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Parent Company Only Condensed Financial Information
 12 Months Ended
Dec. 31, 2021
Parent Company Only Condensed Financial Information  
Parent Company Only Condensed Financial Information
Note 21 – Parent Company Only Condensed Financial Information
 
Condensed financial information of Broadway Financial Corporation follows:
 
Condensed Balance Sheet
December 31,
 
   
2021
    
2020
  
   
(In thousands)
  
Assets
            
Cash and cash equivalents
  
$
6,439
    
$
126
  
Investment in bank subsidiary
    
131,540
      
49,418
  
Other assets
    
3,604
      
2,735
  
Total assets
  
$
141,583
    
$
52,279
  
Liabilities and stockholders’ equity
                
Junior subordinated debentures
  
$
-
    
$
3,315
  
Accrued expenses and other liabilities
    
583
      
79
  
Stockholders’ equity
    
141,000
      
48,885
  
Total liabilities and stockholders’ equity
  
$
141,583
    
$
52,279
  
 
Condensed Statements of Income
Years ended December 31,
 
   
2021
    
2020
  
   
(In thousands)
  
Interest income
  
$
27
    
$
23
  
Interest expense
    
(60
)
    
(133
)
Other expense
    
(1,982
)
    
(1,033
)
Loss before income tax and undistributed subsidiary income
    
(2,015
)
    
(1,143
)
Income tax benefits
    
405
      
291
  
Equity in undistributed subsidiary (loss) income
    
(2,440
)
    
210
  
Net loss
  
$
(4,050
)
  
$
(642
)
 
Condensed Statements of Cash Flows
Years ended December 31,
 
   
2021
    
2020
  
   
(In thousands)
  
Cash flows from operating activities
            
Net loss
  
$
(4,050
)
  
$
(642
)
Adjustments to reconcile net loss to net cash used in operating activities:
                
Equity in undistributed subsidiary loss (income)
    
2,440
      
(210
)
Change in other assets
    
(869
)
    
(223
)
Change in accrued expenses and other liabilities
    
504
      
21
  
Net cash used in operating activities
    
(1,975
)
    
(1,054
)
Cash flows from investing activities
                
Capital distribution to bank subsidiary
     (20,000 )     -  
Dividends from bank subsidiary
    
700
      
2,000
  
Net cash (used in) provided by investing activities
    
(19,300
)
    
2,000
  
Cash flows from financing activities
                
Proceeds from sale of stock
    
30,837
      
-
  
Repayments of borrowings
    
(3,315
)
    
(1,020
)
Proceeds from repayment of ESOP loan
    
66
      
66
  
Net cash used in financing activities
    
27,588
      
(954
)
Net change in cash and cash equivalents
    
6,313
      
(8
)
Beginning cash and cash equivalents
    
126
      
134
  
Ending cash and cash equivalents
  
$
6,439
    
$
126