Broadway Financial Restates Financials
Ticker: BYFC · Form: 8-K · Filed: Oct 17, 2025 · CIK: 1001171
Sentiment: neutral
Topics: accounting-restatement, financial-reporting, sec-filing
TL;DR
Broadway Financial won't rely on old financials - big accounting review incoming.
AI Summary
Broadway Financial Corporation (DE) announced on October 15, 2025, that it will not rely on previously issued financial statements or related audit reports. This decision impacts their filings and requires a review of their financial reporting.
Why It Matters
This filing indicates potential issues with past financial reporting, which could lead to restatements and affect investor confidence.
Risk Assessment
Risk Level: medium — The non-reliance on previously issued financial statements suggests potential accounting errors or restatements, which can create uncertainty for investors.
Key Players & Entities
- Broadway Financial Corporation (company) — Registrant
- Delaware (jurisdiction) — State of incorporation
- October 15, 2025 (date) — Date of earliest event reported
FAQ
What specific financial statements are affected by this non-reliance announcement?
The filing states that the registrant will not rely on 'previously issued financial statements or a related audit report or completed interim review,' implying all such prior reports are under scrutiny.
What is the primary reason for Broadway Financial's decision?
The filing does not explicitly state the reason but indicates a decision to not rely on previously issued financial statements, suggesting a need for correction or re-evaluation.
When was this decision made or reported?
The Form 8-K was filed as of October 17, 2025, and the earliest event reported is October 15, 2025.
What is the company's principal executive office address?
The principal executive offices are located at 4601 Wilshire Boulevard, Suite 150, Los Angeles, CA 90010.
What is the company's SIC code?
The Standard Industrial Classification (SIC) code is 6035 for Savings Institution, Federally Chartered.
Filing Stats: 1,089 words · 4 min read · ~4 pages · Grade level 18.7 · Accepted 2025-10-17 17:00:58
Key Financial Figures
- $0.01 — stered Class A Common Stock, par value $0.01 per share (including attached preferred
Filing Documents
- ef20057376_8k.htm (8-K) — 30KB
- 0001140361-25-038505.txt ( ) — 155KB
- byfc-20251015.xsd (EX-101.SCH) — 4KB
- byfc-20251015_lab.xml (EX-101.LAB) — 21KB
- byfc-20251015_pre.xml (EX-101.PRE) — 16KB
- ef20057376_8k_htm.xml (XML) — 4KB
02
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review On October 15, 2025, the Audit Committee of the Board of Directors of Broadway Financial Corporation (the "Company") (NASDAQ: BYFC), the holding company of City First Bank, National Association, based on consultations with the Company's management, concluded that the Company's audited consolidated financial statements for the fiscal years ended December 31, 2024 and 2023, and the unaudited interim consolidated financial statements for the quarters ended March 31, 2024, June 30, 2024, September 30, 2024, and March 31, 2025 (collectively, the "Affected Financials"), each as previously filed with the Securities and Exchange Commission ("SEC"), should no longer be relied upon because of an error related to certain loan participation agreements and should therefore be restated. In addition, as a result of the foregoing determination, related press releases, stockholder communications, investor presentations and other communications describing relevant portions of the Affected Financials should no longer be relied upon. The Company will restate the Affected Financials to record certain loan participation agreements in accordance with Accounting Standards Codification Topic 860 and file such restated consolidated financial statements with the SEC in amendments to the Company's (i) Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on March 31, 2025, as amended by Amendment No. 1 on Form 10-K/A filed with the SEC on April 30, 2025 (the "2024 10-K Amendment") and (ii) Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 filed with the SEC on July 24, 2025 (the "Q1 2025 10-Q Amendment" and collectively with the 2024 10-K Amendment, the "Amendments"). With respect to the 2024 10-K Amendment, the presentation of certain loan participation agreements in accordance with Accounting Standards Codification T
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BROADWAY FINANCIAL CORPORATION Date: October 17, 2025 By: /s/ Zack Ibrahim Zack Ibrahim Executive Vice President and Chief Financial Officer