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Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2021
Parent Company Only Condensed Financial Information |
Condensed Balance Sheet | 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 | 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 | 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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