Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2023

Parent Company Only Condensed Financial Information [Abstract]

Parent Company Only Condensed Financial Information

Note 18 – Parent Company Only Condensed Financial Information

Condensed financial information of Broadway Financial Corporation follows:

Condensed Balance Sheets

December 31,

	2023		2022
	(In thousands)
Assets
Cash and cash equivalents	$	77,457	$	84,015
Investment in bank subsidiary		200,830		192,977
Other assets		4,003		2,725
Total assets	$	282,290	$	279,717
Liabilities and stockholders’ equity
Accrued expenses and other liabilities	$	387	$	235
Stockholders’ equity		281,903		279,482
Total liabilities and stockholders’ equity	$	282,290	$	279,717

Condensed Statements of Income

Years Ended December 31,

	2023			2022
	(In thousands)
Interest income	$	268		$	88
Interest expense		–			–
Other expense		(1,099	)		(877	)
Income (loss) before income tax and undistributed subsidiary income		(831	)		(789	)
Income tax benefits		196			85
Equity in undistributed subsidiary income		5,149			6,340
Net income	$	4,514		$	5,636

Condensed Statements of Cash Flows

Years Ended December 31,

	2023			2022
	(In thousands)
Cash flows from operating activities
Net income	$	4,514		$	5,636
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in undistributed subsidiary income		(5,149	)		(6,340	)
Change in other assets		(1,222	)		1,196
Change in accrued expenses and other liabilities		152			(348	)
Net cash (used in) provided by operating activities		(1,705	)		144
Cash flows from investing activities
Capital distribution to bank subsidiary		–			(75,000	)
Net cash used in investing activities		–			(75,000	)
Cash flows from financing activities
Share repurchase - FDIC		(1,781	)		–
Proceeds from issuance of preferred stock		–			150,000
Increase in unreleased ESOP shares		(3,400	)		(500	)
Proceeds from repayment of ESOP loan		328			66
Net cash (used in) provided by financing activities		(4,853	)		149,566
Net change in cash and cash equivalents		(6,558	)		74,710
Beginning cash and cash equivalents		84,015			9,305
Ending cash and cash equivalents	$	77,457		$	84,015

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