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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities    
Net income $ 6,652 $ 5,615
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 200 0
Depreciation 376 390
Accretion of discount on purchased loans (145) (87)
Amortization of CDI 101 109
Earned ESOP shares 0 232
Stock option compensation expense 46 53
Net recoveries on investment securities (103) (11)
Change in fair value of investments in equity securities 5 (8)
Gain on sales of OREO and other repossessed assets, net (39) 0
Provision for OREO losses 0 3
Gain on sales of loans, net (953) (386)
Loss (gain) on sales/disposition of premises and equipment, net 99 0
Loans originated for sale (32,959) (16,932)
Proceeds from sales of loans 34,563 16,115
Amortization of servicing rights 185 153
Valuation adjustment on servicing rights 24 0
BOLI net earnings (147) (157)
Increase in deferred loan origination fees 36 238
Net change in accrued interest receivable and other assets, and other liabilities and accrued expenses 1,632 1,447
Net cash provided by operating activities 9,375 6,774
Cash flows from investing activities    
Net decrease in CDs held for investment 2,097 433
Proceeds from sale of investment securities available for sale 0 2,332
Purchase of investment securities held to maturity (9,755) 0
Purchase of investment securities available for sale (16,502) 0
Proceeds from maturities and prepayments of investment securities held to maturity 1,946 580
Proceeds from maturities and prepayments of investment securities available for sale 892 644
Increase in loans receivable, net (26,579) (10,377)
Additions to premises and equipment (339) (984)
Proceeds from sales of premises and equipment 304 0
Cash acquired, net of cash consideration paid in business combination 0 14,284
Escrow deposit for business combination 0 6,900
Proceeds from sales of OREO and other repossessed assets 63 0
Net cash (used in) provided by investing activities (47,873) 13,812
Cash flows from financing activities    
Net increase (decrease) in deposits 16,250 (5,867)
Proceeds from exercise of stock options 170 71
Payment of dividends (2,086) (1,911)
Net cash provided by (used in) financing activities 14,334 (7,707)
Net (decrease) increase in cash and cash equivalents (24,164) 12,879
Cash and cash equivalents, at beginning of period 143,015 [1] 148,864
Cash and cash equivalents, at end of period 118,851 161,743
Supplemental disclosure of cash flow information    
Interest paid 1,171 901
Supplemental disclosure of non-cash investing activities    
Loans transferred to OREO and other repossessed assets 0 91
Other comprehensive loss related to investment securities (196) (79)
Business Combination (see Note 2)    
Fair value of assets acquired 0 180,518
Fair value of liabilities assumed $ 0 $ 154,829
[1] Derived from audited consolidated financial statements.