Condensed Financial Information - Parent Company Only (Tables)

12 Months Ended

Sep. 30, 2019

Condensed Balance Sheets - September 30, 2019 and 2018

(dollars in thousands)



	2019		2018
Assets
Cash and cash equivalents:
Cash and due from financial institutions	$	336	$	306
Interest-bearing deposits in banks	2,555		2,588
Total cash and cash equivalents	2,891		2,894

Loan receivable from ESOP	—		285
Investment in Bank	168,525		121,818
Other assets	15		15
Total assets	$	171,431	$	125,012

Liabilities and shareholders’ equity
Accrued expenses	$	364	$	355
Shareholders’ equity	171,067		124,657
Total liabilities and shareholders’ equity	$	171,431	$	125,012

Condensed Statements of Income - Years Ended September 30, 2019, 2018 and 2017

(dollars in thousands)



	2019			2018			2017
Operating income
Interest on deposits in banks	$	67		$	37		$	27
Interest on loan receivable from ESOP	9			53			96
Dividends from Bank	6,607			4,429			1,390
Total operating income	6,683			4,519			1,513

Operating expenses	525			591			467

Income before income taxes and equity in undistributed income of Bank	6,158			3,928			1,046
Benefit for income taxes	(169		)	(198		)	(385		)

Income before undistributed income of Bank	6,327			4,126			1,431

Equity in undistributed income of Bank	17,693			12,595			12,736
Net income	$	24,020		$	16,721		$	14,167

Condensed Statements of Cash Flows - Years Ended September 30, 2019, 2018 and 2017

(dollars in thousands)



	2019			2018			2017
Cash flows from operating activities
Net income	$	24,020		$	16,721		$	14,167
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of Bank	(17,693		)	(12,595		)	(12,736		)
Earned ESOP shares	441			882			605
Stock option compensation expense	159			172			156
Other, net	9			280			33
Net cash provided by operating activities	6,936			5,460			2,225

Cash flows from investing activities
Investment in Bank	(14,915		)	(1,271		)	(930		)
Principal repayments on loan receivable from ESOP	285			536			493
Cash acquired, net of cash consideration paid in business combination	14,284			—			—
Net cash used in investing activities	(346		)	(735		)	(437		)

Cash flows from financing activities
Proceeds from exercise of stock options	401			318			332
Proceeds from exercise of stock warrant	—			—			2,496
Repurchase of common stock	(499		)	—			—
Payment of dividends	(6,495		)	(4,431		)	(3,641		)
Net cash used in financing activities	(6,593		)	(4,113		)	(813		)

Net (decrease) increase in cash and cash equivalents	(3		)	612			975

Cash and cash equivalents
Beginning of period	2,894			2,282			1,307
End of period	$	2,891		$	2,894		$	2,282