November 2, 2011
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Date of Report
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(Date of earliest event reported)
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MSB Financial Corp.
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(Exact name of Registrant as specified in its Charter)
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United States
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001-33246
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34-1981437
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(State or other jurisdiction
of incorporation)
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(SEC Commission
File No.)
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(IRS Employer
Identification Number)
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1902 Long Hill Road, Millington, New Jersey
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07946-0417
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code:
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(908) 647-4000
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Not Applicable
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(Former name or former address, if changed since last Report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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[ ]
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Written communications pursuant to Rule 425 under the Securities Act
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[ ]
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act
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[ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
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[ ]
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
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Item 2.02
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Results of Operations and Financial Condition
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Item 9.01
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Financial Statements and Exhibits
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Exhibit
Number
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Description
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99
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Press Release dated November 2, 2011
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MSB FINANCIAL CORP.
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Date: November 2, 2011
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By:
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/s/ Gary T. Jolliffe
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Gary T. Jolliffe
President and Chief Executive Officer
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CONTACT:
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MSB Financial Corp.
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Michael Shriner, Executive Vice President
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908-647-4000
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mshriner@millingtonsb.com
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Balance Sheet Data:
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||||||||
(Unaudited)
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||||||||
At September 30
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At June 30,
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|||||||
2011
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2011
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|||||||
Total assets
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$ | 354,072 | $ | 349,459 | ||||
Cash and cash equivalents
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19,590 | 30,976 | ||||||
Loans receivable, net
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246,634 | 253,251 | ||||||
Securities held to maturity
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64,613 | 41,693 | ||||||
Deposits
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287,730 | 286,175 | ||||||
Federal Home Loan Bank advances
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20,000 | 20,000 | ||||||
Total stockholders' equity
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40,840 | 40,680 |
Summary of Operations:
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||||||||
(Unaudited)
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||||||||
For the Three Months Ended
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||||||||
September 30,
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September 30,
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|||||||
2011
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2010
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|||||||
Total interest income
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$ | 3,611 | $ | 3,903 | ||||
Total interest expense
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913 | 1,186 | ||||||
Net interest income
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2,698 | 2,717 | ||||||
Provision for loan losses
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613 | 475 | ||||||
Net interest income after provision
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||||||||
for loan losses
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2,085 | 2,242 | ||||||
Noninterest income
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144 | 257 | ||||||
Noninterest expense
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2,060 | 2,153 | ||||||
Income before taxes
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169 | 346 | ||||||
Income tax provision
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58 | 131 | ||||||
Net income
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$ | 111 | $ | 215 | ||||
Net income per common share:
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||||||||
basic and diluted
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$ | 0.02 | $ | 0.04 | ||||
Weighted average number of shares of common stock outstanding
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5,040,841 | 5,039,867 |
Performance Ratios:
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||||||||
(Unaudited)
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||||||||
For the Three Months Ended
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||||||||
September 30,
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September 30,
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|||||||
2011
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2010
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|||||||
Return on average assets (ratio of net income
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||||||||
to average total assets)
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0.13 | % | 0.24 | % | ||||
Return on average equity (ratio of net income
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||||||||
to average equity)
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1.08 | 2.14 | ||||||
Net interest rate spread
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3.31 | 3.28 | ||||||
Net interest margin on average interest-earning
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||||||||
assets
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3.41 | 3.37 | ||||||
Average interest-earning assets to average
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||||||||
interest-bearing liabilities
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108.75 | 105.93 | ||||||
Operating expense ratio (noninterest expenses
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||||||||
to average total assets)
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2.35 | 2.39 | ||||||
Efficiency ratio (noninterest expense divided by
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||||||||
sum of net interest income and noninterest income)
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72.48 | 72.39 |
(Unaudited)
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||||||||
For the Three Months Ended
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||||||||
September 30,
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September 30,
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|||||||
2011
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2010
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|||||||
Asset Quality Ratios:
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||||||||
Non-performing loans to total loans
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6.82 | % | 5.81 | % | ||||
Non-performing assets to total assets
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5.11 | 4.83 | ||||||
Net charge-offs to average loans outstanding
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0.01 | 0.09 | ||||||
Allowance for loan losses to non-performing loans
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15.95 | 18.00 | ||||||
Allowance for loan losses to total loans
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1.09 | 1.05 | ||||||
Capital Ratios:
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||||||||
Equity to total assets at end of period
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11.53 | % | 11.30 | % | ||||
Average equity to average assets
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11.69 | 11.18 | ||||||
Number of Offices | 5 | 5 |