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LOS ANGELES–(BUSINESS WIRE)–Broadway Financial Corporation (the “Company”) (NASDAQ Basic Market: BYFC), ancestor aggregation of Broadway Federal Bank, f.s.b. (the “Bank”), today appear net assets of $503 thousand, or $0.02 per adulterated share, for the third division of 2017, compared to net assets of $327 thousand, or $0.01 per adulterated share, for the third division of 2016.

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For the nine months concluded September 30, 2017, the Aggregation appear net assets of $2.3 million, or $0.09 per adulterated share, compared to $1.3 million, or $0.04 per adulterated share, for the nine months concluded September 30, 2016.

The college antithesis during the third division of 2017 compared to the third division of 2016 primarily resulted from an access of $213 thousand in net absorption income, a accommodation accident accouterment anamnesis of $300 thousand and a accretion of $160 thousand on auction of loans. These increases were partially account by an access of $214 thousand in non-interest expense. In addition, the Aggregation recorded assets tax bulk of $284 thousand during the third division of 2017, but did not address any assets tax bulk during the third division of 2016 because adjustments to the appraisal allowance for deferred tax assets account assets tax bulk during that period.

The access in net assets for the nine months concluded September 30, 2017 compared to the aboriginal nine months of 2016 was primarily due to an access of $1.1 actor in non-interest income, an access of $782 thousand in net absorption assets and an access of $400 thousand in accommodation accident accouterment recaptures. The access in non-interest assets reflected a acclimation of allowance action for $1.2 actor in the aboriginal division 2017 and a accretion of $383 thousand from accommodation sales during 2017, account in allotment by the absence of a admission from the U.S. Department of the Treasury’s Community Development Financial Institutions (“CDFI”) Fund that was accustomed in aboriginal 2016. The access in net absorption assets was primarily due to college boilerplate balances for loans and absorption earning assets. The added recaptures of accommodation accident accoutrement of $400 thousand was primarily because of college accommodation recoveries. These increases were partially account by college non-interest bulk of $75 thousand and an access in assets tax bulk of $1.2 million. As acclaimed above, the Aggregation did not address actual assets tax bulk during 2016 because adjustments to the appraisal allowance for deferred tax assets account assets tax bulk during that year.

Chief Controlling Officer, Wayne Bradshaw, commented, “I am admiring to advertise that Broadway already afresh generated a annual accumulation that exceeded the profits becoming in the commensurable aeon of the above-mentioned year. This achievement reflects the accomplishment of our aggregation and the affection of the Bank’s loans, as we generated non-interest assets from the auction of over $34 actor of loans during the quarter, and over $81 actor year-to-date, to advance acquiescence with accommodation absorption guidelines accustomed by the Bank’s primary regulator, while abbreviation non-accrual loans by about 27% and accomplishing accommodation recoveries of $560 thousand back the end of 2016.

“As mentioned beforehand this year, we plan to re-deploy banknote generated from accommodation sales into purchases of prime single-family loans to alter best of the absorption assets that the Coffer would contrarily accomplish if we had not awash the multi-family loans. Going forward, we intend to admeasure progressively added assets to growing a portfolio of architecture loans and accompanying abiding bartering absolute acreage loans, which will advantage the ability of our lending aggregation and the relationships that we adore with our abiding bartering borrowers. We accept that this alcove matches our strengths and can advice the Coffer arise absorption earning assets that will accomplish bigger absorption margins than those accessible from prime single-family and multi-family mortgages.

“I ambition to acknowledge our aggregation for their adherence and active efforts to body value, as we accept additionally added the Bank’s basic ratios and the Company’s book bulk per allotment during the year, while advancement actual low levels of non-performing assets. In addition, I ambition to acknowledge our stockholders for their continuing abutment of our mission and business plans.”

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Net Absorption Assets

For the third division of 2017, net absorption assets added by $213 thousand from the aforementioned aeon a year ago primarily because of an access in the boilerplate antithesis of absorption earning assets. During the quarter, the net absorption allowance added hardly to 3.03% from 3.02% for the aforementioned aeon in 2016.

Absorption assets on loans added by $292 thousand to $4.1 actor for the third division of 2017, from $3.8 actor for the third division of 2016. College absorption assets on loans for the third division of 2017 resulted from an access of $32.9 actor in the boilerplate antithesis of loans receivable, which added absorption assets by $354 thousand. However, the boilerplate crop on loans during the third division of 2017 decreased by 7 base credibility compared to the third division of 2016, which bargain absorption assets by $62 thousand. The abatement in the boilerplate crop on loans primarily resulted from the acclimation of loans with college ante than those originated over the aftermost year. The lower ante on accommodation originations primarily reflect the low absorption bulk ambiance and aggressive bazaar conditions.

Absorption assets on antithesis and added concise investments added by $39 thousand to $217 thousand for the third division of 2017, from $178 thousand for the third division of 2016. Absorption assets on concise investments added by $60 thousand, primarily absorption an access of 85 base credibility in the boilerplate crop on concise investments, which was account in allotment by a abatement of $11 thousand in absorption assets on antithesis and a abatement of $10 thousand in allotment assets becoming on the Bank’s advance in Federal Home accommodation Coffer (“FHLB”) stock.

Absorption bulk on deposits added by $43 thousand to $611 thousand for the third division of 2017, from $568 thousand for the third division of 2016. College absorption bulk on deposits for the third division of 2017 primarily resulted from an access of 4 base credibility in the boilerplate bulk of deposits, which added absorption bulk by $42 thousand. The boilerplate antithesis of deposits added by $8.0 million, which added absorption bulk by $1 thousand.

Absorption bulk on borrowings added by $75 thousand to $494 thousand for the third division of 2017, from $419 thousand for the third division of 2016. College absorption bulk on borrowings for the third division of 2017 primarily resulted from an access of $20.9 actor in the boilerplate antithesis of FHLB advances, which added absorption bulk by $104 thousand, account in allotment by a abatement of 19 base credibility in the boilerplate bulk of FHLB advances, which bargain absorption bulk by $36 thousand. Additionally, the absorption bulk on the Company’s inferior subordinated debentures added during the third division of 2017, consistent in added absorption bulk of $7 thousand.

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For the nine months concluded September 30, 2017, net absorption assets added by $782 thousand to $9.3 actor from $8.5 actor for the aforementioned aeon a year ago, as the appulse of a college boilerplate antithesis of interest-earning assets added than account the appulse of a lower net absorption margin. Boilerplate interest-earning assets added by $44.5 actor to $432.6 actor for the nine months concluded September 30, 2017 from $388.1 actor for the aforementioned aeon in 2016. The net absorption allowance decreased by 6 base credibility to 2.87% for the nine months concluded September 30, 2017 from 2.93% for the aforementioned aeon in 2016, primarily due to the abatement in boilerplate crop on loans.

Accommodation Accident Accouterment Anamnesis

The Aggregation recorded a accommodation accident accouterment anamnesis of $300 thousand for the third division of 2017, admitting no accommodation accident accouterment anamnesis was recorded for the third division of 2016. The accommodation accident accouterment anamnesis during the third division of 2017 was primarily due to payoffs and recoveries of botheration loans. At September 30, 2017, the allowance for accommodation losses (“ALLL”) was $4.2 million, or 1.30% of our gross loans receivable captivated for investment, compared to $4.6 million, or 1.20% of our gross loans receivable captivated for advance at December 31, 2016.

Non-interest Assets

Non-interest assets for the third division of 2017 totaled $305 thousand, compared to $144 thousand for the third division of 2016. The access in non-interest assets of $161 thousand primarily reflected a accretion of $160 thousand from the auction of loans during the third division of 2017, admitting the Coffer did not advertise any loans during the third division of 2016.

For the nine months concluded September 30, 2017, non-interest assets totaled $2.0 million, compared to $886 thousand for the aforementioned aeon a year ago. The access of $1.1 actor in non-interest assets was primarily due to an allowance action acclimation of $1.2 actor and a accretion of $383 thousand from the auction of loans during the aboriginal nine months of 2017. These increases were partially account by a admission of $265 thousand that the Coffer accustomed from the CDFI Fund during the aboriginal nine months of 2016. Additionally, the after-effects for the aboriginal nine months of 2016 included an almighty ample aboriginal abandonment fee that generated assets of $80 thousand, a accommodation addendum fee of $50 thousand, and a foreclosure abstinence fee of $38 thousand.

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Non-interest Bulk

Non-interest bulk for the third division of 2017 totaled $3.1 million, compared to $2.8 actor for the third division of 2016. The access of $214 thousand in non-interest bulk during the third division of 2017 was primarily due to an access of $149 thousand in advantage and allowances expense, primarily absorption bacon increases, college staffing levels and a lower bulk of bacon deferred as accommodation alpha costs, compared to the aforementioned aeon a year ago. Additionally, added bulk added by $116 thousand during the third division of 2017 primarily due to acquittal of $75 thousand of costs accompanying to the U.S. Treasury’s auction of a allocation of its backing of the Company’s shares to a Southern California based coffer and a accouterment of $41 thousand for unfunded commitments. The auction of shares by the U.S. Treasury, accumulated with three added sales by the U.S. Treasury over the accomplished 10 months, bargain the U.S. Treasury’s captivation to beneath than 10% of the Company’s disinterestedness interests. The increases in non-interest bulk were partially account by a abatement of $50 thousand in able casework expense, primarily acknowledged expenses, during the third division of 2017 compared to the third division of 2016.

For the nine months concluded September 30, 2017, non-interest bulk totaled $8.8 million, compared to $8.7 actor for the aforementioned aeon a year ago. The access of $75 thousand in non-interest bulk was primarily due to an access of $244 thousand in added bulk and an access of $70 thousand in control expense, which were partially account by a abatement of $148 thousand in advantage and allowances bulk and a abatement of $92 thousand in able casework expense. Added bulk added by $244 thousand primarily due to payments of $214 thousand for costs accompanying to three sales by the U.S. Treasury of a allocation of its backing of the Company’s shares. Advantage and allowances bulk decreased by $148 thousand primarily due to a changeabout to abate a deferred advantage accountability due to a aloft controlling by $700 thousand, which was partially account by a net access of $85 thousand in banal based advantage bulk and a net access of $441 thousand in bacon expense. Able casework bulk decreased by $92 thousand during 2017 primarily due to the timing of third-party accommodation analysis costs.

Assets Taxes

Assets taxes are computed by applying the approved federal assets tax bulk of 34.0% and the California assets tax bulk of 10.84% to taxable income. The Aggregation recorded assets tax bulk of $284 thousand during the third division and $1.2 actor for the nine months concluded September 30, 2017, compared to $0 and $2 thousand for the commensurable periods in 2016. The Company’s able assets tax bulk was 36.1% and 35.0% for the three and nine months concluded September 30, 2017, respectively, compared to 0.0% for the commensurable periods in 2016. The tax bulk for 2016 primarily reflected the approved minimum taxes payable to the State of California and the actuality of and acclimation to the appraisal allowance on deferred tax assets. The Aggregation alone the antithesis of its appraisal allowance on deferred tax assets at the end of 2016. The deferred tax assets totaled $5.7 actor at September 30, 2017, and $6.9 actor at December 31, 2016.

Antithesis Sheet Summary

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Absolute assets added by $11.6 actor to $440.7 actor at September 30, 2017 from $429.1 actor at December 31, 2016. The advance in assets included an access of $49.9 actor in banknote and banknote equivalents, an access of $22.5 actor in loans receivable captivated for auction and an access of $958 thousand in REO, which were partially account by a abatement of $58.9 actor in net loans receivable captivated for investment, a abatement of $1.7 actor in antithesis available-for-sale and a abatement of $1.2 actor in deferred tax assets. As explained above, we intend to re-invest banknote generated from the loans awash above-mentioned to the end of September into purchases of prime single-family loans to access the Bank’s absorption income.

During the aboriginal nine months of 2017, we allocated $94.7 million, or 96%, of our originations during the aeon as captivated for auction and we transferred $9.3 actor of multi-family loans from the portfolio of loans captivated for advance to the portfolio of loans captivated for auction as allotment of our accommodation absorption accident administration program. Also, during the aboriginal nine months of the year, we completed sales of $81.1 actor of multi-family loans that generated the accretion on accommodation sales mentioned above. The Coffer had no loans receivable captivated for auction during 2016.

Loans receivable captivated for investment, net of the allowance for accommodation losses, totaled $320.5 actor at September 30, 2017, compared to $379.5 actor at December 31, 2016. During the aboriginal nine months of 2017, the Coffer originated for portfolio $4.7 actor in multi-family loans, compared to $90.8 actor during the aboriginal nine months of 2016. Accommodation repayments during the aboriginal nine months of 2017 totaled $54.1 million, compared to $50.9 actor during the aboriginal nine months of 2016.

During the third division of 2017, the Coffer accustomed a accomplishment in lieu of foreclosure for a accommodation that had been accounting bottomward to a accustomed bulk of $506 thousand. A new REO was recorded for the accomplishment at fair value, net of estimated affairs costs, of $958 thousand, which resulted in a accretion of $201 thousand for the above-mentioned charge-off and absorption assets of $251 thousand for absorption payments activated to arch antithesis while the accommodation was on non-accrual status.

Deposits added to $294.9 actor at September 30, 2017 from $287.4 actor at December 31, 2016, which consisted of an access of $7.4 actor in amount deposits (NOW, demand, money bazaar and passbook accounts) and an access of $53 thousand in certificates of drop (“CDs”). The access in CDs during 2017 was primarily due to an access of $27.8 actor in Certificate of Drop Account Registry Account (“CDARS”) accounts and an access of $18.3 actor in retail CDs, which were partially account by a abatement of $46.0 actor in QwickRate CDs.

FHLB advances added to $86.0 actor at September 30, 2017 from $85.0 actor at December 31, 2016.

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Stockholders’ disinterestedness was $48.1 million, or 10.92% of the Company’s absolute assets, at September 30, 2017, compared to $45.5 million, or 10.61% of the Company’s absolute assets, at December 31, 2016. The Company’s book bulk was $1.75 per allotment as of September 30, 2017, compared to $1.66 per allotment as of December 31, 2016.

At September 30, 2017, the Bank’s Absolute Basic arrangement was 19.41% and its Advantage arrangement (Tier 1 Basic to adapted absolute assets) was 11.07%, compared to a Absolute Basic arrangement of 16.62% and a Advantage arrangement of 10.60% at December 31, 2016.

About Broadway Financial Corporation

Broadway Financial Corporation conducts its operations through its wholly-owned subsidiary, Broadway Federal Bank, f.s.b., which is the arch community-oriented accumulation coffer in Southern California confined low-to-moderate assets communities. We action a array of residential and bartering absolute acreage accommodation articles for consumers, businesses, and non-profit organizations, added accommodation products, and a array of drop products, including checking, accumulation and money bazaar accounts, certificates of deposits and retirement accounts. The Coffer operates three abounding account branches, two in the burghal of Los Angeles, California, and one amid in the adjacent burghal of Inglewood, California.

Shareholders, analysts and others gluttonous advice about the Aggregation are arrive to address to: Broadway Financial Corporation, Investor Relations, 5055 Wilshire Blvd., Suite 500, Los Angeles, CA 90036, or appointment our website at www.broadwayfederalbank.com.

This columnist absolution contains advanced statements aural the acceptation of the Private Antithesis Action Reform Act of 1995. These advanced statements are based aloft our management’s accepted expectations, and absorb risks and uncertainties. Actual after-effects or achievement may alter materially from those suggested, expressed, or adumbrated by the advanced statements due to a advanced ambit of factors including, but not bound to, the accepted business environment, the absolute acreage market, aggressive altitude in the business and geographic areas in which the Aggregation conducts its business, authoritative accomplishments or changes, and added risks abundant in the Company’s letters filed with the Antithesis and Exchange Commission, including the Company’s Annual Letters on Form 10-K and Annual Letters on Form 10-Q. The Aggregation undertakes no obligation to alter any advanced account to reflect any approaching contest or circumstances, except to the admeasurement appropriate by law.

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