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TheStreet Open House

MSB Financial Corp. Announces Quarterly Results

Stocks in this article: MSBF

MILLINGTON, N.J., Feb. 15, 2013 (GLOBE NEWSWIRE) -- MSB Financial Corp. (Nasdaq:MSBF) (the "Company"), the holding company for Millington Savings Bank (the "Bank"), reported a net loss of $1.6 million for the three months ended December 31, 2012 compared to net income of $224,000 for the quarter ended December 31, 2011. Correspondingly, the Company reported a net loss of $1.7 million for the six months ended December 31, 2012 compared to net income of $335,000 for the six months ended December 31, 2011. The reported losses for the three and six month periods ended December 31, 2012 compared to the same periods ending December 31, 2011, were primarily due to increases in the provision for loan losses of $2.6 million and $2.7 million for the respective periods.

Net interest income for the three and six months ended December 31, 2012 decreased to $2.3 million and $4.7 million, respectively, from $2.7 million and $5.4 million for the three and six month periods ended December 31, 2011, with the decreases attributable to declines in interest income due to a combination of lower levels of average interest earning assets as well as decreases in the average yield earned. For the three months ended December 31, 2012, the average yield on interest earning assets was 3.85%, a decrease of 62 basis points when compared to the same period in 2011. For the six months ended December 31, 2012, the yield on interest earning assets was 3.98%, a decrease of 54 basis points when compared to the same period in 2011. The decline in yields on average earning assets, for both the three and six month comparative periods, is representative of the effects that the prolonged low interest rate environment has had on the Company's loans receivable and investments held to maturity portfolios. During the three months ended December 31, 2012, average interest earning assets had decreased by $6.4 million when compared to the same period in 2011. For the six months ended December 31, 2012, the decline was $8.3 million when compared to the same period in the prior fiscal year.

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