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INCOME TAXES (Tables) | 12 Months Ended
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Sep. 30, 2014
INCOME TAXES [Abstract] |
Provision for Income Taxes | The provision for income taxes consists of:
Years ended September 30, |  | 2014 |  |  | 2013 |  |  | 2012 |
|  | (Dollars in Thousands) |
Federal: |  |  |  |  |  |  |  |  |
Current |  | $ | 3,787 |  |  | $ | 2,847 |  |  | $ | 7,734 |
Deferred |  |  | (1,765 | ) |  |  | (536 | ) |  |  | 858 |
|  |  | 2,022 |  |  |  | 2,311 |  |  |  | 8,592 |
State: |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 874 |  |  |  | 1,252 |  |  |  | 960 |
Deferred |  |  | 10 |  |  |  | 141 |  |  |  | 130 |
|  |  | 884 |  |  |  | 1,393 |  |  |  | 1,090 |
Income tax expense |  | $ | 2,906 |  |  | $ | 3,704 |  |  | $ | 9,682 |
Reconciliation of Total Income Tax Expense | Total income tax expense differs from the statutory federal income tax rate as follows:
Years ended September 30, |  | 2014 |  |  | 2013 |  |  | 2012 |
|  | (Dollars in Thousands) |
Income tax expense at federal tax rate |  | $ | 6,517 |  |  | $ | 5,993 |  |  | $ | 9,378 |
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State income taxes net of federal benefit |  |  | 575 |  |  |  | 1,092 |  |  |  | 708 |
Nontaxable buildup in cash surrender value |  |  | (399 | ) |  |  | (349 | ) |  |  | (179 | )
Incentive stock option expense |  |  | (187 | ) |  |  | (97 | ) |  |  | 10 |
Tax exempt income |  |  | (3,594 | ) |  |  | (2,815 | ) |  |  | (244 | )
Nondeductible expenses |  |  | 120 |  |  |  | 41 |  |  |  | 37 |
Other, net |  |  | (126 | ) |  |  | (161 | ) |  |  | (28 | )
Total income tax expense (benefit) |  | $ | 2,906 |  |  | $ | 3,704 |  |  | $ | 9,682 |
Components of Net Deferred Tax Asset (Liability) | The components of the net deferred tax asset (liability) at September 30, 2014 and 2013 are:
September 30, |  | 2014 |  |  | 2013 |
|  | (Dollars in Thousands) |
Deferred tax assets: |  |  |  |  |  |
Bad debts |  | $ | 1,955 |  |  | $ | 1,426 |
Deferred compensation |  |  | 708 |  |  |  | 446 |
Stock based compensation |  |  | 271 |  |  |  | 293 |
Operational reserve |  |  | 464 |  |  |  | 494 |
AMT Credit |  |  | 2,239 |  |  |  | 1,113 |
Net unrealized losses on securities available for sale |  |  | 2,969 |  |  |  | 12,776 |
Indirect tax benefits of unrecognized tax positions |  |  | 376 |  |  |  | - |
Other assets |  |  | 759 |  |  |  | 1,157 |
|  |  | 9,741 |  |  |  | 17,705 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
FHLB stock dividend |  |  | (410 | ) |  |  | (411 | )
Premises and equipment |  |  | (1,060 | ) |  |  | (1,366 | )
Patents |  |  | (937 | ) |  |  | (849 | )
Prepaid expenses |  |  | (743 | ) |  |  | (782 | )
|  |  | (3,150 | ) |  |  | (3,408 | )
Net deferred tax assets (liabilities) |  | $ | 6,591 |  |  | $ | 14,297 |
Reconciliation of Liabilities Associated with Unrecognized Tax Benefits | A reconciliation of the beginning and ending balances for liabilities associated with unrecognized tax benefits for the years ended September 30, 2014 and 2013, follows:
September 30, |  | 2014 |  |  | 2013 |
|  | (Dollars in Thousands) |
Balance at beginning of year |  | $ | 931 |  |  | $ | 164 |
Additions for tax positions related to the current year |  |  | 118 |  |  |  | 114 |
Additions for tax positions related to the prior years |  |  | - |  |  |  | 653 |
Reductions for tax positions due to settlement with taxing authorities |  |  | (16 | ) |  |  | - |
Reductions for tax positions related to prior years |  |  | (50 | ) |  |  | - |
Balance at end of year |  | $ | 983 |  |  | $ | 931 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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