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INCOME TAXES (Tables)

12 Months Ended

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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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.

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-Publisher FASB

-Name Accounting Standards Codification

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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.

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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.

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Tabular disclosure of the change in unrecognized tax benefits.

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