Condensed Financial Information - Parent Company Only

12 Months Ended

Sep. 30, 2023

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information - Parent Company Only

Condensed Financial Information - Parent Company Only

Condensed Balance Sheets - September 30, 2023 and 2022

(dollars in thousands)

	2023		2022
Assets
Cash and cash equivalents:
Cash and due from financial institutions	$	517	$	162
Interest-bearing deposits in banks	—		1,548
Total cash and cash equivalents	517		1,710
Investment securities held to maturity, at amortized cost (estimated fair value $449 and $469)	500		500
Investment in Bank	232,145		216,348
Other assets	51		56
Total assets	$	233,213	$	218,614
Liabilities and shareholders’ equity
Accrued expenses	$	140	$	45
Shareholders’ equity	233,073		218,569
Total liabilities and shareholders’ equity	$	233,213	$	218,614

Condensed Statements of Income - Years Ended September 30, 2023, 2022 and 2021

(dollars in thousands)

	2023		2022		2021
Operating income
Interest on deposits in banks	$	—	$	3	$	5
Interest on investment securities	24		24		24
Dividends from Bank	11,400		10,255		9,085
Total operating income	11,424		10,282		9,114
Operating expenses	351		303		495
Income before income taxes and equity in undistributed     income of Bank	11,073		9,979		8,619
Benefit for income taxes	(148)		(139)		(238)
Income before undistributed income of Bank	11,221		10,118		8,857
Equity in undistributed income of Bank	15,897		13,482		18,726
Net income	$	27,118	$	23,600	$	27,583

Condensed Statements of Cash Flows - Years Ended September 30, 2023, 2022 and 2021

(dollars in thousands)

	2023		2022		2021
Cash flows from operating activities
Net income	$	27,118	$	23,600	$	27,583
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of Bank	(15,897)		(13,482)		(18,726)
Stock option compensation expense	320		246		173
Other, net	100		16		(97)
Net cash provided by operating activities	11,641		10,380		8,933
Cash flows from investing activities
Investment in Bank	(267)		(202)		(149)
Net cash used in investing activities	(267)		(202)		(149)
Cash flows from financing activities
Proceeds from exercise of stock options	698		415		631
Repurchase of common stock	(4,998)		(4,583)		(527)
Payment of dividends	(8,267)		(7,232)		(8,589)
Net cash used in financing activities	(12,567)		(11,400)		(8,485)
Net (decrease) increase in cash and cash equivalents	(1,193)		(1,222)		299
Cash and cash equivalents
Beginning of year	1,710		2,932		2,633
End of year	$	517	$	1,710	$	2,932