| 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,
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(In thousands)
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Assets
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Cash and cash equivalents
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|
$
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70,165
|
|
|
$
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73,172
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|
Investment in bank subsidiary
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|
187,152
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205,744
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Other assets
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Total assets
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Liabilities and stockholders’ equity
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Accrued expenses and other liabilities
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$
|
167
|
|
|
$
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104
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|
Stockholders’ equity
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Total liabilities and stockholders’ equity
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Condensed Statements of Income
Years Ended December 31,
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(In thousands)
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|
Interest income
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$
|
260
|
|
|
$
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283
|
|
|
Interest expense
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|
–
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|
–
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|
Other expense
|
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Loss before income tax and undistributed subsidiary income
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(865
|
)
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(705
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)
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Income tax benefits
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|
235
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|
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|
209
|
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Equity in undistributed subsidiary (loss) income
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Net (loss) income
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Condensed Statements of Cash Flows
Years Ended December 31,
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(In thousands)
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Cash flows from operating activities
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Net (loss) income
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|
$
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(24,795
|
)
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|
$
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1,929
|
|
|
Adjustments to reconcile net (loss) income to net cash used in operating activities:
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Equity in undistributed subsidiary loss (income)
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24,165
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(2,425
|
)
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Stock awards expenses
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|
625 |
|
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|
593 |
|
|
Change in other assets
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(242
|
)
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(2,927
|
)
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|
Change in accrued expenses and other liabilities
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|
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Net cash used in operating activities
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Cash flows from financing activities
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Dividends declared and paid- ECIP
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|
(3,000 |
) |
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(1,567 |
) |
City First Bank Fund Manager II distribution
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|
|
(170 |
) |
|
|
– |
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Proceeds from repayment of ESOP loan
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Net cash used in financing activities
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Net change in cash and cash equivalents
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(3,007
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)
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(4,285
|
)
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Beginning cash and cash equivalents
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Ending cash and cash equivalents
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