bank's depositors include those who believe in its community-focused mission.

## Financial Performance
### Key Financial Metrics (as of December 31, 2023)
- **Total Assets:** $1.375 billion
- **Total Deposits:** $682.6 million
- **Net Loans:** $880.5 million
- **Total Revenue:** $47.2 million in interest income
- **Net Income:** $4.5 million ($0.51 per diluted share)
- **Total Interest Income:** $47.2 million
- **Total Interest Expense:** $17.8 million

### Employees
As of December 31, 2023, Broadway Financial Corporation employs **98 full-time employees** who are dedicated to achieving the company's mission through various roles across the organization.

## Strategic Initiatives
- **Equity Investments:** Engaging in community development projects and investments that align with its mission.
- **Enhanced Capital Structure:** The company raised $150 million in preferred stock through the U.S. Department of Treasury’s Emergency Capital Investment Program in June 2022.
- **Sustainability:** The company’s operations align with its commitment to economic justice and community development, focusing on long-term benefits rather than short-term gains.

### Summary
Broadway Financial Corporation, through its subsidiary City First Bank, is dedicated to fostering economic growth and equity in underprivileged communities by providing tailored financial services. With a significant focus on real estate and cooperative financial practices, the company has attained a solid financial foundation, while maintaining its commitment to community investment and social responsibility.

BROADWAY FINANCIAL CORP \DE\

10-K / April 30, 2025

10-K / May 20, 2024

10-K / April 30, 2025

Company Overview: Broadway Financial Corporation

Business Focus

Key Details

Business Operations

Corporate Governance & Leadership