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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income $ 14,169 $ 10,812
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 1,000 0
Depreciation 672 708
Deferred income taxes 0 266
Accretion of discount on purchased loans (43) (91)
Amortization of CDI 135 158
Stock option compensation expense 156 132
Net recoveries on investment securities (5) (11)
Change in fair value of investments in equity securities (15) 53
Amortization (accretion) of discounts and premiums on securities (631) 176
Gain on sales of loans, net (67) (1,079)
Loans originated for sale (2,931) (37,915)
Proceeds from sales of loans 3,546 39,439
Amortization of loan servicing rights 522 600
Valuation recovery on loan servicing rights, net 0 (119)
BOLI net earnings (313) (305)
Increase (decrease) in deferred loan origination fees 438 (1,342)
Net change in accrued interest receivable and other assets, and other liabilities and accrued expenses (1,269) (2,071)
Net cash provided by operating activities 15,364 9,411
Cash flows from investing activities    
Net (increase) decrease in CDs held for investment 2,726 (137)
Purchase of investment securities held to maturity (15,602) (126,272)
Purchase of investment securities available for sale (16,994) 0
Proceeds from maturities and prepayments of investment securities held to maturity 4,865 5,992
Proceeds from maturities and prepayments of investment securities available for sale 3,921 12,152
Purchase of FHLB stock (8) (91)
Increase in loans receivable, net (79,162) (64,193)
Purchases of premises and equipment (518) (219)
Net cash used in investing activities (100,772) (172,768)
Cash flows from financing activities    
Net increase (decrease) in deposits (83,409) 85,871
Repayments of FHLB borrowings 0 (5,000)
Proceeds from exercise of stock options 517 332
Repurchase of common stock (1,445) (2,149)
Payment of dividends (4,527) (3,591)
Net cash provided by (used in) financing activities (88,864) 75,463
Net decrease in cash and cash equivalents (174,272) (87,894)
Beginning of period 316,755 580,196
End of period 142,483 492,302
Supplemental disclosure of cash flow information    
Income taxes paid 4,634 2,188
Interest paid 3,214 1,305
Supplemental disclosure of non-cash investing activities    
Other comprehensive income (loss) related to investment securities $ 222 $ (166)