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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Mar. 31, 2019
Mar. 31, 2018
Interest and dividend income        
Loans receivable and loans held for sale $ 12,216 $ 9,484 $ 23,997 $ 18,812
Investment securities 297 39 575 96
Dividends from mutual funds, FHLB stock and other investments 39 26 78 52
Interest-bearing deposits in banks and CDs 1,289 741 2,506 1,364
Total interest and dividend income 13,841 10,290 27,156 20,324
Interest expense        
Deposits 1,113 666 2,084 1,266
Total interest expense 1,113 666 2,084 1,266
Net interest income 12,728 9,624 25,072 19,058
Provision for loan losses 0 0 0 0
Net interest income after provision for loan losses 12,728 9,624 25,072 19,058
Non-interest income        
Recoveries (other than temporary impairment OTTI) on investment securities (20) (14) (32) (41)
Adjustment for portion of OTTI transferred from other comprehensive income (loss) before income taxes (11) 0 (12) (5)
Net recoveries on investment securities (9) (14) (20) (36)
Service charges on deposits 1,190 1,132 2,405 2,310
ATM and debit card interchange transaction fees 857 883 1,806 1,727
BOLI net earnings 1,156 137 1,313 273
Gain on sales of loans, net 288 470 675 992
Escrow fees 39 52 96 112
Servicing income on loans sold 117 117 265 233
Fee income from non-deposit investment sales 7 26 37 45
Other, net 277 251 589 491
Total non-interest income, net 3,940 3,082 7,206 6,219
Non-interest expense        
Salaries and employee benefits 4,867 4,001 9,473 7,950
Premises and equipment 993 799 1,947 1,567
Loss (gain) on sales/dispositions of premises and equipment, net 8 (113) 8 (113)
Advertising 175 176 366 386
OREO and other repossessed assets, net 52 91 102 204
ATM and debit card interchange transaction fees 389 318 811 648
Postage and courier 138 131 248 237
State and local taxes 209 168 405 329
Professional fees 184 243 419 460
Federal Deposit Insurance Corporation (FDIC) insurance 97 75 171 141
Loan administration and foreclosure 84 92 171 171
Data processing and telecommunications 1,068 495 1,681 962
Deposit operations 364 252 658 530
Amortization of CDI 110 0 219 0
Other 539 493 1,160 925
Total non-interest expense 9,277 7,221 17,839 14,397
Income before income taxes 7,391 5,485 14,439 10,880
Provision for income taxes 1,277 1,216 2,710 2,997
Net income $ 6,114 $ 4,269 $ 11,729 $ 7,883
Net income per common share        
Basic (in dollars per share) $ 0.74 $ 0.58 $ 1.41 $ 1.08
Diluted (in dollars per share) $ 0.72 $ 0.57 $ 1.39 $ 1.05
Weighted average common shares outstanding        
Basic (in shares) 8,310,074 7,328,127 8,301,550 7,320,243
Diluted (in shares) 8,464,650 7,512,058 8,461,138 7,510,092
Dividends paid per common share (in dollars per share) $ 0.15 $ 0.13 $ 0.38 $ 0.24