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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities    
Net income $ 7,919 $ 6,120
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 839 835
Premium amortization on investment securities, net 191 167
Provision for loan losses 304 1,629
Provision for loss on other real estate owned 337
Originations of SBA loans held for sale (9,533) (6,386)
Proceeds from the sales of SBA loans 10,457 7,135
Gains on sale of loans receivable (925) (749)
Gains on the sales of other real estate owned (67) (223)
ESOP compensation expense 179 107
Stock-based compensation expense 6
Deferred income tax expense (benefit) 152 (178)
Decrease in accrued interest receivable 55 497
Increase in surrender value of bank owned life insurance (372) (317)
Increase in other assets (1,555) (1,551)
Decrease in accrued interest payable (106)
Increase in accounts payable and other liabilities 3,551 1,942
Net cash provided by operating activities 11,201 9,259
Investing activities    
Net increase in loans receivable (37,235) 17,133
Purchases of loans receivable (3,500)
Proceeds from the sale of loans receivable 2,389 2,000
Purchases of investment securities held to maturity (41,138) (38,907)
Purchases of investment securities available for sale (10,561)
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 7,040 9,595
Principal repayments on investment securities available for sale 1,875 6,830
Purchase of bank owned life insurance (3,000)
Purchases of premises and equipment (387) (420)
Investment in other real estate owned (12) (25)
Proceeds from other real estate owned 434 2,415
Redemption of Federal Home Loan Bank stock 291 243
Net cash used in investing activities (69,743) (8,197)
Financing activities    
Net increase in deposits 27,919 21,484
Net proceeds from issuance of common stock 37,426
Purchase of common stock for ESOP (98) (3,272)
Net increase in escrowed funds 165 829
Proceeds from long-term advances 3,000
Repayments of long-term advances (10,731) (44,054)
Cash paid on common stock dividends (1,427)
Purchase of treasury stock (4,551)
Net cash provided by financing activities 14,277 12,413
Net (decrease) increase in cash and cash equivalents (44,265) 13,475
Cash and cash equivalents, beginning of year 75,201 61,726
Cash and cash equivalents, end of year 30,936 75,201
Supplemental disclosures of cash flow information    
Interest 2,485 3,047
Income taxes 3,140 2,750
Non-cash operating activities    
Real estate acquired in full satisfaction of loans in foreclosure $ 547