Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2017

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,

	2017		2016
	(In thousands)
Assets
Cash and cash equivalents	$	400	$	895
Investment in bank subsidiary		50,594		47,747
Other assets		2,015		2,345
Total assets	$	53,009	$	50,987
Liabilities and stockholders' equity
Junior subordinated debentures	$	5,100	$	5,100
Accrued expenses and other liabilities		178		361
Stockholders' equity		47,731		45,526
Total liabilities and stockholders' equity	$	53,009	$	50,987

Condensed Statements of Income
Years ended December 31,

	2017			2016
	(In thousands)
Interest income	$	28		$	-
Interest expense		(194	)		(167	)
Other expense		(730	)		(1,033	)
Loss before income tax and undistributed subsidiary income		(896	)		(1,200	)
Income tax benefit (expense)		(326	)		2,344
Equity in undistributed subsidiary income		3,091			2,336
Net income	$	1,869		$	3,480

Condensed Statements of Cash Flows
Years ended December 31,

	2017			2016
	(In thousands)
Cash flows from operating activities
Net income	$	1,869		$	3,480
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed subsidiary income		(3,091	)		(2,336	)
Change in other assets		330			(2,345	)
Change in accrued expenses and other liabilities		(183	)		128
Net cash used in operating activities		(1,075	)		(1,073	)
Cash flows from investing activities
Dividends from bank subsidiary		500			4,000
Net cash provided by investing activities		500			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	)
Proceeds from repayment of ESOP loan		80			-
Net cash provided by (used in) financing activities		80			(4,048	)
Net change in cash and cash equivalents		(495	)		(1,121	)
Beginning cash and cash equivalents		895			2,016
Ending cash and cash equivalents	$	400		$	895