Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2014

Parent Company Only Condensed Financial Information

Parent Company Only Condensed Financial Information

Note 17—Parent Company Only Condensed Financial Information

Condensed financial information of Broadway Financial Corporation follows:

Condensed Balance Sheet
December 31,

	2014		2013
	(In thousands)
Assets
Cash and cash equivalents	$	2,880	$	1,231
Investment in bank subsidiary		39,944		34,127
Other assets		—		2
Total assets	$	42,824	$	35,360
Liabilities and stockholders' equity
Senior debt	$	—	$	2,923
Junior subordinated debentures		5,100		6,000
Accrued expenses and other liabilities		466		847
Stockholders' equity		37,258		25,590
Total liabilities and stockholders' equity	$	42,824	$	35,360

Condensed Statements of Operations
Years ended December 31,

	2014			2013
	(In thousands)
Interest income	$	—		$	—
Interest expense		(180	)		(557	)
Gain on restructuring of debt		365			1,221
Other expense		(875	)		(815	)
Loss before income tax and undistributed subsidiary income (loss)		(690	)		(151	)
Income taxes expense		(2	)		(2	)
Equity in undistributed subsidiary income (loss)		3,221			(148	)
Net income (loss)	$	2,529		$	(301	)

Condensed Statements of Cash Flows
Years ended December 31,

	2014			2013
	(In thousands)
Cash flows from operating activities
Net income (loss)	$	2,529		$	(301	)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Equity in undistributed subsidiary (income) loss		(3,221	)		148
Gain on restructuring of debt		(365	)		(1,221	)
Amortization of deferred gain on debt restructuring		(133	)		(37	)
Stock-based compensation—non-employee		25			—
Change in other assets		2			338
Change in accrued expenses and other liabilities		(381	)		507
Net cash used in operating activities		(1,544	)		(566	)
Cash flows from investing activities
Investment in bank subsidiary		(2,500	)		(1,200	)
Net cash used in investing activities		(2,500	)		(1,200	)
Cash flows from financing activities
Reduction in amount due to bank subsidiary		—			(521	)
Net proceeds from issuance of common stock and Recapitalization		9,018			3,398
Repayments on senior debt		(2,425	)		—
Repayments on junior subordinated debentures		(900	)		—
Net cash provided by financing activities		5,693			2,877
Net change in cash and cash equivalents		1,649			1,111
Beginning cash and cash equivalents		1,231			120
Ending cash and cash equivalents	$	2,880		$	1,231