Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2022

Parent Company Only Condensed Financial Information [Abstract]

Parent Company Only Condensed Financial Information

Note 20 – Parent Company Only Condensed Financial Information

Condensed financial information of Broadway Financial Corporation follows:

Condensed Balance Sheet

December 31,

	2022		2021
	(In thousands)
Assets
Cash and cash equivalents	$	84,015	$	9,305
Investment in bank subsidiary		192,977		131,540
Other assets		2,725		4,068
Total assets	$	279,717	$	144,913
Liabilities and stockholders’ equity
Accrued expenses and other liabilities	$	235	$	583
Stockholders’ equity		279,482		144,330
Total liabilities and stockholders’ equity	$	279,717	$	144,913

Condensed Statements of Income

Years Ended December 31,

	2022			2021
	(In thousands)
Interest income	$	88		$	27
Interest expense		–			(60	)
Other expense		(877	)		(1,982	)
Income (loss) before income tax and undistributed subsidiary income		(789	)		(2,015	)
Income tax benefits		85			405
Equity in undistributed subsidiary income (loss)		6,340			(2,440	)
Net income (loss)	$	5,636		$	(4,050	)

Condensed Statements of Cash Flows

Years Ended December 31,

	2022			2021
	(In thousands)
Cash flows from operating activities
Net income (loss)	$	5,636		$	(4,050	)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in undistributed subsidiary loss (income)		(6,340	)		2,440
Change in other assets		1,196			(1,333	)
Change in accrued expenses and other liabilities		(348	)		504
Net cash used in operating activities		144			(2,439	)
Cash flows from investing activities
Capital distribution to bank subsidiary		(75,000	)		(20,000	)
Dividends from bank subsidiary		–			700
Net cash (used in) provided by investing activities		(75,000	)		(19,300	)
Cash flows from financing activities
Proceeds from sale of stock		–			30,837
Issuance of preferred stock		150,000			–
Repayments of borrowings		–			(3,315	)
Equity in CFBanc Corp on date of purchase		–			3,330
Increase in unreleased ESOP shares		(500	)		–
Proceeds from repayment of ESOP loan		66			66
Net cash used in financing activities		149,566			30,918
Net change in cash and cash equivalents		74,710			9,179
Beginning cash and cash equivalents		9,305			126
Ending cash and cash equivalents	$	84,015		$	9,305

There was $3.0 million of non-cash financing activities for the exchange of preferred stock for common stock in 2022.