MILLINGTON, N.J., Aug. 15, 2012 (GLOBE NEWSWIRE) -- MSB Financial Corp. (Nasdaq:MSBF) (the "Company") reported net income for the fiscal year ended June 30, 2012 of $497,000 or $0.10 per diluted common share, compared to net income of $706,000 or $0.14 per diluted share for the year ended June 30, 2011. The $209,000 decrease in net income for fiscal year 2012 as compared to fiscal year 2011 was primarily attributable to an increase in the provision for loan losses, and decreases in net interest income and non-interest income, which were partially offset by decreases in non-interest expense and income tax expense.
For the quarter ended June 30, 2012, the Company had a loss of $32,000 as compared to net income of $164,000 for the quarter ended June 30, 2011. The $196,000 decrease was attributable to an increase of $297,000 in the provision for loan losses and a $151,000 decrease in net interest income and a $5,000 increase in non-interest expense, offset by a $26,000 increase in non-interest income and a $231,000 decrease in income tax expense.
Net interest income for fiscal year 2012 was down $436,000 or 4.0% to $10.5 million for the year ended June 30, 2012 as compared to $10.9 million for the year ended June 30, 2011. This decrease resulted from a decrease in total interest income of $1.3 million, or 8.8%, offset by a decrease in total interest expense of $890,000, or 21.1%. The decrease in total interest income was primarily attributable to a 37 basis point decrease in the average yield earned on interest-earning assets in addition to a decrease of $2.9 million or 0.9%, in the average balances of such assets. The decrease of $890,000 or 21.1% in total interest expense for the year ended June 30, 2012 was primarily due to a $8.0 million decrease in average interest-bearing liabilities and a 26 basis point decrease in the average yield paid on these liabilities. The interest rate spread for fiscal 2012 was 3.22%, compared to 3.33% for fiscal 2011.
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