MILLINGTON, N.J., Aug. 30, 2013 (GLOBE NEWSWIRE) -- MSB Financial Corp. (Nasdaq:MSBF) (the "Company") reported a net loss of $1.4 million or ($0.28) per diluted common share for the fiscal year ended June 30, 2013, compared to net income of $497,000 or $0.10 per diluted share for the year ended June 30, 2012. The $1.9 million decrease in net income for fiscal year 2013 as compared to fiscal year 2012 was primarily attributable to an increase in the provision for loan losses, decrease in net interest income and non-interest income and an increase in non-interest expense. Income tax expense decreased for the period to a net tax benefit.
For the quarter ended June 30, 2013, the Company reported net income of $193,000 compared to net loss of $32,000 for the quarter ended June 30, 2012. The $225,000 increase was attributable to a decrease of $608,000 in the provision for loan losses, a $52,000 decrease in non-interest expense and a $7,000 increase in non-interest income, offset by a $269,000 decrease in net interest income and a $173,000 increase in income tax expense.
Net interest income for fiscal year 2013 was down $1.2 million or 11.0% to $9.3 million as compared to $10.5 million for the year ended June 30, 2012. This decrease resulted from a decrease in total interest income of $1.8 million, or 12.8%, offset by a decrease in total interest expense of $615,000, or 18.4%. The decrease in total interest income was primarily attributable to a 53 basis point decrease in the average yield earned on interest-earning assets in addition to a decrease of $2.7 million or 0.9%, in the average balance of such assets. The decrease of $615,000 or 18.4% in total interest expense for the year ended June 30, 2013 was primarily due to a $2.7 million decrease in average interest-bearing liabilities and a 21 basis point decrease in the average rate paid on these liabilities. The interest rate spread for fiscal 2013 was 2.90%, compared to 3.22% for fiscal 2012.
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