BROADWAY FINANCIAL CORP \DE\ (BYFC): auditor change — Broadway Financial restates 2023-2024, Q1 2025 results; loan participation accounting errors

BROADWAY FINANCIAL CORP \DE\

Audit committee concludes audited FY 2023/2024 and unaudited Q1-Q3 2024 and Q1 2025 financials are unreliable.
Restatement adjusts loan participation agreements under ASC 860, impacting balance sheet, interest income/expense, and allowance for credit losses.
Material weakness in internal control over financial reporting identified; to be reported in amendments.
Discussions with auditors Baker Tilly US (FY2024) and Crowe LLP (Q1 2025) regarding the restatement.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

BROADWAY FINANCIAL CORP \DE\ reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

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.

View on SEC.gov

19 auditor changes filed in the last 30 days. Browse all auditor changes →

BROADWAY FINANCIAL CORP \DE\ filing history →

Source: SEC EDGAR

accession 0001140361-25-038505

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.