Attached files
| file | filename |
|---|---|
| 8-K/A - FORM 8-K AMENDMENT NO. 1 - BROADWAY FINANCIAL CORP \DE\ | d8ka.htm |
Exhibit 99.1
BROADWAY FINANCIAL CORPORATION AND SUBSIDIARIES
Consolidated Balance Sheets
(Dollars in thousands)
| December 31, 2010 |
December 31, 2009 |
|||||||
| (Unaudited) | ||||||||
| ASSETS |
||||||||
| Cash and cash equivalents |
$ | 21,978 | $ | 7,440 | ||||
| Securities available for sale, at fair value |
10,524 | 14,961 | ||||||
| Securities held to maturity |
12,737 | 16,285 | ||||||
| Loans receivable held for sale, net |
29,411 | 20,940 | ||||||
| Loans receivable, net of allowance of $20,458 and $20,460 |
382,616 | 432,640 | ||||||
| Accrued interest receivable |
2,216 | 2,419 | ||||||
| Federal Home Loan Bank (FHLB) stock, at cost |
4,089 | 4,305 | ||||||
| Office properties and equipment, net |
5,094 | 5,363 | ||||||
| Real estate owned |
3,036 | 2,072 | ||||||
| Bank owned life insurance |
2,522 | 2,418 | ||||||
| Deferred tax assets |
5,369 | 4,986 | ||||||
| Other assets |
4,338 | 7,217 | ||||||
| Total assets |
$ | 483,930 | $ | 521,046 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||||
| Deposits |
$ | 348,445 | $ | 385,488 | ||||
| Federal Home Loan Bank advances |
87,000 | 91,600 | ||||||
| Junior subordinated debentures |
6,000 | 6,000 | ||||||
| Other borrowings |
5,000 | — | ||||||
| Advance payments by borrowers for taxes and insurance |
272 | 372 | ||||||
| Other liabilities |
4,353 | 6,071 | ||||||
| Total liabilities |
451,070 | 489,531 | ||||||
| Stockholders’ Equity: |
||||||||
| Senior preferred, cumulative and non-voting stock, $1,000 par value, authorized, issued and outstanding 9,000 shares of Series D at December 31, 2010 and 2009; liquidation preference of $9,000 at December 31, 2010 and 2009 |
8,963 | 8,963 | ||||||
| Senior preferred, cumulative and non-voting stock, $1,000 par value, authorized, issued and outstanding 6,000 shares of Series E at December 31, 2010 and 2009; liquidation preference of $6,000 at December 31, 2010 and 2009 |
5,974 | 5,974 | ||||||
| Preferred, non-cumulative and non-voting stock, $.01 par value, authorized 1,000,000 shares; issued and outstanding 55,199 shares of Series A, 100,000 shares of Series B and 76,950 shares of Series C at December 31, 2010 and 2009; liquidation preference of $552 for Series A, $1,000 for Series B and $1,000 for Series C at December 31, 2010 and 2009 |
2 | 2 | ||||||
| Preferred stock discount |
(1,380 | ) | (1,756 | ) | ||||
| Common stock, $.01 par value, authorized 3,000,000 shares; issued 2,013,942 shares at December 31, 2010 and 2009; outstanding 1,743,965 shares at December 31, 2010 and 1,743,365 shares at December 31, 2009 |
20 | 20 | ||||||
| Additional paid-in capital |
14,395 | 14,273 | ||||||
| Retained earnings-substantially restricted |
8,074 | 7,322 | ||||||
| Accumulated other comprehensive income, net of taxes of $176 at December 31, 2010 and $118 at December 31, 2009 |
263 | 176 | ||||||
| Treasury stock-at cost, 269,977 shares at December 31, 2010 and 270,577 shares at December 31, 2009 |
(3,451 | ) | (3,459 | ) | ||||
| Total stockholders’ equity |
32,860 | 31,515 | ||||||
| Total liabilities and stockholders’ equity |
$ | 483,930 | $ | 521,046 | ||||