PARENT COMPANY CONDENSED FINANCIAL INFORMATION (Tables)

12 Months Ended

Sep. 30, 2022

PARENT COMPANY CONDENSED FINANCIAL INFORMATION

Schedule of condensed balance sheet information

Balance Sheets

	As of September 30,
(In thousands)	2022		2021
Assets:
Cash and due from banks	$	16,940	$	6,870
Other assets		1,164		755
Investment in subsidiaries		185,374		193,926
	$	203,478	$	201,551
Liabilities and Equity:
Subordinated notes	$	50,217	$	19,865
Accrued expenses		638		1,309
Stockholders’ equity		152,623		180,377
	$	203,478	$	201,551

Schedule of condensed income statement information

Statements of Income

	Years Ended September 30,
(In thousands)	2022		2021		2020
Dividend income from subsidiaries	$	1,300	$	5,175	$	1,000
Interest expense		(2,111)		(1,274)		(1,274)
Other operating expenses		(1,475)		(1,076)		(1,002)
Income (loss) before income taxes and equity in undistributed net income of subsidiaries		(2,286)		2,825		(1,276)
Income tax benefit		795		504		598
Income (loss) before equity in undistributed net income of subsidiaries		(1,491)		3,329		(678)
Equity in undistributed net income of subsidiaries		17,935		26,238		34,032
Net income	$	16,444	$	29,567	$	33,354

Schedule of condensed cash flow statement information

Statements of Cash Flows

	Years Ended September 30,
(In thousands)	2022		2021		2020
Operating Activities:
Net income	$	16,444	$	29,567	$	33,354
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed net income of subsidiaries		(17,935)		(26,238)		(34,032)
Stock compensation expense		688		277		279
Net change in other assets and liabilities		(93)		201		182
Net cash provided by (used in) operating activities		(896)		3,807		(217)
Investing Activities:
Investment in bank subsidiary		(10,000)		—		—
Net cash used in investing activities		(10,000)		—		—
Financing Activities:
Net proceeds from subordinated debt		30,258		—		—
Exercise of stock options		—		27		148
Tax paid on stock award shares for employees		(48)		(41)		(53)
Purchase of treasury stock		(4,745)		—		—
Dividends paid		(4,499)		(1,685)		(1,590)
Net cash provided by (used in) financing activities		20,966		(1,699)		(1,495)
Net increase (decrease) in cash and due from banks		10,070		2,108		(1,712)
Cash and due from banks at beginning of year		6,870		4,762		6,474
Cash and due from banks at end of year	$	16,940	$	6,870	$	4,762