Broadway Financial approves $5M ESOP loan for share purchases; first $0.5M funded

BROADWAY FINANCIAL CORP \DE\

Board approved loans up to $5M to City First Bank ESOP Trust for open-market or private share purchases of BYFC common stock.
First loan of $0.5M funded on Dec 19, 2022; interest rate 4.34% (December AFR); matures Dec 31, 2042.
ESOP currently holds 2.2% of total common stock (3.3% of voting shares), down from 5.9% (8.6%) pre-merger dilution.
Loans aim to recoup employee ownership dilution from merger and align employee/stockholder interests.
Board believes shares undervalued; shares trade below tangible and nominal book value despite improving profitability.

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