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Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2022
Parent Company Only Condensed Financial Information [Abstract] |
Condensed Balance Sheet | Condensed financial information of Broadway Financial Corporation follows: Condensed Balance Sheet December 31,
|  | 2022 |  |  | 2021 |
|  | (In thousands) |
Assets |  |  |  |  |  |
Cash and cash equivalents |  | $ | 84,015 |  |  | $ | 9,305 |
Investment in bank subsidiary |  |  | 192,977 |  |  |  | 131,540 |
Other assets |  |  | 2,725 |  |  |  | 4,068 |
Total assets |  | $ | 279,717 |  |  | $ | 144,913 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |  |
Accrued expenses and other liabilities |  | $ | 235 |  |  | $ | 583 |
Stockholders’ equity |  |  | 279,482 |  |  |  | 144,330 |
Total liabilities and stockholders’ equity |  | $ | 279,717 |  |  | $ | 144,913 |
Condensed Statements of Income | Condensed Statements of Income Years Ended December 31,
|  | 2022 |  |  | 2021 |
|  | (In thousands) |
Interest income |  | $ | 88 |  |  | $ | 27 |
Interest expense |  |  | – |  |  |  | (60 | )
Other expense |  |  | (877 | ) |  |  | (1,982 | )
Income (loss) before income tax and undistributed subsidiary income |  |  | (789 | ) |  |  | (2,015 | )
Income tax benefits |  |  | 85 |  |  |  | 405 |
Equity in undistributed subsidiary income (loss) |  |  | 6,340 |  |  |  | (2,440 | )
Net income (loss) |  | $ | 5,636 |  |  | $ | (4,050 | )
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years Ended December 31,
|  | 2022 |  |  | 2021 |
|  | (In thousands) |
Cash flows from operating activities |  |  |  |  |  |
Net income (loss) |  | $ | 5,636 |  |  | $ | (4,050 | )
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |  |
Equity in undistributed subsidiary loss (income) |  |  | (6,340 | ) |  |  | 2,440 |
Change in other assets |  |  | 1,196 |  |  |  | (1,333 | )
Change in accrued expenses and other liabilities |  |  | (348 | ) |  |  | 504 |
Net cash used in operating activities |  |  | 144 |  |  |  | (2,439 | )
Cash flows from investing activities |  |  |  |  |  |  |  |
Capital distribution to bank subsidiary |  |  | (75,000 | ) |  |  | (20,000 | )
Dividends from bank subsidiary |  |  | – |  |  |  | 700 |
Net cash (used in) provided by investing activities |  |  | (75,000 | ) |  |  | (19,300 | )
Cash flows from financing activities |  |  |  |  |  |  |  |
Proceeds from sale of stock |  |  | – |  |  |  | 30,837 |
Issuance of preferred stock |  |  | 150,000 |  |  |  | – |
Repayments of borrowings |  |  | – |  |  |  | (3,315 | )
Equity in CFBanc Corp on date of purchase |  |  | – |  |  |  | 3,330 |
Increase in unreleased ESOP shares |  |  | (500 | ) |  |  | – |
Proceeds from repayment of ESOP loan |  |  | 66 |  |  |  | 66 |
Net cash used in financing activities |  |  | 149,566 |  |  |  | 30,918 |
Net change in cash and cash equivalents |  |  | 74,710 |  |  |  | 9,179 |
Beginning cash and cash equivalents |  |  | 9,305 |  |  |  | 126 |
Ending cash and cash equivalents |  | $ | 84,015 |  |  | $ | 9,305 |

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