BROADWAY FINANCIAL CORP DE
For the period ended Dec 31, 2023. Filed May 20, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed May 20, 2024
BYFC$11.52-3.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Statements of Cash Flows
| 2023 | 2022 | |
|---|---|---|
| (In thousands) | ||
| Cash flows from operating activities: | ||
| Net income | $4,538 | $5,706 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Provision for credit losses | 933 | 997 |
| Depreciation and amortization | 385 | 376 |
| Net change of deferred loan origination costs | 413 | 229 |
| Net amortization of premiums & discounts on available-for-sale securities | (1,044) | (225) |
| Accretion of purchase accounting marks on loans | (235) | (831) |
| Amortization of core deposit intangible | 390 | 435 |
| Director compensation expense-common stock | 95 | 84 |
| Accretion of premium on FHLB advances | (23) | (38) |
| Stock-based compensation expense | 208 | 133 |
| ESOP compensation expense | 93 | 66 |
| Earnings on bank owned life insurance | (42) | (43) |
| Net change in assets and liabilities: | ||
| Deferred tax assets | 1,238 | 1,492 |
| Accrued interest receivable | (965) | (601) |
| Other assets | (677) | (995) |
| Accrued expenses and other liabilities | 2,287 | (461) |
| Net cash provided by operating activities | 7,594 | 6,324 |
| Cash flows from investing activities: | ||
| Net change in loans receivable held for investment | (115,331) | (119,928) |
| Principal payments and maturities on available-for-sale securities | 18,395 | 19,325 |
| Purchase of available-for-sale securities | – | (215,500) |
| Purchase of FRB stock | – | (4,571) |
| Purchase of FHLB stock | (13,287) | (5,414) |
| Proceeds from redemption of FHLB stock | 8,667 | 2,452 |
| Proceeds from redemption of FRB stock | 1,720 | – |
| Purchase of office properties and equipment | (208) | (323) |
| Net cash used in investing activities | (100,044) | (323,959) |
| Cash flows from financing activities: | ||
| Net change in deposits | (4,281) | (101,136) |
| Net change in securities sold under agreements to repurchase | 10,004 | 11,511 |
| Increase in unreleased ESOP shares | (3,400) | (500) |
| Proceeds from issuance of preferred stock | – | 150,000 |
| Proceeds from Bank Term Funding Program | 100,000 | – |
| Dividends paid on preferred stock | – | (15) |
| Share repurchase - FDIC | (1,781) | – |
| Proceeds from FHLB advances | 456,138 | 95,500 |
| Repayments of FHLB advances | (375,140) | (53,140) |
| Net cash provided by financing activities | 181,540 | 102,220 |
| Net change in cash and cash equivalents | 89,090 | (215,415) |
| Cash and cash equivalents at beginning of the period | 16,105 | 231,520 |
| Cash and cash equivalents at end of the period | $105,195 | $16,105 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid for interest | $16,921 | $3,053 |
| Cash paid for income taxes | 2,036 | 332 |
| Supplemental non-cash disclosures: | ||
| Common stock issued in exchange for preferred stock | $– | $3,000 |
| Assets acquired (liabilities assumed) in acquisition: | ||
| Goodwill | – | (138) |
| Deferred taxes | – | 138 |
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