Condensed Financial Information - Parent Company Only

12 Months Ended

Sep. 30, 2022

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information - Parent Company Only

Condensed Financial Information - Parent Company Only

Condensed Balance Sheets - September 30, 2022 and 2021

(dollars in thousands)

	2022		2021
Assets
Cash and cash equivalents:
Cash and due from financial institutions	$	162	$	379
Interest-bearing deposits in banks	1,548		2,553
Total cash and cash equivalents	1,710		2,932
Investment securities held to maturity, at amortized cost (estimated fair value $469 and $505)	500		500
Investment in Bank	216,348		203,440
Other assets	56		107
Total assets	$	218,614	$	206,979
Liabilities and shareholders’ equity
Accrued expenses	$	45	$	80
Shareholders’ equity	218,569		206,899
Total liabilities and shareholders’ equity	$	218,614	$	206,979

Condensed Statements of Income - Years Ended September 30, 2022, 2021 and 2020

(dollars in thousands)

	2022		2021		2020
Operating income
Interest on deposits in banks	$	3	$	5	$	26
Interest on investment securities	24		24		5
Dividends from Bank	10,255		9,085		8,762
Total operating income	10,282		9,114		8,793
Operating expenses	303		495		554
Income before income taxes and equity in undistributed     income of Bank	9,979		8,619		8,239
Benefit for income taxes	(139)		(238)		(186)
Income before undistributed income of Bank	10,118		8,857		8,425
Equity in undistributed income of Bank	13,482		18,726		15,844
Net income	$	23,600	$	27,583	$	24,269

Condensed Statements of Cash Flows - Years Ended September 30, 2022, 2021 and 2020

(dollars in thousands)

	2022		2021		2020
Cash flows from operating activities
Net income	$	23,600	$	27,583	$	24,269
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of Bank	(13,482)		(18,726)		(15,844)
Earned ESOP shares	—		—		31
Stock option compensation expense	246		173		182
Other, net	16		(97)		(279)
Net cash provided by operating activities	10,380		8,933		8,359
Cash flows from investing activities
Investment in Bank	(202)		(149)		(187)
Purchase of investment securities held to maturity	—		—		(500)
Net cash used in investing activities	(202)		(149)		(687)
Cash flows from financing activities
Proceeds from exercise of stock options	415		631		391
Repurchase of common stock	(4,583)		(527)		(1,238)
Payment of dividends	(7,232)		(8,589)		(7,083)
Net cash used in financing activities	(11,400)		(8,485)		(7,930)
Net (decrease) increase in cash and cash equivalents	(1,222)		299		(258)
Cash and cash equivalents
Beginning of year	2,932		2,633		2,891
End of year	$	1,710	$	2,932	$	2,633