Parent Company Only Condensed Financial Information

12 Months Ended

Dec. 31, 2011

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 Sheet

December 31,

	2011 (Restated)		2010
	(In thousands)
Assets
Cash and cash equivalents	$	641	$	376
Investment in bank subsidiary		31,568		43,429
Other assets		227		835
Total assets	$	32,436	$	44,640
Liabilities and stockholders’ equity
Junior subordinated debentures	$	6,000	$	6,000
Other borrowings		5,000		5,000
Dividends payable		1,219		490
Due to bank subsidiary		674		—
Other liabilities		1,267		290
Stockholders’ equity		18,276		32,860
Total liabilities and stockholders’ equity	$	32,436	$	44,640

Condensed Statements of Operations

Years ended December 31,

	2011 (Restated)			2010
	(In thousands)
Interest income	$	1		$	2
Interest expense		858			433
Other expense		548			609
Loss before income tax and undistributed subsidiary income (loss)		(1,405	)		(1,040	)
Income taxes benefit (expense)		(594	)		427
Equity in undistributed subsidiary income (loss)		(12,256	)		2,528
Net earnings (loss)	$	(14,255	)	$	1,915

Condensed Statements of Cash Flows

Years ended December 31,

	2011 (Restated)			2010
	(In thousands)
Cash flows from operating activities
Net earnings (loss)	$	(14,255	)	$	1,915
Adjustments to reconcile net earnings (loss) to net cash used in operating activities:
Equity in undistributed subsidiary (income) loss		12,256			(2,528	)
Change in other assets		608			(520	)
Change in other liabilities		977			198
Net cash used in operating activities		(414	)		(935	)
Cash flows from investing activities
Investment in bank subsidiary		—			(5,000	)
Net cash used in investing activities		—			(5,000	)
Cash flows from financing activities
Net increase in other borrowings		—			5000
Due to bank subsidiary		674			—
Reissuance of treasury stock		5			6
Cash dividends paid		—			(527	)
Net cash provided by financing activities		679			4,479
Net change in cash and cash equivalents		265			(1,456	)
Beginning cash and cash equivalents		376			1,832
Ending cash and cash equivalents	$	641		$	376