Parent Company Only Condensed Financial Information (Tables)

12 Months Ended

Sep. 30, 2021

Parent Company Only Condensed Financial Information [Abstract]

Balance Sheets

Balance Sheets

	September 30,
(in thousands)	2021		2020
ASSETS
Cash and deposits due from banks	$	571	$	514
Investment in bank		146,232		91,792
Other assets		1,050		755
Total Assets	$	147,853	$	93,061
LIABILITIES AND STOCKHOLDERS' EQUITY
Note payable	$	-	$	14,984
Subordinated debentures		24,513		-
Accrued interest payable		576		34
Accrued expenses and other liabilities		235		-
Total Liabilities		25,324		15,018
Total Stockholders' equity		122,529		78,043
Total Liabilities and Stockholders' Equity	$	147,853	$	93,061

Statements of Income

Statements of Income

	September 30,
(in thousands)	2021			2020
Interest income	$	-		$	3
Interest expense		1,361			895
Loss before income taxes and equity in undistributed earnings of the bank		(1,361	)		(892	)
Income tax benefit		296			187
Equity in undistributed earnings of the bank		11,916			5,679
Net Income	$	10,851		$	4,974

Statements of Cash Flows

Statements of Cash Flows

	September 30,
(in thousands)	2021			2020
Cash flows from operating activities:
Net income	$	10,851		$	4,974
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed earnings of the bank		(11,916	)		(5,679	)
Amortization of debt issuance costs		72			3
Increase in other assets		(295	)		(187	)
Increase in accrued interest payable		542			29
Increase (decrease) in other liabilities		235			(13	)
Net cash used in operating activities		(511	)		(873	)
Cash flows from investing activities:
Investment in bank		(9,000	)		-
Net cash used in investing activities		(9,000	)		-
Cash flows from financing activities:
Proceeds from issuance of subordinated debentures, net of issuance costs		24,455			-
Repayment of note payable		(15,000	)		-
Net proceeds from stock options exercised		-			107
Net proceeds from issuance of common stock		113			112
Net cash provided by financing activities		9,568			219
Net increase (decrease) in cash and cash equivalents		57			(654	)
Cash and cash equivalents, beginning of period		514			1,168
Cash and cash equivalents, end of period	$	571		$	514
Supplemental non-cash disclosures:
Common stock issued in acquisition	$	31,252		$	-
Stock options rolled over in acquisition		1,269			-