MILLINGTON, N.J., May 9, 2013 (GLOBE NEWSWIRE) -- MSB Financial Corp. (Nasdaq:MSBF) (the "Company"), the holding company for Millington Savings Bank (the "Bank"), reported net income of $89,000 for the three months ended March 31, 2013 compared to net income of $194,000 for the quarter ended March 31, 2012. Correspondingly, the Company reported a net loss of $1.6 million for the nine months ended March 31, 2013 compared to net income of $529,000 for the nine months ended March 31, 2012. The net loss for the nine months ended March 31, 2013 primarily was the result of a $2.0 million additional provision that was made to the allowance for loan losses as of December 31, 2012.
Net interest income for the three and nine months ended March 31, 2013 decreased to $2.3 million and $7.1 million, respectively, from $2.6 million and $7.9 million for the three and nine month periods ended March 31, 2012, with the decreases attributable to declines in interest income primarily due to decreases in average yield. For the three months ended March 31, 2013, the average yield on interest earning assets was 3.77%, a decrease of 51 basis points when compared to the same period in 2012. For the nine months ended March 31, 2012, the yield on interest earning assets was 3.91%, a decrease of 53 basis points when compared to the same period in 2012. The decline in yields on average earning assets, for both the three and nine 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 March 31, 2013, average interest earning assets increased by $2.0 million when compared to the same period in 2012. For the nine months ended March 31, 2013, average interest earning assets declined by $4.9 million when compared to the same period in the prior fiscal year.
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