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Consolidated Statements of Cash Flows
$ in Thousands
 12 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Cash flows from operating activities      
Net income $ 24,283 $ 27,118 $ 23,600
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 1,459 1,381 1,367
Deferred income taxes (383) (291) (177)
Amortization of CDI 226 271 316
Accretion of discount on purchased loans (37) (75) (182)
Stock option compensation expense 390 320 246
Gain on sales of investment securities, net 0 (95) 0
Net recoveries on investment securities (12) (9) (22)
Change in fair value of investments in equity securities (55) 24 120
Gain on sales of OREO and other repossessed assets, net 0 0 (2)
Accretion of discounts and premiums on securities (1,051) (1,223) (39)
Gain on sales of loans, net (322) (244) (1,510)
(Gain) loss on sales/dispositions of premises and equipment, net (2) (19) 13
Total provision for credit losses - net 1,151 2,132 270
Loans originated for sale (14,024) (10,946) (55,136)
Proceeds from sales of loans 14,746 11,538 59,115
Amortization of loan servicing rights 894 1,012 1,156
Valuation adjustment on loan servicing rights, net 0 0 (119)
BOLI net earnings (645) (627) (613)
BOLI death benefit in excess of cash surrender value 0 (79) 0
Increase (decrease) in deferred loan origination fees 182 921 (822)
Net change in accrued interest receivable and other assets, and other liabilities and accrued expenses (3,780) (112) (1,081)
Net cash provided by operating activities 23,020 30,997 26,500
Cash flows from investing activities      
Net decrease in CDs held for investment 4,979 7,706 5,588
Purchase of investment securities held to maturity (1,919) (15,602) (208,778)
Purchase of investment securities available for sale (43,032) (16,994) 0
Proceeds from maturities and prepayments of investment securities held to maturity 100,869 13,123 11,661
Proceeds from maturities and prepayments of investment securities available for sale 14,119 7,442 20,448
Proceeds from sales of investment securities available for sale 0 8,927 0
Purchase of FHLB stock 0 (1,408) (91)
Proceeds from redemption of FHLB stock 1,565 0 0
Increase in loans receivable, net (121,077) (172,857) (163,238)
Purchase of premises and equipment (1,309) (1,106) (911)
Proceeds from sales of OREO and other repossessed assets 0 0 159
Proceeds from sales/dispositions of premises and equipment 8 0 0
Proceeds from death benefit on BOLI 0 546 0
Net cash used in investing activities (45,797) (170,223) (335,162)
Cash flows from financing activities      
Net increase (decrease) in deposits 86,733 (71,241) 61,621
Proceeds from (repayment of) FHLB borrowings   (35,000)  
Proceeds from (repayment of) FHLB borrowings 15,000   5,000
Proceeds from exercise of stock options 659 698 415
Repurchase of common stock, net of taxes (5,958) (4,998) (4,583)
Payment of dividends (7,650) (8,267) (7,232)
Net cash provided by (used in) financing activities 58,784 (48,808) 45,221
Net increase (decrease) in cash and cash equivalents 36,007 (188,034) (263,441)
Beginning of year 128,721 316,755 580,196
End of year 164,728 128,721 316,755
Supplemental disclosure of cash flow information      
Income taxes paid 6,490 6,989 5,450
Interest paid 29,923 10,303 2,700
Supplemental disclosure of non-cash investing and financing activities      
Other comprehensive income (loss) related to investment securities 1,104 (367) (776)
Operating lease liabilities arising from recording of ROU assets 0 72 0
Adjustment to retained earnings, net of deferred tax - adoption of ASU 2016-13 (488) 0 0
Shareholders’ equity $ 245,413 $ 233,073 $ 218,569