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MSB Financial Corp. Announces Quarterly Results

The decreased levels of interest income were partially offset by decreases in interest expense. The average rate paid on interest-bearing liabilities for the three months ended December 31, 2012 was 0.98%, a decrease of 23 basis points when compared to the same period in 2011. For the six months ended December 31, 2012, the average rate paid on interest-bearing liabilities was 1.00%, a decrease of 23 basis points when compared to the same period in 2011. The net interest margin decreased to 2.97% for the three months ended December 31, 2012, compared to 3.36% for the three months ended December 31, 2011, a decrease of 39 basis points. The net interest margin decreased to 3.06% for the six months ended December 31, 2012, compared to 3.38% for the six months ended December 31, 2011, a decrease of 32 basis points. The reduction in average earning assets and yields, and interest-bearing liabilities and rates for both the three month and six month comparative periods resulted in lower levels of net interest income and net interest margins.

Non-interest income for the quarter ended December 31, 2012 totaled $162,000, a decrease of $11,000 or 6.4% compared to the same period in 2011. For the six months ended December 31, 2012, non-interest income totaled $321,000, an increase of $4,000, or 1.3%, when compared to the same period in 2011. The decrease in non-interest income for the three months ended December 31, 2012 compared to the three months ended December 31, 2011, was attributed to decreases in other non-interest income, fees and service charges and an unrealized gain in the trading security portfolio, offset by an increase in income from bank owned life insurance. The increase for the six months ended December 31, 2012, compared to the six months ended December 31, 2011, was attributed to an unrealized gain in the trading security portfolio, an increase in income from bank owned life insurance, offset by decreases in other non-interest income and fees and service charges during the period. The decrease in fees and service charge income for both the three and six month comparative periods, was in part, due to the Company waiving its fees for a period of time following Hurricane Sandy.

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