Parent Company Only Condensed Financial Information (Tables)

12 Months Ended

Dec. 31, 2021

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

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	)

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