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INCOME TAXES (Tables)

12 Months Ended

Sep. 30, 2016

Income Tax Disclosure [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,	2016				2015				2014
	(Dollars in Thousands)
Federal:
Current	$	4,410			$	4,217			$	3,787
Deferred	(440		)		(3,896		)		(1,765		)
	3,970				321				2,022
State:
Current	1,422				1,048				874
Deferred	210				(1		)		10
	1,632				1,047				884
Income tax expense	$	5,602			$	1,368			$	2,906

Reconciliation of Total Income Tax Expense

Total income tax expense differs from the statutory federal income tax rate as follows:

Years ended September 30,	2016				2015				2014
	(Dollars in Thousands)
Income tax expense at federal tax rate	$	13,588			$	6,798			$	6,517
Increase (decrease) resulting from:
State income taxes net of federal benefit	933				692				575
Nontaxable buildup in cash surrender value	(580		)		(711		)		(399		)
Incentive stock option expense	(66		)		(37		)		(187		)
Tax exempt income	(8,257		)		(5,230		)		(3,594		)
Nondeductible expenses	196				188				120
Other, net	(212		)		(332		)		(126		)
Total income tax expense	$	5,602			$	1,368			$	2,906

Components of Net Deferred Tax Asset (Liability)

The components of the net deferred tax asset (liability) at September 30, 2016 and 2015 are:

September 30,	2016				2015
	(Dollars in Thousands)
Deferred tax assets:
Bad debts	$	2,044			$	2,286
Deferred compensation	1,345				1,040
Stock based compensation	165				235
Operational reserve	540				453
AMT Credit	5,563				4,490
Intangibles	393				573
Indirect tax benefits of unrecognized tax positions	216				384
Other assets	1,462				1,293
	11,728				10,754
Deferred tax liabilities:
FHLB stock dividend	(411		)		(414		)
Premises and equipment	(1,913		)		(1,222		)
Patents	(988		)		(967		)
Prepaid expenses	(668		)		(633		)
Net unrealized gains on securities available for sale	(12,348		)		(521		)
	(16,328		)		(3,757		)
Net deferred tax assets (liabilities)	$	(4,600	)		$	6,997

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, 2016, and 2015 follows:

September 30,	2016				2015
	(Dollars in Thousands)
Balance at beginning of year	$	974			$	983
Additions for tax positions related to the current year	63				49
Additions for tax positions related to the prior years	—				4
Reductions for tax positions due to settlement with taxing authorities	(372		)		(62		)
Reductions for tax positions related to prior years	(140		)		—
Balance at end of year	$	525			$	974

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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
-Paragraph 2
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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
-Section 50
-Paragraph 12
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Tabular disclosure of the change in unrecognized tax benefits.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=75116239&loc=d3e36027-109320

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