Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2020

Note 17 – Parent Company Only Condensed Financial Information

Condensed financial information of Broadway Financial Corporation follows:

Condensed Balance Sheet

December 31,

	2020		2019
	(In thousands)
Assets
Cash and cash equivalents	$	126	$	134
Investment in bank subsidiary		49,418		50,594
Other assets		2,735		2,512
Total assets	$	52,279	$	53,240
Liabilities and stockholders’ equity
Junior subordinated debentures	$	3,315	$	4,335
Accrued expenses and other liabilities		79		57
Stockholders’ equity		48,885		48,848
Total liabilities and stockholders’ equity	$	52,279	$	53,240

Condensed Statements of Income

Years ended December 31,

	2020			2019
	(In thousands)
Interest income	$	23		$	23
Interest expense		(133	)		(247	)
Other expense		(1,033	)		(720	)
Loss before income tax and undistributed subsidiary income		(1,143	)		(944	)
Income tax benefits		291			279
Equity in undistributed subsidiary income		210			459
Net loss	$	(642	)	$	(206	)

Condensed Statements of Cash Flows

Years ended December 31,

	2020			2019
	(In thousands)
Cash flows from operating activities
Net loss	$	(642	)	$	(206	)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in undistributed subsidiary income		(210	)		(459	)
Change in other assets		(223	)		(287	)
Change in accrued expenses and other liabilities		21			(9	)
Net cash used in operating activities		(1,054	)		(961	)
Cash flows from investing activities
Dividends from bank subsidiary		2,000			1,650
Net cash provided by investing activities		2,000			1,650
Cash flows from financing activities
Common stock repurchased for tax withholdings		-			(14	)
Repayments of borrowings		(1,020	)		(765	)
Proceeds from repayment of ESOP loan		66			68
Net cash used in financing activities		(954	)		(711	)
Net change in cash and cash equivalents		(8	)		(22	)
Beginning cash and cash equivalents		134			156
Ending cash and cash equivalents	$	126		$	134