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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Operating activities    
Net income $ 553 $ 685
Adjustment to reconcile net income to net cash (used in) provided by operating activities    
Depreciation expense 217 250
Premium amortization on investment securities, net 28 29
Provision for loan losses 210 201
Provision for loss on other real estate owned 60
Originations of SBA loans held for sale (262)
Proceeds from the sales of SBA loans 288
Gains on sale of loans receivable (26)
Gains on the sales of other real estate owned (11) (4)
ESOP compensation expense 38 39
Deferred income tax benefit (135) (26)
Decrease in accrued interest receivable 34 101
Increase in surrender value of bank owned life insurance (82) (74)
Decrease in other assets 92 92
Decrease in accrued interest payable (31) (2)
Decrease in accounts payable and other liabilities (1,730) (472)
Net income to net cash (used in) provided by operating activities (757) 819
Investing activities    
Net increase in loans receivable (7,424) (6,318)
Proceeds from the sale of loans receivable 4,386
Purchases of investment securities held to maturity (3,679) (1,645)
Purchases of investment securities available for sale (1,516)
Principal repayments on investment securities held to maturity 2,230 721
Principal repayments on investment securities available for sale 696 444
Purchases of premises and equipment (16) (37)
Investment in other real estate owned (11)
Proceeds from other real estate owned 17 408
Redemption of Federal Home Loan Bank stock 257 37
Net cash used in investing activities (9,435) (2,015)
Financing activities    
Net increase in deposits 13,579 19,649
Net increase in escrowed funds 74 297
Proceeds from long-term advances 1,975
Repayments of long-term advances (5,701) (2,800)
Net cash provided by financing activities 7,952 19,121
Net (decrease) increase in cash and cash equivalents (2,240) 17,925
Cash and cash equivalents, beginning of year 21,469 15,368
Cash and cash equivalents, end of year 19,229 33,293
Supplemental disclosures of cash flow information    
Interest 1,674 1,629
Non-cash operating activities    
Initial recognition of lease liability and right-of-use asset $ 3,835