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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating activities    
Net income $ 2,843 $ 858
Adjustment to reconcile net income to net cash provided by (used in) by operating activities    
Depreciation expense 412 434
Premium amortization on investment securities, net 72 50
Provision for loan losses 1,107 631
Provision for loss on other real estate owned 215 60
Originations of SBA loans held for sale (3,319) (262)
Proceeds from the sales of SBA loans 3,688 288
Gains on sale of loans receivable (369) (26)
Gains on sales of investment securities (68)
Gains on the sales of other real estate owned (79) (16)
ESOP compensation expense 50 73
Deferred income tax benefit (445) (288)
Decrease (increase) in accrued interest receivable 31 (17)
Increase in surrender value of bank owned life insurance (158) (161)
Increase in other assets (458) (142)
Decrease in accrued interest payable (33) (1)
Increase (decrease) in accounts payable and other liabilities 341 (2,778)
Net cash provided by (used in) by operating activities 3,898 (1,365)
Investing activities    
Net increase in loans receivable (15,994) (14,266)
Purchases of loans receivable (3,500) (10,069)
Proceeds from the sale of loans receivable 4,000
Purchases of investment securities held to maturity (19,246) (3,679)
Purchases of investment securities available for sale (10,561) (1,516)
Sales of investment securities available for sale 6,073
Proceeds from calls of investment securities held to maturity 2,000
Proceeds from calls of investment securities available for sale 5,000
Principal repayments on investment securities held to maturity 6,854 3,093
Principal repayments on investment securities available for sale 5,460 2,639
Purchases of premises and equipment (209) (54)
Investment in other real estate owned (25)
Proceeds from other real estate owned 1,725 757
Redemption of Federal Home Loan Bank stock 46 230
Net cash used in in investing activities (24,450) (16,792)
Financing activities    
Net increase in deposits 22,443 30,863
Net increase in escrowed funds 925 166
Proceeds from long-term advances 2,591
Repayments of long-term advances (21,529) (7,701)
Purchase of treasury stock (90)
Net cash provided by financing activities 1,839 25,829
Net (decrease) increase in cash and cash equivalents (18,713) 7,672
Cash and cash equivalents, beginning of year 61,726 21,469
Cash and cash equivalents, end of year 43,013 29,141
Supplemental disclosures of cash flow information    
Interest 1,733 3,211
Income taxes 1,125 1,095
Non-cash operating activities    
Real estate acquired in full satisfaction of loans in foreclosure 522
Initial recognition of lease liability and right-of-use asset $ 3,835