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Parent Company Only Condensed Financial Information
 12 Months Ended
Dec. 31, 2024
Parent Company Only Condensed Financial Information [Abstract]  
Parent Company Only Condensed Financial Information
Note 18 – Parent Company Only Condensed Financial Information
 
Condensed financial information of Broadway Financial Corporation follows:
 
Condensed Balance Sheets
December 31,
 
   
2024
    
2023
  
   
(In thousands)
  
Assets
            
Cash and cash equivalents
  
$
73,172
    
$
77,457
  
Investment in bank subsidiary
    
205,928
      
200,830
  
Other assets
    
6,161
      
4,003
  
Total assets
  
$
285,261
    
$
282,290
  
Liabilities and stockholders’ equity
                
Accrued expenses and other liabilities
   $
104
     $
387
  
Stockholders’ equity
    
285,157
      
281,903
  
Total liabilities and stockholders’ equity
  
$
285,261
    
$
282,290
  
 
Condensed Statements of Income
Years Ended December 31,
 
   
2024
    
2023
  
   
(In thousands)
  
Interest income
  
$
283
    
$
268
  
Interest expense
    
–
      
–
Other expense
    
(988
)
    
(1,099
)
Loss before income tax and undistributed subsidiary income
    
(705
)
    
(831
)
Income tax benefits
    
209
      
196
  
Equity in undistributed subsidiary income
   
2,422
      
5,149
Net income
  
$
1,926
    
$
4,514
 
Condensed Statements of Cash Flows
Years Ended December 31,
 
   
2024
    
2023
  
   
(In thousands)
  
Cash flows from operating activities
            
Net income
  
$
1,926
    
$
4,514
  
Adjustments to reconcile net loss to net cash used in operating activities:
                
Equity in undistributed subsidiary income
    
(2,422
)
    
(5,149
)
Stock awards expenses
     593       396  
Change in other assets
    
(2,927
)
    
(1,618
)
Change in accrued expenses and other liabilities
    
(290
)
    
152
  
Net cash used in operating activities
    
(3,120
)
    
(1,705
)
Cash flows from investing activities
                
Capital distribution to bank subsidiary
     –       –  
Net cash used in investing activities
    
–
      
–
  
Cash flows from financing activities
                
Share repurchase - FDIC
     –       (1,781 )
Dividends declared and paid- ECIP
     (1,567 )     –
  
Increase in unreleased ESOP shares
     –       (3,400 )
Proceeds from repayment of ESOP loan
    
402
      
328
  
Net cash used in financing activities
    
(1,165
)
    
(4,853
)
Net change in cash and cash equivalents
    
(4,285
)
    
(6,558
)
Beginning cash and cash equivalents
    
77,457
      
84,015
  
Ending cash and cash equivalents
  
$
73,172
    
$
77,457