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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 9 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net income $ 6,542 $ 7,563 $ 12,628 $ 15,042 $ 15,042
Adjustments to reconcile net income to net cash provided by operating activities:          
Net decrease in deferred loan fees     405 1,222  
Depreciation     403 467  
Accretion     (770) (693)  
Amortization     4,915 3,578  
Stock-based compensation     181 210  
(Reversal of) provision for credit losses 0 (1,500) 0 (3,300)  
Net gain on disposal of premises and equipment     0 (8)  
Net change in equity securities     584 112  
Increase in bank-owned life insurance, net of expenses     (487) (349)  
Net increase in accrued interest receivable and other assets     (1,263) (3,767)  
Net (decrease) increase in accrued interest payable and other liabilities     (11,271) 14,199  
(Provision) benefit for deferred income taxes     (564) 983  
Net cash provided by operating activities     5,524 27,775  
CASH FLOWS FROM INVESTING ACTIVITIES:          
Proceeds from sales or calls 102,379 590 235,370 590  
Proceeds from maturity and principal repayments of available-for-sale investment securities     37,974 23,660  
Proceeds from Maturities, Prepayments and Calls of Held-to-maturity Securities     845 0  
Net (increase) decrease in loans     (96,985) 32,004  
Purchases of premises and equipment     (84) (704)  
Proceeds from sale of premises and equipment     0 9  
Net cash used in investing activities     (125,153) (226,371)  
CASH FLOWS FROM FINANCING ACTIVITIES:          
Net (decrease) increase in demand, interest bearing and savings deposits     (14,300) 256,426  
Net decrease in time deposits     (2,500) (42)  
Purchase and retirement of common stock     6,814 4,842  
Proceeds from stock issued under employee stock purchase plan     110 110  
Proceeds from exercise of stock options 167 212 399 213  
Cash dividend payments on common stock     (2,824) (2,881)  
Net cash (used in) provided by financing activities     (16,605) 248,984  
(Decrease) increase in cash and cash equivalents     (136,234) 50,388  
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD     163,467 70,278 $ 70,278
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 27,233 $ 120,666 27,233 120,666  
Cash paid during the period for:          
Interest     1,159 576  
Operating cash flows from operating leases     1,108 1,124  
Payments to Acquire Debt Securities, Available-for-sale     (301,699) (271,930)  
Debt Securities, Available-for-sale, Realized Gain (Loss)     763 79  
Proceeds from short-term borrowings from Federal Home Loan Bank     1,158,602 0  
Purchases of bank-owned life insurance     0 10,000  
FHLB stock purchased     574 0  
Payments of FHLBank Borrowings, Financing Activities     1,149,278 0  
Income taxes     $ 4,914 $ 6,105