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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net income $ 12,004 $ 14,169
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 417 1,000
Depreciation 720 672
Accretion of discount on purchased loans (20) (43)
Amortization of CDI 113 135
Stock-based compensation expense 211 156
Net recoveries on investment securities (7) (5)
Change in fair value of investments in equity securities (28) (15)
Accretion of discounts and premiums on securities (574) (631)
Gain on sales of loans, net (120) (67)
Loans originated for sale (6,865) (2,931)
Proceeds from sales of loans 6,074 3,546
Amortization of loan servicing rights 467 522
BOLI net earnings (312) (313)
Increase (decrease) in deferred loan origination fees (63) 438
Net change in accrued interest receivable and other assets, and other liabilities and accrued expenses (3,042) (1,269)
Net cash provided by operating activities 8,975 15,364
Cash flows from investing activities    
Net decrease in CDs held for investment 3,984 2,726
Purchase of investment securities held to maturity (1,919) (15,602)
Purchase of investment securities available for sale (22,207) (16,994)
Proceeds from maturities and prepayments of investment securities held to maturity 60,810 4,865
Proceeds from maturities and prepayments of investment securities available for sale 2,667 3,921
Purchase of FHLB stock 0 (8)
Redemption of FHLB stock 1,565 0
Increase in loans receivable, net (57,610) (79,162)
Purchases of premises and equipment (796) (518)
Net cash used in investing activities (13,506) (100,772)
Cash flows from financing activities    
Net increase (decrease) in deposits 77,619 (83,409)
Repayments of FHLB borrowings (15,000) 0
Proceeds from exercise of stock options 390 517
Repurchase of common stock (3,034) (1,445)
Payment of dividends (3,816) (4,527)
Net cash provided by (used in) financing activities 56,159 (88,864)
Net increase (decrease) in cash and cash equivalents 51,628 (174,272)
Beginning of period 128,721 316,755
End of period 180,349 142,483
Supplemental disclosure of cash flow information    
Income taxes paid 3,388 4,634
Interest paid 13,473 3,214
Supplemental disclosure of non-cash investing activities    
Other comprehensive income related to investment securities 339 222
Adjustment to retained earnings, net of deferred tax; - adoption of ASU 2016-13 $ (488) $ 0