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Parent Company Only Condensed Financial Information | 12 Months Ended
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Dec. 31, 2019
Parent Company Only Condensed Financial Information |
Parent Company Only Condensed Financial Information | Note 16 – Parent Company Only Condensed Financial Information Condensed financial information of Broadway Financial Corporation follows: Condensed Balance Sheet December 31,
|  | 2019 |  | 2018
|  | (In thousands)
Assets |  |  |  |  |  |
Cash and cash equivalents |  | $ | 134 |  | $ | 156
Investment in bank subsidiary |  |  | 50,594 |  |  | 51,221
Other assets |  |  | 2,512 |  |  | 2,225
Total assets |  | $ | 53,240 |  | $ | 53,602
Liabilities and stockholders’ equity |  |  |  |  |  |
Junior subordinated debentures |  | $ | 4,335 |  | $ | 5,100
Accrued expenses and other liabilities |  |  | 57 |  |  | 66
Stockholders’ equity |  |  | 48,848 |  |  | 48,436
Total liabilities and stockholders’ equity |  | $ | 53,240 |  | $ | 53,602
Condensed Statements of Income Years ended December 31,
|  | 2019 |  | 2018
|  | (In thousands)
Interest income |  | $ | 23 |  | $ | 25
Interest expense |  |  | (247) |  |  | (243)
Other expense |  |  | (720) |  |  | (469)
Loss before income tax and undistributed subsidiary income |  |  | (944) |  |  | (687)
Income tax benefit (expense) |  |  | 279 |  |  | 205
Equity in undistributed subsidiary income |  |  | 459 |  |  | 1,297
Net income |  | $ | (206) |  | $ | 815
Condensed Statements of Cash Flows Years ended December 31,
|  | 2019 |  | 2018
|  | (In thousands)
Cash flows from operating activities |  |  |  |  |  |
Net (loss) income |  | $ | (206) |  | $ | 815
Adjustments to reconcile net (loss) income to net cash used in operating activities: |  |  |  |  |  |
Equity in undistributed subsidiary income |  |  | (459) |  |  | (1,297)
Change in other assets |  |  | (287) |  |  | (210)
Change in accrued expenses and other liabilities |  |  | (9) |  |  | (112)
Net cash used in operating activities |  |  | (961) |  |  | (804)
Cash flows from investing activities |  |  |  |  |  |
Dividends from bank subsidiary |  |  | 1,650 |  |  | 600
Net cash provided by investing activities |  |  | 1,650 |  |  | 600
Cash flows from financing activities |  |  |  |  |  |
Common stock repurchased for tax withholdings |  |  | (14) |  |  | (108)
Repayments of borrowings |  |  | (765) |  |  | —
Proceeds from repayment of ESOP loan |  |  | 68 |  |  | 68
Net cash used in financing activities |  |  | (711) |  |  | (40)
Net change in cash and cash equivalents |  |  | (22) |  |  | (244)
Beginning cash and cash equivalents |  |  | 156 |  |  | 400
Ending cash and cash equivalents |  | $ | 134 |  | $ | 156

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