Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2016

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,

	2016		2015
	(In thousands)
Assets
Cash and cash equivalents	$	895	$	2,016
Investment in bank subsidiary		47,747		49,480
Other assets		2,345		-
Total assets	$	50,987	$	51,496
Liabilities and stockholders' equity
Junior subordinated debentures	$	5,100	$	5,100
Accrued expenses and other liabilities		361		233
Stockholders' equity		45,526		46,163
Total liabilities and stockholders' equity	$	50,987	$	51,496

Condensed Statements of Income
Years ended December 31,

	2016			2015
	(In thousands)
Interest income	$	-		$	-
Interest expense		(167	)		(146	)
Other expense		(1,033	)		(484	)
Loss before income tax and undistributed subsidiary income		(1,200	)		(630	)
Income tax benefit (expense)		2,344			(1	)
Equity in undistributed subsidiary income		2,336			9,703
Net income	$	3,480		$	9,072

Condensed Statements of Cash Flows
Years ended December 31,

	2016			2015
	(In thousands)
Cash flows from operating activities
Net income	$	3,480		$	9,072
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed subsidiary income		(2,336	)		(9,703	)
Change in other assets		(2,345	)		-
Change in accrued expenses and other liabilities		128			(233	)
Net cash used in operating activities		(1,073	)		(864	)
Cash flows from investing activities
Dividends from bank subsidiary		4,000			-
Net cash provided by investing activities		4,000			-
Cash flows from financing activities
Net proceeds from issuance of common stock		1,125			-
Repurchase of common stock		(3,997	)		-
Loan to ESOP		(1,176	)		-
Net cash used in financing activities		(4,048	)		-
Net change in cash and cash equivalents		(1,121	)		(864	)
Beginning cash and cash equivalents		2,016			2,880
Ending cash and cash equivalents	$	895		$	2,016