Magyar Bancorp (MGYR) 10-K 18 Dec 15 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2015	Dec. 15, 2015	Mar. 31, 2015
Entity Registrant Name	Magyar Bancorp, Inc.
Entity Central Index Key	1,337,068
Document Type	10-K
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 22.1
Entity Common Stock, Shares Outstanding		5,819,494
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015
Magyar Bank, MHC
Entity Common Stock, Shares Owned by Registrant's mutual holding company		3,200,450

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Assets
Cash	$ 1,081	$ 1,205
Interest earning deposits with banks	17,027	9,053
Total cash and cash equivalents	18,108	10,258
Investment securities - available for sale, at fair value	6,064	12,070
Investment securities - held to maturity, at amortized cost (fair value of $53,248 and $48,822 at September 30, 2015 and 2014, respectively)	52,614	48,963
Federal Home Loan Bank of New York stock, at cost	2,025	1,761
Loans receivable, net of allowance for loan losses of $2,886 and $2,835 at September 30, 2015 and 2014, respectively	420,596	404,195
Bank owned life insurance	10,962	10,658
Accrued interest receivable	1,703	1,672
Premises and equipment, net	17,818	18,580
Other real estate owned ("OREO")	16,192	17,342
Other assets	4,483	4,931
Total assets	550,565	530,430
Liabilities
Deposits	466,269	448,451
Escrowed funds	1,301	1,157
Federal Home Loan Bank of New York advances	$ 31,594	25,500
Securities sold under agreements to repurchase		5,000
Accrued interest payable	$ 102	119
Accounts payable and other liabilities	4,630	4,271
Total liabilities	$ 503,896	$ 484,498
Stockholders' equity
Preferred stock: $.01 Par Value, 1,000,000 shares authorized; none issued
Common stock: $.01 Par Value, 8,000,000 shares authorized; 5,923,742 issued; 5,819,494 and 5,815,444 shares outstanding at September 30, 2015 and 2014, respectively	$ 59	$ 59
Additional paid-in capital	26,275	26,295
Treasury stock: 104,248 and 108,298 shares at September 30, 2015 and 2014, respectively, at cost	(1,166)	(1,211)
Unearned Employee Stock Ownership Plan shares	(752)	(877)
Retained earnings	23,252	22,382
Accumulated other comprehensive loss	(999)	(716)
Total stockholders' equity	46,669	45,932
Total liabilities and stockholders' equity	$ 550,565	$ 530,430

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Consolidated Balance Sheets [Abstract]
Fair value of investment securities - held to maturity	$ 53,248	$ 48,822
Allowance for loan losses	$ 2,886	$ 2,835
Preferred stock; par value	$ 0.01	$ 0.01
Preferred stock; shares authorized	1,000,000	1,000,000
Preferred stock; shares issued
Common stock; par value	$ 0.01	$ 0.01
Common stock; shares authorized	8,000,000	8,000,000
Common stock; shares issued	5,923,742	5,923,742
Common stock, shares outstanding	5,819,494	5,815,444
Treasury stock, shares	104,248	108,298

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Interest and dividend income
Loans, including fees	$ 17,987	$ 18,006
Investment securities
Taxable	1,367	1,431
Federal Home Loan Bank of New York stock	83	93
Total interest and dividend income	19,437	19,530
Interest expense
Deposits	2,446	2,421
Borrowings	750	1,039
Total interest expense	3,196	3,460
Net interest and dividend income	16,241	16,070
Provision for loan losses	1,264	1,387
Net interest and dividend income after provision for loan losses	14,977	14,683
Other income
Service charges	981	773
Income on bank owned life insurance	304	316
Other operating income	121	149
Gains on sales of loans	542	163
Gains on sales of investment securities	42	36
Total other income	1,990	1,437
Other expenses
Compensation and employee benefits	8,140	7,704
Occupancy expenses	2,834	2,879
Professional fees	1,069	1,031
Data processing expenses	520	576
OREO expenses	447	563
FDIC deposit insurance premiums	721	716
Loan servicing expenses	276	490
Insurance expense	235	225
Other expenses	1,415	1,177
Total other expenses	15,657	15,361
Income before income tax expense	1,310	759
Income tax expense	413	185
Net income	$ 897	$ 574
Net income per share-basic and diluted	$ 0.15	$ 0.10

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		12 Months Ended
		Sep. 30, 2015	Sep. 30, 2014
Consolidated Statements of Comprehensive Income [Abstract]
Net income		$ 897	$ 574
Other comprehensive income
Net unrealized gain on securities available for sale		229	105
Realized gains on sales of securities available for sale	[1],[2]	(42)	(36)
Defined benefit pension plan		(670)	(200)
Other comprehensive loss, before tax		(483)	(131)
Deferred income tax effect		200	53
Total other comprehensive loss		(283)	(78)
Total comprehensive income		$ 614	$ 496
[1]	Realized gains on securities transactions included in gains on sales of investment securities in the accompanying Consolidated Statements of Operations
[2]	Tax effect included in income tax expense in the accompanying Consolidated Statements of Operations

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Treasury Stock	Unearned ESOP Shares	Retained Earnings	Accumulated Other Comprehensive Loss	Total
Balance, at Sep. 30, 2013	$ 59	$ 26,322	$ (1,256)	$ (1,002)	$ 21,835	$ (638)	$ 45,320
Balance, shares at Sep. 30, 2013	5,811,394
Net income					$ 574		574
Other comprehensive loss						$ (78)	$ (78)
Treasury stock used for restricted stock plan		$ (18)	$ 45		$ (27)
Treasury stock used for restricted stock plan, shares	4,050
ESOP shares allocated		(27)		$ 125			$ 98
Stock-based compensation expense		18					18
Balance, at Sep. 30, 2014	$ 59	$ 26,295	$ (1,211)	$ (877)	$ 22,382	$ (716)	45,932
Balance, shares at Sep. 30, 2014	5,815,444
Net income					$ 897		897
Other comprehensive loss						$ (283)	$ (283)
Treasury stock used for restricted stock plan		$ (18)	$ 45		$ (27)
Treasury stock used for restricted stock plan, shares	4,050
ESOP shares allocated		(14)		$ 125			$ 111
Stock-based compensation expense		12					12
Balance, at Sep. 30, 2015	$ 59	$ 26,275	$ (1,166)	$ (752)	$ 23,252	$ (999)	$ 46,669
Balance, shares at Sep. 30, 2015	5,819,494

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities
Net income	$ 897	$ 574
Adjustment to reconcile net income to net cash provided by operating activities
Depreciation expense	845	919
Premium amortization on investment securities, net	245	299
Provision for loan losses	1,264	1,387
Provision for loss on other real estate owned	66	199
Proceeds from the sales of loans	9,722	4,084
Gains on sale of loans	(542)	(163)
Gains on sales of investment securities	(42)	(36)
Gains on the sales of other real estate owned	(61)	(23)
ESOP compensation expense	111	98
Stock-based compensation expense	12	18
Deferred income tax expense	403	170
(Increase) decrease in accrued interest receivable	(31)	80
Increase in surrender value bank owned life insurance	(304)	(316)
Decrease in other assets	246	46
Decrease in accrued interest payable	(17)	(22)
Decrease in accounts payable and other liabilities	(311)	(1,750)
Net cash provided by operating activities	12,503	5,564
Investing activities
Net increase in loans receivable	(25,855)	(10,476)
Purchases of loans receivable	(5,840)	(6,940)
Purchases of investment securities held to maturity	$ (9,700)	(6,455)
Purchases of investment securities available for sale		(2,053)
Sales of investment securities held to maturity		$ 3,036
Sales of investment securities available for sale	$ 5,421
Principal repayments on investment securities held to maturity	5,884	$ 6,855
Principal repayments on investment securities available for sale	734	5,721
Purchases of premises and equipment	$ (83)	(138)
Proceeds from the sale of premises and equipment		1,519
Investment in other real estate owned	$ (465)	(67)
Proceeds from the sale of other real estate owned	6,459	2,017
(Redemption) purchase of Federal Home Loan Bank stock	(264)	221
Net cash used by investing activities	(23,709)	(6,760)
Financing activities
Net increase (decrease) in deposits	17,818	(4,877)
Net increase in escrowed funds	144	139
Proceeds from long-term advances	11,094	7,100
Repayments of long-term advances	(5,000)	$ (8,700)
Repayments of securities sold under agreements to repurchase	(5,000)
Net cash provided (used) by financing activities	19,056	$ (6,338)
Net increase (decrease) in cash and cash equivalents	7,850	(7,534)
Cash and cash equivalents, beginning of period	10,258	17,792
Cash and cash equivalents, end of period	18,108	10,258
Cash paid for
Interest	3,214	3,481
Income taxes	14	9
Non-cash investing activities
Real estate acquired in full satisfaction of loans in foreclosure	$ 4,850	$ 4,713

ORGANIZATION

ORGANIZATION	12 Months Ended
	Sep. 30, 2015
ORGANIZATION [Abstract]
ORGANIZATION	NOTE A - ORGANIZATION On January 23, 2006 , Magyar Bank (the Bank) completed a reorganization involving a series of transactions by which our corporate structure was changed from a mutual savings bank to the mutual holding company form of ownership. Magyar Bank became a New Jersey-chartered stock savings bank subsidiary of Magyar Bancorp, Inc., a Delaware-chartered mid-tier stock holding company. Magyar Bancorp, Inc. (the “Company”) owns 100 Magyar Bancorp, MHC, owns 54.0 3,200,450 2,619,044 44.2 104,248 1.76 Magyar Bancorp, Inc. and The Bank is subject to regulations issued by the New Jersey Department of Banking and Insurance and the Federal Deposit Insurance Corporation (the “FDIC”). The Bank's administrative offices are located in New Brunswick, New Jersey. The Bank has six branch offices which are located in New Brunswick, North Brunswick, South Brunswick, Branchburg, Bridgewater, and Edison, New Jersey. The Bank's savings deposits are insured by the “FDIC” through the Deposit Insurance Fund (DIF); also, the Bank is a member of the Federal Home Loan Bank of New York. MagBank Investment Company, a New Jersey investment corporation subsidiary of the Bank, was formed on August 15, 2006 for the purpose of buying, selling and holding investment securities. Hungaria Urban Renewal, LLC is a Delaware limited-liability corporation established in 2002 as a qualified intermediary operating for the purpose of acquiring and developing the Bank's new main office. The Bank owns a 100 Magyar Service Corporation, a New Jersey corporation, is a wholly owned, non-bank subsidiary of the Bank. Magyar Service Corporation, which also operates under the name Magyar Financial Services, receives commissions from annuity and life insurance sales referred to a licensed, non-bank financial planner. The Bank competes with other banking and financial institutions in its primary market areas. Commercial banks, savings banks, savings and loan associations, credit unions and money market funds actively compete for savings and time certificates of deposit and all types of loans. Such institutions, as well as consumer financial and insurance companies, may be considered competitors of the Bank with respect to one or more of the services it renders. The Bank is subject to regulations of certain state and federal agencies and, accordingly, the Bank is periodically examined by such regulatory authorities. As a consequence of the regulation of commercial banking activities, the Bank's business is particularly susceptible to future state and federal legislation and regulations.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Sep. 30, 2015
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1. Basis of Financial Statement Presentation The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (US GAAP) and predominant practices within the banking industry. The financial statements include the accounts of the Company and its wholly owned subsidiary, the Bank, and its wholly-owned subsidiaries MagBank Investment Company, Magyar Service Corporation, and Hungaria Urban Renewal, LLC. All intercompany balances and transactions have been eliminated in the consolidated The Company has evaluated subsequent events and transactions occurring subsequent to the consolidated balance sheet date of September 30, 2015 , for items that should potentially be recognized or disclosed in these consolidated consolidated In preparing financial statements in conformity with US GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The principal estimates that are particularly susceptible to significant change in the near term relate to the allowance for loan losses and the deferred tax asset. The evaluation of the adequacy of the allowance for loan losses includes an analysis of the individual loans and overall risk characteristics and size of the different loan portfolios, and takes into consideration current economic and market conditions, the capability of specific borrowers to pay specific loan obligations, as well as current loan collateral values. However, actual losses on specific loans, which also are encompassed in the analysis, may vary from estimated losses. The Company records income taxes using the asset and liability method. Accordingly, deferred tax assets and liabilities: (i) are recognized for the expected future tax consequences of events that have been recognized in the financial statements or tax returns; (ii) are attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases; and (iii) are measured using enacted tax rates expected to apply in the years when those temporary differences are expected to be recovered or settled. Where applicable, deferred tax assets are reduced by a valuation allowance for any portions determined not likely to be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period of enactment. The valuation allowance is adjusted, by a charge or credit to income tax expense, as changes in facts and circumstances warrant. 2. Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, time deposits with original maturities less than three months and overnight deposits. 3. Investment Securities The Company classifies its investment securities into one of three portfolios: held to maturity, available for sale or trading. Investments in debt securities that the Company has the positive intent and ability to hold to maturity are classified as held to maturity securities and reported at amortized cost. Debt and equity securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and reported at fair value, with unrealized holding gains and losses included in earnings. Debt and equity securities not classified as either trading securities or as held to maturity securities are classified as available for sale securities and reported at fair value, with unrealized holding gains or losses, net of deferred income taxes, reported in the accumulated other comprehensive income (“AOCI”) component of stockholders' equity. If the fair value of a security is less than its amortized cost, the security is deemed to be impaired. Management evaluates all securities with unrealized losses quarterly to determine if such impairments are “temporary” or “other-than-temporary” in accordance with applicable accounting guidance. The Company accounts for temporary impairments based upon security classification as either available for sale, held to maturity or trading. Temporary impairments on “available for sale” securities are recognized, on a tax-effected basis, through AOCI with offsetting entries adjusting the carrying value of the security and the balance of deferred taxes. Conversely, the Company does not adjust the carrying value of “held to maturity” securities for temporary impairments, although information concerning the amount and duration of impairments on held to maturity securities is generally disclosed in periodic consolidated financial statements. The carrying value of securities held in a trading portfolio is adjusted to their fair value through earnings on a daily basis. However, the Company maintained no securities in trading portfolios at or during the periods presented in these consolidated financial statements. The Company accounts for other-than-temporary impairments based upon several considerations. First, other-than-temporary impairments on securities that the Company has decided to sell as of the close of a fiscal period, or will, more likely than not, be required to sell prior to the full recovery of the their fair value to a level equal to or exceeding their amortized cost, are recognized in operations. If neither of these criteria apply, then the other-than-temporary impairment is separated into credit-related and noncredit-related components. The credit-related impairment generally represents the amount by which the present value of the cash flows that are expected to be collected on an other-than-temporarily impaired security fall below its amortized cost while the noncredit-related component represents the remaining portion of the impairment not otherwise designated as credit-related. The Company recognizes credit-related, other-than-temporary impairments in earnings, while noncredit-related, other-than-temporary impairments on debt securities are recognized, net of deferred taxes, in AOCI. Federal law requires a member institution of the Federal Home Loan Bank (“FHLB”) system to purchase and hold restricted stock of its district FHLB according to a predetermined formula. This stock is restricted in that it may only be sold to the FHLB and all sales must be at par. Accordingly, the FHLB restricted stock is carried at cost, less any applicable impairment charges. Premiums and discounts on all securities are amortized or accreted to maturity by use of the level-yield method considering the impact of principal amortization and prepayments on mortgage-backed securities. Gain or loss on sales of securities is recognized on the specific identification method. 4. Loans and Allowance for Loan Losses Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at the amount of unpaid principal, adjusted for net deferred loan fees and costs, and reduced by an allowance for loan losses. Interest on loans is accrued and credited to operations based upon the principal amounts outstanding. The allowance for loan losses is established through a provision for possible loan losses charged to operations. Loans are charged against the allowance for loan losses when management believes that the collectability of the principal is unlikely. Income recognition of interest is discontinued when, in the opinion of management, the collectability of such interest becomes doubtful. A loan is generally classified as non-accrual when the scheduled payment(s) due on the loan is delinquent for more than three months. Loan origination fees and certain direct origination costs are deferred and amortized over the life of the related loans as an adjustment to the yield on loans receivable using the effective interest method. Management uses a ten point internal risk rating system to monitor the credit quality of the overall loan portfolio. The first six categories are considered not criticized, and are aggregated as “Pass” rated. The criticized rating categories utilized by management generally follow bank regulatory definitions. The Special Mention category includes assets that are currently protected but are potentially weak, resulting in an undue and unwarranted credit risk, but not to the point of justifying a Substandard classification. Loans in the Substandard category have well-defined weaknesses that jeopardize the liquidation of the debt, and have a distinct possibility that some loss will be sustained if the weaknesses are not corrected. All loans greater than three months past due are considered Substandard. Any portion of a loan that has been charged off is placed in the Loss category. To help ensure that risk ratings are accurate and reflect the present and future capacity of borrowers to repay a loan as agreed, the Bank has a structured loan rating process with several layers of internal and external oversight. Generally, consumer and residential mortgage loans are included in the Pass categories unless a specific action, such as severe delinquency, bankruptcy, repossession, or death occurs to raise awareness of a possible credit event. The Bank's Commercial Loan Officers are responsible for the timely and accurate risk rating of the loans in their portfolios at origination and on an ongoing basis. The Asset Review Committee performs monthly reviews of all commercial relationships internally rated 6 (“Watch”) or worse. Confirmation of the appropriate risk grade is performed by an external loan review company that semi-annually reviews and assesses loans within the portfolio. Generally, the external consultant reviews commercial relationships greater than $ 500,000 250,000 The allowance for loan losses is maintained at an amount management deems adequate to cover estimated losses. In determining the level to be maintained, management evaluates many factors, including current economic trends, industry experience, historical loss experience, industry loan concentrations, the borrowers' ability to repay and repayment performance, and estimated collateral values. In the opinion of management, the present allowance is adequate to absorb reasonable, foreseeable loan losses. While management uses the best information available to make such evaluations, future adjustments to the allowance may be necessary based on changes in economic conditions or any of the other factors used in management's determination. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company's allowance for losses on loans. Such agencies may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. Charge-offs to the allowance are made when the loan is transferred to other real estate owned or other determination of a confirmed loss. Recoveries on loans previously charged off are also recorded through the allowance. A loan is considered impaired when, based upon current information and events, it is probable that a creditor will be unable to collect all amounts due including principal and interest, according to the contractual terms of the loan agreement. The Company measures impaired loans based on the present value of expected future cash flows discounted at the loan's effective interest rate or as a practical expedient, at the loan's current observable market price, or the fair value of the collateral if the loan is collateral dependent. The amount by which the recorded investment of an impaired loan exceeds the measurement value is recognized by creating a valuation allowance through a charge to the provision for loan losses. Impairment criteria generally do not apply to those smaller-balance homogeneous loans that are collectively evaluated for impairment which for the Company includes one- to four-family first mortgage loans and consumer loans, other than those modified in a troubled debt restructuring. The Company records cash receipts on impaired loans that are non-performing as a reduction to principal before applying amounts to interest or late charges unless specifically directed by the Bankruptcy Court to apply payments otherwise. The Company may continue to recognize interest income on impaired loans where there is no confirmed loss. 5. Premises and Equipment Premises and equipment are carried at cost less accumulated depreciation, and include capitalized expenditures for new facilities, major betterments and renewals. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is computed using the straight-line method based upon the estimated useful lives of the related assets for financial reporting purposes and using the mandated methods by asset type for income tax purposes. Leasehold improvements are depreciated using the straight-line method based upon the initial term of the lease. The Company accounts for the impairment of long-lived assets in accordance with US GAAP, which requires recognition and measurement for the impairment of long-lived assets to be held and used or to be disposed of by sale. The Company had no impaired long-lived assets at September 30, 2015 and 2014 . 6. Derivative Contracts Derivative contracts are carried at fair value with unrealized gains and losses excluded from earnings and reported in a separate component of stockholders' equity, net of related income tax effects. Gains and losses on derivative contracts are recognized upon realization utilizing the specific identification method. As required by US GAAP, the Company recognizes all derivatives as either assets or liabilities in its Consolidated Balance Sheets and measures those instruments at fair value. 7. Other Real Estate Owned Real estate acquired through foreclosure, or a deed-in-lieu of foreclosure, is recorded at fair value less estimated selling costs at the date of acquisition or transfer, and subsequently at the lower of its new cost or fair value less estimated selling costs. Adjustments to the carrying value at the date of acquisition or transfer are charged to the allowance for loan losses. The carrying value of the individual properties is subsequently adjusted to the extent it exceeds estimated fair value less estimated selling costs, at which time a provision for losses on such real estate is charged to operations. Operating expenses of holding real estate, net of related income, are charged against income as incurred. Gains on sales of real estate are recognized, normally at closing, when down payment and certain other requirements are met; otherwise such gains are deferred and recognized on the installment method of accounting. Losses on the disposition of real estate, including expenses incurred in connection with the disposition, are charged to operations. 8. Income Taxes The Company and its subsidiaries file consolidated federal and individual state income tax returns. Income taxes are allocated based on the contribution of their respective income or loss to the consolidated income tax return. The Company records income taxes on the basis of reported income using the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. To the extent that current available evidence about the future raises doubt about the realization of a deferred tax asset, a valuation allowance is established. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company follows the provisions of FASB ASC Topic 740, which provides clarification on accounting for uncertainty in income taxes recognized in an enterprise's financial statements. The guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. At September 30, 2015 and 2014 , no significant income tax uncertainties have been included in the Company's Consolidated Balance Sheets. The Company's policy is to recognize interest and penalties on unrecognized tax benefits in income tax expense in the Consolidated Statements of Operations. No interest and penalties were recorded during the years ended September 30, 2015 and 2014 . The tax years subject to examination by the taxing authorities are the years ended September 30, 2010 and forward. 9. Advertising Costs The Company expenses advertising costs as incurred. 10. Earnings Per Share Basic income per share is calculated by dividing income available to common stockholders by the weighted average number of shares of common stock outstanding for the period. The weighted average common shares outstanding include shares held by the Magyar Bancorp, MHC and shares allocated to the Employee Stock Ownership Plan. Diluted income per share is calculated by adjusting the weighted average common shares outstanding to reflect the potential dilution that could occur using the treasury stock method if securities or other contracts to issue common stock, such as stock options and unvested restricted stock, were exercised and converted into common stock. The resulting shares issued would share in the earnings of the Company. Shares issued and shares reacquired during the period are weighted for the portion of the period that they were outstanding. In periods of loss, dilution is not calculated and diluted loss per share is equal to basic loss per share. The following table illustrates the reconciliation of the numerators and denominators of the basic and diluted earnings per share (EPS) calculations. All stock options were anti-dilutive at September 30, 2015 and 2014 . For the Years Ended September 30 , 2015 2014 Weighted Per Weighted Per average share average share Income shares Amount Income shares Amount (In thousands, except share and per share data) Basic EPS Net income available to common shareholders $ 897 5,818,712 $ 0.15 $ 574 5,814,960 $ 0.10 Effect of dilutive securities Options and grants — 215 — — 934 — Diluted EPS Net income available to common shareholders plus assumed conversion $ 897 5,818,927 $ 0.15 $ 574 5,815,894 $ 0.10 11. Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) Comprehensive income includes net income as well as certain other items which result in a change to equity during the period. The other items allocated to comprehensive income, as well as the related income tax effects, for the years ended September 30, 2015 and 2014 were as follows: September 30 , 2015 2014 Tax Net of Tax Net of Before Tax (Benefit) Tax Before Tax (Benefit) Tax Amount Expense Amount Amount Expense Amount (Dollars in thousands) Unrealized holding gains (losses) arising during period on: Available-for-sale investments $ 229 $ (85 ) $ 144 $ 105 $ (41 ) $ 64 Less reclassification adjustment for net gains realized on available-for-sale investments (a) (b) (42 ) 17 (25 ) (36 ) 14 (22 ) Defined benefit pension plan (670 ) 268 (402 ) (200 ) 80 (120 ) Other comprehensive loss, net $ (483 ) $ 200 $ (283 ) $ (131 ) $ 53 $ (78 ) (a) Realized gains on securities transactions included in gains on sales of investment securities in the accompanying Consolidated Statements of Operations (b) Tax effect included in income tax expense in the accompanying Consolidated Statements of Operations The components of accumulated other comprehensive loss at September 30, 2015 and 2014 were as follows: September 30, 2015 2014 (Dollars in thousands) Available-for-sale investments $ 47 $ (72 ) Defined benefit pension plan (1,046 ) (644 ) Total accumulated other comprehensive loss $ (999 ) $ (716 ) 12. Bank-Owned Life Insurance The Company has purchased Bank-Owned Life Insurance policies (“BOLI”). BOLI involves the purchasing of life insurance by the Company on directors and executive officers. The proceeds are used to help defray the costs of non-qualified compensation plans. The Company is the owner and beneficiary of the policies. BOLI is recorded on the Consolidated Balance Sheets at its cash surrender value and changes in the cash surrender value are recorded in other income in the Consolidated Statement of Operations. 13. Segment Reporting The Company acts as an independent, community, financial services provider, and offers traditional banking and related financial services to individual, business and government customers. The Company offers a full array of commercial and retail financial services, including the taking of time, savings and demand deposits; the making of commercial, consumer and home equity loans; and the provision of other financial services. Management does not separately allocate expenses, including the cost of funding loan demand, between the commercial and retail operations of the Company. As such, discrete financial information is not available and segment reporting would not be meaningful. 14. New Accounting Pronouncements In connection with the preparation of quarterly and annual reports in accordance with the Securities and Exchange Commission's (SEC) Securities Exchange Act of 1934, SEC Staff Accounting Bulletin Topic 11.M requires the disclosure of the impact that recently issued accounting standards will have on financial statements when they are adopted in the future. In January 2014 , the Financial Accounting Standards Board (FASB) issued an accounting standard update (ASU 2014-04) related to; Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40) Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. December 15, 2014 . The Company does not expect the impact of the updated guidance to have a material impact on its consolidated financial statements. In May 2014 , FASB issued ASU 2014-09 Revenue from Contracts with Customers (Topic 606).

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Sep. 30, 2015
STOCK-BASED COMPENSATION [Abstract]
STOCK-BASED COMPENSATION	NOTE C – STOCK-BASED COMPENSATION The Company follows FASB Accounting Standards Codification (“ASC”) Section 718, Compensation-Stock Compensation, which covers a wide range of share-based compensation arrangements including share options, restricted share plans, performance-based awards, share appreciation rights, and employee share purchase plans. ASC 718 requires that compensation cost relating to share-based payment transactions be recognized in financial statements. The cost is measured based on the fair value of the equity or liability instruments issued. ASC 718 also requires the Company to realize as a financing cash flow rather than an operating cash flow, as previously required, the benefits of realized tax deductions in excess of previously recognized tax benefits on compensation expense. In accordance with SEC Staff Accounting Bulletin (“SAB”) No. 107, the Company classified share-based compensation for employees and outside directors within “compensation and employee benefits” in the Consolidated Statements of Operations to correspond with the same line item as the cash compensation paid. Stock options generally vest over a five-year service period and expire ten years from issuance. Management recognizes compensation expense for all option grants over the awards' respective requisite service periods. The fair values of all option grants were estimated using the Black-Scholes option-pricing model. Since there was limited historical information on the volatility of the Company's stock, management also considered the average volatilities of similar entities for an appropriate period in determining the assumed volatility rate used in the estimation of fair value. Management estimated the expected life of the options using the simplified method allowed under SAB No. 107. The 7-year Treasury yield in effect at the time of the grant provided the risk-free rate for periods within the contractual life of the option. Management recognizes compensation expense for the fair values of these awards, which have graded vesting, on a straight-line basis over the requisite service period of the awards. Once vested, these awards are irrevocable. Shares will be obtained from either the open market or treasury stock upon share option exercise. Restricted shares generally vest over a five-year service period on the anniversary of the grant date. Once vested, these awards are irrevocable. The product of the number of shares granted and the grant date market price of the Company's common stock determine the fair value of restricted shares under the Company's restricted stock plans. Management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period. The following is a summary of the status of the Company's stock option activity and related information for its option plan for the two-year period ended September 30, 2015 : Weighted Weighted Average Aggregate Number of Average Remaining Intrinsic Stock Options Exercise Price Contractual Life Value Balance at September 30, 2013 188,276 $ 14.61 3.4 $ — Granted — — Exercised — — Forfeited — — Balance at September 30, 2014 188,276 14.61 2.4 $ — Granted — — Exercised — — Forfeited — — Balance at September 30, 2015 188,276 $ 14.61 1.4 years $ — Exercisable at September 30, 2015 188,276 $ 14.61 1.4 $ — No stock options were granted or exercised during the years ended September 30, 2015 and 2014 . The following is a summary of the status of the Company's non-vested restricted shares as of September 30, 2015 and 2014 , and changes during those years: Weighted Average Number of Grant Date Stock Awards Fair Value Balance at September 30, 2013 9,352 $ 4.42 Granted — — Vested (4,050 ) 4.44 Forfeited — — Balance at September 30, 2014 5,302 4.41 Granted — — Vested (4,050 ) 4.50 Forfeited — — Balance at September 30, 2015 1,252 $ 4.30 There were no stock option expenses for the year ended September 30, 2015 and 2014. Stock award expenses included with compensation expense were $ 12,000 18,000 September 30, 2015, and 2014 , respectively. The Company had no other stock-based compensation plans as of September 30, 2015 except as disclosed below. On April 27, 2007 the Company announced its first stock repurchase program and authorized the repurchase of up to 5 130,927 November 2007 and announced a second repurchase program of up to 5 129,924 November 2007 . Pursuant to the second repurchase program, the Company had repurchased 81,000 8.33 September 30, 2015 , leaving 48,924 The Company has an Employee Stock Ownership Plan ("ESOP") for the benefit of employees who meet the eligibility requirements as defined in the plan. The ESOP trust purchased 217,863 shares of common stock in the open market using proceeds of a loan from the Company. The total cost of shares purchased by the ESOP trust was $ 2.3 10.58 3.25 September 30 , 2015) with principal and interest payable annually in equal installments over thirty years. The loan is secured by shares of the Company's stock. As the debt is repaid, shares are released as collateral and allocated to qualified employees. Accordingly, the shares pledged as collateral are reported as unearned ESOP shares in the Consolidated Balance Sheets. The Company accounts for its ESOP in accordance with FASB ASC Topic 718, “Employer's Accounting for Employee Stock Ownership Plans”. As shares are released from collateral, the Company reports compensation expense equal to the current market price of the shares, and the shares become outstanding for earnings per share computations. The Company's contribution expense for the ESOP was $111,000 and $98,000 for years ended September 30, 2015 and 2014, respectively. The following table presents the components of the ESOP shares as of September 30, 2015 : Unreleased shares at September 30, 2014 89,427 Shares released for allocation during the year ended September 30, 2015 (12,445 ) Unreleased shares at September 30, 2015 76,982 Total released shares 140,881 Total ESOP shares 217,863 The aggregate fair value of the unreleased shares at September 30, 2015 was approximately $ 754,000

INVESTMENT SECURITIES

INVESTMENT SECURITIES	12 Months Ended
	Sep. 30, 2015
INVESTMENT SECURITIES [Abstract]
INVESTMENT SECURITIES	NOTE D - INVESTMENT SECURITIES The unamortized cost, gross unrealized gains or losses and fair value of the Company's investment securities available-for-sale and held-to-maturity are as follows: September 30, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) Securities available-for-sale: Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities-residential $ 5,839 $ 82 $ (7 ) $ 5,914 Private label mortgage-backed securities-residential 151 — (1 ) 150 Total securities available for sale $ 5,990 $ 82 $ (8 ) $ 6,064 September 30, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) Securities held-to-maturity: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 5,414 $ 156 $ (99 ) $ 5,471 Mortgage-backed securities - commercial 1,101 — (2 ) 1,099 Obligations of U.S. government-sponsored enterprises: Mortgage backed securities - residential 37,563 647 (67 ) 38,143 Debt securities 5,000 2 (25 ) 4,977 Private label mortgage-backed securities - residential 536 1 (1 ) 536 Corporate securities 3,000 22 — 3,022 Total securities held to maturity $ 52,614 $ 828 $ (194 ) $ 53,248 At September 30, 2014 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) Securities available-for-sale: Obligations of U.S. government agencies: Mortgage backed securities - residential $ 1,294 $ 1 $ — $ 1,295 Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities-residential 10,485 39 (155 ) 10,369 Private label mortgage-backed securities-residential 404 3 (1 ) 406 Total securities available-for-sale $ 12,183 $ 43 $ (156 ) $ 12,070 At September 30, 2014 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) Securities held-to-maturity: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 7,308 $ 223 $ (139 ) $ 7,392 Mortgage-backed securities - commercial 1,168 — — 1,168 Obligations of U.S. government-sponsored enterprises: Mortgage backed securities - residential 36,894 413 (507 ) 36,800 Debt securities 3,000 — (152 ) 2,848 Private label mortgage-backed securities - residential 593 25 (4 ) 614 Total securities held-to-maturity $ 48,963 $ 661 $ (802 ) $ 48,822 The contractual maturities of mortgage-backed securities generally exceed 10 years; however, the effective lives are expected to be shorter due to anticipated prepayments. The amortized cost and fair value of the Company's securities available-for-sale at September 30, 2015 are summarized in the following table: September 30, 2015 (Dollars in thousands) Amortized Fair Cost Value Due within 1 year $ — $ — Due after 1 but within 5 years — — Due after 5 but within 10 years — — Due after 10 years — — Total debt securities — — Mortgage-backed securities: Residential (1) 5,990 6,064 Commercial — — Total $ 5,990 $ 6,064 (1) Available-for-sale mortgage-backed securities – residential include an amortized cost of $5.8 million and a fair value of $5.9 million for obligations of U.S. government-sponsored enterprises issued by Federal National Mortgage Association and Federal Home Loan Mortgage Corporation. Also included are residential mortgage backed securities issued by non-U.S. government agencies and government-sponsored enterprises with an amortized cost of $151,000 and fair value of $150,000. September 30, 2015 Amortized Fair Cost Value (Dollars in thousands) Due within 1 year $ — $ — Due after 1 but within 5 years — — Due after 5 but within 10 years 3,000 2,996 Due after 10 years 5,000 5,003 Total debt securities 8,000 7,999 Mortgage backed securities: Residential (1) 43,513 44,150 Commercial (2) 1,101 1,099 Total $ 52,614 $ 53,248 (1) Held-to-maturity mortgage-backed securities – residential include an amortized cost of $5.4 million and a fair value of $5.5 million for obligations of U.S. government agencies issued by the Government National Mortgage Association and obligations of U.S. government-sponsored enterprises issued by Federal National Mortgage Association and Federal Home Loan Mortgage Corporation which had an amortized cost of $37.6 million and a fair value of $38.1 million. Also included are mortgage backed securities issued by non-U.S. government agencies and government-sponsored enterprises with an amortized cost of $536,000 and a fair value of $536,000. (2) Held-to-maturity mortgage-backed securities – commercial include an amortized cost of $1.1 million and a fair value of $1.1 million for obligations of U.S. government agencies issued by the Small Business Administration. There were sales of $5.4 million and $0 from the available-for-sale portfolios during the years ended September 30, 2015 and 2014, respectively. The gross gains on sales of the available-for-sale securities totaled $42,000 and $36,000 for the year ended September 30, 2015 and 2014, respectively. There were $0 and $3.0 million in sales of securities from the held-to-maturity portfolios during the years ended September 30, 2015 and 2014, respectively. As of September 30, 2015 and 2014, securities having an estimated fair value of approximately $27.0 million and $25.2 million, respectively, were pledged to secure public deposits. Details of securities with unrealized losses at September 30, 2015 and 2014 are as follows: September 30, 2015 Less Than 12 Months 12 Months Or Greater Total Number of Fair Unrealized Fair Unrealized Fair Unrealized Securities Value Losses Value Losses Value Losses (Dollars in thousands) Obligations of U.S. government agencies: Mortgage-backed securities - residential 3 $ — $ — $ 2,254 $ (99 ) $ 2,254 $ (99 ) Mortgage-backed securities - commercial 1 1,099 (2 ) — — 1,099 (2 ) Obligations of U.S. government-sponsored enterprises Mortgage-backed securities - residential 7 4,424 (34 ) 8,688 (40 ) 13,112 (74 ) Debt securities 1 — — 1,975 (25 ) 1,975 (25 ) Private label mortgage-backed securities residential 2 — — 223 (2 ) 223 (2 ) Total 14 $ 5,523 $ (36 ) $ 13,140 $ (166 ) $ 18,663 $ (202 ) September 30, 2014 Less Than 12 Months 12 Months Or Greater Total Number of Fair Unrealized Fair Unrealized Fair Unrealized Securities Value Losses Value Losses Value Losses (Dollars in thousands) Obligations of U.S. government agencies: Mortgage-backed securities- residential 3 $ — $ — $ 2,918 $ (139 ) $ 2,918 $ (139 ) Mortgage-backed securities - commercial 1 — — 1,168 — 1,168 — Obligations of U.S. government-sponsored enterprises Mortgage backed securities- residential 20 12,114 (80 ) 19,960 (582 ) 32,074 (662 ) Debt securities 3 — — 2,848 (152 ) 2,848 (152 ) Private label mortgage-backed securities- residential 2 20 (1 ) 273 (4 ) 293 (5 ) Total 29 $ 12,134 $ (81 ) $ 27,167 $ (877 ) $ 39,301 $ (958 ) The investment securities listed above currently have fair values less than amortized cost and therefore contain unrealized losses. The Company evaluated these securities and determined that the decline in value was primarily related to fluctuations in the interest rate environment and were not related to any company or industry specific event. The Company anticipates full recovery of amortized costs with respect to these securities. The Company does not intend to sell these securities and has determined that it is not more likely than not that the Company would be required to sell these securities prior to maturity or market price recovery. Management has considered factors regarding other than temporarily impaired securities and determined that there are no securities with impairment that is other than temporary as of September 30, 2015 and 2014.

LOANS RECEIVABLE, NET

LOANS RECEIVABLE, NET	12 Months Ended
	Sep. 30, 2015
LOANS RECEIVABLE, NET [Abstract]
LOANS RECEIVABLE, NET	NOTE E - LOANS RECEIVABLE, NET Loans receivable are comprised of the following: September 30, September 30, 2015 2014 (Dollars in thousands) One-to four-family residential $ 169,781 $ 160,335 Commercial real estate 173,864 169,449 Construction 6,679 12,232 Home equity lines of credit 21,176 19,366 Commercial business 41,485 35,035 Other 10,305 10,396 Total loans receivable 423,290 406,813 Net deferred loan costs 192 217 Allowance for loan losses (2,886 ) (2,835 ) Total loans receivable, net $ 420,596 $ 404,195 Certain directors and executive officers of the Company have loans with the Bank. Such loans were made in the ordinary course of business at the Bank's normal credit terms, including interest rate and collateralization, and do not represent more than a normal risk of collection. Total loans receivable from directors and executive officers, and affiliates thereof, were approximately $4.6 million and $4.0 million at September 30, 2015 and 2014, respectively. Total principal additions were approximately $1.9 million and $0 at September 30, 2015 and 2014, respectively. Total principal repayments were approximately $1.3 million and $983,000 for the year ended September 30, 2015 and 2014, respectively. At September 30, 2015 and 2014, the Company was servicing loans for others amounting to approximately $32.8 million and $28.3 million, respectively. The Company held mortgage servicing rights in the amount of $132,000 and $175,000 at September 30, 2015 and 2014, respectively. Servicing loans for others generally consists of collecting mortgage payments, maintaining escrow accounts, disbursing payments to investors, and foreclosure processing. Loan servicing income is recorded on the cash basis and includes servicing fees from investors and certain charges collected from borrowers, such as late payment fees. In connection with loans serviced for others, the Company held borrowers' escrow balances of approximately $130,000 and $155,000 at September 30, 2015 and 2014, respectively. The segments of the Bank's loan portfolio are disaggregated to a level that allows management to monitor risk and performance. The residential mortgage loan segment is further disaggregated into two classes: amortizing term loans, which are primarily first liens, and home equity lines of credit, which are generally second liens. The commercial loan segment is further disaggregated into three classes. Commercial real estate loans include loans secured by multifamily structures, owner-occupied commercial structures, and non-owner occupied nonresidential properties. The construction loan segment consists primarily of developers or investors for the purpose of acquiring, developing and constructing residential or commercial structures and to a lesser extent one-to-four family residential construction loans made to individuals for the acquisition of and/or construction on a lot or lots on which a residential dwelling is to be built. Construction loans to developers and investors have a higher risk profile because the ultimate buyer, once development is completed, is generally not known at the time of the loan. The commercial business loan segment consists of loans made for the purpose of financing the activities of commercial customers and consists primarily of revolving lines of credit. The consumer loan segment consists primarily of stock-secured installment loans, but also includes unsecured personal loans and overdraft lines of credit connected with customer deposit accounts. Management evaluates individual loans in all segments for possible impairment if the loan either is in nonaccrual status, or is risk rated Substandard and is greater than 90 days past due. Loans are considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in evaluating impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Once the determination has been made that a loan is impaired, the recorded investment in the loan is compared to the fair value of the loan using one of three methods: (a) the present value of expected future cash flows discounted at the loan's effective interest rate; (b) the loan's current observable market price; or (c) the fair value of the collateral securing the loan, less anticipated selling and disposition costs. The method is selected on a loan-by loan basis, with management primarily utilizing the fair value of collateral method. If there is a shortfall between the fair value of the loan and the recorded investment in the loan, the Company charges the difference to the allowance for loan loss as a charge-off and carries the impaired loan on its books at fair value. It is the Company's policy to evaluate impaired loans on an annual basis to ensure the recorded investment in a loan does not exceed its fair value. The following tables present impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary for the periods presented: Impaired Loans Impaired Loans with with No Specific Specific Allowance Allowance Total Impaired Loans Unpaid At and for the year ended Recorded Related Recorded Recorded Principal September 30, 2015 Investment Allowance Investment Investment Balance (Dollars in thousands) One-to four-family residential $ — $ — $ 3,017 $ 3,017 $ 3,134 Commercial real estate — — 5,447 5,447 6,556 Construction — — — — — Home equity lines of credit — — 417 417 521 Commercial business 1,690 201 66 1,756 1,756 Total impaired loans $ 1,690 $ 201 $ 8,947 $ 10,637 $ 11,967 Impaired Loans Impaired Loans with with No Specific Specific Allowance Allowance Total Impaired Loans Unpaid At and for the year ended Recorded Related Recorded Recorded Principal September 30, 2014 Investment Allowance Investment Investment Balance (Dollars in thousands) One-to four-family residential $ 1,733 $ 42 $ 6,990 $ 8,723 $ 10,830 Commercial real estate — — 5,046 5,046 6,205 Construction 442 332 1,836 2,278 3,160 Home equity lines of credit — — 829 829 987 Commercial business 11 11 331 342 1,133 Total impaired loans $ 2,186 $ 385 $ 15,032 $ 17,218 $ 22,315 The average recorded investment in impaired loans was $14.8 million and $22.4 million for the years ended September 30, 2015 and 2014, respectively. During the years ended September 30, 2015 and 2014, no interest income was recognized while the loans were impaired, and no interest income was recognized using the cash basis method of accounting while these loans were impaired. The following tables present the classes of the loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard and Doubtful within the Bank's internal risk rating system for the periods presented: Special Pass Mention Substandard Doubtful Total (Dollars in thousands) September 30, 2015 One-to four-family residential $ 166,846 $ — $ 2,935 $ — $ 169,781 Commercial real estate 169,239 210 3,309 1,106 173,864 Construction 2,468 — 4,211 — 6,679 Home equity lines of credit 19,436 — 1,740 — 21,176 Commercial business 39,764 — 1,721 — 41,485 Other 10,305 — — — 10,305 Total $ 408,058 $ 210 $ 13,916 $ 1,106 $ 423,290 Special Pass Mention Substandard Doubtful Total (Dollars in thousands) September 30, 2014 One-to four-family residential $ 153,878 $ — $ 6,457 $ — $ 160,335 Commercial real estate 158,501 6,179 3,663 1,106 169,449 Construction 6,110 — 6,122 — 12,232 Home equity lines of credit 17,209 — 2,157 — 19,366 Commercial business 34,725 — 310 — 35,035 Other 10,396 — — — 10,396 Total $ 380,819 $ 6,179 $ 18,709 $ 1,106 $ 406,813 Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is past due. The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans for the periods presented: 30-59 60-89 Days Days 90 Days + Total Non- Total Current Past Due Past Due Past Due Past Due Accrual Loans (Dollars in thousands) September 30, 2015 One-to four-family residential $ 166,993 $ — $ 730 $ 2,058 $ 2,788 $ 2,058 $ 169,781 Commercial real estate 171,969 — — 1,895 1,895 1,895 173,864 Construction 6,679 — — — — — 6,679 Home equity lines of credit 20,921 — — 255 255 255 21,176 Commercial business 39,777 — 19 1,689 1,708 1,689 41,485 Other 10,305 — — — — — 10,305 Total $ 416,644 $ — $ 749 $ 5,897 $ 6,646 $ 5,897 $ 423,290 30-59 60-89 Days Days 90 Days + Total Non- Total Current Past Due Past Due Past Due Past Due Accrual Loans (Dollars in thousands) September 30, 2014 One-to four-family residential $ 155,825 $ 75 $ 256 $ 4,179 $ 4,510 $ 4,179 $ 160,335 Commercial real estate 166,360 — 918 2,171 3,089 2,171 169,449 Construction 9,954 — — 2,278 2,278 2,278 12,232 Home equity lines of credit 18,483 — — 883 883 883 19,366 Commercial business 33,105 1,600 56 274 1,930 274 35,035 Other 10,396 — — — — — 10,396 Total $ 394,123 $ 1,675 $ 1,230 $ 9,785 $ 12,690 $ 9,785 $ 406,813 The amount of interest income not recognized on non-accrual loans was approximately $356,000 and $638,000 for the years ended September 30, 2015 and 2014, respectively. At September 30, 2015 and September 30, 2014, there were no commitments to lend additional funds to borrowers whose loans are classified as non-accrual. An allowance for loan losses (“ALL”) is maintained to absorb losses from the loan portfolio. The ALL is based on management's continuing evaluation of the risk characteristics and credit quality of the loan portfolio, assessment of current economic conditions, diversification and size of the portfolio, adequacy of collateral, past and anticipated loss experience, and the amount of NPLs. The Bank's methodology for determining the ALL is based on the requirements of ASC Section 310-10-35 for loans individually evaluated for impairment (discussed above) and ASC Subtopic 450-20 for loans collectively evaluated for impairment, as well as the Interagency Policy Statements on the Allowance for Loan and Lease Losses and other bank regulatory guidance. Loans that are collectively evaluated for impairment are analyzed with general allowances being made as appropriate. For general allowances, historical loss trends are used in the estimation of losses in the current portfolio. These historical loss amounts are modified by other qualitative and economic factors. The loans are segmented into classes based on their inherent varying degrees of risk, as described above. Management tracks the historical net charge-off activity by segment and utilizes this figure, as a percentage of the segment, as the general reserve percentage for pooled, homogenous loans that have not been deemed impaired. Typically, an average of losses incurred over 5 historical years is used. Non-impaired credits are segregated for the application of qualitative factors. Management has identified a number of additional qualitative factors which it uses to supplement the historical charge-off factor because these factors are likely to cause estimated credit losses associated with the existing loan pools to differ from historical loss experience. The additional factors that are evaluated quarterly and updated using information obtained from internal, regulatory, and governmental sources are: national and local economic trends and conditions; levels of and trends in delinquency rates and non-accrual loans; trends in volumes and terms of loans; effects of changes in lending policies; experience, ability, and depth of lending staff; value of underlying collateral; and concentrations of credit from a loan type, industry and/or geographic standpoint. Management reviews the loan portfolio on a quarterly basis using a defined, consistently applied process in order to make appropriate and timely adjustments to the ALL. When information confirms all or part of specific loans to be uncollectible, these amounts are promptly charged off against the ALL. Since loans individually evaluated for impairment are promptly written down to their fair value, typically there is no portion of the ALL for loans individually evaluated for impairment. The following tables summarize the activity in the allowance for loan losses by loan category for the years ended September 30, 2015 and 2014: One-to Four- Home Equity Family Commercial Lines of Commercial Residential Real Estate Construction Credit Business Other Unallocated Total (Dollars in thousands) Balance-September 30, 2014 $ 402 $ 826 $ 784 $ 62 $ 643 $ 9 $ 109 $ 2,835 Charge-offs (176 ) (397 ) (342 ) (461 ) (274 ) (1 ) — (1,651 ) Recoveries 400 — 38 — — — — 438 Provision (231 ) 502 (27 ) 452 600 (2 ) (30 ) 1,264 Balance-September 30, 2015 $ 395 $ 931 $ 453 $ 53 $ 969 $ 6 $ 79 $ 2,886 One-to Four- Home Equity Family Commercial Lines of Commercial Residential Real Estate Construction Credit Business Other Unallocated Total (Dollars in thousands) Balance-September 30, 2013 $ 844 $ 852 $ 604 $ 125 $ 452 $ 9 $ 127 $ 3,013 Charge-offs (665 ) — (189 ) (75 ) (804 ) — — (1,733 ) Recoveries 52 — 113 — 3 — — 168 Provision 171 (26 ) 256 12 992 — (18 ) 1,387 Balance-September 30, 2014 $ 402 $ 826 $ 784 $ 62 $ 643 $ 9 $ 109 $ 2,835 The following tables summarize the ALL by loan category, segregated into the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of September 30, 2015 and September 30, 2014: One-to Four- Home Equity Family Commercial Lines of Commercial Residential Real Estate Construction Credit Business Other Unallocated Total (Dollars in thousands) Allowance for Loan Losses: Balance - September 30, 2015 $ 395 $ 931 $ 453 $ 53 $ 969 $ 6 $ 79 $ 2,886 Individually evaluated for impairment — — — — 201 — — 201 Collectively evaluated for impairment 395 931 453 53 768 6 79 2,685 Loans receivable: Balance - September 30, 2015 $ 169,781 $ 173,864 $ 6,679 $ 21,176 $ 41,485 $ 10,305 $ — $ 423,290 Individually evaluated for impairment 3,017 5,447 — 417 1,756 — — 10,637 Collectively evaluated for impairment 166,764 168,417 6,679 20,759 39,729 10,305 412,653 One-to Four- Home Equity Family Commercial Lines of Commercial Residential Real Estate Construction Credit Business Other Unallocated Total (Dollars in thousands) Allowance for Loan Losses: Balance - September 30, 2014 $ 402 $ 826 $ 784 $ 62 $ 643 $ 9 $ 109 $ 2,835 Individually evaluated for impairment 42 — 332 — 11 — — 385 Collectively evaluated for impairment 360 826 452 62 632 9 109 2,450 Loans receivable: Balance - September 30, 2014 $ 160,335 $ 169,449 $ 12,232 $ 19,366 $ 35,035 $ 10,396 — $ 406,813 Individually evaluated for impairment 8,723 5,046 2,278 829 342 — — 17,218 Collectively evaluated for impairment 151,612 164,403 9,954 18,537 34,693 10,396 389,595 The allowance for loan losses is based on estimates, and actual losses will vary from current estimates. Management believes that the segmentation of the loan portfolio into homogeneous pools and the related historical loss ratios and other qualitative factors, as well as the consistency in the application of assumptions, result in an ALL that is representative of the risk found in the components of the portfolio at any given date. The Bank has adopted FASB issue ASU No. 2011-02 on the determination of whether a loan restructuring is considered to be a Troubled Debt Restructuring (“TDR”). A TDR is a loan that has been modified whereby the Bank has agreed to make certain concessions to a borrower to meet the needs of both the borrower and the Bank to maximize the ultimate recovery of a loan. TDR occurs when a borrower is experiencing, or is expected to experience, financial difficulties and the loan is modified using a modification that would otherwise not be granted to the borrower. The types of concessions granted generally included, but are not limited to interest rate reductions, limitations on the accrued interest charged, term extensions, and deferment of principal. The Bank modified two loans considered to be TDRs during the year ended September , 2015. The following tables summarize the TDRs during the twelve month periods ended , 2015 and 2014: Year Ended September 30, 2015 Number of Investment Before Investment After Loans TDR Modification TDR Modification (Dollars in thousands) One-to four-family residential 2 $ 650 $ 713 Total 2 $ 650 $ 713 Year Ended September 30, 2014 Number of Investment Before Investment After Loans TDR Modification TDR Modification (Dollars in thousands) One-to four-family residential 1 $ 193 $ 193 Total 1 $ 193 $ 193 A default on a TDR loan for purposes of this disclosure occurs when a borrower is 90 days past due or a foreclosure or repossession of the applicable collateral has occurred. During the year ended September 30, 2015, no defaults occurred on troubled debt restructured loans that were modified as a TDR within the previous 12 months. The Company held interest-only mortgage loans with principal balances of $12.6 million and $16.3 million at September 30, 2015 and 2014, respectively. The average interest-only term on these loans is 10 years at which time these loans reset to fully amortize over 20 years, on average. As these loans are collateralized by residential real estate with an average original loan-to-value of 71.44%, management does not anticipate any losses on these loans as of September 30, 2015. Total loans pledged as collateral against Federal Home Loan Bank of New York borrowings was $93.9 million and $94.2 million as of September 30, 2015 and 2014, respectively.

ACCRUED INTEREST RECEIVABLE

ACCRUED INTEREST RECEIVABLE	12 Months Ended
	Sep. 30, 2015
ACCRUED INTEREST RECEIVABLE [Abstract]
ACCRUED INTEREST RECEIVABLE	NOTE F - ACCRUED INTEREST RECEIVABLE The following is a summary of accrued interest receivable: September 30 , 2015 2014 (Dollars in thousands) Loans $ 1,543 $ 1,517 Investment securities 57 32 Mortgage-backed securities 103 123 Total accrued interest receivable $ 1,703 $ 1,672

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT	12 Months Ended
	Sep. 30, 2015
PREMISES AND EQUIPMENT [Abstract]
PREMISES AND EQUIPMENT	NOTE G - PREMISES AND EQUIPMENT Premises and equipment consist of the following: Estimated September 30, Useful Lives 2015 2014 (Dollars in thousands) Land Indefinite $ 3,811 $ 3,811 Buildings and improvements 10 40 21,449 21,416 Furniture, fixtures and equipment 5 10 2,828 2,778 28,088 28,005 Less accumulated depreciation (10,270 ) (9,425 ) $ 17,818 $ 18,580 For the years ended September 30, 2015 and 2014, depreciation expense included in occupancy expense amounted to approximately $ 845,000 919,000 Hungaria Urban Renewal, LLC was formed in 2002 and its sole purpose was to purchase the land and construct the office building for which the Company is the primary tenant. During the period of construction, the Company had leased the land and building from the entity. The lease payments were structured to equal the debt service on the loans plus a nominal fee. The lease agreement contained an irrevocable purchase option allowing the Company to purchase the land and building from this entity for the aggregated outstanding indebtedness. The Bank owns a 100% interest in Hungaria Urban Renewal, LLC, which has no other business other than owning the Bank's main office site. At September 30, 2015 , Hungaria Urban Renewal, LLC accounted for approximately $ 3.1 10.3 0 September 30, 2014, Hungaria Urban Renewal, LLC accounted for approximately $ 3.1 10.7 104,000

OTHER REAL ESTATE OWNED

OTHER REAL ESTATE OWNED	12 Months Ended
	Sep. 30, 2015
OTHER REAL ESTATE OWNED [Abstract].
OTHER REAL ESTATE OWNED	NOTE H - OTHER REAL ESTATE OWNED The Company held $16.2 million of real estate owned properties at September 30, 2015 and $17.3 million at September 30, 2014. The Company incurred write-downs totaling $ 66,000 199,000 September 30, 2015 and 2014; these amounts were carried as valuation allowances at September 30, 2015 and 2014, respectively. Further declines in real estate values may result in increased foreclosed real estate expense in the future. Routine holding costs are charged to expense as incurred and improvements to real estate owned that enhance the value of the real estate are capitalized.

DEPOSITS

DEPOSITS	12 Months Ended
	Sep. 30, 2015
DEPOSITS [Abstract]
DEPOSITS	NOTE I - DEPOSITS A summary of deposits by type of account follows: September 30 , 2015 2014 (Dollars in thousands) Demand accounts $ 87,915 $ 84,306 Savings accounts 90,196 65,123 NOW accounts 41,457 47,029 Money market accounts 103,593 102,118 Certificate of deposit 122,088 126,661 Retirement accounts 21,020 23,214 $ 466,269 $ 448,451 The aggregate amount of deposit accounts with a minimum denomination of $100,000 was approximately $ 362.6 299.2 September 30, 2015 and 2014, respectively. The aggregate amount of certificate deposits with balance of $100,000 or more was $ 86.0 September 30, 2015 and $ 91.0 September 30, 2014 . At September 30, 2015 , certificates of deposit (including retirement accounts and brokered certificate deposit accounts) have contractual maturities as follows (in thousands): Year Ending September 30, 2016 $ 64,517 2017 26,594 2018 18,299 2019 27,913 2020 and after 5,785 $ 143,108

BORROWINGS

BORROWINGS	12 Months Ended
	Sep. 30, 2015
BORROWINGS [Abstract]
BORROWINGS	NOTE J - BORROWINGS 1. Federal Home Loan Bank of New York Advances Long term Federal Home Loan Bank of New York (FHLBNY) advances at September 30, 2015 and September 30, 2014 totaled approximately $ 31.6 25.5 September 30, 2015 and 2014 were 2.38 2.77 Long term FHLBNY advances as of September 30, 2015 mature as follows (in thousands): Year Ending September 30, 2016 $ 2,260 2017 5,000 2018 5,100 2019 8,940 2020 10,294 Thereafter — $ 31,594 Additionally, the Company has established an Overnight Line of Credit arrangement with the FHLBNY. The total amount available under the line of credit is based on the amount of eligible collateral pledged to the FHLBNY. At September 30, 2015 and 2014, the Company had available credit from the FHLBNY totaling $ 39.8 50.4 September 30, 2015 2014 (Dollars in thousands) Balance at end of year $ — $ — Weighted average balance during the year $ 2,958 $ 5,763 Maximum month-end balance during the year $ 18,500 $ 19,000 Average interest rate during the year 0.37 0.28 2. Securities Sold Under Reverse Repurchase Agreements Qualifying repurchase agreements are treated as financings and are reflected as a liability in the Consolidated Balance Sheets. The Company had repurchase agreements of $0 and $5.0 million outstanding at September 30, 2015 and September 30, 2014, respectively. The interest rate was 3.83 December 2014 .

SERVICING POLICY

SERVICING POLICY	12 Months Ended
	Sep. 30, 2015
SERVICING POLICY [Abstract]
SERVICING POLICY	NOTE K – SERVICING POLICY The Company originates and sells loans receivable secured by one-to four-family residential properties and commercial business loans guaranteed by the Small Business Administration ( the “SBA”) September 30, 2015 were $ 9.7 0 September 30, 2014 were $ 4.1 0 Gains on sales of loans, representing the difference between the total sales price received for the loans and the allocated cost of the loans, are recognized when mortgage loans are sold and delivered to the purchasers. Loans have been sold on a servicing released basis and servicing retained basis. Loans are accounted for as sold when control of the mortgage is surrendered. Control over the mortgage loans is deemed surrendered when (1) the mortgage loans have been isolated from the Company, (2) the buyer has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the mortgage loans and (3) the Company does not maintain effective control over the mortgage loans through either (a) an agreement that entitles and obligates the Company to repurchase or redeem the mortgage loans before maturity, or (b) the ability to unilaterally cause the buyer to return specific mortgage loans. The Company services one-to-four family residential mortgage loans for investors in the secondary mortgage market, which are not included in the Consolidated Balance Sheets. The Company's fee is a percentage of the principal balance and is recognized as income when received. At September 30, 2015 and 2014, the Company was servicing such sold loans in the amount of $ 13.8 16.0 September 30, 2015 2014 (Dollars in thousands) Beginning balance $ 175 $ 229 Origination of mortgage servicing rights 20 — Amortization (63 ) (54 ) Ending balance $ 132 $ 175 Mortgage servicing rights are carried at the lower of amortized cost or fair value. Fair values are estimated using discounted cash flows based on a current market interest rate. The Company also services the SBA guaranteed portion of commercial business loans sold to investors in the secondary market, which are not included in the Consolidated Balance Sheets. The Company's fee is a percentage of the principal balance and is recognized as income when received. At September 30, 2015 and 2014, we were servicing SBA loans sold in the amount of $ 14.6 9.5

INCOME TAXES

INCOME TAXES	12 Months Ended
	Sep. 30, 2015
INCOME TAXES [Abstract]
INCOME TAXES	NOTE L - INCOME TAXES The income tax expense is comprised of the following components for the years ended September 30, 2015 and 2014: September 30, 2015 2014 (Dollars in thousands) Current $ 10 $ 15 Deferred 403 170 Total income tax expense $ 413 $ 185 A reconciliation of income tax at the statutory tax rate to the effective income tax expense for the years ended September 30, 2015 and 2014 is as follows: September 30, 2015 2014 (Dollars in thousands) Income tax expense at statutory rate $ 445 $ 258 Increase (decrease) resulting from: State income taxes, net of federal income tax benefit 69 39 Tax-exempt income, net (99 ) (103 ) Nondeductible expenses 3 3 Employee stock ownership plan (7 ) (12 ) Other, net 2 — Total income tax expense $ 413 $ 185 The major sources of temporary differences and their deferred tax effect at September 30, 2015 and 2014 are as follows: September 30, 2015 2014 (Dollars in thousands) Allowance for loan losses $ 1,153 $ 1,132 Deferred loan fees 448 1,057 Employee benefits 168 234 Charitable contributions 14 — Net operating losses 1,938 1,841 Alternative minimum tax credit 243 241 Unrealized loss, minimum pension liability 696 348 Net unrealized loss, investment securities available-for-sale — 41 OREO 307 426 Straight line rent 163 141 Gross deferred tax asset 5,130 5,461 Depreciation (1,506 ) (1,574 ) Discount accretion on investments (117 ) (107 ) Net unrealized gain, investment securities available-for-sale (27 ) — Mortgage servicing rights (53 ) (70 ) Gross deferred tax liability (1,703 ) (1,751 ) Net deferred tax asset 3,427 3,710 Valuation allowance (20 ) (183 ) Net deferred tax asset, included in other assets $ 3,407 $ 3,527 In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences are deductible and carry forwards are available. Due to the uncertainty of the Company's ability to realize the benefit of certain deferred tax assets within statutory time limits, the net deferred tax assets are partially offset by a valuation allowance at September 30, 2015 and 2014. The net change in the valuation allowance for the year ended September 30, 2015 was a decrease of approximately $ 163,000 The decrease in the valuation allowance during the year ended September 30, 2015 was partially due to the expiration of approximately $ 2.6 20,000 At September 30, 2015 the Company had approximately $ 4.7 6.0 September 30, 2015 , there was no valuation allowance against the Federal net operating loss carry forward and a $20,000 valuation allowance against the state net operating loss carry forward. In determining whether or not a valuation allowance was necessary for its federal and state net operating losses, the Company considered forecasted earnings, future taxable income, and tax planning strategies limited to the twelve months following September 30, 2015 . Prior to 1996, savings banks that met certain definitions, tests and other conditions prescribed by the Internal Revenue Code were allowed to deduct, with limitations, a bad debt deduction computed as a percentage of taxable income before such deduction. Currently, the Company employs the direct charge-off method to account for bad debt. The company was required to switch from the reserve method because it now qualifies as a Large Bank as defined under Code Section 585, and is precluded from further using the reserve method. The Company is not required to provide a deferred tax liability for its tax loss reserve as of December 31 , 1987 (the Base Year). The amount of this reserve on which no deferred taxes have been provided is approximately $ 1,258,000

PENSION PLAN

PENSION PLAN	12 Months Ended
	Sep. 30, 2015
PENSION PLAN [Abstract]
PENSION PLAN	NOTE M - PENSION PLAN On January 26, 2006 , the Company's defined-benefit pension plan was frozen and amended to eliminate future benefit accruals after February 15, 2006 . The Company had a noncontributory defined benefit pension plan (the “Plan”) (the “Trust”) The long-term investment objective is to be invested 65 35 If the plan is underfunded under the Guidelines, the bond fund portion will be temporarily increased to 50% in order to lessen asset value volatility. When the plan is no longer underfunded, the bond fund portion will be decreased back to 35%. Asset rebalancing is performed at least annually, with interim adjustments made when the investment mix varies more than 5% from the target (i.e., a 10% target range). The following table sets forth the plan's funded status and amounts recognized in the Company's Consolidated Balance Sheets at September 30, 2015 and September 30, 2014. At September 30, 2015 2014 (Dollars in thousands) Actuarial present value of benefit obligations $ 4,337 $ 3,890 Change in benefit obligations Projected benefit obligation, beginning $ 3,890 $ 3,630 Interest cost 170 177 Actuarial loss 463 267 Annuity payments and lump sum distributions (186 ) (184 ) Projected benefit obligation, end $ 4,337 $ 3.890 Change in plan assets Fair value of assets, beginning $ 2,860 $ 2,730 Actual return on plan assets (84 ) 216 Employer contributions 176 98 Annuity payments and lump sum distributions (186 ) (184 ) Fair value of assets, end $ 2,766 $ 2,860 Funded status included with other liabilities $ (1,571 ) $ (1,030 ) Net pension cost for the years ended September 30, 2015 and 2014 included the following components: September 30 , 2015 2014 (Dollars in thousands) Service cost benefits earned during the year $ — $ — Interest cost on projected benefit obligation 170 177 Expected return on plan assets (198 ) (202 ) Amortization of unrecognized net loss 75 54 Net pension cost $ 47 $ 29 For the year ended September 30, 2015 , the weighted average discount rate used in determining the actuarial present value of the projected benefit obligation was 4.50 September 30, 2014, the weighted average discount rate used in determining the actuarial present value of the projected benefit obligation was 4.50 The long-term rate-of-return-on-assets assumption was set based on historical returns earned by equities and fixed income securities, adjusted to reflect expectations of future returns as applied to the plan's target allocation of asset classes. Equities and fixed income securities were assumed to earn rates of return in the ranges of 6 8 3 5 September 30, 2015 , respectively. When these overall return expectations are applied to the plan's target allocation, the result is an expected rate of return of 5.0 7.0 7.00 Current Asset Allocation The Company's pension plan weighted-average asset allocations at September 30, 2015 and 2014, by asset category are as follows: September 30 , 2015 2014 Equity securities 62 64 Debt securities (bond mutual funds) 37 36 Other (money market fund) 1 0 Total 100 100 The target asset allocation set for the assets of the plan are in equity securities ranging from 40 70 30 60 Expected Contributions For the fiscal year ending September 30, 2016 , the Company expects to contribute $ 127,000 Estimated Future Benefit Payments The following benefit payments are expected to be paid as follows (in thousands): October 1, 2015 through September 30, 2016 $ 201 October 1, 2016 through September 30, 2017 202 October 1, 2017 through September 30, 2018 202 October 1, 2018 through September 30, 2019 205 October 1, 2019 through September 30, 2020 207 October 1, 2020 through September 30, 2025 1,074 $ 2,091 Included in the funded status of the pension plan at September 30, 2015 and 2014 , are actuarial losses of $ 1,742,000 1,072,000 696,000 428,000 September 30, 2016 , approximately $ 139,000 The following table presents the plan assets that are measured at fair value on a recurring basis by level within the fair value hierarchy under ASC Topic 820. Financial assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. See Note R for further detail regarding fair value hierarchy. Fair Value Measurements at Reporting Date Using: Quoted Prices Significant At in Active Markets Other Significant September 30, for Identical Observable Unobservable 2015 Assets (Level 1) Inputs (Level 2) Inputs (Level 3) (In thousands) Investment Type Mutual Funds- Equity Large-Cap Value $ 351 $ 351 $ — $ — Large-Cap Core 366 366 — — Mid-Cap Core 180 180 — — Small-Cap Core 171 171 — — Non-U.S. Core 638 638 — — Mutual Funds- Fixed Income Intermediate-Term Core 1,020 1,020 — — Cash Equivalents Money Market 40 40 — — Total Investment $ 2,766 $ 2,766 $ — $ — Fair Value Measurements at Reporting Date Using: Quoted Prices Significant At in Active Markets Other Significant September 30 , for Identical Observable Unobservable 2014 Assets (Level 1) Inputs (Level 2) Inputs (Level 3) (In thousands) Investment Type Mutual Funds- Equity Large-Cap Value $ 371 $ 371 $ — $ — Large-Cap Core 376 376 — — Mid-Cap Core 181 181 — — Small-Cap Core 175 175 — — Non-U.S. Core 731 731 — — Mutual Funds- Fixed Income Intermediate-Term Core 1,018 1,018 — — Cash Equivalents Money Market 8 8 — — Total Investment $ 2,860 $ 2,860 $ — $ — Equity and debt securities are reported at fair value in the table above utilizing exchange quoted prices in active markets for identical instruments (Level 1 inputs).

NONQUALIFIED COMPENSATION PLAN

NONQUALIFIED COMPENSATION PLAN	12 Months Ended
	Sep. 30, 2015
NONQUALIFIED COMPENSATION PLAN [Abstract]
NONQUALIFIED COMPENSATION PLAN	NOTE N - NONQUALIFIED COMPENSATION PLAN The Company maintains a Supplemental Executive Retirement Plan (SERP) for the benefit of its senior officers. In addition, the Company also adopted voluntary Deferred Income and Emeritus Plans on behalf of its directors and those directors elected by the Board as “Director Emeritus.” The SERP provides the Company with the opportunity to supplement the retirement income of selected officers to achieve equitable wage replacement at retirement while the Deferred Income Plan provides participating directors with an opportunity to defer all or a portion of their fees into a tax deferred accumulation account for future retirement. The Director Emeritus Plan enables the Company to reward its directors for longevity of service in consideration of their availability and consultation at a sum equal to a fifteen year certain annuity based on fifty-percent of last years' Board fee. The SERP is based upon achieving retirement benefits equal to two percent multiplied by the number of service years multiplied by the final salary. In 2001, the Company adopted a New Director Emeritus Plan (the “New Plan”), which supplemented the prior Director Emeritus Plans. Under the New Plan, the directors will be entitled to a benefit upon attainment of his/her benefit age. The directors will receive an annual amount in monthly installments based on his/her total Board and Committee fees in the twelve months prior to attainment of his/her benefit age. The amount will be ten percent (10%) plus two and one-half percent (2 1/2%) for each year of service as a Director, with a minimum of fifty percent (50%), provided the Director has served for at least five (5) years, and a maximum of sixty percent (60%). The maximum benefit increases for any Director serving as Chairman of the Board to seventy-five percent (75%). The Company funds the plans through a modified endowment contract. Income recorded for the plans represents life insurance income as recorded based on the projected increases in cash surrender values of life insurance policies. As of September 30, 2015 and 2014, the Life Insurance Contracts had cash surrender values of approximately $ 10,962,000 10,658,000 The Company is recording benefit costs so that the cost of each participant's retirement benefits is being expensed and accrued over the participant's active employment so as to result in a liability at retirement date equal to the present value of the benefits expected to be provided.

401(K) EMPLOYEE CONTRIBUTION PL

401(K) EMPLOYEE CONTRIBUTION PLAN	12 Months Ended
	Sep. 30, 2015
401(K) EMPLOYEE CONTRIBUTION PLAN [Abstract]
401(K) EMPLOYEE CONTRIBUTION PLAN	NOTE O - 401(K) EMPLOYEE CONTRIBUTION PLAN The Company has a defined contribution 401(k) plan covering all employees, as defined under the plan document. Employees may contribute to the plan, as defined under the plan document, and the Company can make discretionary contributions. The Company contributed $ 93,000 48,000 September 30, 2015 and 2014 , respectively, and is included in compensation and employee benefits in the accompanying Consolidated Statements of Operations.

COMMITMENTS

COMMITMENTS	12 Months Ended
	Sep. 30, 2015
COMMITMENTS [Abstract]
COMMITMENTS	NOTE P - COMMITMENTS 1. Lease Commitments Approximate future minimum payments under non-cancelable operating leases are due as follows for the years indicated (in thousands): September 30 , 2016 $ 588 2017 627 2018 628 2019 644 2020 651 Thereafter 3,715 $ 6,853 Total rental expense, included in occupancy expense, was approximately $ 754,000 770,000 September 30, 2015 and 2014, respectively. 2. Contingencies The Company and its subsidiaries, from time to time, are a party to routine litigation that arises in the normal course of business. In the opinion of management, the resolution of this litigation, if any, would not have a material adverse effect on the Company's consolidated financial position or results of operations.

FINANCIAL INSTRUMENTS WITH OFF-

FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK	12 Months Ended
	Sep. 30, 2015
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK [Abstract]
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK	NOTE Q - FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK The Company may use derivative financial instruments, such as interest rate floors and collars, as part of its interest rate risk management. Interest rate caps and floors are agreements whereby one party agrees to pay or receive a floating rate of interest on a notional principal amount for a predetermined period of time if certain market interest rate thresholds are met. The Company considers the credit risk inherent in these contracts to be negligible. As of September 30, 2015 and 2014 , the Company did not hold any interest rate floors or collars. The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments are commitments to extend credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the Consolidated Balance Sheets. The Company's exposure to credit loss in the event of nonperformance by the other parties to the financial instrument for commitments to extend credits is represented by the contractual notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. At September 30, 2015 and 2014, the Company had outstanding commitments (substantially all of which expire within one year) to originate one-to four-family residential loans, construction loans, commercial real estate loans, commercial business loans and consumer loans. These commitments were comprised of fixed and variable rate loans. September 30 , 2015 2014 (Dollars in thousands) Financial instruments whose contract amounts represent credit risk (in thousands) Letters of credit $ 694 $ 884 Unused lines of credit 45,039 43,644 Fixed rate loan commitments 1,597 1,900 Variable rate loan commitments 7,937 8,500 $ 55,267 $ 54,928

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	12 Months Ended
	Sep. 30, 2015
FAIR VALUE DISCLOSURES [Abstract]
FAIR VALUE DISCLOSURES	NOTE R - FAIR VALUE DISCLOSURES The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The Company's Company In accordance with ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), the Company groups its assets and liabilities at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. These levels are: Level 1- Valuation is based upon quoted prices for identical instruments traded in active markets. Level 2- Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3- Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques. The results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability. The Company bases its fair values on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following is a description of valuation methodologies used for assets measured at fair value on a recurring basis. Securities available-for-sale The Company's Derivative financial instruments The Company uses interest rate floors to manage its interest rate risk. The valuation of these instruments is based on a third party value of interest rate derivative contracts which are based on the fair market value using market prices provided from brokers trading in such instruments, less their carrying value. The carrying value is the price paid for the derivative contracts less prior amortization of the price paid. There are no derivative financial instruments at September 30, 2015 and 2014 . The following table provides the level of valuation assumptions used to determine the carrying value of the Company's September 30, 2015 and 2014 : Fair Value at September 30, 2015 Total Level 1 Level 2 Level 3 (Dollars in thousands) Securities available for sale: Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities - residential $ 5,914 $ — $ 5,914 $ — Private label mortgage-backed securities - residential 150 — 150 — Total securities available for sale $ 6,064 $ — $ 6,064 $ — Fair Value at September 30, 2014 Total Level 1 Level 2 Level 3 (Dollars in thousands) Securities available for sale: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 1,295 $ — $ 1,295 $ — Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities - residential 10,369 — 10,369 — Private label mortgage-backed securities - residential 406 — 406 — Total securities available for sale $ 12,070 $ — $ 12,070 $ — The following is a description of valuation methodologies used for assets measured at fair value on a non-recurring basis. Mortgage Servicing Rights Mortgage Servicing Rights (MSR's) are carried at the lower of amortized cost or estimated fair value. The estimated fair value of MSRs is determined through a calculation of future cash flows, incorporating estimates of assumptions market participants would use in determining fair value including market discount rates, prepayment speeds, servicing income, servicing costs, default rates and other market driven data, including the market's perception of future interest rate movements and, as such, are classified as Level 3. No valuation write-downs were made to MSR's during the years ended September 30, 2015 and 2014 . Impaired Loans Loans which meet certain criteria are evaluated individually for impairment. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. All amounts due according to the contractual terms means that both the contractual interest and principal payments of a loan will be collected as scheduled in the loan agreement. Three impairment measurement methods are used, depending upon the collateral securing the asset: 1) the present value of expected future cash flows discounted at the loan's effective interest rate (the rate of return implicit in the loan); 2) the asset's observable market price; or 3) the fair value of the collateral if the asset is collateral dependent. The regulatory agencies require this method for loans from which repayment is expected to be provided solely by the underlying collateral. The Company's Appraisals of collateral securing impaired loans are conducted by approved, qualified, and independent third-party appraisers. Such appraisals are ordered via the Bank's credit administration department, independent from the lender who originated the loan, once the loan is deemed impaired, as described in the previous paragraph. Impaired loans are generally re-evaluated with an updated appraisal within one year of the last appraisal. However, the Company also obtains updated appraisals on performing construction loans that are approaching their maturity date to determine whether or not the fair value of the collateral securing the loan remains sufficient to cover the loan amount prior to considering an extension. The Company discounts the appraised “as is” value of the collateral for estimated selling and disposition costs and compares the resulting fair value of collateral to the outstanding loan amount. If the outstanding loan amount is greater than the discounted fair value, the Company requires a reduction in the outstanding loan balance or additional collateral before considering an extension to the loan. If the borrower is unwilling or unable to reduce the loan balance or increase the collateral securing the loan, it is deemed impaired and the difference between the loan amount and the fair value of collateral, net of estimated selling and disposition costs, is charged off through a reduction of the allowance for loan loss. Other Real Estate Owned Other real estate owned is carried at lower of cost or estimated fair value less disposal costs. The estimated fair value of the real estate is determined through current appraisals, and adjusted as necessary, by management, to reflect current market conditions. As such, other real estate owned is generally classified as Level 3. Valuation write-downs totaling $66,000 were made to one property held as other real estate owned during the year ended September 30, 2015 . The property was written down based on an updated appraisal of the real estate. The following tables provide the level of valuation assumptions used to determine the carrying value of our assets measured at fair value on a non-recurring basis at September 30, 2015 and 2014 : Fair Value at September 30, 2015 Total Level 1 Level 2 Level 3 (Dollars in thousands) Impaired loans $ 1,489 $ — $ — $ 1,489 Other real estate owned 16,192 — — 16,192 $ 17,681 $ — $ — $ 17,681 Fair Value at September 30, 2014 Total Level 1 Level 2 Level 3 (Dollars in thousands) Impaired loans $ 1,801 $ — $ — $ 1,801 Other real estate owned 17,342 — — 17,342 $ 19,143 $ — $ — $ 19,143 Impaired loans reported for the period ended September 30, 2015 consisted of seven 4.0 1.3 201,000 The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Company has utilized Level 3 inputs to determine fair value: Quantitative Information about Level 3 Fair Value Measurements (Dollars in thousands) Fair Value Valuation September 30, 2015 Estimate Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 1,489 Appraisal of collateral (1) Appraisal adjustments (2) -16.0 -40.0 -8.0 Other real estate owned $ 16,192 Appraisal of collateral (1) Liquidation expenses (2) 0.0 -41.2 -15.1 Quantitative Information about Level 3 Fair Value Measurements (Dollars in thousands) Fair Value Valuation September 30, 2014 Estimate Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 1,801 Appraisal of collateral (1) Appraisal adjustments (2) 0 -21.0 -10.7 Other real estate owned $ 17,342 Appraisal of collateral (1) Liquidation expenses (2) -3.2 -39.1 -15.6 (1) Fair value is generally determined through independent appraisals for the underlying collateral, which generally include various level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate fair value: Cash and interest earning deposits with banks: The carrying amounts are a reasonable estimate of fair value. Held to maturity securities: The fair values of our held to maturity securities are obtained from an independent nationally recognized pricing service. The Company's Loans: Fair value for the loan portfolio, excluding impaired loans, is estimated based on discounted cash flow analysis using interest rates currently offered for loans with similar terms to borrowers of similar credit quality. Bank-owned life insurance: The carrying amounts are based on the cash surrender values of the individual policies, which is a reasonable estimate of fair value. Deposits: The fair value of savings deposits with no stated maturity, such as money market deposit accounts, interest-bearing checking accounts and savings accounts, is equal to the amount payable on demand. The fair value of certificates of deposit including retirement accounts is based on the discounted value of contractual cash flows. The discount rate is equivalent to the rate currently offered by the Bank for deposits of similar size, type and maturity. Accrued interest receivable and payable: For these short-term instruments, the carrying amount is a reasonable estimate of fair value. Federal Home Loan Bank of New York advances and securities sold under agreements to repurchase: The fair value of borrowings is based on the discounted value of contractual cash flows. The discount rate is equivalent to the rate currently offered by the Federal Home Loan Bank of New York for borrowings of similar maturity and terms. Interest rate derivatives: The third party value of interest rate derivative contracts are based on the fair market value using market prices provided from brokers trading in such instruments, less their carrying value. The carrying value is the price paid for the derivative contracts less prior amortization of the price paid. The fair value of commitments to extend credit is estimated based on the amount of unamortized deferred loan commitment fees. The fair value of letters of credit is based on the amount of unearned fees plus the estimated cost to terminate the letters of credit. Fair values of unrecognized financial instruments including commitments to extend credit and the fair value of letters of credit are considered immaterial. The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company's financial instruments carried at cost or amortized cost as of September 30, 2015 and September 30, 2014 . This table excludes financial instruments for which the carrying amount approximates fair value. For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. For financial liabilities such as interest-bearing demand, NOW, and money market savings deposits, the carrying amount is a reasonable estimate of fair value due to these products having no stated maturity. Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) September 30, 2015 Financial instruments - assets Investment securities held-to-maturity $ 52,614 $ 53,248 $ — $ 53,248 $ — Loans 420,596 425,890 — — 425,890 Financial instruments - liabilities Certificate of deposit 143,108 144,150 — 144,150 — Borrowings 31,594 32,231 — 32,231 — September 30, 2014 Financial instruments - assets Investment securities held-to-maturity $ 48,963 $ 48,822 $ — $ 48,822 $ — Loans 404,195 407,947 — — 407,947 Financial instruments - liabilities Certificate of deposit 149,875 151,652 — 151,652 — Borrowings 30,500 31,045 — 31,045 —

REGULATORY CAPITAL

REGULATORY CAPITAL	12 Months Ended
	Sep. 30, 2015
REGULATORY CAPITAL [Abstract]
REGULATORY CAPITAL	NOTE S - REGULATORY CAPITAL The Company and Bank are required to maintain minimum amounts of capital to total “risk-weighted” assets, as defined by the banking regulators. Failure to meet minimum capital requirements can initiate certain mandatory and possibly discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and Bank must meet specific capital guidelines that involve quantitative measures of the Company's and Bank's assets, liabilities, and certain off balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. For capital To be well-capitalized under prompt corrective Actual adequacy purposes action provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of September 30, 2015 Total Capital (to risk-weighted assets) Magyar Bancorp, Inc. $ 50,555 12.98 % N/A N/A N/A N/A Magyar Bank $ 48,584 12.47 % 31,158 > 8.00 38,947 > 10.00 Tier 1 Capital (to risk-weighted assets) Magyar Bancorp, Inc. $ 47,669 12.24 % N/A N/A N/A N/A Magyar Bank $ 45,698 11.73 % 15,579 > 4.00 23,368 > 6.00 Common Equity Tier 1 Capital (to risk-weighted assets) Magyar Bancorp, Inc. $ 47,669 12.24 % N/A N/A N/A N/A Magyar Bank $ 45,698 11.73 % 17,526 > 4.50 23,368 > 6.00 Tier 1 Capital (to average assets) Magyar Bancorp, Inc. $ 47,669 8.75 % N/A N/A N/A N/A Magyar Bank $ 45,698 8.39 % 21,795 > 4.00 27,244 > 5.00 As of September 30, 2014 Total Capital (to risk-weighted assets) Magyar Bancorp, Inc. $ 49,465 13.30 % 29,755 > 8.00 N/A N/A Magyar Bank $ 47,059 12.65 % 29,754 > 8.00 37,192 > 10.00 Tier 1 Capital (to risk-weighted assets) Magyar Bancorp, Inc. $ 46,630 12.54 % 14,878 > 4.00 N/A N/A Magyar Bank $ 44,224 11.89 % 14,877 > 4.00 22,315 > 6.00 Tier 1 Capital (to average assets) Magyar Bancorp, Inc. $ 46,630 8.86 % 21,060 > 4.00 N/A N/A Magyar Bank $ 44,224 8.40 % 21,059 > 4.00 26,324 > 5.00 The Bank has committed to the FDIC to maintain capital at or above the well capitalized level.

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Sep. 30, 2015
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Basis of Financial Statement Presentation	1. Basis of Financial Statement Presentation The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (US GAAP) and predominant practices within the banking industry. The financial statements include the accounts of the Company and its wholly owned subsidiary, the Bank, and its wholly-owned subsidiaries MagBank Investment Company, Magyar Service Corporation, and Hungaria Urban Renewal, LLC. All intercompany balances and transactions have been eliminated in the consolidated The Company has evaluated subsequent events and transactions occurring subsequent to the consolidated balance sheet date of September 30, 2015 , for items that should potentially be recognized or disclosed in these consolidated consolidated In preparing financial statements in conformity with US GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The principal estimates that are particularly susceptible to significant change in the near term relate to the allowance for loan losses and the deferred tax asset. The evaluation of the adequacy of the allowance for loan losses includes an analysis of the individual loans and overall risk characteristics and size of the different loan portfolios, and takes into consideration current economic and market conditions, the capability of specific borrowers to pay specific loan obligations, as well as current loan collateral values. However, actual losses on specific loans, which also are encompassed in the analysis, may vary from estimated losses. The Company records income taxes using the asset and liability method. Accordingly, deferred tax assets and liabilities: (i) are recognized for the expected future tax consequences of events that have been recognized in the financial statements or tax returns; (ii) are attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases; and (iii) are measured using enacted tax rates expected to apply in the years when those temporary differences are expected to be recovered or settled. Where applicable, deferred tax assets are reduced by a valuation allowance for any portions determined not likely to be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period of enactment. The valuation allowance is adjusted, by a charge or credit to income tax expense, as changes in facts and circumstances warrant.
Cash and Cash Equivalents	2. Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks, time deposits with original maturities less than three months and overnight deposits.
Investment Securities	3. Investment Securities The Company classifies its investment securities into one of three portfolios: held to maturity, available for sale or trading. Investments in debt securities that the Company has the positive intent and ability to hold to maturity are classified as held to maturity securities and reported at amortized cost. Debt and equity securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and reported at fair value, with unrealized holding gains and losses included in earnings. Debt and equity securities not classified as either trading securities or as held to maturity securities are classified as available for sale securities and reported at fair value, with unrealized holding gains or losses, net of deferred income taxes, reported in the accumulated other comprehensive income (“AOCI”) component of stockholders' equity. If the fair value of a security is less than its amortized cost, the security is deemed to be impaired. Management evaluates all securities with unrealized losses quarterly to determine if such impairments are “temporary” or “other-than-temporary” in accordance with applicable accounting guidance. The Company accounts for temporary impairments based upon security classification as either available for sale, held to maturity or trading. Temporary impairments on “available for sale” securities are recognized, on a tax-effected basis, through AOCI with offsetting entries adjusting the carrying value of the security and the balance of deferred taxes. Conversely, the Company does not adjust the carrying value of “held to maturity” securities for temporary impairments, although information concerning the amount and duration of impairments on held to maturity securities is generally disclosed in periodic consolidated financial statements. The carrying value of securities held in a trading portfolio is adjusted to their fair value through earnings on a daily basis. However, the Company maintained no securities in trading portfolios at or during the periods presented in these consolidated financial statements. The Company accounts for other-than-temporary impairments based upon several considerations. First, other-than-temporary impairments on securities that the Company has decided to sell as of the close of a fiscal period, or will, more likely than not, be required to sell prior to the full recovery of the their fair value to a level equal to or exceeding their amortized cost, are recognized in operations. If neither of these criteria apply, then the other-than-temporary impairment is separated into credit-related and noncredit-related components. The credit-related impairment generally represents the amount by which the present value of the cash flows that are expected to be collected on an other-than-temporarily impaired security fall below its amortized cost while the noncredit-related component represents the remaining portion of the impairment not otherwise designated as credit-related. The Company recognizes credit-related, other-than-temporary impairments in earnings, while noncredit-related, other-than-temporary impairments on debt securities are recognized, net of deferred taxes, in AOCI. Federal law requires a member institution of the Federal Home Loan Bank (“FHLB”) system to purchase and hold restricted stock of its district FHLB according to a predetermined formula. This stock is restricted in that it may only be sold to the FHLB and all sales must be at par. Accordingly, the FHLB restricted stock is carried at cost, less any applicable impairment charges. Premiums and discounts on all securities are amortized or accreted to maturity by use of the level-yield method considering the impact of principal amortization and prepayments on mortgage-backed securities. Gain or loss on sales of securities is recognized on the specific identification method.
Loans and Allowance for Loan Losses	4. Loans and Allowance for Loan Losses Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at the amount of unpaid principal, adjusted for net deferred loan fees and costs, and reduced by an allowance for loan losses. Interest on loans is accrued and credited to operations based upon the principal amounts outstanding. The allowance for loan losses is established through a provision for possible loan losses charged to operations. Loans are charged against the allowance for loan losses when management believes that the collectability of the principal is unlikely. Income recognition of interest is discontinued when, in the opinion of management, the collectability of such interest becomes doubtful. A loan is generally classified as non-accrual when the scheduled payment(s) due on the loan is delinquent for more than three months. Loan origination fees and certain direct origination costs are deferred and amortized over the life of the related loans as an adjustment to the yield on loans receivable using the effective interest method. Management uses a ten point internal risk rating system to monitor the credit quality of the overall loan portfolio. The first six categories are considered not criticized, and are aggregated as “Pass” rated. The criticized rating categories utilized by management generally follow bank regulatory definitions. The Special Mention category includes assets that are currently protected but are potentially weak, resulting in an undue and unwarranted credit risk, but not to the point of justifying a Substandard classification. Loans in the Substandard category have well-defined weaknesses that jeopardize the liquidation of the debt, and have a distinct possibility that some loss will be sustained if the weaknesses are not corrected. All loans greater than three months past due are considered Substandard. Any portion of a loan that has been charged off is placed in the Loss category. To help ensure that risk ratings are accurate and reflect the present and future capacity of borrowers to repay a loan as agreed, the Bank has a structured loan rating process with several layers of internal and external oversight. Generally, consumer and residential mortgage loans are included in the Pass categories unless a specific action, such as severe delinquency, bankruptcy, repossession, or death occurs to raise awareness of a possible credit event. The Bank's Commercial Loan Officers are responsible for the timely and accurate risk rating of the loans in their portfolios at origination and on an ongoing basis. The Asset Review Committee performs monthly reviews of all commercial relationships internally rated 6 (“Watch”) or worse. Confirmation of the appropriate risk grade is performed by an external loan review company that semi-annually reviews and assesses loans within the portfolio. Generally, the external consultant reviews commercial relationships greater than $ 500,000 250,000 The allowance for loan losses is maintained at an amount management deems adequate to cover estimated losses. In determining the level to be maintained, management evaluates many factors, including current economic trends, industry experience, historical loss experience, industry loan concentrations, the borrowers' ability to repay and repayment performance, and estimated collateral values. In the opinion of management, the present allowance is adequate to absorb reasonable, foreseeable loan losses. While management uses the best information available to make such evaluations, future adjustments to the allowance may be necessary based on changes in economic conditions or any of the other factors used in management's determination. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company's allowance for losses on loans. Such agencies may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. Charge-offs to the allowance are made when the loan is transferred to other real estate owned or other determination of a confirmed loss. Recoveries on loans previously charged off are also recorded through the allowance. A loan is considered impaired when, based upon current information and events, it is probable that a creditor will be unable to collect all amounts due including principal and interest, according to the contractual terms of the loan agreement. The Company measures impaired loans based on the present value of expected future cash flows discounted at the loan's effective interest rate or as a practical expedient, at the loan's current observable market price, or the fair value of the collateral if the loan is collateral dependent. The amount by which the recorded investment of an impaired loan exceeds the measurement value is recognized by creating a valuation allowance through a charge to the provision for loan losses. Impairment criteria generally do not apply to those smaller-balance homogeneous loans that are collectively evaluated for impairment which for the Company includes one- to four-family first mortgage loans and consumer loans, other than those modified in a troubled debt restructuring. The Company records cash receipts on impaired loans that are non-performing as a reduction to principal before applying amounts to interest or late charges unless specifically directed by the Bankruptcy Court to apply payments otherwise. The Company may continue to recognize interest income on impaired loans where there is no confirmed loss.
Premises and Equipment	5. Premises and Equipment Premises and equipment are carried at cost less accumulated depreciation, and include capitalized expenditures for new facilities, major betterments and renewals. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is computed using the straight-line method based upon the estimated useful lives of the related assets for financial reporting purposes and using the mandated methods by asset type for income tax purposes. Leasehold improvements are depreciated using the straight-line method based upon the initial term of the lease. The Company accounts for the impairment of long-lived assets in accordance with US GAAP, which requires recognition and measurement for the impairment of long-lived assets to be held and used or to be disposed of by sale. The Company had no impaired long-lived assets at September 30, 2015 and 2014 .
Derivative Contracts	6. Derivative Contracts Derivative contracts are carried at fair value with unrealized gains and losses excluded from earnings and reported in a separate component of stockholders' equity, net of related income tax effects. Gains and losses on derivative contracts are recognized upon realization utilizing the specific identification method. As required by US GAAP, the Company recognizes all derivatives as either assets or liabilities in its Consolidated Balance Sheets and measures those instruments at fair value.
Other Real Estate Owned	7. Other Real Estate Owned Real estate acquired through foreclosure, or a deed-in-lieu of foreclosure, is recorded at fair value less estimated selling costs at the date of acquisition or transfer, and subsequently at the lower of its new cost or fair value less estimated selling costs. Adjustments to the carrying value at the date of acquisition or transfer are charged to the allowance for loan losses. The carrying value of the individual properties is subsequently adjusted to the extent it exceeds estimated fair value less estimated selling costs, at which time a provision for losses on such real estate is charged to operations. Operating expenses of holding real estate, net of related income, are charged against income as incurred. Gains on sales of real estate are recognized, normally at closing, when down payment and certain other requirements are met; otherwise such gains are deferred and recognized on the installment method of accounting. Losses on the disposition of real estate, including expenses incurred in connection with the disposition, are charged to operations.
Income Taxes	8. Income Taxes The Company and its subsidiaries file consolidated federal and individual state income tax returns. Income taxes are allocated based on the contribution of their respective income or loss to the consolidated income tax return. The Company records income taxes on the basis of reported income using the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. To the extent that current available evidence about the future raises doubt about the realization of a deferred tax asset, a valuation allowance is established. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company follows the provisions of FASB ASC Topic 740, which provides clarification on accounting for uncertainty in income taxes recognized in an enterprise's financial statements. The guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. At September 30, 2015 and 2014 , no significant income tax uncertainties have been included in the Company's Consolidated Balance Sheets. The Company's policy is to recognize interest and penalties on unrecognized tax benefits in income tax expense in the Consolidated Statements of Operations. No interest and penalties were recorded during the years ended September 30, 2015 and 2014 . The tax years subject to examination by the taxing authorities are the years ended September 30, 2010 and forward.
Advertising Costs	9. Advertising Costs The Company expenses advertising costs as incurred.
Earnings Per Share	10. Earnings Per Share Basic income per share is calculated by dividing income available to common stockholders by the weighted average number of shares of common stock outstanding for the period. The weighted average common shares outstanding include shares held by the Magyar Bancorp, MHC and shares allocated to the Employee Stock Ownership Plan. Diluted income per share is calculated by adjusting the weighted average common shares outstanding to reflect the potential dilution that could occur using the treasury stock method if securities or other contracts to issue common stock, such as stock options and unvested restricted stock, were exercised and converted into common stock. The resulting shares issued would share in the earnings of the Company. Shares issued and shares reacquired during the period are weighted for the portion of the period that they were outstanding. In periods of loss, dilution is not calculated and diluted loss per share is equal to basic loss per share. The following table illustrates the reconciliation of the numerators and denominators of the basic and diluted earnings per share (EPS) calculations. All stock options were anti-dilutive at September 30, 2015 and 2014 . For the Years Ended September 30 , 2015 2014 Weighted Per Weighted Per average share average share Income shares Amount Income shares Amount (In thousands, except share and per share data) Basic EPS Net income available to common shareholders $ 897 5,818,712 $ 0.15 $ 574 5,814,960 $ 0.10 Effect of dilutive securities Options and grants — 215 — — 934 — Diluted EPS Net income available to common shareholders plus assumed conversion $ 897 5,818,927 $ 0.15 $ 574 5,815,894 $ 0.10
Comprehensive Income and Accumulated Other Comprehensive Income	11. Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) Comprehensive income includes net income as well as certain other items which result in a change to equity during the period. The other items allocated to comprehensive income, as well as the related income tax effects, for the years ended September 30, 2015 and 2014 were as follows: September 30 , 2015 2014 Tax Net of Tax Net of Before Tax (Benefit) Tax Before Tax (Benefit) Tax Amount Expense Amount Amount Expense Amount (Dollars in thousands) Unrealized holding gains (losses) arising during period on: Available-for-sale investments $ 229 $ (85 ) $ 144 $ 105 $ (41 ) $ 64 Less reclassification adjustment for net gains realized on available-for-sale investments (a) (b) (42 ) 17 (25 ) (36 ) 14 (22 ) Defined benefit pension plan (670 ) 268 (402 ) (200 ) 80 (120 ) Other comprehensive loss, net $ (483 ) $ 200 $ (283 ) $ (131 ) $ 53 $ (78 ) (a) Realized gains on securities transactions included in gains on sales of investment securities in the accompanying Consolidated Statements of Operations (b) Tax effect included in income tax expense in the accompanying Consolidated Statements of Operations The components of accumulated other comprehensive loss at September 30, 2015 and 2014 were as follows: September 30, 2015 2014 (Dollars in thousands) Available-for-sale investments $ 47 $ (72 ) Defined benefit pension plan (1,046 ) (644 ) Total accumulated other comprehensive loss $ (999 ) $ (716 )
Bank-Owned Life Insurance	12. Bank-Owned Life Insurance The Company has purchased Bank-Owned Life Insurance policies (“BOLI”). BOLI involves the purchasing of life insurance by the Company on directors and executive officers. The proceeds are used to help defray the costs of non-qualified compensation plans. The Company is the owner and beneficiary of the policies. BOLI is recorded on the Consolidated Balance Sheets at its cash surrender value and changes in the cash surrender value are recorded in other income in the Consolidated Statement of Operations.
Segment Reporting	13. Segment Reporting The Company acts as an independent, community, financial services provider, and offers traditional banking and related financial services to individual, business and government customers. The Company offers a full array of commercial and retail financial services, including the taking of time, savings and demand deposits; the making of commercial, consumer and home equity loans; and the provision of other financial services. Management does not separately allocate expenses, including the cost of funding loan demand, between the commercial and retail operations of the Company. As such, discrete financial information is not available and segment reporting would not be meaningful.
New Accounting Pronouncements	14. New Accounting Pronouncements In connection with the preparation of quarterly and annual reports in accordance with the Securities and Exchange Commission's (SEC) Securities Exchange Act of 1934, SEC Staff Accounting Bulletin Topic 11.M requires the disclosure of the impact that recently issued accounting standards will have on financial statements when they are adopted in the future. In January 2014 , the Financial Accounting Standards Board (FASB) issued an accounting standard update (ASU 2014-04) related to; Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40) Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. December 15, 2014 . The Company does not expect the impact of the updated guidance to have a material impact on its consolidated financial statements. In May 2014 , FASB issued ASU 2014-09 Revenue from Contracts with Customers (Topic 606).

SUMMARY OF SIGNIFICANT ACCOUN28

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Sep. 30, 2015
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Schedule of reconciliation of the numerators and denominators of basic and diluted earnings per share	For the Years Ended September 30 , 2015 2014 Weighted Per Weighted Per average share average share Income shares Amount Income shares Amount (In thousands, except share and per share data) Basic EPS Net income available to common shareholders $ 897 5,818,712 $ 0.15 $ 574 5,814,960 $ 0.10 Effect of dilutive securities Options and grants — 215 — — 934 — Diluted EPS Net income available to common shareholders plus assumed conversion $ 897 5,818,927 $ 0.15 $ 574 5,815,894 $ 0.10
Schedule of other items allocated to comprehensive income (loss)	September 30 , 2015 2014 Tax Net of Tax Net of Before Tax (Benefit) Tax Before Tax (Benefit) Tax Amount Expense Amount Amount Expense Amount (Dollars in thousands) Unrealized holding gains (losses) arising during period on: Available-for-sale investments $ 229 $ (85 ) $ 144 $ 105 $ (41 ) $ 64 Less reclassification adjustment for net gains realized on available-for-sale investments (a) (b) (42 ) 17 (25 ) (36 ) 14 (22 ) Defined benefit pension plan (670 ) 268 (402 ) (200 ) 80 (120 ) Other comprehensive loss, net $ (483 ) $ 200 $ (283 ) $ (131 ) $ 53 $ (78 ) (a) Realized gains on securities transactions included in gains on sales of investment securities in the accompanying Consolidated Statements of Operations (b) Tax effect included in income tax expense in the accompanying Consolidated Statements of Operations
Schedule of components of accumulated other comprehensive loss	September 30, 2015 2014 (Dollars in thousands) Available-for-sale investments $ 47 $ (72 ) Defined benefit pension plan (1,046 ) (644 ) Total accumulated other comprehensive loss $ (999 ) $ (716 )

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Sep. 30, 2015
STOCK-BASED COMPENSATION [Abstract]
Schedule of entity's stock option activity and related information	Weighted Weighted Average Aggregate Number of Average Remaining Intrinsic Stock Options Exercise Price Contractual Life Value Balance at September 30, 2013 188,276 $ 14.61 3.4 $ — Granted — — Exercised — — Forfeited — — Balance at September 30, 2014 188,276 14.61 2.4 $ — Granted — — Exercised — — Forfeited — — Balance at September 30, 2015 188,276 $ 14.61 1.4 years $ — Exercisable at September 30, 2015 188,276 $ 14.61 1.4 $ —
Summary of non-vested restricted shares	Weighted Average Number of Grant Date Stock Awards Fair Value Balance at September 30, 2013 9,352 $ 4.42 Granted — — Vested (4,050 ) 4.44 Forfeited — — Balance at September 30, 2014 5,302 4.41 Granted — — Vested (4,050 ) 4.50 Forfeited — — Balance at September 30, 2015 1,252 $ 4.30
Schedule of the components of the ESOP shares	Unreleased shares at September 30, 2014 89,427 Shares released for allocation during the year ended September 30, 2015 (12,445 ) Unreleased shares at September 30, 2015 76,982 Total released shares 140,881 Total ESOP shares 217,863

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	12 Months Ended
	Sep. 30, 2015
INVESTMENT SECURITIES [Abstract]
Schedule amortized cost, gross unrealized gians or losses and fair values of investment securities available for sale and held to maturity	September 30, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) Securities available-for-sale: Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities-residential $ 5,839 $ 82 $ (7 ) $ 5,914 Private label mortgage-backed securities-residential 151 — (1 ) 150 Total securities available for sale $ 5,990 $ 82 $ (8 ) $ 6,064 September 30, 2015 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) Securities held-to-maturity: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 5,414 $ 156 $ (99 ) $ 5,471 Mortgage-backed securities - commercial 1,101 — (2 ) 1,099 Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities - residential 37,563 647 (67 ) 38,143 Debt securities 5,000 2 (25 ) 4,977 Private label mortgage-backed securities - residential 536 1 (1 ) 536 Corporate securities 3,000 22 — 3,022 Total securities held-to-maturity $ 52,614 $ 828 $ (194 ) $ 53,248 At September 30, 2014 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) Securities available-for-sale: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 1,294 $ 1 $ — $ 1,295 Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities - residential 10,485 39 (155 ) 10,369 Private label mortgage-backed securities - residential 404 3 (1 ) 406 Total securities available-for-sale $ 12,183 $ 43 $ (156 ) $ 12,070 At September 30, 2014 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Dollars in thousands) Securities held-to-maturity: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 7,308 $ 223 $ (139 ) $ 7,392 Mortgage-backed securities - commercial 1,168 — — 1,168 Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities - residential 36,894 413 (507 ) 36,800 Debt securities 3,000 — (152 ) 2,848 Private label mortgage-backed securities - residential 593 25 (4 ) 614 Total securities held-to-maturity $ 48,963 $ 661 $ (802 ) $ 48,822
Schedule of maturities of the debt securities and mortgage-backed securities available-for-sale and held to maturity	September 30, 2015 (Dollars in thousands) Amortized Fair Cost Value Due within 1 year $ — $ — Due after 1 but within 5 years — — Due after 5 but within 10 years — — Due after 10 years — — Total debt securities — — Mortgage-backed securities : Residential (1) 5,990 6,064 Commercial — — Total $ 5,990 $ 6,064 (1) Available-for-sale mortgage-backed securities – residential include an amortized cost of $5.8 million and a fair value of $5.9 million for obligations of U.S. government-sponsored enterprises issued by Federal National Mortgage Association and Federal Home Loan Mortgage Corporation. Also included are residential mortgage backed securities issued by non-U.S. government agencies and government-sponsored enterprises with an amortized cost of $151,000 and fair value of $150,000. September 30, 2015 Amortized Fair Cost Value (Dollars in thousands) Due within 1 year $ — $ — Due after 1 but within 5 years — — Due after 5 but within 10 years 3,000 2,996 Due after 10 years 5,000 5,003 Total debt securities 8,000 7,999 Mortgage-backed securities: Residential (1) 43,513 44,150 Commercial (2) 1,101 1,099 Total $ 52,614 $ 53,248 (1) Held-to-maturity mortgage-backed securities – residential include an amortized cost of $5.4 million and a fair value of $5.5 million for obligations of U.S. government agencies issued by the Government National Mortgage Association and obligations of U.S. government-sponsored enterprises issued by Federal National Mortgage Association and Federal Home Loan Mortgage Corporation which had an amortized cost of $37.6 million and a fair value of $38.1 million. Also included are mortgage backed securities issued by non-U.S. government agencies and government-sponsored enterprises with an amortized cost of $536,000 and a fair value of $536,000. (2) Held-to-maturity mortgage-backed securities – commercial include an amortized cost of $1.1 million and a fair value of $1.1 million for obligations of U.S. government agencies issued by the Small Business Administration.
Schedule of securities with unrealized losses	September 30, 2015 Less Than 12 Months 12 Months Or Greater Total Number of Fair Unrealized Fair Unrealized Fair Unrealized Securities Value Losses Value Losses Value Losses (Dollars in thousands) Obligations of U.S. government agencies: Mortgage-backed securities - residential 3 $ — $ — $ 2,254 $ (99 ) $ 2,254 $ (99 ) Mortgage-backed securities - commercial 1 1,099 (2 ) — — 1,099 (2 ) Obligations of U.S. government-sponsored enterprises Mortgage-backed securities - residential 7 4,424 (34 ) 8,688 (40 ) 13,112 (74 ) Debt securities 1 — — 1,975 (25 ) 1,975 (25 ) Private label mortgage-backed securities - residential 2 — — 223 (2 ) 223 (2 ) Total 14 $ 5,523 $ (36 ) $ 13,140 $ (166 ) $ 18,663 $ (202 ) September 30, 2014 Less Than 12 Months 12 Months Or Greater Total Number of Fair Unrealized Fair Unrealized Fair Unrealized Securities Value Losses Value Losses Value Losses (Dollars in thousands) Obligations of U.S. government agencies: Mortgage-backed securities - residential 3 $ — $ — $ 2,918 $ (139 ) $ 2,918 $ (139 ) Mortgage-backed securities - commercial 1 — — 1,168 — 1,168 — Obligations of U.S. government-sponsored enterprises Mortgage-backed securities - residential 20 12,114 (80 ) 19,960 (582 ) 32,074 (662 ) Debt securities 3 — — 2,848 (152 ) 2,848 (152 ) Private label mortgage-backed securities - residential 2 20 (1 ) 273 (4 ) 293 (5 ) Total 29 $ 12,134 $ (81 ) $ 27,167 $ (877 ) $ 39,301 $ (958 )

LOANS RECEIVABLE, NET (Tables)

LOANS RECEIVABLE, NET (Tables)	12 Months Ended
	Sep. 30, 2015
LOANS RECEIVABLE, NET [Abstract]
Schedule of net Loans	September 30, September 30, 2015 2014 (Dollars in thousands) One-to four-family residential $ 169,781 $ 160,335 Commercial real estate 173,864 169,449 Construction 6,679 12,232 Home equity lines of credit 21,176 19,366 Commercial business 41,485 35,035 Other 10,305 10,396 Total loans receivable 423,290 406,813 Net deferred loan costs 192 217 Allowance for loan losses (2,886 ) (2,835 ) Total loans receivable, net $ 420,596 $ 404,195
Schedule of impaired loans	Impaired Loans Impaired Loans with with No Specific Specific Allowance Allowance Total Impaired Loans Unpaid At and for the year ended Recorded Related Recorded Recorded Principal September 30, 2015 Investment Allowance Investment Investment Balance (Dollars in thousands) One-to four-family residential $ — $ — $ 3,017 $ 3,017 $ 3,134 Commercial real estate — — 5,447 5,447 6,556 Construction — — — — — Home equity lines of credit — — 417 417 521 Commercial business 1,690 201 66 1,756 1,756 Total impaired loans $ 1,690 $ 201 $ 8,947 $ 10,637 $ 11,967 Impaired Loans Impaired Loans with with No Specific Specific Allowance Allowance Total Impaired Loans Unpaid At and for the year ended Recorded Related Recorded Recorded Principal September 30, 2014 Investment Allowance Investment Investment Balance (Dollars in thousands) One-to four-family residential $ 1,733 $ 42 $ 6,990 $ 8,723 $ 10,830 Commercial real estate — — 5,046 5,046 6,205 Construction 442 332 1,836 2,278 3,160 Home equity lines of credit — — 829 829 987 Commercial business 11 11 331 342 1,133 Total impaired loans $ 2,186 $ 385 $ 15,032 $ 17,218 $ 22,315
Schedule of loan portfolio summarized by Bank's internal risk rating system	Special Pass Mention Substandard Doubtful Total (Dollars in thousands) September 30, 2015 One-to four-family residential $ 166,846 $ — $ 2,935 $ — $ 169,781 Commercial real estate 169,239 210 3,309 1,106 173,864 Construction 2,468 — 4,211 — 6,679 Home equity lines of credit 19,436 — 1,740 — 21,176 Commercial business 39,764 — 1,721 — 41,485 Other 10,305 — — — 10,305 Total $ 408,058 $ 210 $ 13,916 $ 1,106 $ 423,290 Special Pass Mention Substandard Doubtful Total (Dollars in thousands) September 30, 2014 One-to four-family residential $ 153,878 $ — $ 6,457 $ — $ 160,335 Commercial real estate 158,501 6,179 3,663 1,106 169,449 Construction 6,110 — 6,122 — 12,232 Home equity lines of credit 17,209 — 2,157 — 19,366 Commercial business 34,725 — 310 — 35,035 Other 10,396 — — — 10,396 Total $ 380,819 $ 6,179 $ 18,709 $ 1,106 $ 406,813
Schedule of aging analysis of past due loans, segregated by class of loans	30-59 60-89 Days Days 90 Days + Total Non- Total Current Past Due Past Due Past Due Past Due Accrual Loans (Dollars in thousands) September 30, 2015 One-to four-family residential $ 166,993 $ — $ 730 $ 2,058 $ 2,788 $ 2,058 $ 169,781 Commercial real estate 171,969 — — 1,895 1,895 1,895 173,864 Construction 6,679 — — — — — 6,679 Home equity lines of credit 20,921 — — 255 255 255 21,176 Commercial business 39,777 — 19 1,689 1,708 1,689 41,485 Other 10,305 — — — — — 10,305 Total $ 416,644 $ — $ 749 $ 5,897 $ 6,646 $ 5,897 $ 423,290 30-59 60-89 Days Days 90 Days + Total Non- Total Current Past Due Past Due Past Due Past Due Accrual Loans (Dollars in thousands) September 30, 2014 One-to four-family residential $ 155,825 $ 75 $ 256 $ 4,179 $ 4,510 $ 4,179 $ 160,335 Commercial real estate 166,360 — 918 2,171 3,089 2,171 169,449 Construction 9,954 — — 2,278 2,278 2,278 12,232 Home equity lines of credit 18,483 — — 883 883 883 19,366 Commercial business 33,105 1,600 56 274 1,930 274 35,035 Other 10,396 — — — — — 10,396 Total $ 394,123 $ 1,675 $ 1,230 $ 9,785 $ 12,690 $ 9,785 $ 406,813
Schedule of activity in the allowance for loan losses by portfolio segment	One-to Four- Home Equity Family Commercial Lines of Commercial Residential Real Estate Construction Credit Business Other Unallocated Total (Dollars in thousands) Balance-September 30, 2014 $ 402 $ 826 $ 784 $ 62 $ 643 $ 9 $ 109 $ 2,835 Charge-offs (176 ) (397 ) (342 ) (461 ) (274 ) (1 ) — (1,651 ) Recoveries 400 — 38 — — — — 438 Provision (231 ) 502 (27 ) 452 600 (2 ) (30 ) 1,264 Balance-September 30, 2015 $ 395 $ 931 $ 453 $ 53 $ 969 $ 6 $ 79 $ 2,886 One-to Four- Home Equity Family Commercial Lines of Commercial Residential Real Estate Construction Credit Business Other Unallocated Total (Dollars in thousands) Balance-September 30, 2013 $ 844 $ 852 $ 604 $ 125 $ 452 $ 9 $ 127 $ 3,013 Charge-offs (665 ) — (189 ) (75 ) (804 ) — — (1,733 ) Recoveries 52 — 113 — 3 — — 168 Provision 171 (26 ) 256 12 992 — (18 ) 1,387 Balance-September 30, 2014 $ 402 $ 826 $ 784 $ 62 $ 643 $ 9 $ 109 $ 2,835 One-to Four- Home Equity Family Commercial Lines of Commercial Residential Real Estate Construction Credit Business Other Unallocated Total (Dollars in thousands) Allowance for Loan Losses: Balance - September 30, 2015 $ 395 $ 931 $ 453 $ 53 $ 969 $ 6 $ 79 $ 2,886 Individually evaluated for impairment — — — — 201 — — 201 Collectively evaluated for impairment 395 931 453 53 768 6 79 2,685 Loans receivable: Balance - September 30, 2015 $ 169,781 $ 173,864 $ 6,679 $ 21,176 $ 41,485 $ 10,305 $ — $ 423,290 Individually evaluated for impairment 3,017 5,447 — 417 1,756 — — 10,637 Collectively evaluated for impairment 166,764 168,417 6,679 20,759 39,729 10,305 412,653 One-to Four- Home Equity Family Commercial Lines of Commercial Residential Real Estate Construction Credit Business Other Unallocated Total (Dollars in thousands) Allowance for Loan Losses: Balance - September 30, 2014 $ 402 $ 826 $ 784 $ 62 $ 643 $ 9 $ 109 $ 2,835 Individually evaluated for impairment 42 — 332 — 11 — — 385 Collectively evaluated for impairment 360 826 452 62 632 9 109 2,450 Loans receivable: Balance - September 30, 2014 $ 160,335 $ 169,449 $ 12,232 $ 19,366 $ 35,035 $ 10,396 — $ 406,813 Individually evaluated for impairment 8,723 5,046 2,278 829 342 — — 17,218 Collectively evaluated for impairment 151,612 164,403 9,954 18,537 34,693 10,396 389,595
Schedule of troubled debt restructurings	Year Ended September 30, 2015 Number of Investment Before Investment After Loans TDR Modification TDR Modification (Dollars in thousands) One-to four-family residential 2 $ 650 $ 713 Total 2 $ 650 $ 713 Year Ended September 30, 2014 Number of Investment Before Investment After Loans TDR Modification TDR Modification (Dollars in thousands) One-to four-family residential 1 $ 193 $ 193 Total 1 $ 193 $ 193

ACCRUED INTEREST RECEIVABLE (Ta

ACCRUED INTEREST RECEIVABLE (Tables)	12 Months Ended
	Sep. 30, 2015
ACCRUED INTEREST RECEIVABLE [Abstract]
ACCRUED INTEREST RECEIVABLE	September 30 , 2015 2014 (Dollars in thousands) Loans $ 1,543 $ 1,517 Investment securities 57 32 Mortgage-backed securities 103 123 Total accrued interest receivable $ 1,703 $ 1,672

PREMISES AND EQUIPMENT (Tables)

PREMISES AND EQUIPMENT (Tables)	12 Months Ended
	Sep. 30, 2015
PREMISES AND EQUIPMENT [Abstract]
PREMISES AND EQUIPMENT	Estimated September 30, Useful Lives 2015 2014 (Dollars in thousands) Land Indefinite $ 3,811 $ 3,811 Buildings and improvements 10 40 21,449 21,416 Furniture, fixtures and equipment 5 10 2,828 2,778 28,088 28,005 Less accumulated depreciation (10,270 ) (9,425 ) $ 17,818 $ 18,580

DEPOSITS (Tables)

DEPOSITS (Tables)	12 Months Ended
	Sep. 30, 2015
DEPOSITS [Abstract]
Schedule of deposits by type of account	September 30 , 2015 2014 (Dollars in thousands) Demand accounts $ 87,915 $ 84,306 Savings accounts 90,196 65,123 NOW accounts 41,457 47,029 Money market accounts 103,593 102,118 Certificate of deposit 122,088 126,661 Retirement accounts 21,020 23,214 $ 466,269 $ 448,451
Schedule of contractual maturities of certificates of deposit	Year Ending September 30, 2016 $ 64,517 2017 26,594 2018 18,299 2019 27,913 2020 and after 5,785 $ 143,108

BORROWINGS (Tables)

BORROWINGS (Tables)	12 Months Ended
	Sep. 30, 2015
BORROWINGS [Abstract]
Schedule of maturities of FHLBNY advances	Year Ending September 30, 2016 $ 2,260 2017 5,000 2018 5,100 2019 8,940 2020 10,294 Thereafter — $ 31,594
Schedule of short-term arrangements with the FHLBNY	September 30, 2015 2014 (Dollars in thousands) Balance at end of year $ — $ — Weighted average balance during the year $ 2,958 $ 5,763 Maximum month-end balance during the year $ 18,500 $ 19,000 Average interest rate during the year 0.37 0.28

SERVICING POLICY (Tables)

SERVICING POLICY (Tables)	12 Months Ended
	Sep. 30, 2015
SERVICING POLICY [Abstract]
Schedule of activity in mortgage servicing rights	September 30, 2015 2014 (Dollars in thousands) Beginning balance $ 175 $ 229 Origination of mortgage servicing rights 20 — Amortization (63 ) (54 ) Ending balance $ 132 $ 175

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Sep. 30, 2015
INCOME TAXES [Abstract]
Schedule of components of income tax expense	September 30, 2015 2014 (Dollars in thousands) Current $ 10 $ 15 Deferred 403 170 Total income tax expense $ 413 $ 185
Schedule of reconciliation of income tax at the statutory rate to effective tax rate	September 30, 2015 2014 (Dollars in thousands) Income tax expense at statutory rate $ 445 $ 258 Increase (decrease) resulting from: State income taxes, net of federal income tax benefit 69 39 Tax-exempt income, net (99 ) (103 ) Nondeductible expenses 3 3 Employee stock ownership plan (7 ) (12 ) Other, net 2 — Total income tax expense $ 413 $ 185
Schedule of major sources of temporary differences and their deferred tax effect	September 30, 2015 2014 (Dollars in thousands) Allowance for loan losses $ 1,153 $ 1,132 Deferred loan fees 448 1,057 Employee benefits 168 234 Charitable contributions 14 — Net operating losses 1,938 1,841 Alternative minimum tax credit 243 241 Unrealized loss, minimum pension liability 696 348 Net unrealized loss, investment securities available-for-sale — 41 OREO 307 426 Straight line rent 163 141 Gross deferred tax asset 5,130 5,461 Depreciation (1,506 ) (1,574 ) Discount accretion on investments (117 ) (107 ) Net unrealized gain, investment securities available-for-sale (27 ) — Mortgage servicing rights (53 ) (70 ) Gross deferred tax liability (1,703 ) (1,751 ) Net deferred tax asset 3,427 3,710 Valuation allowance (20 ) (183 ) Net deferred tax asset, included in other assets $ 3,407 $ 3,527

PENSION PLAN (Tables)

PENSION PLAN (Tables)	12 Months Ended
	Sep. 30, 2015
PENSION PLAN [Abstract]
Schedule of plan's funded status and amounts recognized	At September 30, 2015 2014 (Dollars in thousands) Actuarial present value of benefit obligations $ 4,337 $ 3,890 Change in benefit obligations Projected benefit obligation, beginning $ 3,890 $ 3,630 Interest cost 170 177 Actuarial loss 463 267 Annuity payments and lump sum distributions (186 ) (184 ) Projected benefit obligation, end $ 4,337 $ 3.890 Change in plan assets Fair value of assets, beginning $ 2,860 $ 2,730 Actual return on plan assets (84 ) 216 Employer contributions 176 98 Annuity payments and lump sum distributions (186 ) (184 ) Fair value of assets, end $ 2,766 $ 2,860 Funded status included with other liabilities $ (1,571 ) $ (1,030 )
Schedule of net pension costs	September 30 , 2015 2014 (Dollars in thousands) Service cost benefits earned during the year $ — $ — Interest cost on projected benefit obligation 170 177 Expected return on plan assets (198 ) (202 ) Amortization of unrecognized net loss 75 54 Net pension cost $ 47 $ 29
Schedule of weighted-average asset allocations by asset category	September 30 , 2015 2014 Equity securities 62 64 Debt securities (bond mutual funds) 37 36 Other (money market fund) 1 0 Total 100 100
Schedule of expected benefit payments	October 1, 2015 through September 30, 2016 $ 201 October 1, 2016 through September 30, 2017 202 October 1, 2017 through September 30, 2018 202 October 1, 2018 through September 30, 2019 205 October 1, 2019 through September 30, 2020 207 October 1, 2020 through September 30, 2025 1,074 $ 2,091
Schedule of plan assets that are measured at fair value	Fair Value Measurements at Reporting Date Using: Quoted Prices Significant At in Active Markets Other Significant September 30, for Identical Observable Unobservable 2015 Assets (Level 1) Inputs (Level 2) Inputs (Level 3) (In thousands) Investment Type Mutual Funds- Equity Large-Cap Value $ 351 $ 351 $ — $ — Large-Cap Core 366 366 — — Mid-Cap Core 180 180 — — Small-Cap Core 171 171 — — Non-U.S. Core 638 638 — — Mutual Funds- Fixed Income Intermediate-Term Core 1,020 1,020 — — Cash Equivalents Money Market 40 40 — — Total Investment $ 2,766 $ 2,766 $ — $ — Fair Value Measurements at Reporting Date Using: Quoted Prices Significant At in Active Markets Other Significant September 30 , for Identical Observable Unobservable 2014 Assets (Level 1) Inputs (Level 2) Inputs (Level 3) (In thousands) Investment Type Mutual Funds- Equity Large-Cap Value $ 371 $ 371 $ — $ — Large-Cap Core 376 376 — — Mid-Cap Core 181 181 — — Small-Cap Core 175 175 — — Non-U.S. Core 731 731 — — Mutual Funds- Fixed Income Intermediate-Term Core 1,018 1,018 — — Cash Equivalents Money Market 8 8 — — Total Investment $ 2,860 $ 2,860 $ — $ —

COMMITMENTS (Tables)

COMMITMENTS (Tables)	12 Months Ended
	Sep. 30, 2015
Commitments Tables
Schedule of future minimum payments of operating leases	September 30 , 2016 $ 588 2017 627 2018 628 2019 644 2020 651 Thereafter 3,715 $ 6,853

FINANCIAL INSTRUMENTS WITH OF40

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Tables)	12 Months Ended
	Sep. 30, 2015
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK [Abstract]
Schedule of fair value, off-balance sheet financial instruments	September 30 , 2015 2014 (Dollars in thousands) Financial instruments whose contract amounts represent credit risk (in thousands) Letters of credit $ 694 $ 884 Unused lines of credit 45,039 43,644 Fixed rate loan commitments 1,597 1,900 Variable rate loan commitments 7,937 8,500 $ 55,267 $ 54,928

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	12 Months Ended
	Sep. 30, 2015
FAIR VALUE DISCLOSURES [Abstract]
Schedule of assets measured at fair value on a recurring basis	Fair Value at September 30, 2015 Total Level 1 Level 2 Level 3 (Dollars in thousands) Securities available for sale: Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities - residential $ 5,914 $ — $ 5,914 $ — Private label mortgage-backed securities - residential 150 — 150 — Total securities available for sale $ 6,064 $ — $ 6,064 $ — Fair Value at September 30, 2014 Total Level 1 Level 2 Level 3 (Dollars in thousands) Securities available for sale: Obligations of U.S. government agencies: Mortgage-backed securities - residential $ 1,295 $ — $ 1,295 $ — Obligations of U.S. government-sponsored enterprises: Mortgage-backed securities - residential 10,369 — 10,369 — Private label mortgage-backed securities - residential 406 — 406 — Total securities available for sale $ 12,070 $ — $ 12,070 $ —
Schedule of assets measured at fair value on a non-recurring basis	Fair Value at September 30, 2015 Total Level 1 Level 2 Level 3 (Dollars in thousands) Impaired loans $ 1,489 $ — $ — $ 1,489 Other real estate owned 16,192 — — 16,192 $ 17,681 $ — $ — $ 17,681 Fair Value at September 30, 2014 Total Level 1 Level 2 Level 3 (Dollars in thousands) Impaired loans $ 1,801 $ — $ — $ 1,801 Other real estate owned 17,342 — — 17,342 $ 19,143 $ — $ — $ 19,143
Schedule of quantitative information about assets measured at fair value on a nonrecurring bassis for which Level 3 inputs were used to determine fair value	Quantitative Information about Level 3 Fair Value Measurements (Dollars in thousands) Fair Value Valuation September 30, 2015 Estimate Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 1,489 Appraisal of collateral (1) Appraisal adjustments (2) -16.0 -40.0 -8.0 Other real estate owned $ 16,192 Appraisal of collateral (1) Liquidation expenses (2) 0.0 -41.2 -15.1 Quantitative Information about Level 3 Fair Value Measurements (Dollars in thousands) Fair Value Valuation September 30, 2014 Estimate Techniques Unobservable Input Range (Weighted Average) Impaired loans $ 1,801 Appraisal of collateral (1) Appraisal adjustments (2) 0 -21.0 -10.7 Other real estate owned $ 17,342 Appraisal of collateral (1) Liquidation expenses (2) -3.2 -39.1 -15.6 (1) Fair value is generally determined through independent appraisals for the underlying collateral, which generally include various level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.
Schedule of the carrying amount, fair value, and placement in the fair value hierarchy of financial instruments carried at cost or amortized cost	Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (Dollars in thousands) September 30, 2015 Financial instruments - assets Investment securities held-to-maturity $ 52,614 $ 53,248 $ — $ 53,248 $ — Loans 420,596 425,890 — — 425,890 Financial instruments - liabilities Certificate of deposit 143,108 144,150 — 144,150 — Borrowings 31,594 32,231 — 32,231 — September 30, 2014 Financial instruments - assets Investment securities held-to-maturity $ 48,963 $ 48,822 $ — $ 48,822 $ — Loans 404,195 407,947 — — 407,947 Financial instruments - liabilities Certificate of deposit 149,875 151,652 — 151,652 — Borrowings 30,500 31,045 — 31,045 —

REGULATORY CAPITAL (Tables)

REGULATORY CAPITAL (Tables)	12 Months Ended
	Sep. 30, 2015
REGULATORY CAPITAL [Abstract]
Schedule of regulatory capital compliance	For capital To be well-capitalized under prompt corrective Actual adequacy purposes action provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of September 30, 2015 Total Capital (to risk-weighted assets) Magyar Bancorp, Inc. $ 50,555 12.98 % N/A N/A N/A N/A Magyar Bank $ 48,584 12.47 % 31,158 > 8.00 38,947 > 10.00 Tier 1 Capital (to risk-weighted assets) Magyar Bancorp, Inc. $ 47,669 12.24 % N/A N/A N/A N/A Magyar Bank $ 45,698 11.73 % 15,579 > 4.00 23,368 > 6.00 Common Equity Tier 1 Capital (to risk-weighted assets) Magyar Bancorp, Inc. $ 47,669 12.24 % N/A N/A N/A N/A Magyar Bank $ 45,698 11.73 % 17,526 > 4.50 23,368 > 6.00 Tier 1 Capital (to average assets) Magyar Bancorp, Inc. $ 47,669 8.75 % N/A N/A N/A N/A Magyar Bank $ 45,698 8.39 % 21,795 > 4.00 27,244 > 5.00 As of September 30, 2014 Total Capital (to risk-weighted assets) Magyar Bancorp, Inc. $ 49,465 13.30 % 29,755 > 8.00 N/A N/A Magyar Bank $ 47,059 12.65 % 29,754 > 8.00 37,192 > 10.00 Tier 1 Capital (to risk-weighted assets) Magyar Bancorp, Inc. $ 46,630 12.54 % 14,878 > 4.00 N/A N/A Magyar Bank $ 44,224 11.89 % 14,877 > 4.00 22,315 > 6.00 Tier 1 Capital (to average assets) Magyar Bancorp, Inc. $ 46,630 8.86 % 21,060 > 4.00 N/A N/A Magyar Bank $ 44,224 8.40 % 21,059 > 4.00 26,324 > 5.00

ORGANIZATION (Narrative) (Detai

ORGANIZATION (Narrative) (Details) - shares	Sep. 30, 2015	Sep. 30, 2014
Common stock, shares outstanding	5,819,494	5,815,444
Treasury stock, shares	104,248	108,298
Treasury Stock [Member]
Ownership of Maygar Bancorp, Inc. (percentage)	1.76%
Treasury stock, shares	104,248
Hungaria Urban Renewal
Ownership of subsidiaries	100.00%
Magyar Bank, MHC
Ownership of subsidiaries	100.00%
Ownership of Maygar Bancorp, Inc. (percentage)	54.00%
Common stock, shares outstanding	3,200,450
Magyar Bank
Ownership of Maygar Bancorp, Inc. (percentage)	44.20%
Common stock, shares outstanding	2,619,044

SUMMARY OF SIGNIFICANT ACCOUN44

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) $ in Thousands	12 Months Ended
	Sep. 30, 2015USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Commercial relationships	$ 500
Criticized relationships	$ 250

SUMMARY OF SIGNIFICANT ACCOUN45

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Basic EPS
Net income available to common shareholders	$ 897	$ 574
Weighted average number of common shares outstanding - basic	5,818,712	5,814,960
Basic earnings (loss) per share	$ 0.15	$ 0.10
Effect of dilutive securities
Options and grants	215	934
Diluted EPS
Net income available to common shareholders plus assumed conversion	$ 897	$ 574
Weighted average number of common shares and common share equivalents - diluted	5,818,927	5,815,894
Diluted earnings (loss) per share	$ 0.15	$ 0.10

SUMMARY OF SIGNIFICANT ACCOUN46

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Other Items Allocated to Comprehensive Income/Loss) (Details) - USD ($) $ in Thousands		12 Months Ended
		Sep. 30, 2015	Sep. 30, 2014
Unrealized holding gains (losses) arising during period on:
Available-for-sale investments before tax		$ 229	$ 105
Tax benefit (expense)		(85)	(41)
Available-for-sale investments after tax		144	64
Reclassification adjustment for net gains realized on available-for-sale investments before tax	[1],[2]	(42)	(36)
Tax benefit (expense)	[1],[2]	17	14
Reclassification adjustment for net gains realized on available-for-sale investments after tax	[1],[2]	(25)	(22)
Defined benefit pension plan before tax		(670)	(200)
Tax benefit (expense)		268	80
Defined benefit pension plan after tax		(402)	(120)
Other comprehensive loss, net before tax		(483)	(131)
Tax benefit (expense), Total		200	53
Other comprehensive gain (loss), net		$ (283)	$ (78)
[1]	Realized gains on securities transactions included in gains on sales of investment securities in the accompanying Consolidated Statements of Operations
[2]	Tax effect included in income tax expense in the accompanying Consolidated Statements of Operations

SUMMARY OF SIGNIFICANT ACCOUN47

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Components of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Available-for-sale investments	$ 47	$ (72)
Defined benefit pension plan	(1,046)	(644)
Total accumulated other comprehensive loss	$ (999)	$ (716)

STOCK-BASED COMPENSATION (Narr

STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($)	7 Months Ended	12 Months Ended		95 Months Ended
	Nov. 30, 2007	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015
Stock option expenses		$ 0	$ 0
Stock award expenses		12,000	18,000
Cost of shares repurchased by ESOP trust		$ 2,300,000
Average cost of shares repurchased (per share)		$ 10.58
Description of loan with respect to employee stock ownership plan		The ESOP trust purchased 217,863 shares of common stock in the open market using proceeds of a loan from the Company. The Bank will make cash contributions to the ESOP on an annual basis sufficient to enable the ESOP to make the required loan payments to the Company. The loan bears a variable interest rate that adjusts annually to Prime (3.25% at September 30, 2015) with principal and interest payable annually in equal installments over thirty years. The loan is secured by shares of the Company's stock.
Interest rate of loan with respect to employee stock ownership plan		3.25%		3.25%
Fair value of unreleased shares		$ 754,000		$ 754,000
ESOP compensation expense		$ 111,000	$ 98,000
First Repurchase Program
Maximum stock repurchase authorization (as a percent)	5.00%
Stock authorized to be repurchased (in shares)	130,927
Second Repurchase Program
Maximum stock repurchase authorization (as a percent)				5.00%
Stock authorized to be repurchased (in shares)		129,924		129,924
Stock repurchased during period (in shares)				81,000
Remaining shares available to be repurchased		48,924		48,924
Common stock average cost (in dollars per share)				$ 8.33

STOCK-BASED COMPENSATION (Sched

STOCK-BASED COMPENSATION (Schedule of Stock Option Activity And Related Information For Its Option Plan) (Details) - USD ($)	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2013
Options Outstanding
Balance at the beginning of period	188,276	188,276
Options granted
Options exercised
Options forfeited
Balance at the end of period	188,276	188,276	188,276
Exercisable at the end of period	188,276
Options, Weighted-Average Exercise Price
Weighted average price at the beginning of period	$ 14.61	$ 14.61
Options granted
Options exercised
Options forfeited
Weighted average price at the end of period	$ 14.61	$ 14.61	$ 14.61
Exercisable at the end of period	$ 14.61
Weighted- Average Remaining Contractual Life of Stock options outstanding at the beginning of period (in years)			3 years 4 months 24 days
Weighted- Average Remaining Contractual Life of Stock options outstanding at the end of period (in years)	1 year 4 months 24 days	2 years 4 months 24 days
Weighted- Average Remaining Contractual Life, Stock options Exercisable at the end of period (in years)	1 year 4 months 24 days
Aggregate Intrinsic Value of Stock options Outstanding at the beginning of period
Aggregate Intrinsic Value of Stock options Outstanding at the end of period
Aggregate Intrinsic Value of Stock options Exercisable at the end of period

STOCK-BASED COMPENSATION (Sch50

STOCK-BASED COMPENSATION (Schedule of Non-Vested Restricted Shares) (Details) - $ / shares	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Non Vested Stock Awards Outstanding
Balance at the beginning of period (in shares)	5,302	9,352
Stock Awards granted (in shares)
Stock Awards vested (in shares)	(4,050)	(4,050)
Stock Awards fortified (in shares)
Balance at the end of period (in shares)	1,252	5,302
Non Vested Stock Awards, Weighted Average Grant Date Fair Value
Balance at the beginning of period (in dollars per share)	$ 4.41	$ 4.42
Stock Awards granted (in dollars per share)
Stock Awards vested (in dollars per share)	$ 4.50	$ 4.44
Stock Awards fortified (in dollars per share)
Balance at the end of period (in dollars per share)	$ 4.30	$ 4.41

STOCK-BASED COMPENSATION (Sch51

STOCK-BASED COMPENSATION (Schedule of Components of the ESOP Shares) (Details)	Sep. 30, 2015shares
STOCK-BASED COMPENSATION [Abstract]
Unreleased shares, beginning	89,427
Shares released for allocation during the year	(12,445)
Unreleased shares, ending	76,982
Total released shares	140,881
Total ESOP shares	217,863

INVESTMENT SECURITIES (Narrativ

INVESTMENT SECURITIES (Narrative) (Details) - USD ($) $ in Thousands		12 Months Ended
		Sep. 30, 2015	Sep. 30, 2014
INVESTMENT SECURITIES [Abstract]
Sales of investment securities available for sale		$ 5,421
Sales of investment securities held to maturity			$ 3,036
Realized gain on sale of securities available for sale	[1],[2]	$ 42	36
Securities pledged to secure public deposits, fair value		$ 27,000	$ 25,200
[1]	Realized gains on securities transactions included in gains on sales of investment securities in the accompanying Consolidated Statements of Operations
[2]	Tax effect included in income tax expense in the accompanying Consolidated Statements of Operations

INVESTMENT SECURITIES (Schedule

INVESTMENT SECURITIES (Schedule of the Unamortized Cost, Gross Unrealized Gains or Losses and Fair Value of Investment Securities Available-For-Sale and Held-To-Maturity) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Available for sale securities
Amortized Cost	$ 5,990	$ 12,183
Gross Unrealized Gains	82	43
Gross Unrealized Losses	(8)	(156)
Fair Value	6,064	12,070
Held to maturity securities
Amortized Cost	52,614	48,963
Gross Unrealized Gains	828	661
Gross Unrealized Losses	(194)	(802)
Fair Value	53,248	48,822
Obligations of U.S. government agencies Mortgage backed securities - residential
Available for sale securities
Amortized Cost		1,294
Gross Unrealized Gains		$ 1
Gross Unrealized Losses
Fair Value		$ 1,295
Held to maturity securities
Amortized Cost	5,414	7,308
Gross Unrealized Gains	156	223
Gross Unrealized Losses	(99)	(139)
Fair Value	5,471	7,392
Obligations of U.S. government agencies Mortgage backed securities -commercial
Held to maturity securities
Amortized Cost	$ 1,101	$ 1,168
Gross Unrealized Gains
Gross Unrealized Losses	$ (2)
Fair Value	1,099	$ 1,168
Obligations of U.S. government-sponsored enterprises Mortgage backed securities - residential
Available for sale securities
Amortized Cost	5,839	10,485
Gross Unrealized Gains	82	39
Gross Unrealized Losses	(7)	(155)
Fair Value	5,914	10,369
Held to maturity securities
Amortized Cost	37,563	36,894
Gross Unrealized Gains	647	413
Gross Unrealized Losses	(67)	(507)
Fair Value	38,143	36,800
Obligations of U.S. government-sponsored enterprises Debt securities
Held to maturity securities
Amortized Cost	5,000	$ 3,000
Gross Unrealized Gains	2
Gross Unrealized Losses	(25)	$ (152)
Fair Value	4,977	2,848
Private label mortgage-backed securities-residential
Available for sale securities
Amortized Cost	$ 151	404
Gross Unrealized Gains		3
Gross Unrealized Losses	$ (1)	(1)
Fair Value	150	406
Held to maturity securities
Amortized Cost	536	593
Gross Unrealized Gains	1	25
Gross Unrealized Losses	(1)	(4)
Fair Value	536	$ 614
Corporate securities
Held to maturity securities
Amortized Cost	3,000
Gross Unrealized Gains	$ 22
Gross Unrealized Losses
Fair Value	$ 3,022

INVESTMENT SECURITIES (Schedu54

INVESTMENT SECURITIES (Schedule of Amortized Cost and Fair Value of Securities Available-For-Sale) (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Sep. 30, 2014
Available for Sale Securities, Amortized Cost
Due within 1 year
Due after 1 but within 5 years
Due after 5 but within 10 years
Due after 10 years
Total debt securities
Mortgage Backed Securities, Residential	[1]	$ 5,990
Mortgage Backed Securities, Commercial
Amortized Cost		$ 5,990	$ 12,183
Available for Sale Securities, Fair Value
Due within 1 year
Due after 1 but within 5 years
Due after 5 but within 10 years
Due after 10 years
Total debt securities
Mortgage Backed Securities, Residential	[1]	$ 6,064
Mortgage Backed Securities, Commercial
Fair Value		$ 6,064	$ 12,070
[1]	Available-for-sale mortgage-backed securities – residential include an amortized cost of $5.8 million and a fair value of $5.9 million for obligations of U.S. government-sponsored enterprises issued by Federal National Mortgage Association and Federal Home Loan Mortgage Corporation. Also included are residential mortgage backed securities issued by non-U.S. government agencies and government-sponsored enterprises with an amortized cost of $151,000 and fair value of $150,000.

INVESTMENT SECURITIES (Schedu55

INVESTMENT SECURITIES (Schedule of Maturities of the Debt Securities and the Mortgage-Backed Securities Held-To-Maturity) (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Sep. 30, 2014
Held to Maturity Securities, Amortized Cost
Due within 1 year
Due after 1 but within 5 years
Due after 5 but within 10 years		$ 3,000
Due after 10 years		5,000
Total debt securities		8,000
Mortgage Backed Securities, Residential	[1]	43,513
Mortgage Backed Securities, Commercial	[2]	1,101
Amortized cost		$ 52,614	$ 48,963
Held to Maturity Securities, Fair Value
Due within 1 year
Due after 1 but within 5 years
Due after 5 but within 10 years		$ 2,996
Due after 10 years		5,003
Total debt securities		7,999
Mortgage Backed Securities, Residential	[1]	44,150
Mortgage Backed Securities, Commercial	[2]	1,099
Fair value		$ 53,248	$ 48,822
[1]	Held-to-maturity mortgage-backed securities – residential include an amortized cost of $5.4 million and a fair value of $5.5 million for obligations of U.S. government agencies issued by the Government National Mortgage Association and obligations of U.S. government-sponsored enterprises issued by Federal National Mortgage Association and Federal Home Loan Mortgage Corporation which had an amortized cost of $37.6 million and a fair value of $38.1 million. Also included are mortgage backed securities issued by non-U.S. government agencies and government-sponsored enterprises with an amortized cost of $536,000 and a fair value of $536,000.
[2]	Held-to-maturity mortgage-backed securities – commercial include an amortized cost of $1.1 million and a fair value of $1.1 million for obligations of U.S. government agencies issued by the Small Business Administration.

INVESTMENT SECURITIES (Schedu56

INVESTMENT SECURITIES (Schedule of Securities With Unrealized Losses) (Details) $ in Thousands	Sep. 30, 2015USD ($)N	Sep. 30, 2014USD ($)N
Available For Sale and Held To Maturity Securities
Number of Securities | N	14	29
Less than 12 Months, Fair Value	$ 5,523	$ 12,134
Less than 12 Months, Unrealized Losses	(36)	(81)
12 Months or Longer, Fair Value	13,140	27,167
12 Months or Longer, Unrealized Losses	(166)	(877)
Total, Fair Value	18,663	39,301
Total, Unrealized Losses	$ (202)	$ (958)
Obligations of U.S. government agencies Mortgage backed securities - residential [Member]
Available For Sale and Held To Maturity Securities
Number of Securities | N	3	3
Less than 12 Months, Fair Value
Less than 12 Months, Unrealized Losses
12 Months or Longer, Fair Value	$ 2,254	$ 2,918
12 Months or Longer, Unrealized Losses	(99)	(139)
Total, Fair Value	2,254	2,918
Total, Unrealized Losses	$ (99)	$ (139)
Obligations of U.S. government agencies Mortgage backed securities -commercial [Member]
Available For Sale and Held To Maturity Securities
Number of Securities | N	1	1
Less than 12 Months, Fair Value	$ 1,099
Less than 12 Months, Unrealized Losses	$ (2)
12 Months or Longer, Fair Value		$ 1,168
12 Months or Longer, Unrealized Losses
Total, Fair Value	$ 1,099	$ 1,168
Total, Unrealized Losses	$ (2)
Obligations of U.S. government-sponsored enterprises Mortgage backed securities - residential [Member]
Available For Sale and Held To Maturity Securities
Number of Securities | N	7	20
Less than 12 Months, Fair Value	$ 4,424	$ 12,114
Less than 12 Months, Unrealized Losses	(34)	(80)
12 Months or Longer, Fair Value	8,688	19,960
12 Months or Longer, Unrealized Losses	(40)	(582)
Total, Fair Value	13,112	32,074
Total, Unrealized Losses	$ (74)	$ (662)
Obligations of U.S. government-sponsored enterprises Debt securities [Member]
Available For Sale and Held To Maturity Securities
Number of Securities | N	1	3
Less than 12 Months, Fair Value
Less than 12 Months, Unrealized Losses
12 Months or Longer, Fair Value	$ 1,975	$ 2,848
12 Months or Longer, Unrealized Losses	(25)	(152)
Total, Fair Value	1,975	2,848
Total, Unrealized Losses	$ (25)	$ (152)
Private label mortgage-backed securities-residential [Member]
Available For Sale and Held To Maturity Securities
Number of Securities | N	2	2
Less than 12 Months, Fair Value		$ 20
Less than 12 Months, Unrealized Losses		(1)
12 Months or Longer, Fair Value	$ 223	273
12 Months or Longer, Unrealized Losses	(2)	(4)
Total, Fair Value	223	293
Total, Unrealized Losses	$ (2)	$ (5)

LOANS RECEIVABLE, NET (Narrativ

LOANS RECEIVABLE, NET (Narrative) (Details) - USD ($)	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
LOANS RECEIVABLE, NET [Abstract]
Loans receivable from directors, executives, affiliates	$ 4,600,000	$ 4,000,000
Principal Additions - loans receivable-related parties	1,900,000	0
Principal Repayments - loans receivable-related parties	1,300,000	983,000
Value of loans serviced on behalf of others	32,800,000	28,300,000
Mortgage Servicing Rights	132,000	175,000
Escrow balance held for loans serviced on behalf of others	130,000	155,000
Interest Income not recognized on non-accrual loans	$ 356,000	$ 638,000

LOANS RECEIVABLE, NET (Schedule

LOANS RECEIVABLE, NET (Schedule of Loans Receivable, Net) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	$ 423,290	$ 406,813
Net deferred loan costs	192	217
Allowance for loan losses	(2,886)	(2,835)
Total loans receivable, net	420,596	404,195
One-to four-family residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	169,781	160,335
Allowance for loan losses	(395)	(402)
Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	173,864	169,449
Allowance for loan losses	(931)	(826)
Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	6,679	12,232
Allowance for loan losses	(453)	(784)
Home equity lines of credit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	21,176	19,366
Allowance for loan losses	(53)	(62)
Commercial business
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	41,485	35,035
Allowance for loan losses	(969)	(643)
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Gross	10,305	10,396
Allowance for loan losses	$ (6)	$ (9)

LOANS RECEIVABLE, NET (Schedu59

LOANS RECEIVABLE, NET (Schedule of Impaired Loans by Class) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Financing Receivable, Impaired [Line Items]
Recorded Investment With Specific Allowance	$ 1,690	$ 2,186
Related Allowance	201	385
Recorded Investment With No Specific Allowance	8,947	15,032
Total Recorded Investment	10,637	17,218
Total Unpaid Contractual Principal Balance	$ 11,967	22,315
One-to four-family residential [Member]
Financing Receivable, Impaired [Line Items]
Recorded Investment With Specific Allowance		1,733
Related Allowance		42
Recorded Investment With No Specific Allowance	$ 3,017	6,990
Total Recorded Investment	3,017	8,723
Total Unpaid Contractual Principal Balance	$ 3,134	$ 10,830
Commercial real estate
Financing Receivable, Impaired [Line Items]
Recorded Investment With Specific Allowance
Related Allowance
Recorded Investment With No Specific Allowance	$ 5,447	$ 5,046
Total Recorded Investment	5,447	5,046
Total Unpaid Contractual Principal Balance	$ 6,556	6,205
Construction
Financing Receivable, Impaired [Line Items]
Recorded Investment With Specific Allowance		442
Related Allowance		332
Recorded Investment With No Specific Allowance		1,836
Total Recorded Investment		2,278
Total Unpaid Contractual Principal Balance		$ 3,160
Home equity lines of credit
Financing Receivable, Impaired [Line Items]
Recorded Investment With Specific Allowance
Related Allowance
Recorded Investment With No Specific Allowance	$ 417	$ 829
Total Recorded Investment	417	829
Total Unpaid Contractual Principal Balance	521	987
Commercial business
Financing Receivable, Impaired [Line Items]
Recorded Investment With Specific Allowance	1,690	11
Related Allowance	201	11
Recorded Investment With No Specific Allowance	66	331
Total Recorded Investment	1,756	342
Total Unpaid Contractual Principal Balance	$ 1,756	$ 1,133

LOANS RECEIVABLE, NET (Schedu60

LOANS RECEIVABLE, NET (Schedule of Classes of the Loan Portfolio Summarized by Bank's Internal Risk Rating System) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Loans and Leases Receivable, Gross	$ 423,290	$ 406,813
Pass
Loans and Leases Receivable, Gross	408,058	380,819
Special Mention
Loans and Leases Receivable, Gross	210	6,179
Substandard
Loans and Leases Receivable, Gross	13,916	18,709
Doubtful
Loans and Leases Receivable, Gross	1,106	1,106
One-to four-family residential
Loans and Leases Receivable, Gross	169,781	160,335
One-to four-family residential | Pass
Loans and Leases Receivable, Gross	$ 166,846	$ 153,878
One-to four-family residential | Special Mention
Loans and Leases Receivable, Gross
One-to four-family residential | Substandard
Loans and Leases Receivable, Gross	$ 2,935	$ 6,457
One-to four-family residential | Doubtful
Loans and Leases Receivable, Gross
Commercial real estate
Loans and Leases Receivable, Gross	$ 173,864	$ 169,449
Commercial real estate | Pass
Loans and Leases Receivable, Gross	169,239	158,501
Commercial real estate | Special Mention
Loans and Leases Receivable, Gross	210	6,179
Commercial real estate | Substandard
Loans and Leases Receivable, Gross	3,309	3,663
Commercial real estate | Doubtful
Loans and Leases Receivable, Gross	1,106	1,106
Construction
Loans and Leases Receivable, Gross	6,679	12,232
Construction | Pass
Loans and Leases Receivable, Gross	$ 2,468	$ 6,110
Construction | Special Mention
Loans and Leases Receivable, Gross
Construction | Substandard
Loans and Leases Receivable, Gross	$ 4,211	$ 6,122
Construction | Doubtful
Loans and Leases Receivable, Gross
Home equity lines of credit
Loans and Leases Receivable, Gross	$ 21,176	$ 19,366
Home equity lines of credit | Pass
Loans and Leases Receivable, Gross	$ 19,436	$ 17,209
Home equity lines of credit | Special Mention
Loans and Leases Receivable, Gross
Home equity lines of credit | Substandard
Loans and Leases Receivable, Gross	$ 1,740	$ 2,157
Home equity lines of credit | Doubtful
Loans and Leases Receivable, Gross
Commercial business
Loans and Leases Receivable, Gross	$ 41,485	$ 35,035
Commercial business | Pass
Loans and Leases Receivable, Gross	$ 39,764	$ 34,725
Commercial business | Special Mention
Loans and Leases Receivable, Gross
Commercial business | Substandard
Loans and Leases Receivable, Gross	$ 1,721	$ 310
Commercial business | Doubtful
Loans and Leases Receivable, Gross
Other
Loans and Leases Receivable, Gross	$ 10,305	$ 10,396
Other | Pass
Loans and Leases Receivable, Gross	$ 10,305	$ 10,396
Other | Special Mention
Loans and Leases Receivable, Gross
Other | Substandard
Loans and Leases Receivable, Gross
Other | Doubtful
Loans and Leases Receivable, Gross

LOANS RECEIVABLE, NET (Schedu61

LOANS RECEIVABLE, NET (Schedule of Classes of the Loan Portfolio Summarized by Aging Categories) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Financing Receivable, Recorded Investment, Aging [Abstract]
Current	$ 416,644	$ 394,123
Total Past Due	6,646	12,690
Non - Accrual	5,897	9,785
Total loans receivable	$ 423,290	406,813
Financing Receivables, 30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due		1,675
Financing Receivables, 60 to 89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	$ 749	1,230
Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	5,897	9,785
One-to four-family residential
Financing Receivable, Recorded Investment, Aging [Abstract]
Current	166,993	155,825
Total Past Due	2,788	4,510
Non - Accrual	2,058	4,179
Total loans receivable	$ 169,781	160,335
One-to four-family residential | Financing Receivables, 30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due		75
One-to four-family residential | Financing Receivables, 60 to 89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	$ 730	256
One-to four-family residential | Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	2,058	4,179
Commercial real estate
Financing Receivable, Recorded Investment, Aging [Abstract]
Current	171,969	166,360
Total Past Due	1,895	3,089
Non - Accrual	1,895	2,171
Total loans receivable	$ 173,864	$ 169,449
Commercial real estate | Financing Receivables, 30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due
Commercial real estate | Financing Receivables, 60 to 89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due		$ 918
Commercial real estate | Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	$ 1,895	2,171
Construction
Financing Receivable, Recorded Investment, Aging [Abstract]
Current	$ 6,679	9,954
Total Past Due		2,278
Non - Accrual		2,278
Total loans receivable	$ 6,679	$ 12,232
Construction | Financing Receivables, 30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due
Construction | Financing Receivables, 60 to 89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due
Construction | Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due		$ 2,278
Home equity lines of credit
Financing Receivable, Recorded Investment, Aging [Abstract]
Current	$ 20,921	18,483
Total Past Due	255	883
Non - Accrual	255	883
Total loans receivable	$ 21,176	$ 19,366
Home equity lines of credit | Financing Receivables, 30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due
Home equity lines of credit | Financing Receivables, 60 to 89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due
Home equity lines of credit | Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	$ 255	$ 883
Commercial business
Financing Receivable, Recorded Investment, Aging [Abstract]
Current	39,777	33,105
Total Past Due	1,708	1,930
Non - Accrual	1,689	274
Total loans receivable	$ 41,485	35,035
Commercial business | Financing Receivables, 30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due		1,600
Commercial business | Financing Receivables, 60 to 89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	$ 19	56
Commercial business | Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due	1,689	274
Other
Financing Receivable, Recorded Investment, Aging [Abstract]
Current	$ 10,305	$ 10,396
Total Past Due
Non - Accrual
Total loans receivable	$ 10,305	$ 10,396
Other | Financing Receivables, 30 to 59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due
Other | Financing Receivables, 60 to 89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due
Other | Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Aging [Abstract]
Total Past Due

LOANS RECEIVABLE, NET (Schedu62

LOANS RECEIVABLE, NET (Schedule of Activity in the Allowance for Loan Losses by Loan Category) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Activity in the allowance for loan losses by loan category:
Balance at beginning of period	$ 2,835	$ 3,013
Charge-offs	(1,651)	(1,733)
Recoveries	438	168
Provision	1,264	1,387
Balance at the end of period	2,886	2,835
One-to four-family residential [Member]
Activity in the allowance for loan losses by loan category:
Balance at beginning of period	402	844
Charge-offs	(176)	(665)
Recoveries	400	52
Provision	(231)	171
Balance at the end of period	395	402
Commercial real estate [Member]
Activity in the allowance for loan losses by loan category:
Balance at beginning of period	826	$ 852
Charge-offs	$ (397)
Recoveries
Provision	$ 502	$ (26)
Balance at the end of period	931	826
Construction [Member]
Activity in the allowance for loan losses by loan category:
Balance at beginning of period	784	604
Charge-offs	(342)	(189)
Recoveries	38	113
Provision	(27)	256
Balance at the end of period	453	784
Home equity lines of credit [Member]
Activity in the allowance for loan losses by loan category:
Balance at beginning of period	62	125
Charge-offs	$ (461)	$ (75)
Recoveries
Provision	$ 452	$ 12
Balance at the end of period	53	62
Commercial business [Member]
Activity in the allowance for loan losses by loan category:
Balance at beginning of period	643	452
Charge-offs	$ (274)	(804)
Recoveries		3
Provision	$ 600	992
Balance at the end of period	969	643
Other [Member]
Activity in the allowance for loan losses by loan category:
Balance at beginning of period	9	$ 9
Charge-offs	$ (1)
Recoveries
Provision	$ (2)
Balance at the end of period	6	$ 9
Unallocated [Member]
Activity in the allowance for loan losses by loan category:
Balance at beginning of period	$ 109	$ 127
Charge-offs
Recoveries
Provision	$ (30)	$ (18)
Balance at the end of period	$ 79	$ 109

LOANS RECEIVABLE, NET (Schedu63

LOANS RECEIVABLE, NET (Schedule of ALL by Loan Category) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Allowance for Loan Losses:
Balance - Allowance for loans losses	$ 2,886	$ 2,835
Individually evaluated for impairment	201	385
Collectively evaluated for impairment	2,685	2,450
Balance - Loans receivable	423,290	406,813
Loan balance individually evaluated for impairment	10,637	17,218
Loan balance collectively evaluated for impairment	412,653	389,595
One-to four-family residential
Allowance for Loan Losses:
Balance - Allowance for loans losses	$ 395	402
Individually evaluated for impairment		42
Collectively evaluated for impairment	$ 395	360
Balance - Loans receivable	169,781	160,335
Loan balance individually evaluated for impairment	3,017	8,723
Loan balance collectively evaluated for impairment	166,764	151,612
Commercial real estate
Allowance for Loan Losses:
Balance - Allowance for loans losses	$ 931	$ 826
Individually evaluated for impairment
Collectively evaluated for impairment	$ 931	$ 826
Balance - Loans receivable	173,864	169,449
Loan balance individually evaluated for impairment	5,447	5,046
Loan balance collectively evaluated for impairment	168,417	164,403
Construction
Allowance for Loan Losses:
Balance - Allowance for loans losses	$ 453	784
Individually evaluated for impairment		332
Collectively evaluated for impairment	$ 453	452
Balance - Loans receivable	$ 6,679	12,232
Loan balance individually evaluated for impairment		2,278
Loan balance collectively evaluated for impairment	$ 6,679	9,954
Home equity lines of credit
Allowance for Loan Losses:
Balance - Allowance for loans losses	$ 53	$ 62
Individually evaluated for impairment
Collectively evaluated for impairment	$ 53	$ 62
Balance - Loans receivable	21,176	19,366
Loan balance individually evaluated for impairment	417	829
Loan balance collectively evaluated for impairment	20,759	18,537
Commercial business
Allowance for Loan Losses:
Balance - Allowance for loans losses	969	643
Individually evaluated for impairment	201	11
Collectively evaluated for impairment	768	632
Balance - Loans receivable	41,485	35,035
Loan balance individually evaluated for impairment	1,756	342
Loan balance collectively evaluated for impairment	39,729	34,693
Other
Allowance for Loan Losses:
Balance - Allowance for loans losses	$ 6	$ 9
Individually evaluated for impairment
Collectively evaluated for impairment	$ 6	$ 9
Balance - Loans receivable	$ 10,305	$ 10,396
Loan balance individually evaluated for impairment
Loan balance collectively evaluated for impairment	$ 10,305	$ 10,396
Unallocated
Allowance for Loan Losses:
Balance - Allowance for loans losses	$ 79	$ 109
Individually evaluated for impairment
Collectively evaluated for impairment	$ 79	$ 109
Balance - Loans receivable
Loan balance individually evaluated for impairment

LOANS RECEIVABLE, NET (Schedu64

LOANS RECEIVABLE, NET (Schedule of Troubled Debt Restructuring) (Details) $ in Thousands	12 Months Ended
	Sep. 30, 2015USD ($)N	Sep. 30, 2014USD ($)N
Financing Receivable, Modifications [Line Items]
Number of Loans | N	2	1
Investment Before TDR Modification	$ 650	$ 193
Investment After TDR Modification	$ 713	$ 193
One-to four-family residential [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans | N	2	1
Investment Before TDR Modification	$ 650	$ 193
Investment After TDR Modification	$ 713	$ 193

ACCRUED INTEREST RECEIVABLE (De

ACCRUED INTEREST RECEIVABLE (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Accrued interest receivable	$ 1,703	$ 1,672
Loans
Accrued interest receivable	1,543	1,517
Investment Securities
Accrued interest receivable	57	32
Mortgage-backed Securities
Accrued interest receivable	$ 103	$ 123

PREMISES AND EQUIPMENT (Narrati

PREMISES AND EQUIPMENT (Narrative) (Details) - USD ($)	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Depreciation expense	$ 845,000	$ 919,000
Premises and equipment, net	17,818,000	18,580,000
Hungaria Urban Renewal | Land
Premises and equipment, net	3,100,000	3,100,000
Hungaria Urban Renewal | Buildings and Improvements
Premises and equipment, net	10,300,000	10,700,000
Hungaria Urban Renewal | Furniture, Fixtures and Equipment
Premises and equipment, net	$ 0	$ 104,000

PREMISES AND EQUIPMENT (Schedul

PREMISES AND EQUIPMENT (Schedule of Premises and Equipment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Property, Plant and Equipment, Gross	$ 28,088	$ 28,005
Less accumulated depreciation	(10,270)	(9,425)
Property, Plant and Equipment, Net	17,818	18,580
Land
Property, Plant and Equipment, Gross	3,811	3,811
Buildings and Improvements
Property, Plant and Equipment, Gross	$ 21,449	21,416
Buildings and Improvements | Minimum [Member]
Estimated Useful Lives	10 years
Buildings and Improvements | Maximum [Member]
Estimated Useful Lives	40 years
Furniture, Fixtures and Equipment
Property, Plant and Equipment, Gross	$ 2,828	$ 2,778
Furniture, Fixtures and Equipment | Minimum [Member]
Estimated Useful Lives	5 years
Furniture, Fixtures and Equipment | Maximum [Member]
Estimated Useful Lives	10 years

OTHER REAL ESTATE OWNED (Detail

OTHER REAL ESTATE OWNED (Details) - USD ($)	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
OTHER REAL ESTATE OWNED [Abstract].
Other real estate owned ("OREO")	$ 16,192,000	$ 17,342,000
Write-downs on other real estate owned	$ 66,000	$ 199,000

DEPOSITS (Narrative) (Details)

DEPOSITS (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Sep. 30, 2014
DEPOSITS [Abstract]
Aggregate of deposit accounts with a minimum denomination of $100,000	$ 362.6	$ 299.2
Aggregated of certificate deposits with balance greater than $100,000	$ 86	$ 91

DEPOSITS (Schedule of Deposits

DEPOSITS (Schedule of Deposits by Type of Account) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
DEPOSITS [Abstract]
Demand accounts	$ 87,915	$ 84,306
Savings accounts	90,196	65,123
NOW accounts	41,457	47,029
Money market accounts	103,593	102,118
Certificates of deposit	122,088	126,661
Retirement accounts	21,020	23,214
Deposits, Total	$ 466,269	$ 448,451

DEPOSITS (Schedule of Contractu

DEPOSITS (Schedule of Contractual Maturities of Certificate of Deposit) (Details) $ in Thousands	Sep. 30, 2015USD ($)
Year Ending September 30,
2,016	$ 64,517
2,017	26,594
2,018	18,299
2,019	27,913
2020 and after	5,785
Certificates of deposit (including retirement accounts)	$ 143,108

BORROWINGS (Narrative) (Details

BORROWINGS (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Federal Home Loan Bank of New York Advances [Abstract]
Federal Home Loan Bank of New York advances	$ 31,594	$ 25,500
Weighted average interest rate	2.38%	2.77%
Available credit from FHLBNY	$ 39,800	$ 50,400
Securities Sold Under Reverse Repurchase Agreements
Repurchase agreements		$ 5,000
Interest rate of repurchase agreements	3.83%

BORROWINGS (Schedule of Long Te

BORROWINGS (Schedule of Long Term FHLBNY Advances) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Year Ending September 30,
2,016	$ 2,260
2,017	5,000
2,018	5,100
2,019	8,940
2,020	$ 10,294
Thereafter
Long term FHLBNY advances	$ 31,594	$ 25,500

BORROWINGS (Schedule of Short-T

BORROWINGS (Schedule of Short-Term Arrangements With the FHLBNY) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
BORROWINGS [Abstract]
Balance at end of year
Weighted average balance during the year	$ 2,958	$ 5,763
Maximum month-end balance during the year	$ 18,500	$ 19,000
Average interest rate during the year	0.37%	0.28%

SERVICING POLICY (Narrative) (

SERVICING POLICY (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
SERVICING POLICY [Abstract]
Loans sold with servicing retained	$ 9,722	$ 4,084
Loans sold, servicing released	0	0
Value of loans sold still being serviced	13,800	16,000
SBA Loans being serviced	$ 14,600	$ 9,500

SERVICING POLICY (Schedule of A

SERVICING POLICY (Schedule of Activity in Mortgage Servicing Rights) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
SERVICING POLICY [Abstract]
Mortgage servicing rights, beginning balance	$ 175	$ 229
Origination of mortgage servicing rights	20
Amortization	(63)	$ (54)
Mortgage servicing rights, ending balance	$ 132	$ 175

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details)	12 Months Ended
	Sep. 30, 2015USD ($)
Net change in valuation allowance	$ 163,000
Federal [Member]
Operating loss carry forwards	$ 4,700,000
Operating loss carry forwards, expiration date	Dec. 31, 2029
Tax loss reserves, base year amount	$ 1,258,000
State [Member]
Net change in valuation allowance	2,600,000
Operating loss carry forwards	$ 6,000,000
Operating loss carry forwards, expiration date	Dec. 31, 2015
Valuation allowance	$ 20,000

INCOME TAXES (Schedule Componen

INCOME TAXES (Schedule Components of Income Tax Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
INCOME TAXES [Abstract]
Current	$ 10	$ 15
Deferred	403	170
Total income tax expense	$ 413	$ 185

INCOME TAXES (Schedule of Recon

INCOME TAXES (Schedule of Reconciliation of Income Tax) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Reconciliation of income tax
Income tax expense at statutory tax rate	$ 445	$ 258
Increase (decrease) resulting from:
State income taxes, net of federal income tax benefit	69	39
Tax-exempt income, net	(99)	(103)
Nondeductible expenses	3	3
Employee stock ownership plan	(7)	$ (12)
Other, net	2
Total income tax expense	$ 413	$ 185

INCOME TAXES (Schedule of Majo

INCOME TAXES (Schedule of Major Sources of Temporary Differences and Their Deferred Tax Effect) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Temporary Differences and Deferred Tax Effect
Allowance for loan losses	$ 1,153	$ 1,132
Deferred loan fees	448	1,057
Employee benefits	168	$ 234
Charitable contributions	14
Net operating losses	1,938	$ 1,841
Alternative minimum tax credit	243	241
Unrealized loss, minimum pension liability	$ 696	348
Net unrealized loss, investment securities available-for-sale		41
OREO	$ 307	426
Straight line rent	163	141
Gross deferred tax asset	5,130	5,461
Depreciation	(1,506)	(1,574)
Discount accretion on investments	(117)	$ (107)
Net unrealized gain, investment securities available-for-sale	(27)
Mortgage servicing rights	(53)	$ (70)
Gross deferred tax liability	(1,703)	(1,751)
Net deferred tax asset	3,427	3,710
Valuation allowance	(20)	(183)
Net deferred tax asset, included in other assets	$ 3,407	$ 3,527

PENSION PLAN (Narrative) (Detai

PENSION PLAN (Narrative) (Details) - USD ($)	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Long-term investment objective, equities	65.00%
Long-term investment objective, debt	35.00%
Funding guidelines, description	If the plan is underfunded under the Guidelines, the bond fund portion will be temporarily increased to 50% in order to lessen asset value volatility. When the plan is no longer underfunded, the bond fund portion will be decreased back to 35%. Asset rebalancing is performed at least annually, with interim adjustments made when the investment mix varies more than 5% from the target (i.e., a 10% target range).
Weighted average discount rate	4.50%	4.50%
Expected long-term rate of return on assets	7.00%	7.00%
Expected contributions	$ 127,000
Actuarial losses	1,742,000	$ 1,072,000
Acturial losses, income tax effects	696,000	$ 428,000
Acturial losses expected to be amortized within next year	$ 139,000
Minimum [Member]
Expected long-term rate of return on assets	5.00%
Minimum [Member] | Equity Securities
Expected long-term rate of return on assets	6.00%
Target asset allocation	40.00%
Minimum [Member] | Mutual Funds- Fixed Income
Expected long-term rate of return on assets	3.00%
Minimum [Member] | Debt Securities
Target asset allocation	30.00%
Maximum [Member]
Expected long-term rate of return on assets	7.00%
Maximum [Member] | Equity Securities
Expected long-term rate of return on assets	8.00%
Target asset allocation	70.00%
Maximum [Member] | Mutual Funds- Fixed Income
Expected long-term rate of return on assets	5.00%
Maximum [Member] | Debt Securities
Target asset allocation	60.00%

PENSION PLAN (Schedule of Plan'

PENSION PLAN (Schedule of Plan's Funded Status and Amounts Recognized) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
PENSION PLAN [Abstract]
Actuarial present value of benefit obligations	$ 4,337	$ 3,890	$ 4,337	$ 3,890
Change in benefit obligations
Projected benefit obligation, beginning	3,890	3,630
Interest cost	170	177
Actuarial loss	463	267
Annuity payments and lump sum distributions	(186)	(184)
Projected benefit obligation, end	4,337	3,890
Change in plan assets
Fair value of assets, beginning	2,860	2,730
Actual return on plan assets	(84)	216
Employer contributions	176	98
Annuity payments and lump sum distributions	(186)	(184)
Fair value of assets, end	$ 2,766	$ 2,860
Funded status included with other liabilities			$ (1,571)	$ (1,030)

PENSION PLAN (Schedule of Net P

PENSION PLAN (Schedule of Net Pension Cost) (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
PENSION PLAN [Abstract]
Service cost benefits earned during the year
Interest cost on projected benefit obligation	$ 170	$ 177
Expected return on plan assets	(198)	(202)
Amortization of unrecognized net loss	75	54
Net Pension Cost	$ 47	$ 29

PENSION PLAN (Schedule of Pensi

PENSION PLAN (Schedule of Pension Plan Weighted-Average Asset Allocations) (Details)	Sep. 30, 2015	Sep. 30, 2014
Weighted average asset allocation (percentage)	100.00%	100.00%
Equity Securities [Member]
Weighted average asset allocation (percentage)	62.00%	64.00%
Debt Securities [Member]
Weighted average asset allocation (percentage)	37.00%	36.00%
Money Market Funds [Member]
Weighted average asset allocation (percentage)	1.00%	0.00%

PENSION PLAN (Schedule of Expec

PENSION PLAN (Schedule of Expected Benefit Payments) (Details) $ in Thousands	Sep. 30, 2015USD ($)
Estimated Future Benefit Payments
October 1, 2015 through September 30, 2016	$ 201
October 1, 2016 through September 30, 2017	202
October 1, 2017 through September 30, 2018	202
October 1, 2018 through September 30, 2019	205
October 1, 2019 through September 30, 2020	207
October 1, 2020 through September 30, 2025	1,074
Benefit payments expected to be paid, total	$ 2,091

PENSION PLAN (Schedule of Fair

PENSION PLAN (Schedule of Fair Value Measurements of Plan Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Investments	$ 2,766	$ 2,860
Large-Cap Value
Investments	351	371
Large-Cap Core
Investments	366	376
Mid-Cap Core
Investments	180	181
Small-Cap Core
Investments	171	175
Non-U.S. Core
Investments	638	731
Intermediate-Term Core
Investments	1,020	1,018
Money Market
Investments	40	8
Quoted Prices in Active Markets for Identical Assets (Level 1)
Investments	2,766	2,860
Quoted Prices in Active Markets for Identical Assets (Level 1) | Large-Cap Value
Investments	351	371
Quoted Prices in Active Markets for Identical Assets (Level 1) | Large-Cap Core
Investments	366	376
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mid-Cap Core
Investments	180	181
Quoted Prices in Active Markets for Identical Assets (Level 1) | Small-Cap Core
Investments	171	175
Quoted Prices in Active Markets for Identical Assets (Level 1) | Non-U.S. Core
Investments	638	731
Quoted Prices in Active Markets for Identical Assets (Level 1) | Intermediate-Term Core
Investments	1,020	1,018
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money Market
Investments	$ 40	$ 8
Significant Other Observable Inputs (Level 2)
Investments
Significant Other Observable Inputs (Level 2) | Large-Cap Value
Investments
Significant Other Observable Inputs (Level 2) | Large-Cap Core
Investments
Significant Other Observable Inputs (Level 2) | Mid-Cap Core
Investments
Significant Other Observable Inputs (Level 2) | Small-Cap Core
Investments
Significant Other Observable Inputs (Level 2) | Non-U.S. Core
Investments
Significant Other Observable Inputs (Level 2) | Intermediate-Term Core
Investments
Significant Other Observable Inputs (Level 2) | Money Market
Investments
Significant Unobservable Inputs (Level 3)
Investments
Significant Unobservable Inputs (Level 3) | Large-Cap Value
Investments
Significant Unobservable Inputs (Level 3) | Large-Cap Core
Investments
Significant Unobservable Inputs (Level 3) | Mid-Cap Core
Investments
Significant Unobservable Inputs (Level 3) | Small-Cap Core
Investments
Significant Unobservable Inputs (Level 3) | Non-U.S. Core
Investments
Significant Unobservable Inputs (Level 3) | Intermediate-Term Core
Investments
Significant Unobservable Inputs (Level 3) | Money Market
Investments

NONQUALIFIED COMPENSATION PLAN

NONQUALIFIED COMPENSATION PLAN (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
NONQUALIFIED COMPENSATION PLAN [Abstract]
Director Emeritus Plan description	In 2001, the Company adopted a New Director Emeritus Plan (the “New Plan”), which supplemented the prior Director Emeritus Plans. Under the New Plan, the directors will be entitled to a benefit upon attainment of his/her benefit age. The directors will receive an annual amount in monthly installments based on his/her total Board and Committee fees in the twelve months prior to attainment of his/her benefit age. The amount will be ten percent (10%) plus two and one-half percent (2 1/2%) for each year of service as a Director, with a minimum of fifty percent (50%), provided the Director has served for at least five (5) years, and a maximum of sixty percent (60%). The maximum benefit increases for any Director serving as Chairman of the Board to seventy-five percent (75%).
Life Insurance Contracts, Value	$ 10,962	$ 10,658

401(K) EMPLOYEE CONTRIBUTION 88

401(K) EMPLOYEE CONTRIBUTION PLAN (Narrative) (Details) - USD ($)	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
401(K) EMPLOYEE CONTRIBUTION PLAN [Abstract]
Employer's contribution to the plan	$ 93,000	$ 48,000

COMMITMENTS (Narrative) (Detail

COMMITMENTS (Narrative) (Details) - USD ($)	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
COMMITMENTS [Abstract]
Rental Expense	$ 754,000	$ 770,000

COMMITMENTS (Schedule of Lease

COMMITMENTS (Schedule of Lease Commitments) (Details) $ in Thousands	Sep. 30, 2015USD ($)
September 30
2,016	$ 588
2,017	627
2,018	628
2,019	644
2,020	651
Thereafter	3,715
Future minimum payments under non-cancelable operating leases	$ 6,853

FINANCIAL INSTRUMENTS WITH OF91

FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK (Schedule of Financial Instruments Whose Contract Amounts Representing Credit Risk) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instruments - contract amounts	$ 55,267	$ 54,928
Letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instruments - contract amounts	694	884
Unused lines of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instruments - contract amounts	45,039	43,644
Fixed rate loan commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instruments - contract amounts	1,597	1,900
Variable rate loan commitments
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Financial instruments - contract amounts	$ 7,937	$ 8,500

FAIR VALUE DISCLOSURES (Narrati

FAIR VALUE DISCLOSURES (Narrative) (Details)	12 Months Ended
	Sep. 30, 2015USD ($)N	Sep. 30, 2014USD ($)
Total Unpaid Contractual Principal Balance	$ 11,967,000	$ 22,315,000
Write-down of impaired loans	(1,651,000)	(1,733,000)
Specific loss reserves	$ 201,000	$ 385,000
Impaired Loans [Member]
Number of impaired loans | N	7
Total Unpaid Contractual Principal Balance	$ 4,000,000
Cumulative write-down of impaired loans	1,300,000
Specific loss reserves	$ 201,000

FAIR VALUE DISCLOSURES (Schedul

FAIR VALUE DISCLOSURES (Schedule of Assets Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Fair value measured on recurring basis:
Securities available for sale	$ 6,064	$ 12,070
Obligations of U.S. government agencies Mortgage backed securities - residential [Member]
Fair value measured on recurring basis:
Securities available for sale		1,295
Obligations of U.S. government-sponsored enterprises Mortgage backed securities - residential [Member]
Fair value measured on recurring basis:
Securities available for sale	5,914	10,369
Private label mortgage-backed securities-residential [Member]
Fair value measured on recurring basis:
Securities available for sale	150	406
Fair Value, Measurements, Recurring [Member]
Fair value measured on recurring basis:
Securities available for sale	6,064	12,070
Fair Value, Measurements, Recurring [Member] | Obligations of U.S. government agencies Mortgage backed securities - residential [Member]
Fair value measured on recurring basis:
Securities available for sale		1,295
Fair Value, Measurements, Recurring [Member] | Obligations of U.S. government-sponsored enterprises Mortgage backed securities - residential [Member]
Fair value measured on recurring basis:
Securities available for sale	5,914	10,369
Fair Value, Measurements, Recurring [Member] | Private label mortgage-backed securities-residential [Member]
Fair value measured on recurring basis:
Securities available for sale	$ 150	$ 406
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair value measured on recurring basis:
Securities available for sale
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Obligations of U.S. government agencies Mortgage backed securities - residential [Member]
Fair value measured on recurring basis:
Securities available for sale
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Obligations of U.S. government-sponsored enterprises Mortgage backed securities - residential [Member]
Fair value measured on recurring basis:
Securities available for sale
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Private label mortgage-backed securities-residential [Member]
Fair value measured on recurring basis:
Securities available for sale
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair value measured on recurring basis:
Securities available for sale	$ 6,064	$ 12,070
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Obligations of U.S. government agencies Mortgage backed securities - residential [Member]
Fair value measured on recurring basis:
Securities available for sale		1,295
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Obligations of U.S. government-sponsored enterprises Mortgage backed securities - residential [Member]
Fair value measured on recurring basis:
Securities available for sale	5,914	10,369
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Private label mortgage-backed securities-residential [Member]
Fair value measured on recurring basis:
Securities available for sale	$ 150	$ 406
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair value measured on recurring basis:
Securities available for sale
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Obligations of U.S. government agencies Mortgage backed securities - residential [Member]
Fair value measured on recurring basis:
Securities available for sale
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Obligations of U.S. government-sponsored enterprises Mortgage backed securities - residential [Member]
Fair value measured on recurring basis:
Securities available for sale
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Private label mortgage-backed securities-residential [Member]
Fair value measured on recurring basis:
Securities available for sale

FAIR VALUE DISCLOSURES (Sched94

FAIR VALUE DISCLOSURES (Schedule of Assets Measured at Fair Value On a Non-Recurring Basis) (Details) - Fair Value Measured on a Nonrecurring Basis [Member] - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Estimate of Fair Value Measurement [Member]
Impaired loans.	$ 1,489	$ 1,801
Other real estate owned	16,192	17,342
Assets measured at fair value on a non-recurring basis	$ 17,681	$ 19,143
Fair Value, Inputs, Level 1 [Member]
Impaired loans.
Other real estate owned
Assets measured at fair value on a non-recurring basis
Fair Value, Inputs, Level 2 [Member]
Impaired loans.
Other real estate owned
Assets measured at fair value on a non-recurring basis
Fair Value, Inputs, Level 3 [Member]
Impaired loans.	$ 1,489	$ 1,801
Other real estate owned	16,192	17,342
Assets measured at fair value on a non-recurring basis	$ 17,681	$ 19,143

FAIR VALUE DISCLOSURES (Sched95

FAIR VALUE DISCLOSURES (Schedule of Additional Quantitative Information About Assets Measured at Fair Value) (Details) - Fair Value Measured on a Nonrecurring Basis [Member] - USD ($) $ in Thousands		12 Months Ended
		Sep. 30, 2015	Sep. 30, 2014
Impaired Loans
Fair value estimate		$ 1,489	$ 1,801
Valuation techniques and Unobservable Input	[1],[2]	Appraisal of collateral; Appraisal adjustments	Appraisal of collateral; Appraisal adjustments
Impaired Loans | Weighted Average [Member]
Fair value input- appraisal of collateral		(8.00%)	(10.70%)
Impaired Loans | Minimum [Member]
Fair value input- appraisal of collateral		(16.00%)	0.00%
Impaired Loans | Maximum [Member]
Fair value input- appraisal of collateral		(40.00%)	(21.00%)
Other Real Estate Owned
Fair value estimate		$ 16,192	$ 17,342
Valuation techniques and Unobservable Input	[1],[2]	Appraisal of collateral; Liquidation expenses	Appraisal of collateral; Liquidation expenses
Other Real Estate Owned | Weighted Average [Member]
Fair value input- appraisal of collateral		(15.10%)	(15.60%)
Other Real Estate Owned | Minimum [Member]
Fair value input- appraisal of collateral		0.00%	(3.20%)
Other Real Estate Owned | Maximum [Member]
Fair value input- appraisal of collateral		(41.20%)	(39.10%)
[1]	Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.
[2]	Fair value is generally determined through independent appraisals for the underlying collateral, which generally include various level 3 inputs which are not identifiable.

FAIR VALUE DISCLOSURES (Sched96

FAIR VALUE DISCLOSURES (Schedule of the Carrying Amount, Fair Value, and Placement in the Fair Value Hierarchy of Financial Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Financial instruments - assets
Investment securities held-to-maturity	$ 53,248	$ 48,822
Reported Value
Financial instruments - assets
Investment securities held-to-maturity	52,614	48,963
Loans	420,596	404,195
Financial instruments - liabilities
Certificate of deposit	143,108	149,875
Borrowings	31,594	30,500
Fair Value
Financial instruments - assets
Investment securities held-to-maturity	53,248	48,822
Loans	425,890	407,947
Financial instruments - liabilities
Certificate of deposit	144,150	151,652
Borrowings	$ 32,231	$ 31,045
Fair Value, Inputs, Level 1 [Member]
Financial instruments - assets
Investment securities held-to-maturity
Loans
Financial instruments - liabilities
Certificate of deposit
Borrowings
Fair Value, Inputs, Level 2 [Member]
Financial instruments - assets
Investment securities held-to-maturity	$ 53,248	$ 48,822
Loans
Financial instruments - liabilities
Certificate of deposit	$ 144,150	$ 151,652
Borrowings	$ 32,231	$ 31,045
Fair Value, Inputs, Level 3 [Member]
Financial instruments - assets
Investment securities held-to-maturity
Loans	$ 425,890	$ 407,947
Financial instruments - liabilities
Certificate of deposit
Borrowings

REGULATORY CAPITAL (Details)

REGULATORY CAPITAL (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014
Magyar Bancorp, Inc.
Total Capital
Total Capital	$ 50,555	$ 49,465
Total Capital (to risk-weighted assets) ratio	12.98%	13.30%
Minimum amount of capital for adequacy purposes		$ 29,755
Minimum amount of capital for adequacy purposes, ratio		8.00%
Tier 1 Capital (to risk-weighted assets)
Tier 1 Capital	$ 47,669	$ 46,630
Tier 1 Capital (to risk-weighted assets) ratio	12.24%	12.54%
Minimum amount of Tier 1 Capital for adequacy purposes		$ 14,878
Minimum amount of Tier 1 Capital for adequacy purposes, ratio		4.00%
Common Equity Tier 1 Capital	$ 47,669
Common Equity Tier 1 Capital (to risk-weighted assets) ratio	12.24%
Tier 1 Leverage Capital (to average assets)
Tier 1 Capital	$ 47,669	$ 46,630
Tier 1 Capital (to average assets) ratio	8.75%	8.86%
Minimum amount of Tier 1 Capital for adequacy purposes		$ 21,060
Minimum amount of Tier 1 Capital for adequacy purposes, ratio		4.00%
Magyar Bank
Total Capital
Total Capital	$ 48,584	$ 47,059
Total Capital (to risk-weighted assets) ratio	12.47%	12.65%
Minimum amount of capital for adequacy purposes	$ 31,158	$ 29,754
Minimum amount of capital for adequacy purposes, ratio	8.00%	8.00%
Minimum Capital required to be well-capitalized	$ 38,947	$ 37,192
Minimum Capital required to be well-capitalized, ratio	10.00%	10.00%
Tier 1 Capital (to risk-weighted assets)
Tier 1 Capital	$ 45,698	$ 44,224
Tier 1 Capital (to risk-weighted assets) ratio	11.73%	11.89%
Minimum amount of Tier 1 Capital for adequacy purposes	$ 15,579	$ 14,877
Minimum amount of Tier 1 Capital for adequacy purposes, ratio	4.00%	4.00%
Minimum Tier 1 Capital required to be well-capitalized	$ 23,368	$ 22,315
Minimum Tier 1 Capital required to be well-capitalized, ratio	6.00%	6.00%
Common Equity Tier 1 Capital	$ 45,698
Common Equity Tier 1 Capital (to risk-weighted assets) ratio	11.73%
Minimum amount of common equity Tier 1 Capital for adequacy purposes	$ 17,526
Minimum amount of common equity Tier 1 Capital for adequacy purposes, ratio	4.50%
Minimum common equity Tier 1 Capital required to be well-capitalized	$ 23,368
Minimum common equity Tier 1 Capital required to be well-capitalized, ratio	6.00%
Tier 1 Leverage Capital (to average assets)
Tier 1 Capital	$ 45,698	$ 44,224
Tier 1 Capital (to average assets) ratio	8.39%	8.40%
Minimum amount of Tier 1 Capital for adequacy purposes	$ 21,795	$ 21,059
Minimum amount of Tier 1 Capital for adequacy purposes, ratio	4.00%	4.00%
Minimum Tier 1 Capital required to be well-capitalized	$ 27,244	$ 26,324
Minimum Tier 1 Capital required to be well-capitalized, ratio	5.00%	5.00%