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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities    
Net income $ 6,860 $ 6,296
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Provision for credit losses 27 336
Depreciation 375 356
Accretion of discount on purchased loans (8) (10)
Amortization of CDI 45 56
Stock-based compensation expense 141 105
Net recoveries on investment securities (3) (5)
Change in fair value of investments in equity securities 26 (37)
Accretion of discounts and premiums on securities (252) (293)
Gain on sales of loans, net (43) (78)
Loans originated for sale (2,680) (4,742)
Proceeds from sales of loans 2,312 3,795
Amortization of loan servicing rights 200 236
BOLI net earnings (166) (156)
Increase in deferred loan origination fees 20 95
Net change in accrued interest receivable and other assets, and other liabilities and accrued expenses (9,910) (1,087)
Net cash (used in) provided by operating activities (3,056) 4,867
Cash flows from investing activities    
Net decrease in CDs held for investment 2,739 2,739
Purchase of investment securities held to maturity 0 (1,919)
Purchase of investment securities available for sale (8,577) 0
Proceeds from maturities and prepayments of investment securities held to maturity 16,119 6,275
Proceeds from maturities and prepayments of investment securities available for sale 2,860 1,644
Redemption of FHLB stock 0 1,601
Decrease (increase) in loans receivable, net 9,419 (34,869)
Purchases of premises and equipment (506) (298)
Net cash provided by (used in) investing activities 22,054 (24,827)
Cash flows from financing activities    
Net (decrease) increase in deposits (17,252) 66,134
Repayment of FHLB borrowings 0 (15,000)
Proceeds from exercise of stock options 474 355
Repurchase of common stock (884) (362)
Payment of dividends (1,993) (1,867)
Net cash (used in) provided by financing activities (19,655) 49,260
Net (decrease) increase in cash and cash equivalents (657) 29,300
Beginning of period 164,728 128,721
End of period 164,071 158,021
Supplemental disclosure of cash flow information    
Interest paid 8,543 6,206
Supplemental disclosure of non-cash investing activities    
Other comprehensive (loss) income related to investment securities (812) 257
Loans transferred to OREO 221 0
Adjustment to retained earnings, net of deferred tax - adoption of ASU 2016-13 $ 0 $ (488)