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INCOME TAXES (Tables)

12 Months Ended

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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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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-Paragraph 12
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Tabular disclosure of the change in unrecognized tax benefits.

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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=51663037&loc=d3e36027-109320

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