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MSB Financial Corp. Announces Quarterly Results

MILLINGTON, N.J., Feb. 2, 2011 (GLOBE NEWSWIRE) -- MSB Financial Corp. (Nasdaq:MSBF) (the "Company"), the holding company for Millington Savings Bank (the "Bank"), reported net income of $120,000 for the three months ended December 31, 2010, compared to $233,000 for the quarter ended December 31, 2009, representing a decrease of $113,000 or 48.5%. For the six months ended December 31, 2010, the Company reported net income of $335,000, compared to net income of $427,000 for the six month period ended December 31, 2009, a decrease of $92,000 or 21.5%. Both reporting periods reflect increased net interest income after provision for loan losses and increased non-interest income, offset by increased levels of non-interest expense.

Net interest income for the three and six months ended December 31, 2010 increased to $2.7 million and $5.5 million, respectively, from $2.6 million and $5.2 million for the three and six months ended December 31, 2009. For the three months ended December 31, 2010, the yield on interest earning assets was 4.80%, a decrease of 29 basis points when compared to the same period in 2009. For the six months ended December 31, 2010, the yield on interest earning assets was 4.82%, a decrease of 29 basis points when compared to the same period in 2009. The rate on interest-bearing liabilities for the three months ended December 31, 2010 was 1.46%, a decrease of 65 basis points when compared to the same period in 2009. For the six months ended December 31, 2010, the rate on interest-bearing liabilities was 1.51%, a decrease of 70 basis points when compared to the same period in 2009. The net interest margin increased to 3.45% for the three months ended December 31, 2010, compared to 3.15% for the three months ended December 31, 2009, an increase of 30 basis points. The net interest margin increased to 3.41% for the six months ended December 31, 2010, compared to 3.10% for the six months ended December 31, 2009, an increase of 31 basis points. The reduction in interest-bearing liability rates, partially offset by a lesser reduction in interest-earning assets yields, resulted in the higher levels of net interest income and net interest margins. Total interest income decreased for both periods primarily due to a reduction in the net interest yield as volume also decreased during these comparative periods.    

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