Condensed Financial Information - Parent Company Only (Tables)

12 Months Ended

Sep. 30, 2021

Condensed Balance Sheets - September 30, 2021 and 2020

(dollars in thousands)


	2021		2020
Assets
Cash and cash equivalents:
Cash and due from financial institutions	$	379	$	505
Interest-bearing deposits in banks	2,553		2,128
Total cash and cash equivalents	2,932		2,633

Investment securities held to maturity, at amortized cost (estimated fair value $505 and $499)	500		500
Investment in Bank	203,440		184,567
Other assets	107		23
Total assets	$	206,979	$	187,723

Liabilities and shareholders’ equity
Accrued expenses	$	80	$	93
Shareholders’ equity	206,899		187,630
Total liabilities and shareholders’ equity	$	206,979	$	187,723

Condensed Statements of Income - Years Ended September 30, 2021, 2020 and 2019

(dollars in thousands)


	2021		2020		2019
Operating income
Interest on deposits in banks	$	5	$	26	$	67
Interest on loan receivable from ESOP	—		—		9
Interest on investment securities	24		5		—
Dividends from Bank	9,085		8,762		6,607
Total operating income	9,114		8,793		6,683

Operating expenses	495		554		525

Income before income taxes and equity in undistributed income of Bank	8,619		8,239		6,158
Benefit for income taxes	(238)		(186)		(169)

Income before undistributed income of Bank	8,857		8,425		6,327

Equity in undistributed income of Bank	18,726		15,844		17,693
Net income	$	27,583	$	24,269	$	24,020

Condensed Statements of Cash Flows - Years Ended September 30, 2021, 2020 and 2019

(dollars in thousands)


	2021		2020		2019
Cash flows from operating activities
Net income	$	27,583	$	24,269	$	24,020
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of Bank	(18,726)		(15,844)		(17,693)
Earned ESOP shares	—		31		441

Stock option compensation expense	173		182		159

Other, net	(97)		(279)		9
Net cash provided by operating activities	8,933		8,359		6,936

Cash flows from investing activities
Investment in Bank	(149)		(187)		(14,915)
Purchase of investment securities held to maturity	—		(500)		—
Principal repayments on loan receivable from ESOP	—		—		285
Cash acquired, net of cash consideration paid in business combination	—		—		14,284
Net cash used in investing activities	(149)		(687)		(346)

Cash flows from financing activities


Proceeds from exercise of stock options	631		391		401



Repurchase of common stock	(527)		(1,238)		(499)
Payment of dividends	(8,589)		(7,083)		(6,495)
Net cash used in financing activities	(8,485)		(7,930)		(6,593)

Net (decrease) increase in cash and cash equivalents	299		(258)		(3)

Cash and cash equivalents
Beginning of year	2,633		2,891		2,894
End of year	$	2,932	$	2,633	$	2,891