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Parent Company Only Condensed Financial Information | 12 Months Ended
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Dec. 31, 2021
Parent Company Only Condensed Financial Information |
Parent Company Only Condensed Financial Information | Note 21 – Parent Company Only Condensed Financial Information 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 |
Condensed Statements of Income 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 | )
Condensed Statements of Cash Flows 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 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123454820&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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