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INCOME TAXES (Tables) | 12 Months Ended
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Sep. 30, 2015
INCOME TAXES [Abstract] |
Provision for Income Taxes | The Company and its subsidiaries file a consolidated federal income tax return on a fiscal year basis. The provision for income taxes consists of:
Years ended September 30, |  | 2015 |  |  | 2014 |  |  | 2013 |
|  | (Dollars in Thousands) |
Federal: |  |  |  |  |  |  |  |  |
Current |  | $ | 4,217 |  |  | $ | 3,787 |  |  | $ | 2,847 |
Deferred |  |  | (3,896 | ) |  |  | (1,765 | ) |  |  | (536 | )
|  |  | 321 |  |  |  | 2,022 |  |  |  | 2,311 |
State: |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 1,048 |  |  |  | 874 |  |  |  | 1,252 |
Deferred |  |  | (1 | ) |  |  | 10 |  |  |  | 141 |
|  |  | 1,047 |  |  |  | 884 |  |  |  | 1,393 |
Income tax expense |  | $ | 1,368 |  |  | $ | 2,906 |  |  | $ | 3,704 |
Reconciliation of Total Income Tax Expense | Total income tax expense differs from the statutory federal income tax rate as follows:
Years ended September 30, |  | 2015 |  |  | 2014 |  |  | 2013 |
|  | (Dollars in Thousands) |
Income tax expense at federal tax rate |  | $ | 6,798 |  |  | $ | 6,517 |  |  | $ | 5,993 |
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State income taxes net of federal benefit |  |  | 692 |  |  |  | 575 |  |  |  | 1,092 |
Nontaxable buildup in cash surrender value |  |  | (711 | ) |  |  | (399 | ) |  |  | (349 | )
Incentive stock option expense |  |  | (37 | ) |  |  | (187 | ) |  |  | (97 | )
Tax exempt income |  |  | (5,230 | ) |  |  | (3,594 | ) |  |  | (2,815 | )
Nondeductible expenses |  |  | 188 |  |  |  | 120 |  |  |  | 41 |
Other, net |  |  | (332 | ) |  |  | (126 | ) |  |  | (161 | )
Total income tax expense (benefit) |  | $ | 1,368 |  |  | $ | 2,906 |  |  | $ | 3,704 |
Components of Net Deferred Tax Asset (Liability) | The components of the net deferred tax asset (liability) at September 30, 2015 and 2014 are:
September 30, |  | 2015 |  |  | 2014 |
|  | (Dollars in Thousands) |
Deferred tax assets: |  |  |  |  |  |
Bad debts |  | $ | 2,286 |  |  | $ | 1,955 |
Deferred compensation |  |  | 1,040 |  |  |  | 708 |
Stock based compensation |  |  | 235 |  |  |  | 271 |
Operational reserve |  |  | 453 |  |  |  | 464 |
AMT Credit |  |  | 4,490 |  |  |  | 2,239 |
Intangibles |  |  | 573 |  |  |  |  |
Net unrealized losses on securities available for sale |  |  | - |  |  |  | 2,969 |
Indirect tax benefits of unrecognized tax positions |  |  | 384 |  |  |  | 376 |
Other assets |  |  | 1,293 |  |  |  | 759 |
|  |  | 10,754 |  |  |  | 9,741 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
FHLB stock dividend |  |  | (414 | ) |  |  | (410 | )
Premises and equipment |  |  | (1,222 | ) |  |  | (1,060 | )
Patents |  |  | (967 | ) |  |  | (937 | )
Prepaid expenses |  |  | (633 | ) |  |  | (743 | )
Net unrealized gains on securities available for sale |  |  | (521 | ) |  |  | - |
Deferred loan fees |  |  | - |  |  |  | - |
|  |  | (3,757 | ) |  |  | (3,150 | )
Net deferred tax assets (liabilities) |  | $ | 6,997 |  |  | $ | 6,591 |
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, 2015, and 2014 follows:
September 30, |  | 2015 |  |  | 2014 |
|  | (Dollars in Thousands) |
Balance at beginning of year |  | $ | 983 |  |  | $ | 931 |
Additions for tax positions related to the current year |  |  | 49 |  |  |  | 118 |
Additions for tax positions related to the prior years |  |  | 4 |  |  |  | - |
Reductions for tax positions due to settlement with taxing authorities |  |  | (62 | ) |  |  | (16 | )
Reductions for tax positions related to prior years |  |  | - |  |  |  | (50 | )
Balance at end of year |  | $ | 974 |  |  | $ | 983 |

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