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MSB Financial Corp. Announces Quarterly Results

Stocks in this article: MSBF

Total assets decreased to $343.6 million at December 31, 2012, from $347.3 million at June 30, 2012, primarily due to a decrease of $18.1 million in cash and cash equivalents and a $6.8 million decrease in loans receivable, net, offset by an increase of $19.2 million in securities held to maturity. Deposits were $282.0 million at December 31, 2012, down $1.8 million compared to $283.8 million at June 30, 2012. The decrease in deposit balances was primarily due to the Company lowering its offering rates. FHLB advances were $20.0 million at both December 31, and June 30, 2012. Stockholders' equity was $39.0 million at December 31, 2012, compared to $40.9 million at June 30, 2012. The decrease in shareholders' equity was primarily due a decrease in earnings for the six months ended December 31, 2012, which was negatively impacted by the additional increase in the provision for loan losses and decrease in net interest income.

Shares of the Company's common stock trade on the NASDAQ Global Market under the symbol "MSBF." The Company is majority owned by its mutual holding company parent, MSB Financial, MHC.

Forward-Looking Statements

The foregoing release may contain forward-looking statements concerning the financial condition, results of operations and business of the Company. We caution that such statements are subject to a number of uncertainties and actual results could differ materially, and, therefore, readers should not place undue reliance on any forward-looking statements.

(Dollars in Thousands, except for per share amount)    
Statement of Financial Condition Data:        
  At December 31, At June 30,    
  2012 2012    
Total assets $343,637 $347,347    
Cash and cash equivalents 15,637 33,757    
Loans receivable, net 233,752 240,520    
Securities held to maturity 69,938 50,706    
Deposits 282,009 283,798    
Federal Home Loan Bank advances 20,000 20,000    
Total stockholders' equity 39,034 40,878    
Summary of Operations:        
  (Unaudited) (Unaudited)
  For the Six Months Ended For the Three Months Ended
  December 31, December 31, December 31, December 31,
  2012 2011 2012 2011
Total interest income $6,142 $7,160 $3,000 $3,549
Total interest expense 1,416 1,795 689 882
Net interest income 4,726 5,365 2,311 2,667
Provision for loan losses 3,719 988 2,973 375
Net interest income after provision for loan losses 1,007 4,377 (662) 2,292
Noninterest income 321 317 162 173
Noninterest expense 4,126 4,119 2,122 2,059
Income before taxes (2,798) 575 (2,622) 406
Income tax provision (1,131) 240 (1,047) 182
Net income ($1,667) $335 ($1,575) $224
Net income per common share:        
basic and diluted ($0.34) $0.07 ($0.32) $0.04
Weighted average number of shares of common stock outstanding 4,950,014 5,027,968 4,939,606 5,015,095
Performance Ratios:        
  (Unaudited) (Unaudited)
  For the Six Months Ended For the Three Months Ended
  December 31, December 31, December 31, December 31,
  2012 2011 2012 2011
Return on average assets (ratio of net income to average total assets) -0.65% 0.13% -1.83% 0.26%
Return on average equity (ratio of net income to average equity) (5.43) 1.09 (15.43) 2.19
Net interest rate spread 2.98 3.28 2.88 3.26
Net interest margin on average interest-earning assets 3.06 3.38 2.97 3.36
Average interest-earning assets to average interest-bearing liabilities 109.18 108.83 110.56 108.90
Operating expense ratio (noninterest expenses to average total assets) 1.60 1.57 2.47 2.35
Efficiency ratio (noninterest expense divided by sum of net interest income and noninterest income) 81.75 72.49 85.81 72.50
  At of For the Six Months Ended    
  December 31, December 31,    
  2012 2011    
Asset Quality Ratios:        
Non-performing loans to total loans 6.54% 6.28%    
Non-performing assets to total assets 4.82 4.49    
Net charge-offs to average loans outstanding 0.61 0.20    
Allowance for loan losses to non-performing loans 33.71 16.93    
Allowance for loan losses to total loans 2.20 1.06    
Capital Ratios:        
Equity to total assets at end of period 11.36% 11.63%    
Average equity to average assets 11.89 11.69    
Number of Offices 5 5    
CONTACT: MSB Financial Corp.
         Michael Shriner, President & CEO

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