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Consolidated Statements of Cash Flows
$ in Thousands
 6 Months Ended
Mar. 31, 2020
USD ($)
Mar. 31, 2019
USD ($)
Cash flows from operating activities    
Net income $ 11,701 $ 11,729
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 2,200 0
Depreciation 748 790
Accretion of discount on purchased loans (253) (388)
Amortization of CDI 203 219
Earned ESOP shares 0 434
Stock option compensation expense 92 106
Net recoveries on investment securities (106) (20)
Change in fair value of investments in equity securities (11) (20)
Gain on sales of OREO and other repossessed assets, net (39) 0
Provision for OREO losses 25 23
Gain on sales of loans, net (1,688) (675)
(Gain) loss on sales/disposition of premises and equipment, net 102 (8)
Loans originated for sale (60,097) (28,879)
Proceeds from sales of loans 62,058 28,271
Amortization of servicing rights 383 311
Valuation adjustment on servicing rights 23 0
BOLI net earnings (294) (314)
BOLI death benefit in excess of cash surrender value 0 999
(Decrease) increase in deferred loan origination fees (104) 219
Net change in accrued interest receivable and other assets, and other liabilities and accrued expenses 457 (1,114)
Net cash provided by operating activities 15,196 9,701
Cash flows from investing activities    
Net (increase) decrease in CDs held for investment (4,126) 526
Proceeds from sale of investment securities available for sale 0 2,332
Purchase of investment securities held to maturity (9,755) (10,048)
Purchase of investment securities available for sale (21,521) 0
Proceeds from maturities and prepayments of investment securities held to maturity 4,412 1,242
Proceeds from maturities and prepayments of investment securities available for sale 2,266 784
Purchase of FHLB stock 485 42
Increase in loans receivable, net (22,838) (26,271)
Additions to premises and equipment (1,195) (1,360)
Proceeds from sales of premises and equipment 307 0
Cash acquired, net of cash consideration paid in business combination 0 14,284
Escrow deposit for business combination 0 6,900
Proceeds from sales of OREO and other repossessed assets 74 0
Net used in investing activities (52,861) (11,653)
Cash flows from financing activities    
Net increase in deposits 57,421 30,550
FHLB borrowings 10,000 0
Proceeds from exercise of stock options 374 283
Repurchase of common stock 1,238 0
Payment of dividends (3,759) (3,159)
Net cash provided by financing activities 62,798 27,674
Net increase in cash and cash equivalents 25,133 25,722
Cash and cash equivalents, at beginning of period 143,015 [1] 148,864
Cash and cash equivalents, at end of period 168,148  
Supplemental disclosure of cash flow information    
Income taxes paid 1,988 2,741
Interest paid 2,416 2,053
Supplemental disclosure of non-cash investing activities    
Loans transferred to OREO and other repossessed assets 0 91
Other comprehensive (loss) income related to investment securities (229) 21
Operating lease liabilities arising from recording of ROU assets 2,889 $ 0 [1]
Business Combination (see Note 2)    
Fair value of assets acquired 0  
Fair value of liabilities assumed $ 0  
[1] Derived from audited consolidated financial statements.