Exhibit 99.1

News Release

Broadway Financial Corporation Reports Third Quarter Net Earnings

LOS ANGELES, CA – (BUSINESS WIRE) – November 5, 2009 – Broadway Financial Corporation (the “Company”) (NASDAQ Small-Cap: BYFC), parent company of Broadway Federal Bank, f.s.b. (the “Bank”), today reported third quarter net earnings of $333 thousand, or $0.10 diluted earnings per common share, down $296 thousand, or 47.06%, when compared with net earnings of $629 thousand, or $0.34 diluted earnings per common share, in the third quarter of 2008. The decrease in net earnings was primarily due to a $1.2 million increase in the provision for loan losses and a $0.6 million decrease in non-interest income, which were partially offset by a $1.4 million increase in net interest income before provision for loan losses.

For the nine months ended September 30, 2009, the Company reported net earnings of $1.0 million compared to $1.9 million of net earnings for the same period in 2008. Diluted earnings per common share for the nine months ended September 30, 2009 and 2008 were $0.29 and $1.02, respectively.

Chief Executive Officer, Paul C. Hudson stated, “Given recent asset quality trends, management’s highest priority is to contain and ultimately shrink loan losses and loan loss provisions.” He went on to explain, “In addressing containment of loan losses, management is confronted with increasing unemployment and the effects of a prolonged recession.” Hudson concluded by saying, “The Bank is fortunate to have strong core earnings supported by growth of earning assets and an improving net interest margin to weather the transition to a better economic environment.”

Third Quarter Highlights:

Net Interest Income

Net interest income before provision for loan losses of $5.1 million for the third quarter of 2009 was up $1.4 million, or 39.34%, from the third quarter a year ago. The increase is attributed to an increase in our average interest-earning assets of $103.9 million to $492.4 million for the quarter ended September 30, 2009, combined with an increase in the net interest margin of 38 basis points to 4.17% for the quarter ended September 30, 2009 from 3.79% for the same period in 2008.

1

The annualized yield on our average interest-earning assets decreased 49 basis points to 6.21% for the third quarter of 2009 from 6.70% for the same period a year ago. The decrease was primarily the result of a lower annualized yield on our average loans which decreased 42 basis points to 6.53% for the third quarter of 2009 from 6.95% for the same period in 2008. The decrease in the annualized yield on our average loans was primarily due to adjustable rate loans adjusting down as competitive market rates for loans have declined, lower loan rates on new loans, lower prepayment penalty income, and an increase in non-accrual loans for which we do not accrue interest income.

The annualized cost of our average interest-bearing liabilities decreased 91 basis points to 2.13% for the third quarter of 2009 from 3.04% for the same period a year ago. The decrease in the annualized cost of our average interest-bearing liabilities was primarily attributable to the Federal Reserve lowering the Fed Funds rate throughout 2008, and maintaining the targeted Fed Funds rate in a range of 0.00% to 0.25% during the first nine months of 2009. This has allowed the Bank to reduce the rates it pays on its deposit products and new FHLB advances.

The 49 basis point decrease in the annualized yield on our average interest-earning assets was more than offset by the 91 basis point decline in the annualized cost of our average interest-bearing liabilities, resulting in a 42 basis point improvement in our net interest rate spread for the third quarter of 2009, as compared to the third quarter of 2008.

Provision and Allowance for Loan Losses

The provision for loan losses totaled $1.8 million for the third quarter of 2009, compared to $630 thousand for the same period a year ago. The provision recorded in the third quarter of 2009 reflects a $0.9 million increase in specific loss allocation on non-performing loans, a $0.5 million impairment resulting from troubled debt restructuring, and a $0.4 million charge-off related to foreclosure.

At September 30, 2009, the allowance for loan losses was $7.1 million, or 1.58% of total gross loans receivable, excluding loans held for sale, compared to $3.6 million, or 1.06% of total gross loans receivable, excluding loans held for sale, at year-end 2008. The $3.5 million increase in the allowance for loan losses from December 31, 2008 to September 30, 2009 was due to a 32.57% increase in outstanding loans, an increase in loan delinquencies and non-performing loans and a $2.5 million increase in specific loss allocations for impaired loans during the first nine months of 2009.

Management believes that the allowance for loan losses is adequate to cover probable incurred losses in the loan portfolio as of September 30, 2009, but there can be no assurance that actual losses will not exceed the estimated amounts. The Bank is experiencing increased delinquencies which may necessitate the provision of additional loan loss allocations. In addition, the Office of Thrift Supervision (“OTS”) and the Federal Deposit Insurance Corporation periodically review the allowance for loan losses as an integral part of their examination process. These agencies may require an increase to the allowance for loan losses based on their judgments of the information available to them at the time of their examinations.

Non-Interest Income

Non-interest income totaled $34 thousand for the third quarter of 2009, down $551 thousand, or 94.19%, from the third quarter a year ago, primarily due to $267 thousand higher provision for losses on loans held for sale, net losses of $11 thousand on mortgage banking activities in 2009 compared to net gains of $222 thousand on mortgage banking activities in 2008 and $51 thousand lower service charges in 2009 compared to 2008. During the third quarter of 2009, a loan held for sale that was modified during the first quarter of 2009 became delinquent under the modified terms. As the value of the property securing such loan had declined significantly, we increased our specific loss allocation related to this loan by $270 thousand. Net gains on mortgage banking activities was lower in the third quarter of 2009 compared to the third quarter of 2008 as the prior year quarter was positively impacted by a $198 thousand valuation adjustment on our mortgage servicing rights asset. The decrease in service charges primarily reflects lower retail banking fees in the third quarter of 2009 as compared to the third quarter of 2008.

2

Non-Interest Expense

Non-interest expense totaled $2.8 million for the third quarter of 2009, up $192 thousand, or 7.32%, from the third quarter a year ago. The increase in non-interest expense was primarily due to increases in FDIC insurance premium expense, compensation and benefits expense and professional services expense. Partially offsetting these increases was lower other expense.

FDIC insurance premium expense increased $98 thousand, or 188.46%, as the regular assessment rate was increased over the prior year rate. The increase in FDIC assessments became necessary to recapitalize the FDIC insurance fund as the result of insurance claims paid for numerous bank failures in 2008 and year-to-date in 2009. Management expects FDIC insurance premiums to remain at elevated levels through at least 2011. Compensation and benefits expense increased $88 thousand, or 6.07%, primarily due to higher salaries expense and payroll tax expense resulting from annual pay increases and staff addition, higher health insurance expense, and higher stock option compensation expense related to new option grants, which was partially offset by lower bonus expense. Professional services expense increased $65 thousand, or 41.40%, primarily due to a $121 thousand increase in legal expenses which was partially offset by a $37 thousand reversal of accrued SOX consulting fees. Other expense decreased $61 thousand, or 21.40%, primarily due to decreases in donations, sponsorships, and promotions.

Income Taxes

The Company’s effective income tax rate was 35.84% for third quarter 2009 compared to 37.97% for third quarter 2008. Income taxes are computed by applying the statutory federal income tax rate of 34% and the California income tax rate of 10.84% to earnings before income taxes. The effective income tax rate for each period was significantly reduced by the amount of non-taxable income from earnings on bank owned life insurance and the impact of state income tax deductions for loans made in designated enterprise zones.

Assets, Loan Originations, Deposits and Borrowings

At September 30, 2009, assets totaled $520.0 million, up $112.0 million, or 27.47%, from year-end 2008. During the first nine months of 2009, net loans, including loans held for sale, increased $102.7 million, or 28.70%, and securities available for sale and held to maturity increased $6.0 million, or 22.36%. Other increases in assets were in real estate owned (REO) which increased $1.1 million and deferred tax assets, net which increased $1.3 million due to increase in our allowance for loan losses which is not currently deductible for tax purposes.

Loan originations, including purchases, for the nine months ended September 30, 2009 totaled $138.1 million, up $34.3 million, or 33.04%, from $103.8 million for the same period a year ago. Loan repayments, including loan sales, amounted to $32.1 million for the nine months ended September 30, 2009, down $24.4 million, or 43.19%, from $56.5 million for the same period a year ago.

Deposits totaled $395.8 million at September 30, 2009, up $105.9 million, or 36.52%, from year-end 2008, as turmoil in the credit and equity markets has made deposit products in healthy financial institutions, like the Bank, attractive for many customers. During the first nine months of 2009, our core deposits (NOW, demand, money market and passbook accounts) increased $8.5 million and our certificates of deposit increased $69.8 million. Additionally, brokered deposits grew $27.6 million during 2009, primarily in CDARS. At September 30, 2009, core deposits represented 30.99% of total deposits compared to 39.38% at December 31, 2008, certificates of deposit represented 41.71% of total deposits compared to 32.87% at December 31, 2008, and brokered deposits represented 27.30% of total deposits compared to 27.75% at December 31, 2008.

3

Since the end of 2008, FHLB borrowings increased $4.8 million, or 6.49%, to $78.8 million at September 30, 2009 from $74.0 million at December 31, 2008, primarily due to strong loan growth financing needs.

Asset Quality

At September 30, 2009, non-performing assets, consisting of non-accrual and delinquent loans 90 or more days past due and REO, were $14.8 million, or 2.84% of total assets, compared to $3.5 million, or 0.85% of total assets, at December 31, 2008. Non-accrual loans at September 30, 2009 totaled $13.7 million, of which $3.8 million represented one-to-four family loans, $1.5 million represented multi-family loans, $6.0 million represented commercial real estate loans, primarily church loans, and $2.4 million represented commercial and unsecured consumer loans. This compares to $3.5 million of non-accrual loans at December 31, 2008, of which $0.2 million represented multi-family loan, $3.1 million represented commercial real estate loans, including church loans, and $0.2 million represented commercial and unsecured consumer loans. At September 30, 2009, real estate owned totaled $1.1 million, consisting of two one-to-four family residential properties and a residential lot. The Bank had no loans in foreclosure or REO at December 31, 2008.

The Bank performed an impairment analysis for all non-performing loans, and recorded specific loss allocations for impaired loans of $0.9 million during the third quarter of 2009 and $2.5 million during the first nine months of 2009. The specific loss allocations for the third quarter of 2009 is mainly related to five one-to-four family residential loans totaling $2.9 million. The loans are non-performing and the recent valuation of the underlying collateral reflected a decrease in values, and the Bank accordingly allocated $0.6 million of specific loss allocations during the third quarter of 2009. The Bank also recorded a $0.3 million specific loss allocation on two delinquent consumer loans, one unsecured and one secured by deposit, totaling $2.3 million.

Six loans held for sale totaling $6.7 million, with a specific valuation allowance of $877 thousand, were considered impaired as of September 30, 2009. These same loans were considered impaired at June 30, 2009, with a specific valuation allowance of $610 thousand. This compares to two loans held for sale totaling $1.2 million, with a specific valuation allowance of $260 thousand, which were considered impaired as of December 31, 2008.

The Bank has a long history of excellent asset quality, but in the current economic situation, the Bank, like most other financial institutions, is experiencing an increase in non-performing loans. The Bank takes a proactive approach to managing delinquent loans, which includes conducting site examinations and encouraging borrowers to meet with a Bank representative. The Bank reviews its delinquencies on a loan by loan basis, exploring ways to help borrowers meet their obligations and return them back to a current performing status as soon as possible.

Performance Ratios

The annualized return on average equity for third quarter 2009 was 4.01%, compared to 5.24% for fourth quarter 2008 and 10.78% for third quarter 2008. The annualized return on average assets for third quarter 2009 was 0.26%, compared to 0.36% for fourth quarter 2008 and 0.63% for third quarter 2008. The annualized returns on average equity and average assets were negatively impacted by the substantial increase in our provision for loan losses for the third quarter of 2009 compared to the same period a year ago. The efficiency ratio for third quarter 2009 was 54.51%, compared to 74.19% for fourth quarter 2008 and 61.48% for third quarter 2008. The improvement in our efficiency ratio was primarily due to higher net interest income before provision for loan losses for the third quarter of 2009 primarily as a result of the strong growth in our interest earning assets and improvement in our net interest rate margin.

At September 30, 2009, the Bank’s Total Risk-Based Capital ratio was 11.00% and Tangible Capital equaled 7.48%, and the Bank met the capital requirements necessary to be deemed “well-capitalized” for regulatory purposes.

4

Forward-Looking Statements

Certain matters discussed in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations regarding the business environment in which the Company operates, projections of future performance, perceived opportunities in the market, and statements regarding strategic objectives. These forward-looking statements are based upon current management expectations, and involve risks and uncertainties. Actual results or performance may differ materially from those suggested, expressed, or implied by forward-looking statements due to a wide range of factors including, but not limited to, the general business environment, the real estate market, competitive conditions in the business and geographic areas in which the Company conducts its business, regulatory actions or changes and other risks detailed in the Company’s reports filed with the Securities and Exchange Commission, including the Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

About Broadway Federal Bank

Broadway Federal Bank, f.s.b. is a community-oriented savings bank, which primarily originates residential, church and commercial mortgage loans and conducts funds acquisition in the geographic areas known as Mid-City and South Los Angeles. The Bank operates five full service branches, four in the city of Los Angeles, and one located in the nearby city of Inglewood, California.

Shareholders, analysts and others seeking information about the Company are invited to write to: Broadway Financial Corporation, Investor Relations, 4800 Wilshire Blvd., Los Angeles, CA 90010, or visit our website at www.broadwayfederalbank.com.

5

BROADWAY FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets

(Dollars in thousands)

6

BROADWAY FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations and Comprehensive Earnings

(Dollars in thousands, except per share amounts)

(Unaudited)

7

BROADWAY FINANCIAL CORPORATION AND SUBSIDIARIES

Selected Ratios and Data

(Dollars in thousands)

8

BROADWAY FINANCIAL CORPORATION AND SUBSIDIARIES

Support for Calculations

(Dollars in thousands)

9