XML 63 R50.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Financial Information - Parent Company Only (Tables)
 12 Months Ended
Sep. 30, 2020
Condensed Financial Information Disclosure [Abstract]  
Condensed Balance Sheets, Parent Company
Condensed Balance Sheets - September 30, 2020 and 2019
(dollars in thousands)
 20202019
Assets  
Cash and cash equivalents:  
Cash and due from financial institutions$505 $336 
Interest-bearing deposits in banks2,128 2,555 
      Total cash and cash equivalents
2,633 2,891 
Investment securities held to maturity, at amortized cost (estimated fair value $499)
500 — 
Investment in Bank184,567 168,525 
Other assets23 15 
Total assets$187,723 $171,431 
Liabilities and shareholders’ equity  
Accrued expenses$93 $364 
Shareholders’ equity187,630 171,067 
Total liabilities and shareholders’ equity$187,723 $171,431 
Condensed Statements of Operations, Parent Company
Condensed Statements of Income - Years Ended September 30, 2020, 2019 and 2018
(dollars in thousands)
 202020192018
Operating income   
Interest on deposits in banks$26 $67 $37 
Interest on loan receivable from ESOP— 9 53 
Interest on investment securities5 — — 
Dividends from Bank8,762 6,607 4,429 
Total operating income8,793 6,683 4,519 
Operating expenses554 525 591 
Income before income taxes and equity in undistributed
    income of Bank		8,239 6,158 3,928 
Benefit for income taxes(186)(169)(198)
Income before undistributed income of Bank8,425 6,327 4,126 
Equity in undistributed income of Bank    15,844 17,693 12,595 
Net income$24,269 $24,020 $16,721 
Condensed Statements of Cash Flows, Parent Company
Condensed Statements of Cash Flows - Years Ended September 30, 2020, 2019 and 2018
(dollars in thousands)
 202020192018
Cash flows from operating activities   
Net income $24,269 $24,020 $16,721 
  Adjustments to reconcile net income to net cash provided by operating activities:   
   Equity in undistributed income of Bank(15,844)(17,693)(12,595)
Earned ESOP shares31 441 882 
Stock option compensation expense182 159 172 
Other, net(279)9 280 
Net cash provided by operating activities
8,359 6,936 5,460 
Cash flows from investing activities   
Investment in Bank(187)(14,915)(1,271)
Purchase of investment securities held to maturity(500)— — 
Principal repayments on loan receivable from ESOP— 285 536 
Cash acquired, net of cash consideration paid in business combination— 14,284 — 
Net cash used in investing activities(687)(346)(735)
Cash flows from financing activities   
Proceeds from exercise of stock options391 401 318 
Repurchase of common stock(1,238)(499)— 
Payment of dividends(7,083)(6,495)(4,431)
Net cash used in financing activities(7,930)(6,593)(4,113)
Net (decrease) increase in cash and cash equivalents(258)(3)612 
Cash and cash equivalents   
Beginning of year2,891 2,894 2,282 
End of year$2,633 $2,891 $2,894