U.S. SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                     FORM 5

               ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

    Filed  pursuant to Section  16(a) of the  Securities  Exchange  Act of 1934,
       Section 17(a) of the Public Utility Holding Company Act of 1935 or
               Section 30(f) of the Investment Company Act of 1940

[_]  Check box if no longer  subject to Section 16. Form 4 or Form 5 obligations
     may continue. See Instruction 1(b).

[_]  Form 3 Holdings Reported

[_]  Form 4 Transactions Reported

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1.   Name and Address of Reporting Person*

Hudson, Paul C.
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   (Last)                            (First)              (Middle)

901 South Longwood
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                                    (Street)

Los Angeles, California  90019
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   (City)                            (State)                (Zip)
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2.   Issuer Name and Ticker or Trading Symbol

Broadway Financial Corporation (BYFC)

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3.   IRS Identification Number of Reporting Person, if an Entity (Voluntary)



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4.   Statement for Month/Year


December 2002
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5.   If Amendment, Date of Original (Month/Year)



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6.   Relationship of Reporting Person to Issuer
     (Check all applicable)

     [X]  Director                             [_]  10% Owner
     [X]  Officer (give title below)           [_]  Other (specify below)

President/Chief Executive Officer
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7.   Individual or Joint/Group Filing
     (Check applicable line)

     [X]  Form filed by one Reporting Person
     [_]  Form filed by more than one Reporting Person
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           Table I -- Non-Derivative Securities Acquired, Disposed of,
                             or Beneficially Owned
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                                                                                                 5.             6.
                                                                 4.                              Amount of      Owner-
                                                                 Securities Acquired (A) or      Securities     ship
                                                                 Disposed of (D)                 Beneficially   Form:     7.
                                                                 (Instr. 3, 4 and 5)             Owned at End   Direct    Nature of
                                      2.            3.           -----------------------------   of Issuer's    (D) or    Indirect
1.                                    Transaction   Transaction                  (A)             Fiscal Year    Indirect  Beneficial
Title of Security                     Date          Code             Amount      or     Price    (Instr. 3      (I)       Ownership
(Instr. 3)                            (mm/dd/yy)    (Instr. 8)                   (D)             and 4)         (Instr.4) (Instr. 4)
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Common Stock                                                                                        19470           D
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*    If the form is filed by more than one  Reporting  Person,  see  Instruction
     4(b)(v).

Reminder:  Report on a separate line for each class of  securities  beneficially
owned directly or indirectly.

                           (Print or Type Responses)                      (Over)




FORM 5 (continued)

Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
         (e.g., puts, calls, warrants, options, convertible securities)

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                                                                                                          9.        10.
                                                                                                          Number    Owner-
                                                                                                          of        ship
                    2.                                                                                    Deriv-    of
                    Conver-                    5.                              7.                         ative     Deriv-   11.
                    sion                       Number of                       Title and Amount           Secur-    ative    Nature
                    or                         Derivative    6.                of Underlying     8.       ities     Secur-   of
                    Exer-                      Securities    Date              Securities        Price    Bene-     ity:     In-
                    cise     3.                Acquired (A)  Exercisable and   (Instr. 3 and 4)  of       ficially  Direct   direct
                    Price    Trans-   4.       or Disposed   Expiration Date   ----------------  Deriv-   Owned     (D) or   Bene-
1.                  of       action   Trans-   of (D)        (Month/Day/Year)            Amount  ative    at End    In-      ficial
Title of            Deriv-   Date     action   (Instr. 3,    ----------------            or      Secur-   of        direct   Owner-
Derivative          ative    (Month/  Code     4 and 5)      Date     Expira-            Number  ity      Year      (I)      ship
Security            Secur-   Day/     (Instr.  ------------  Exer-    tion               of      (Instr.  (Instr.   (Instr.  (Instr.
(Instr. 3)          ity      Year)    8)        (A)   (D)    cisable  Date     Title     Shares  5)       4)        4)       4)
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Stock Option        $6.68     07/25/02  A         5943      07/25/03  07/25/12
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Stock Option        $6.68     07/25/02  A         5945      07/25/04  07/25/12
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Stock Option        $6.68     07/25/02  A         5945      07/25/05  07/25/12
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Stock Option        $6.68     07/25/02  A         5945      07/25/06  07/25/12
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Stock Option        $6.68     07/25/02  A         5945      07/25/07  07/25/12
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Stock Grant         $6.68     07/25/02  A          489      07/25/03  07/25/12
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Stock Grant         $6.68     07/25/02  A          490      07/25/04  07/25/12
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Stock Grant         $6.68     07/25/02  A          489      07/25/05  07/25/12
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Stock Grant         $6.68     07/25/02  A          490      07/25/06  07/25/12
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Stock Grant         $6.68     07/25/02  A          490      07/25/07  07/25/12
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Stock Option        $4.34     11/15/00  A         1129      11/15/03  11/15/10
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Stock Option        $4.34     11/15/00  A         1130      11/15/04  11/15/10
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Stock Option        $4.34     11/15/00  A         1130      11/15/05  11/15/10
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Stock Option        $4.34     11/15/00  A         2259      11/15/02  11/15/10
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Stock Option        $5.50     09/17/07  A        35708      09/17/02  09/17/07
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Stock Option        $5.50     09/17/07  A         8926      09/17/02  09/17/07
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Explanation of Responses:




                                                            02/14/03
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      **Signature of Reporting Person                             Date

**   Intentional misstatements or omissions of facts constitute Federal Criminal
     Violations.

See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:  File three copies of this form, one of which must be manually signed.
       If space provided is insufficient, see Instruction 6 for procedure.


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