Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2015

Parent Company Only Condensed Financial Information

Parent Company Only Condensed Financial Information

Note 15—Parent Company Only Condensed Financial Information

Condensed financial information of Broadway Financial Corporation follows:

Condensed Balance Sheet
December 31,

	2015		2014
	(In thousands)
Assets
Cash and cash equivalents	$	2,016	$	2,880
Investment in bank subsidiary		49,480		39,944
Total assets	$	51,496	$	42,824
Liabilities and stockholders' equity
Junior subordinated debentures	$	5,100	$	5,100
Accrued expenses and other liabilities		233		466
Stockholders' equity		46,163		37,258
Total liabilities and stockholders' equity	$	51,496	$	42,824

Condensed Statements of Income
Years ended December 31,

	2015			2014
	(In thousands)
Interest income	$	—		$	—
Interest expense		(146	)		(180	)
Gain on restructuring of debt		—			365
Other expense		(484	)		(875	)
Loss before income tax and undistributed subsidiary income		(630	)		(690	)
Income taxes expense		(1	)		(2	)
Equity in undistributed subsidiary income		9,703			3,221
Net income	$	9,072		$	2,529

Condensed Statements of Cash Flows
Years ended December 31,

	2015			2014
	(In thousands)
Cash flows from operating activities
Net income	$	9,072		$	2,529
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed subsidiary income		(9,703	)		(3,221	)
Gain on restructuring of debt		—			(365	)
Amortization of deferred gain on debt restructuring		—			(133	)
Stock-based compensation — non-employee		—			25
Change in other assets		—			2
Change in accrued expenses and other liabilities		(233	)		(381	)
Net cash used in operating activities		(864	)		(1,544	)
Cash flows from investing activities
Investment in bank subsidiary		—			(2,500	)
Net cash used in investing activities		—			(2,500	)
Cash flows from financing activities
Net proceeds from issuance of common stock and Recapitalization		—			9,018
Repayments on senior debt		—			(2,425	)
Repayments on junior subordinated debentures		—			(900	)
Net cash provided by financing activities		—			5,693
Net change in cash and cash equivalents		(864	)		1,649
Beginning cash and cash equivalents		2,880			1,231
Ending cash and cash equivalents	$	2,016		$	2,880