Condensed Financial Information - Parent Company Only (Tables)

12 Months Ended

Sep. 30, 2024

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheets, Parent Company

Condensed Balance Sheets - September 30, 2024 and 2023

(dollars in thousands)

	2024		2023
Assets
Cash and cash equivalents:
Cash and due from financial institutions	$	1,430	$	517
Total cash and cash equivalents	1,430		517
Investment securities held to maturity, at amortized cost (net of allowance for credit losses of $5 at September 30, 2024 and $0 at September 30, 2023) (estimated fair value of $477 and $449)	495		500
Investment in Bank	243,527		232,145
Other assets	94		51
Total assets	$	245,546	$	233,213
Liabilities and shareholders’ equity
Accrued expenses	$	133	$	140
Shareholders’ equity	245,413		233,073
Total liabilities and shareholders’ equity	$	245,546	$	233,213

Condensed Statements of Operations, Parent Company

Condensed Statements of Income - Years Ended September 30, 2024, 2023 and 2022

(dollars in thousands)

	2024		2023		2022
Operating income
Interest on deposits in banks	$	—	$	—	$	3
Interest on investment securities	24		24		24
Dividends from Bank	14,000		11,400		10,255
Total operating income	14,024		11,424		10,282
Operating expenses	328		351		303
Income before income taxes and equity in undistributed     income of Bank	13,696		11,073		9,979
Benefit for income taxes	(145)		(148)		(139)
Income before undistributed income of Bank	13,841		11,221		10,118
Equity in undistributed income of Bank	10,442		15,897		13,482
Net income	$	24,283	$	27,118	$	23,600

Condensed Statements of Cash Flows, Parent Company

Condensed Statements of Cash Flows - Years Ended September 30, 2024, 2023 and 2022

(dollars in thousands)

	2024		2023		2022
Cash flows from operating activities
Net income	$	24,283	$	27,118	$	23,600
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of Bank	(10,442)		(15,897)		(13,482)
Stock option compensation expense	390		320		246
Other, net	(50)		100		16
Net cash provided by operating activities	14,181		11,641		10,380
Cash flows from investing activities
Investment in Bank	(319)		(267)		(202)
Net cash used in investing activities	(319)		(267)		(202)
Cash flows from financing activities
Proceeds from exercise of stock options	659		698		415
Repurchase of common stock, net of tax	(5,958)		(4,998)		(4,583)
Payment of dividends	(7,650)		(8,267)		(7,232)
Net cash used in financing activities	(12,949)		(12,567)		(11,400)
Net increase (decrease) in cash and cash equivalents	913		(1,193)		(1,222)
Cash and cash equivalents
Beginning of year	517		1,710		2,932
End of year	$	1,430	$	517	$	1,710