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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income $ 17,730 $ 3,795
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 2,400 300
Depreciation and amortization 1,243 884
Net gain on sale of securities available for sale (105) (240)
Stock-based compensation 1,243 669
Net gain on sale of loans held-for-sale (3,916) (688)
Net accretion of premiums, discounts and loan fees and costs (2,933) (848)
Amortization of intangible assets 62 10
Amortization of debt issuance costs 41 59
Loan servicing rights valuation adjustments 354 116
Deferred tax expense 1,251 793
Decrease in accrued interest receivable 1,720 1,017
Decrease in other assets 113 647
Decrease in accrued interest payable (679) (268)
(Decrease) increase in other liabilities (1,316) 737
Net cash provided by operating activities 17,208 6,983
Cash flows from investing activities:    
Purchases of securities available for sale (2,000) (4,683)
Purchases of restricted securities (1,548) (346)
Proceeds from sales of securities available for sale 2,105 3,240
Principal repayments of securities held to maturity 4,097 1,727
Principal repayments of securities available for sale 321 294
Redemptions of restricted securities 1,404 1,192
Proceeds from sales of loans 64,851 32,045
Net increase in loans (227,707) (21,180)
Purchases of premises and equipment (931) (1,299)
Cash acquired in business combination 0 59,155
Cash consideration paid in acquisition 0 (32,991)
Net cash (used in) provided by investing activities (159,408) 37,154
Cash flows from financing activities:    
Net increase in deposits 185,753 152,082
Advances of term FHLB borrowings 20,000 0
Repayments of FHLB advances (24,000) (25,044)
Repayments of Federal Reserve Bank borrowings (98,544) (90,018)
Proceeds from issuance of subordinated debentures, net of issuance costs 0 24,455
Repayment of note payable 0 (15,000)
Payments related to tax withholding for equity awards (28) 0
Cash dividends paid (1,322) 0
Net proceeds from issuance of common stock 27,771 113
Net cash provided by financing activities 109,630 46,588
(Decrease) increase in cash and cash equivalents (32,570) 90,725
Cash and cash equivalents, beginning of period 166,544 80,209
Cash and cash equivalents, end of period 133,974 170,934
Supplemental cash flow information:    
Interest paid 4,662 5,606
Income taxes paid 5,316 1,245
Supplemental non-cash disclosure:    
Transfers from portfolio loans to loans held-for-sale 60,935 36,084
Business combination:    
Fair value of tangible assets acquired 0 653,380
Fair value of liabilities assumed 0 605,815
Common stock issued in business combination $ 0 $ 31,252