Exhibit 99.1

News Release

FOR IMMEDIATE RELEASE

Broadway Financial Corporation Reports Profit for 4th Quarter

and Year Ended December 31, 2010

LOS ANGELES, CA – (BUSINESS WIRE) – March 15, 2011 – Broadway Financial Corporation (the “Company”) (NASDAQ Capital Market: BYFC), parent company of Broadway Federal Bank, f.s.b. (the “Bank”), today reported net earnings of $1.9 million, or $0.44 per diluted common share, for the year ended December 31, 2010, as compared to a net loss of ($6.5) million, or ($4.14) per diluted common share, for 2009. The improvement in net earnings reflected higher net interest income before loan loss provisions, substantially reduced provisions for losses, and higher non-interest income. The Company reported total provisions for losses of $6.8 million during 2010, compared to total provisions for losses of $20.4 million during 2009.

Net earnings for the fourth quarter of 2010 were $237 thousand, or ($0.03) loss per diluted common share, as compared to a net loss of ($7.5) million, or ($4.43) per diluted common share, for the fourth quarter of 2009. During the fourth quarter of 2010, the Bank recognized total provisions of $2.2 million compared to total provisions of $15.8 million in the comparable quarter in 2009.

Chief Executive Officer, Paul C. Hudson noted that, “2010 was a tumultuous but defining year in which we refocused on core profitability, balance sheet strength and management processes and procedures. As a result, we increased the Bank’s capital ratios to levels that exceed regulatory requirements, implemented more stringent and comprehensive procedures for originating, underwriting, documenting and servicing loans, enhanced our management team in various loan review and servicing functions, attained a much stronger liquidity position, and substantially reduced our brokered deposits. In addition, we have taken steps to address the recommendations of an independent third party that completed a comprehensive review of our loan portfolio and processes in the fourth quarter. Also, in late 2010 we adopted a plan to recapitalize the Company in 2011 to further enhance our capital ratios, simplify our capital structure, substantially reduce the servicing requirements of senior securities, and improve our common equity base and market float.” Mr. Hudson further emphasized that, “The Bank’s focus on serving the needs of low to moderate income urban communities represents a differentiated strategy that supports core earnings, despite the weak local economy, and depressed real estate market.”

Highlights for 2010

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The conditions to each of the above exchanges include requirements that the holder of our outstanding Series C Noncumulative Perpetual Convertible Preferred Stock concurrently exchange such preferred stock for our common stock on similar terms and that we concurrently complete private placements or other sales of our common stock aggregating $5 million or more in gross proceeds. Based on the agreements in principle that we have reached, we anticipate that these transactions will result in the issuance of approximately 7.0 million new shares of our common stock, which would constitute approximately 80% of the pro forma outstanding shares of our common stock.

Fourth Quarter 2010 Earnings Summary

For the fourth quarter ended December 31, 2010, our net interest income before provision for loan losses was $4.8 million, which represented a decrease of $186 thousand, or 4%, from the fourth quarter of 2009. The decrease was primarily attributable to a decrease of $11.3 million in average interest-earning assets, combined with a 6 basis point decrease in net interest margin from 3.93% in the fourth quarter of 2009 to 3.87% in the fourth quarter of 2010. The decline in our net interest margin was due to a 21 basis point reduction in the yield on our interest-earning assets, primarily resulting from elevated levels of non-performing loans and higher average balances in lower yielding liquid assets.

The provision for loan losses totaled $1.8 million for the fourth quarter of 2010, compared to $15.7 million for the same period a year ago. The amount of the provision recorded in the fourth quarter of 2010 reflects the increase in classified loans resulting from a third party review of our loan portfolio and an increase in delinquencies and non-performing loans from September 30, 2010. The provision for loan losses of $15.7 million for the fourth quarter of 2009 was reflective of deteriorating asset quality, higher net loan charge-offs and the results of a regulatory examination in the early part of 2010.

Non-interest income for the quarter ended December 31, 2010 totaled $1.0 million compared to $895 thousand for the fourth quarter of 2009. The increase from the fourth quarter of 2009 was primarily due to higher net gains on sales of loans.

Non-interest expense for the fourth quarter ended December 31, 2010 totaled $3.5 million, compared to $2.9 million for the fourth quarter of 2009. The increase was mostly due to a higher provision for losses on real estate owned (“REO”). Also contributing to higher non-interest expense in the 2010 fourth quarter were higher consulting fees related to the independent third party review of our loan portfolio, higher premiums for FDIC insurance, and higher appraisal expenses related to delinquent loans and REO.

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Balance Sheet Summary

Total assets were $483.9 million at December 31, 2010, which represented a decrease of $37.1 million, or 7%, from December 31, 2009. During 2010, cash and cash equivalents increased by $14.5 million, net loans (including loans held for sale) decreased by $41.6 million, securities decreased by $8.0 million and REO increased by $1.0 million.

Loan originations, including purchases, for the year ended December 31, 2010 totaled $17.5 million compared to $154.7 million for the year ended December 31, 2009. Loan repayments, including loan sales, totaled $39.3 million for the year ended December 31, 2010, compared to $37.8 million for the comparable period in 2009. Loans transferred to REO during 2010 totaled $5.0 million, compared to $2.1 million during 2009. In addition, during 2010 we transferred $24.0 million of loans to loans receivable held for sale, compared to $-0- during 2009.

Deposits totaled $348.4 million at December 31, 2010, down $37.0 million, or 10%, from year-end 2009. During 2010, core deposits (NOW, demand, money market and passbook accounts) decreased by $6.8 million and certificates of deposit (“CDs”) decreased by $30.2 million. Included in the $30.2 million decrease in CDs was an $82.8 million reduction in our brokered deposits, which was partially offset by a $52.6 million increase in our regular CDs. Brokered deposits represented 5% of total deposits at December 31, 2010 compared to 26% at December 31, 2009.

Stockholders’ equity was $32.9 million, or 7% of the Company’s total assets, at December 31, 2010. At December 31, 2010, the Bank’s Total Risk-Based Capital ratio was 13.05%, its Tier 1 Risk-Based Capital ratio was 11.76%, and its Core Capital and Tangible Capital ratios were 8.82%. The Company is currently implementing a Recapitalization Plan to increase capital and reduce debt and senior securities, including a sale of additional common stock and exchanges of preferred stock for common stock at a discount to the liquidation amount, to further strengthen the Company’s capital ratios, and position the Bank for future growth.

Asset Quality

Non-performing assets, comprised of non-performing loans (“NPLs”) and REO, were $46.5 million, or 9.60% of total assets, at December 31, 2010, compared to $37.0 million, or 7.10% of total assets, at December 31, 2009. During 2010, NPLs increased by $8.5 million to $43.4 million from the balance at the end of 2009. These loans consist of delinquent loans that are 90 days or more past due and troubled debt restructurings (“TDRs”) that do not qualify for accrual status. The NPLs included 37 commercial real estate loans totaling $28.6 million, 15 one-to-four family residential real estate loans totaling $6.2 million, four multi-family residential real estate loans totaling $2.2 million, two commercial loans totaling $3.8 million, two consumer loans totaling $2.3 million, and one land loan of $0.3 million. In addition to the NPLs discussed above, there were $22.5 million and $21.5 million of accruing TDRs at December 31, 2010 and 2009. These TDRs are on accrual status as the loans have complied with the terms of their restructured agreements for a period of six months or longer.

During 2010, REO increased by $964 thousand to $3.0 million from the end of 2009. At December 31, 2010 the Bank’s REO consisted of three one-to-four family residential properties, three multi-family residential properties and five commercial real estate properties, three of which are church buildings.

We are continuing to monitor our loan portfolio closely and work with borrowers to maximize the value of our assets. As part of this process, during 2010 we enhanced our loan monitoring and servicing procedures, implemented direct reporting to a committee of our Board of Directors, and hired experienced managers for both our loan servicing and Internal Asset Review functions. In addition, we are pursuing sales of our REO and selected classified assets. During 2010 we successfully sold $13.1 million of loans, including $1.9 million of classified non-performing loans, and $3.0 million of REO. During 2009, we sold $2.9 million of loans.

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At December 31, 2010 our allowance for loan losses was $20.5 million, or 5.08% of our gross loans, compared to $20.5 million, or 4.52% of our gross loans, at year-end 2009. The ratio of the allowance for loan losses to NPLs was 54.53% at December 31, 2010, compared to 66.20% at year-end 2009. The decrease in the coverage ratio of the allowance for loan losses to non-performing loans was primarily due to the impact of loan charge-offs, which reduced the allowance for loan losses proportionately more than the corresponding reduction in NPLs. Net loan charge-offs during 2010 were $4.5 million, or 0.97% of average loans, compared to $2.7 million, or 0.64% of average loans, during 2009.

In determining the level of allowances for loan losses, we account for unimpaired loans in accordance with FASB Accounting Standards Codification Topic, “Loss Contingencies” (Topic 450-20). In contrast, we account for impaired loans in accordance with FASB Accounting Standards Codification Topic, “Impairment of a Loan” (Topic 310-10-35). Loans identified as impaired are accounted for in accordance with one of the three acceptable valuation methods: 1) the present value of future cash flows discounted at the loan’s effective interest rate; 2) the loan’s observable market price; or 3) the fair value of the collateral (as determined by third party appraisals or opinions of value obtained from real estate brokers), if the loan is collateral dependent. We believe that our loan reserves are adequate based on our analyses, the comprehensive review of our portfolio by an independent third party, and the reviews performed by the OTS and the FDIC during 2010.

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, the Company’s plans for Recapitalizing and raising capital, 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 the 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 Financial Corporation

Broadway Financial Corporation conducts its operations through its wholly-owned subsidiary, Broadway Federal Bank, f.s.b., which is the leading community-oriented savings bank in Southern California serving low to moderate income communities. We offer a variety of residential and commercial real estate loan products for consumers, businesses, and non-profit organizations, other loan products, and a variety of deposit products, including checking, savings and money market accounts, certificates of deposits and retirement accounts. 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.

SOURCE: Broadway Financial Corporation

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BROADWAY FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Balance Sheets

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BROADWAY FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations and Comprehensive Earnings (Loss)

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BROADWAY FINANCIAL CORPORATION AND SUBSIDIARIES

Selected Ratios and Data

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BROADWAY FINANCIAL CORPORATION AND SUBSIDIARIES

Support for Calculations

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