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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 23,556 $ 10,851
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 4,450 1,000
Depreciation and amortization 1,663 1,444
Net gain on sale of securities available-for-sale (105) (240)
Stock-based compensation 1,684 901
Net gain on sale of loans held-for-sale (5,143) (1,307)
Net accretion of premiums, discounts and loan fees and costs (3,570) (3,604)
Amortization of intangible assets 81 32
Amortization of debt issuance costs 55 72
Loan servicing rights valuation adjustments 495 251
Deferred tax expense 1,318 365
Decrease in accrued interest receivable 817 1,924
(Increase) decrease in other assets (5) 1,398
Decrease in accrued interest payable (375) (134)
Increase in other liabilities 128 239
Net cash provided by operating activities 25,049 13,192
Cash flows from investing activities:    
Purchases of securities available-for-sale (8,000) (4,700)
Purchases of restricted securities (7,132) (494)
Proceeds from sales of securities available-for-sale 2,105 3,240
Principal repayments of securities held to maturity 4,191 2,100
Principal repayments of securities available-for-sale 335 338
Redemptions of restricted securities 4,566 1,645
Proceeds from sales of loans 85,420 46,640
Net (increase) decrease in loans (454,509) 16,996
Purchases of premises and equipment (1,122) (2,079)
Cash acquired in business combination 0 59,155
Cash consideration paid in acquisition 0 (32,991)
Net cash (used in) provided by investing activities (374,146) 89,850
Cash flows from financing activities:    
Net increase in deposits 364,519 157,725
Advances of term and overnight FHLB borrowings 75,000 0
Repayments of FHLB advances (24,000) (34,758)
Repayments of Federal Reserve Bank borrowings (108,710) (149,242)
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 (2,052) 0
Net proceeds from issuance of common stock 27,771 113
Net cash provided by (used in) financing activities 332,500 (16,707)
(Decrease) increase in cash and cash equivalents (16,597) 86,335
Cash and cash equivalents, beginning of period 166,544 80,209
Cash and cash equivalents, end of period 149,947 166,544
Supplemental cash flow information:    
Interest paid 7,550 7,101
Income taxes paid 6,466 1,375
Supplemental non-cash disclosure:    
Transfers from portfolio loans to loans held-for-sale 80,277 47,826
Transfers from loans held-for-sale to portfolio loans 0 2,493
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