olivLaw · US equity research
Broadway Financial Corporation BYFC
Savings Institution, Federally Chartered · SIC 6035 · Vertical: Savings Institution, Federally Chartered (SIC 6035)
Broadway Financial Corporation is the parent of City First Bank, National Association, a lender based in Los Angeles and Washington, D.C. that finances mainly multi-family and commercial real estate in historically excluded communities. The company returned to positive operating income in 2026 with growth in loans and deposits, yet its 2025 loss shows how thin its margin remains, while the bank has had to remediate internal control weaknesses.
At the close of 04 Nov 2026, Broadway Financial Corporation (BYFC) stock was 11.62 USD (−0.34% on the day), with market capitalisation 71.4 m USD, dividend yield 0.00%, beta 0.31, 52-week range 5.70–12.31 USD. Latest reported quarter (Q2 2026): revenue of 44.0 k USD (+7.3% YoY), net income of 968.0 k USD (+28.7% YoY), diluted EPS 0.02 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 54.0
- neutral
- Bollinger (20, 2)
- 11.14 – 11.77
- in the upper half of the band · %B 0.76 · band width 5.4%
- SMA 50 / 200
- 11.72 / 9.71
- mixed trend
- MACD (12, 26, 9)
- -0.02 / -0.06
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.1% | −2.0% | +2.1 pp | — |
| 3 months | +9.4% | −2.2% | +11.6 pp | — |
| 6 months | +25.6% | +4.3% | +21.4 pp | — |
| Year to date | +57.0% | +10.6% | +46.5 pp | — |
| 1 year | +84.4% | +10.5% | +74.0 pp | +23.2% |
| 3 years | +98.3% | +73.7% | +24.6 pp | +71.9% |
| 5 years | −48.3% | +61.7% | −110.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 36.0 k | 41.0 k | 43.0 k | 41.0 k | 47.0 k | 53.0 k | 44.0 k | 44.0 k |
| Depreciation & amortisation | 175.0 k ≈ | -78.0 k | 102.0 k | 104.0 k ≈ | 101.0 k ≈ | 103.0 k | 108.0 k | 109.0 k ≈ |
| Pre-tax income | 744.0 k | 1.9 m | -3.8 m | 1.0 m | -23.2 m | 1.4 m | 1.4 m | 1.5 m |
| Income tax | 206.0 k | 524.0 k | -1.1 m | 296.0 k | 736.0 k | 392.0 k | 282.0 k | 330.0 k |
| Net income | 516.0 k | 1.3 m | -2.7 m | 752.0 k | -23.9 m | 1.0 m | 1.2 m | 968.0 k |
| Diluted EPS | -0.03 | 0.06 | -0.39 | 0.00 | -2.86 | 0.12 ≈ | 0.05 | 0.02 |
| Operating cash flow | 6.1 m ≈ | -2.8 m | -4.3 m | 3.0 m ≈ | 3.8 m ≈ | -2.3 m | 1.1 m | 4.0 m ≈ |
| Capex | 29.0 k ≈ | 9.0 k | 15.0 k | 13.0 k ≈ | 106.0 k ≈ | 109.0 k | 33.0 k | 311.0 k ≈ |
| Dividends paid | 750.0 k ≈ | — | 750.0 k | — | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 449.0 k | 491.0 k | 420.0 k | 249.0 k | 145.0 k | 179.0 k | 155.0 k | 184.0 k |
| Revenue YoY | +0.7% | +9.4% | −14.5% | −40.7% | −41.8% | +23.4% | −13.4% | +18.7% |
| Net income | 815.0 k | -206.0 k | -642.0 k | -4.1 m | 5.6 m | 4.3 m | 1.9 m | -24.8 m |
| Net income YoY | −56.4% | −125.3% | unavailable | unavailable | unavailable | −23.2% | −55.4% | −1,385.4% |
| Diluted EPS | 0.03 | -0.01 | -0.02 | -0.07 | 0.62 | 0.49 | 0.04 | -3.23 |
| Diluted EPS YoY | −57.1% | −133.3% | unavailable | unavailable | unavailable | −21.0% | −91.8% | −8,175.0% |
| net % | 181.5% | -42.0% | -152.9% | -1,626.5% | 3,886.9% | 2,417.3% | 1,244.5% | -13,475.5% |
| Free cash flow | 157.0 k | 8.5 m | -14.0 m | -514.0 k | 6.0 m | 7.4 m | 1.3 m | -13.0 k |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 10.5 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 263.0 m USD
- Total assets
- 1.3 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- -9.0%
- ROA
- -1.9%
- FCF margin
- -7.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Net interest income | 12.2 m | 21.0 m | 32.9 m | 29.5 m | 31.8 m | 33.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Net fee income | 1.0 m | 3.2 m | 1.2 m | 5.4 m | 1.6 m | 1.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Non-interest expense | 14.2 m | 28.9 m | 24.9 m | 27.4 m | 29.9 m | 57.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Pre-tax income | -1.0 m | -4.9 m | 8.1 m | 6.3 m | 2.8 m | -24.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Net income | -642.0 k | -4.1 m | 5.6 m | 4.3 m | 1.9 m | -24.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | -0.02 | -0.07 | 0.62 | 0.49 | 0.04 | -3.23 | SEC (XBRL)· 31 Mar 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 96.1 m | 231.5 m | 16.1 m | 105.2 m | 61.4 m | 10.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Loans | 360.1 m | 648.5 m | 768.0 m | 911.6 m | 1,000.0 m | 1.0 bn | SEC (XBRL)· 31 Mar 2026verified |
| Total assets | 483.4 m | 1.1 bn | 1.2 bn | 1.4 bn | 1.3 bn | 1.3 bn | SEC (XBRL)· 31 Mar 2026verified |
| Deposits | 315.6 m | 788.1 m | 686.9 m | 682.6 m | 745.4 m | 917.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | 434.5 m | 952.4 m | 904.6 m | 1.1 bn | 1.0 bn | 1.1 bn | SEC (XBRL)· 31 Mar 2026verified |
| Equity | 48.9 m | 141.1 m | 279.7 m | 281.9 m | 285.2 m | 263.0 m | SEC (XBRL)· 31 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Banking
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 27 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 71.4 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation100
- Returns4
- Quality7
- Balance sheet0
- Growth83
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.13 – 56.75 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Residual income27.70 – 28.94 (Mid 28.31)
- Justified P/Bunavailable · insufficient data
- Dividend discount (DDM)0.13 – 0.18 (Mid 0.15)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Peers: P/B45.04 – 56.75 (Mid 48.42)13 companies used · median multiple 1.1x · quartiles 1.1x – 1.3xAX, BKU, CFFN, EBC, FCAP, FDSB, HFBL, HTB, KFFB, KRNY, NRIM, PFS, WNEB
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 27/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | -7.6% | 0 (vs peers) | 24% |
| ROA · Quality | -1.5% | 0 (on a fixed band) | 9% |
| Cost-to-income · Quality | 142.6% | 0 (on a fixed band) | 15% |
| Net interest margin · Quality | 2.6% | 42 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 8.3% | 83 (on a fixed band) | 9% |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | 101.1% | 0 (on a fixed band) | 6% |
| P/B · Valuation | 0.3x | 100 (vs peers) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| Dividend yield · Returns | 0.0% | 4 (vs peers) | 12% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partial83/100 · 1/2 factors with a value
- Quality7/100 · 4/4 factors with a value
- Returns4/100 · 1/1 factors with a value
- Valuation· partial100/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BROADWAY FINANCIAL CORPORATION (BYFC). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: net interest income 33.1 m USD in 2025; YoY growth 18.7%; net margin -11,027.1%; ROE -7.6%.
The estimated value range is 27.70–28.94 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 28.31 USD, the price of 11.62 USD leaves a potential of 143.6% (value / price − 1) and a margin of safety of 59.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 27/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, growth, valuation. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 8.3%
- P/B: 0.3x
- The price is below the estimated value range
What contradicts it
- ROE: -7.6%
- ROA: -1.5%
- Cost-to-income: 142.6%
- Loan-to-deposit: 101.1%
- Dividend yield: 0.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, NPL ratio, Cost of risk, P/E (TTM).
Versus the vertical median
Savings Institution, Federally Chartered (SIC 6035) · same industry (4-digit SIC) · compared with 14 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXAxos Financial, Inc. | 5.4 bn | 10.7 | 16.7% | 624.8% | +23.5% | +15% / +147% |
| EBCEastern Bankshares, Inc. | 5.3 bn | 13.3 | 9.4% | 257.2% | +19.1% | +24% / +95% |
| TFSLTfs Financial Corporation | 4.7 bn | 46.0 | 5.3% | — | unavailable | +17% / +26% |
| BKUBankUnited, Inc. | 3.2 bn | 12.3 | 9.2% | 1,154.5% | +7.4% | +4% / +63% |
| PFSProvident Financial Services Inc | 3.1 bn | 9.8 | 11.1% | 411.6% | +7.1% | +23% / +55% |
| CFFNCapitol Federal Financial, Inc. | 1.1 bn | 13.4 | 8.0% | 508.2% | +6.5% | +33% / +63% |
| HTBHomeTrust Bancshares, Inc. | 798.6 m | 12.5 | 11.0% | — | −1.9% | +17% / +107% |
| KRNYKearny Financial Corp. | 605.1 m | 16.4 | 4.8% | — | +36.0% | +36% / +18% |
| NRIMNorthrim Bancorp, Inc. | 545.0 m | 9.9 | 16.6% | 21.8% | +30.4% | −0% / +99% |
| WNEBWestern New England Bancorp, Inc. | 281.6 m | 16.7 | 6.9% | — | −34.3% | +15% / +79% |
| FCAPFirst Capital, Inc. | 215.3 m | 11.6 | 13.9% | 252.8% | +1.6% | +29% / +145% |
| FDSBFifth District Bancorp, Inc. | 92.5 m | 52.4 | 1.3% | 273.6% | −2.3% | +29% / unavailable |
| HFBLHome Federal Bancorp, Inc. of Louisiana | 67.7 m | 11.1 | 10.8% | 364.5% | +30.0% | +40% / +72% |
| KFFBKentucky First Federal Bancorp | 44.4 m | 32.0 | 2.9% | — | −11.8% | +31% / +18% |
| BYFCBroadway Financial Corporation | — | — | -7.6% | -11,027.1% | +18.7% | +84% / +98% |
1- and 3-year price returns: for BYFC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Broadway Financial Corporation is the parent of City First Bank, National Association, a lender based in Los Angeles and Washington, D.C. that finances mainly multi-family and commercial real estate in historically excluded communities. The company returned to positive operating income in 2026 with growth in loans and deposits, yet its 2025 loss shows how thin its margin remains, while the bank has had to remediate internal control weaknesses.
SWOT
Strengths
Weaknesses
- A significant net loss in 2025, driven largely by a goodwill impairment, shows how fragile results can be 1.
- A net interest margin that is low and sensitive to deposit costs, which rose in 2025 and weighed on net interest income 1.
- The company identified material weaknesses in internal control over financial reporting, which led to restatement of prior financial statements 1.
Opportunities
- Growth in deposits and loans could support higher interest income if the margin improves 3.
- Allocations under programs such as the New Market Tax Credit can bring fee income and extra funding for community development 3.
- If funding costs ease, margin pressure could lessen and results could move more firmly back toward steady profitability 1.
Threats
- A decline in property values in Southern California and Washington, D.C. could weaken collateral and raise loan defaults 1.
- Strong competition from larger banks and non-bank lenders could limit growth and margins 1.
- Regulatory risks and Nasdaq listing requirements could affect the share price and access to capital 1.
Risks
- Quality of the real estate portfoliohigh
Collateral values could fall if the property market weakens, which could increase loan losses. Multi-family and commercial loans depend on property income, so vacancies or lower rents could reduce repayment capacity 1.
- Internal control and restatementhigh
The company restated earlier financial statements because of an error related to loan participation agreements and reported material control weaknesses. If remediation is insufficient, reporting reliability and investor confidence could be affected 1.
- Margin and deposit costsmedium
Rising deposit costs could compress the net margin if interest paid rises faster than interest earned. Margin sensitivity stays high when rates fluctuate 13.
- Adequacy of loss allowancesmedium
The allowance is based on estimates that may not cover actual losses, and a new specific reserve raised costs in the second quarter of 2026 13.
- Nasdaq listinglow
The company received a delisting determination from Nasdaq in 2025, later closed after regaining compliance. A new non-compliance could affect the share price and access to capital 1.
Investment thesis
What would need to be true (bull case)
- If the deposit and loan growth of the first half of 2026 holds, it could support interest income and operating results while costs stay controlled 3.
- High capitalization gives a cushion against losses, and credit indicators stayed stable despite a new specific reserve 3.
- If the margin improves as funding costs stabilize, profitability could move out of the loss territory the company recorded in 2025 13.
What would break the thesis
- The net margin fell to 2.65% in the second quarter of 2026, and rising funding costs could keep compressing results 3.
- Concentration in real estate across two geographic areas could make the company vulnerable to a local fall in values, which could raise loan losses 1.
- Control weaknesses and the recent restatement raise questions about reporting reliability, and a repeat could hurt investor confidence 1.
What to watch
- Trend of the net interest margin and deposit costsQ3 2026
- Loan quality, including non-performing loans and provisioning levelsQ3 2026
- Compliance with Nasdaq listing requirements and steadiness of quarterly results2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Broadway Financial Corporation is a Delaware public benefit corporation whose main activity is operating its wholly owned subsidiary City First Bank, National Association, with three offices, two in California and one in Washington, D.C. The bank attracts deposits from the public in its branch areas, from loan customers, large non-profit entities and municipalities, and invests these funds mainly in loans secured by real estate 1.
The corporate structure reflects the 2021 merger with CFBanc Corporation, after which Broadway Federal merged into City First Bank of D.C., National Association. The company describes its mission as spurring equitable economic development and says its loans and investments have helped close funding gaps and preserve affordable housing 1. It is regulated by the Board of Governors of the Federal Reserve System, while the bank is regulated by the Office of the Comptroller of the Currency and the FDIC 1.
Lending is dominated by multi-family and commercial real estate, but the company exited wholesale lending in the second half of 2025 and expanded commercial loans through portfolio purchases. Most loans carry adjustable-rate features, which reduces rate exposure, although margins remain sensitive to deposit costs 1.
Segments
Market context
The target market is Southern California and the Washington, D.C. metropolitan area, including parts of Maryland and Virginia, and the company says it has no loans outside this area 1. Competitive pressure is high from commercial banks, credit unions, national institutions and non-bank lenders 1. In 2026, quarterly data show growth in loans and deposits, but the net interest margin fell to 2.65% in the second quarter as funding costs rose 3.
Trends
- Interest rates and net interest marginmixed
The company earns the spread between interest received on assets and interest paid on deposits, and deposit costs rose sharply in 2025. If rates stabilize or fall, funding costs could ease margin pressure, but this is not assured 1.
- Deposit and loan growthtailwind
In the first half of 2026 net loans rose 10.8% and deposits 21.5%, which could support interest income if asset quality holds. Fast growth also carries the risk of weaker borrower selection 3.
- Credit quality and provisioningheadwind
Provision expense rose in the second quarter of 2026 after a specific reserve was set on a non-accrual loan. Overall indicators stayed stable, but pressure on commercial property could still weigh on portfolio quality 31.
- Regulation and CDFI statusmixed
The bank operates as a Community Development Financial Institution, and changing regulation and policy could alter the business model. Programs such as the New Market Tax Credit allocation, however, can bring additional income 13.
Competitive position
The company says it competes in a highly competitive sector against larger institutions with greater name recognition and market presence 1. The sources do not identify a complete list of US-listed competitors, so comparisons should be treated as indicative.
Competition comes from local and regional banks, national institutions and non-bank finance companies that can offer real estate loans and deposits on competitive terms 1. The company's position depends on its community relationships and its focus on mission-driven finance rather than on size 1.
- Local and regional commercial banks in Southern California
Compete for deposits and real estate loans in the same market, named generically in the company's risk factors.
- Commercial banks and nationwide institutions
Have greater recognition and can attract customers through scale and a broader product range, per the company's description.
- Credit unions
Compete for household deposits and certain consumer and housing lending categories.
- Non-bank real estate finance companies
Compete in commercial and multi-family real estate lending, areas not subject to the same banking regulation.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report02 Oct 2026Departure or appointment of officers
- Quarterly report13 Aug 2026
- Current report28 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report23 Jun 2026Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
- Current report18 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Current report03 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report15 May 2026
- Current report (amendment)15 May 2026Results of operations · Financial statements and exhibits
- Proxy statement30 Apr 2026
- Current report28 Apr 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Broadway Financial Corporation · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Broadway Financial Corporation · 13 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Broadway Financial Corporation · 28 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.