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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities    
Net income $ 858 $ 1,452
Adjustment to reconcile net income to net cash (used in) provided by operating activities    
Depreciation expense 434 468
Premium amortization on investment securities, net 50 56
Provision for loan losses 631 307
Provision for loss on other real estate owned 60 212
Originations of SBA loans held for sale (262) (2,170)
Proceeds from the sales of SBA loans 288 2,321
Gains on sale of loans receivable (26) (151)
Gains on sales of investment securities (68) (32)
Gains on the sales of other real estate owned (16) (35)
ESOP compensation expense 73 75
Deferred income tax benefit (288) (158)
Increase in accrued interest receivable (17) (56)
Increase in surrender value of bank owned life insurance (161) (147)
Increase in other assets (142) (463)
(Decrease) increase in accrued interest payable (1) 29
Decrease in accounts payable and other liabilities (2,778) (120)
Net income to net cash (used in) provided by operating activities (1,365) 1,588
Investing activities    
Net increase in loans receivable (14,266) (11,643)
Purchases of loans receivable (10,069)
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) (3,088)
Sales of investment securities available for sale 6,073 947
Principal repayments on investment securities held to maturity 3,093 1,338
Principal repayments on investment securities available for sale 2,639 878
Purchases of premises and equipment (54) (64)
Investment in other real estate owned (11)
Proceeds from other real estate owned 757 862
Redemption of Federal Home Loan Bank stock 230 133
Net cash used in investing activities (16,792) (7,907)
Financing activities    
Net increase in deposits 30,863 41,657
Net increase in escrowed funds 166 429
Proceeds from long-term advances 2,591 3,975
Repayments of long-term advances (7,701) (6,940)
Purchase of treasury stock (90)
Net cash provided by financing activities 25,829 39,121
Net increase in cash and cash equivalents 7,672 32,802
Cash and cash equivalents, beginning of year 21,469 15,368
Cash and cash equivalents, end of year 29,141 48,170
Supplemental disclosures of cash flow information    
Interest 3,211 3,286
Income taxes 1,095 414
Non-cash operating activities    
Initial recognition of lease liability and right-of-use asset $ 3,835