Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2018

Note 15 – Parent Company Only Condensed Financial Information

Condensed financial information of Broadway Financial Corporation follows:

Condensed Balance Sheet

December 31,


	2018		2017
	(In thousands)
Assets
Cash and cash equivalents	$	156	$	400
Investment in bank subsidiary		51,221		50,594
Other assets		2,225		2,015
Total assets	$	53,602	$	53,009
Liabilities and stockholders’ equity
Junior subordinated debentures	$	5,100	$	5,100
Accrued expenses and other liabilities		66		178
Stockholders’ equity		48,436		47,731
Total liabilities and stockholders’ equity	$	53,602	$	53,009

Condensed Statements of Income

Years ended December 31,


	2018		2017
	(In thousands)
Interest income	$	25	$	28
Interest expense		(243)		(194)
Other expense		(469)		(730)
Loss before income tax and undistributed subsidiary income		(687)		(896)
Income tax benefit (expense)		205		(326)
Equity in undistributed subsidiary income		1,297		3,091
Net income	$	815	$	1,869

Condensed Statements of Cash Flows

Years ended December 31,


	2018		2017
	(In thousands)
Cash flows from operating activities
Net income	$	815	$	1,869
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed subsidiary income		(1,297)		(3,091)
Change in other assets		(210)		330
Change in accrued expenses and other liabilities		(112)		(183)
Net cash used in operating activities		(804)		(1,075)
Cash flows from investing activities
Dividends from bank subsidiary		600		500
Net cash provided by investing activities		600		500
Cash flows from financing activities
Common stock repurchased for tax withholdings		(108)		—
Proceeds from repayment of ESOP loan		68		80
Net cash (used in) provided by financing activities		(40)		80
Net change in cash and cash equivalents		(244)		(495)
Beginning cash and cash equivalents		400		895
Ending cash and cash equivalents	$	156	$	400