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Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2023
Parent Company Only Condensed Financial Information [Abstract] |
Condensed Balance Sheet | Condensed financial information of Broadway Financial Corporation follows: Condensed Balance Sheets December 31,
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
Assets |  |  |  |  |  |
Cash and cash equivalents |  | $ | 77,457 |  |  | $ | 84,015 |
Investment in bank subsidiary |  |  | 200,830 |  |  |  | 192,977 |
Other assets |  |  | 4,003 |  |  |  | 2,725 |
Total assets |  | $ | 282,290 |  |  | $ | 279,717 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |  |
Accrued expenses and other liabilities |  | $ | 387 |  |  | $ | 235 |
Stockholders’ equity |  |  | 281,903 |  |  |  | 279,482 |
Total liabilities and stockholders’ equity |  | $ | 282,290 |  |  | $ | 279,717 |
Condensed Statements of Income | Condensed Statements of Income Years Ended December 31,
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
Interest income |  | $ | 268 |  |  | $ | 88 |
Interest expense |  |  | – |  |  |  | – |
Other expense |  |  | (1,099 | ) |  |  | (877 | )
Income (loss) before income tax and undistributed subsidiary income |  |  | (831 | ) |  |  | (789 | )
Income tax benefits |  |  | 196 |  |  |  | 85 |
Equity in undistributed subsidiary income |  |  | 5,149 |  |  |  | 6,340 |
Net income |  | $ | 4,514 |  |  | $ | 5,636 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years Ended December 31,
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
Cash flows from operating activities |  |  |  |  |  |
Net income |  | $ | 4,514 |  |  | $ | 5,636 |
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |  |
Equity in undistributed subsidiary income |  |  | (5,149 | ) |  |  | (6,340 | )
Change in other assets |  |  | (1,222 | ) |  |  | 1,196 |
Change in accrued expenses and other liabilities |  |  | 152 |  |  |  | (348 | )
Net cash (used in) provided by operating activities |  |  | (1,705 | ) |  |  | 144 |
Cash flows from investing activities |  |  |  |  |  |  |  |
Capital distribution to bank subsidiary |  |  | – |  |  |  | (75,000 | )
Net cash used in investing activities |  |  | – |  |  |  | (75,000 | )
Cash flows from financing activities |  |  |  |  |  |  |  |
Share repurchase - FDIC |  |  | (1,781 | ) |  |  | – |
Proceeds from issuance of preferred stock |  |  | – |  |  |  | 150,000 |
Increase in unreleased ESOP shares |  |  | (3,400 | ) |  |  | (500 | )
Proceeds from repayment of ESOP loan |  |  | 328 |  |  |  | 66 |
Net cash (used in) provided by financing activities |  |  | (4,853 | ) |  |  | 149,566 |
Net change in cash and cash equivalents |  |  | (6,558 | ) |  |  | 74,710 |
Beginning cash and cash equivalents |  |  | 84,015 |  |  |  | 9,305 |
Ending cash and cash equivalents |  | $ | 77,457 |  |  | $ | 84,015 |

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