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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities    
Net income $ 17,685 $ 12,299
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,232 940
Accretion of discount on purchased loans (457) 0
Amortization of CDI 339 0
Earned ESOP shares 441 652
Stock option compensation expense 159 130
Net recoveries on investment securities (34) (55)
Change in fair value of investments in equity securities (34) 0
Gain on sale of investment securities held to maturity (47) 0
Gain on sales of OREO and other repossessed assets, net (31) (217)
Provision for OREO losses 23 224
Gain on sales of loans, net (1,194) (1,427)
Loss (gain) on sales/disposition of premises and equipment, net (8) 113
Loans originated for sale (48,542) (46,256)
Proceeds from sales of loans 48,183 48,961
Amortization of MSRs 476 363
BOLI net earnings (474) (407)
BOLI death benefit in excess of cash surrender value (1,028) 0
Increase in deferred loan origination fees 201 3
Net change in accrued interest receivable and other assets, and other liabilities and accrued expenses 659 1,445
Net cash provided by operating activities 17,565 16,542
Cash flows from investing activities    
Net increase in CDs held for investment (14,921) (20,098)
Proceeds from sale of investment securities available for sale 2,332 0
Proceeds from sale of investment securities held to maturity 2,937 0
Proceeds from maturities and prepayments of investment securities held to maturity 5,266 413
Purchase of investment securities held to maturity (13,229) (1,111)
Purchase of FHLB stock 42 83
Proceeds from maturities and prepayments of investment securities available for sale 906 28
Increase in loans receivable, net (26,882) (27,287)
Additions to premises and equipment (2,040) (1,387)
Proceeds from sales of premises and equipment 0 463
Cash acquired, net of cash consideration paid in business combination 14,284 0
Escrow deposit for business combination 6,900 0
Proceeds from death benefit on BOLI 2,059 0
Proceeds from sales of OREO and other repossessed assets 318 1,506
Net cash used in investing activities (22,112) (47,556)
Cash flows from financing activities    
Net increase in deposits 31,491 42,829
Proceeds from exercise of stock options 340 292
Repurchase of common stock (70) 0
Payment of dividends (5,243) (3,469)
Net cash provided by financing activities 26,518 39,652
Net increase in cash and cash equivalents 21,971 8,638
Cash and cash equivalents, at beginning of period 148,864 [1] 148,188
Cash and cash equivalents, at end of period 170,835 156,826
Supplemental disclosure of cash flow information    
Income taxes paid 3,845 2,208
Interest paid 3,247 1,939
Supplemental disclosure of non-cash investing activities    
Loans transferred to OREO and other repossessed assets 91 324
Other comprehensive income (loss) related to investment securities 33 (10)
Business Combination (see Note 2)    
Fair value of assets acquired 180,518 0
Fair value of liabilities assumed $ 154,829 $ 0
[1] Derived from audited consolidated financial statements.