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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities    
Net income $ 2,190 $ 2,996
Adjustment to reconcile net income to net cash provided by operating activities    
Depreciation expense 854 871
Premium amortization on investment securities, net 107 105
Provision for loan losses 1,666 668
Provision for loss on other real estate owned 371 212
Originations of SBA loans held for sale (3,623) (2,683)
Proceeds from the sales of SBA loans 3,941 2,876
Gains on sale of loans receivable (318) (193)
Gains on sales of investment securities (68) (117)
Gains on the sales of other real estate owned (42) (57)
Loss on the sale of premises and equipment 16
ESOP compensation expense 126 149
Deferred income tax benefit (880) (292)
(Increase) decrease in accrued interest receivable (1,897) 48
Increase in surrender value of bank owned life insurance (324) (304)
Decrease (increase) in other assets 700 (226)
Decrease in accrued interest payable (2)
(Decrease) increase in accounts payable and other liabilities (2,005) 1,738
Net income to net cash provided by operating activities 814 5,789
Investing activities    
Net increase in loans receivable (72,887) (20,410)
Purchases of loans receivable (13,672)
Proceeds from the sale of loans receivable 9,452
Purchases of investment securities held to maturity (10,226) (1,645)
Purchases of investment securities available for sale (9,557) (3,088)
Sales of investment securities available for sale 6,073 6,575
Principal repayments on investment securities held to maturity 9,206 5,750
Principal repayments on investment securities available for sale 5,704 3,166
Purchases of bank owned life insurance (1,500)
Purchases of premises and equipment (147) (53)
Sales of premises and equipment 703
Investment in other real estate owned (1) (11)
Proceeds from other real estate owned 4,606 1,417
Redemption (purchase) of Federal Home Loan Bank stock 241 (58)
Net cash used in investing activities (79,957) (405)
Financing activities    
Net increase (decrease) in deposits 88,255 (62)
Net increase in escrowed funds 14 114
Proceeds from long-term advances 41,515 9,605
Repayments of long-term advances (10,294) (8,940)
Purchase of treasury stock (90)
Net cash provided by financing activities 119,400 717
Net increase in cash and cash equivalents 40,257 6,101
Cash and cash equivalents, beginning of year 21,469 15,368
Cash and cash equivalents, end of year 61,726 21,469
Cash paid for    
Interest 6,711
Income taxes 5,513 1,059
Non-cash operating activities    
Real estate acquired in full satisfaction of loans in foreclosure $ 503