April 29, 2016
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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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Maryland
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001-37506
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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 April 29, 2016
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MSB FINANCIAL CORP.
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|||
By:
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/s/ Michael A. Shriner
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Date: April 29, 2016
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Michael A. Shriner
President and Chief Executive Officer
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At
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At
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|||||||||||||||
March 31,
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December 31,
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|||||||||||||||
(In thousands)
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2016
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2015
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||||||||||||||
Residential mortgage:
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||||||||||||||||
One-to-four family
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$ | 155,764 | 55.9 | % | $ | 154,624 | 57.1 | % | ||||||||
Home equity
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34,484 | 12.4 | 35,002 | 12.9 | ||||||||||||
Total residential mortgage
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190,248 | 68.3 | 189,626 | 70.0 | ||||||||||||
Commercial and multi-family real estate
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65,227 | 23.4 | 59,642 | 22.0 | ||||||||||||
Construction
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11,280 | 4.0 | 10,895 | 4.0 | ||||||||||||
Commercial and industrial
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11,399 | 4.1 | 10,275 | 3.8 | ||||||||||||
Total commercial loans
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87,906 | 31.5 | 80,812 | 29.8 | ||||||||||||
Consumer loans
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371 | 0.2 | 493 | 0.2 | ||||||||||||
Total loans receivable
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278,525 | 100.0 | % | 270,931 | 100.0 | % | ||||||||||
Less:
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||||||||||||||||
Loans in process
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3,729 | 4,600 | ||||||||||||||
Deferred loan fees
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412 | 417 | ||||||||||||||
Allowance
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3,671 | 3,602 | ||||||||||||||
Total loans receivable, net
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$ | 270,713 | $ | 262,312 | ||||||||||||
At
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At
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|||||||||||||||
(Dollars in thousands)
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March 31, 2016
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December 31, 2015
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||||||||||||||
Noninterest demand
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$ | 33,139 | 11.97 | % | $ | 28,173 | 10.73 | % | ||||||||
Interest demand
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49,875 | 18.02 | 41,893 | 15.95 | ||||||||||||
Savings
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103,575 | 37.41 | 102,196 | 38.92 | ||||||||||||
Money Market
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5,211 | 1.88 | 4,928 | 1.88 | ||||||||||||
Total demand deposits
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191,800 | 69.28 | 177,190 | 67.48 | ||||||||||||
Certificates of Deposit
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85,041 | 30.72 | 85,408 | 32.52 | ||||||||||||
Total Deposits
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$ | 276,841 | 100.00 | % | $ | 262,598 | 100.00 | % |
Contact:
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Michael A. Shriner, President & CEO
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(908) 647-4000
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mshriner@millingtonbank.com
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MSB FINANCIAL CORP
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(In Thousands, except for per share amount)
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(Unaudited)
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(Unaudited)
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Statement of Financial Condition Data:
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03/31/2016
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03/31/2015
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Total assets
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$380,134
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$347,455
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Cash and cash equivalents
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14,515
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6,849
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Loans receivable, net
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270,713
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239,274
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Securities held to maturity
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73,603
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78,228
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Deposits
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276,841
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265,760
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Federal Home Loan Bank advances
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22,675
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37,100
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Total stockholders' equity
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76,560
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41,290
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Stock Information:
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||
Number of shares of common stock outstanding
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5,953
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5,010
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Book value per share of common stock
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$12.86
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$8.24
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Closing market price
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$12.85
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$11.41
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Summary of Operations: |
(Unaudited)
For the three months ended March 31,
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|||||||
(In Thousands, except for per share amounts)
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2016
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2015
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||||||
Total interest income
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$ | 3,298 | $ | 2,934 | ||||
Total interest expense
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510 | 554 | ||||||
Net interest income
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2,788 | 2,380 | ||||||
Provision (credit) for loan losses
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130 | (52 | ) | |||||
Net interest income after provision (credit) for loan losses
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2,658 | 2,432 | ||||||
Non-interest income
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141 | 163 | ||||||
Non-interest expense
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2,564 | 2,258 | ||||||
Income before taxes
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235 | 337 | ||||||
Income tax expense
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76 | 121 | ||||||
Net income
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$ | 159 | $ | 216 | ||||
Net income per common share - basic
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$ | 0.03 | $ | 0.04 | ||||
Net income per common share - diluted
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$ | 0.03 | $ | 0.04 | ||||
Weighted average number of shares - basic
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5,743 | 5,637 | ||||||
Weighted average number of shares - diluted
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5,812 | 5,637 | ||||||
Performance Ratios:
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||||||||
Return on average assets annualized
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0.17 | % | 0.25 | % | ||||
Return on average common equity annualized
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0.83 | % | 2.10 | % | ||||
Net interest margin
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3.12 | % | 3.00 | % | ||||
Efficiency ratio
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87.54 | % | 88.79 | % | ||||
Operating expenses / average assets annualized
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2.73 | % | 2.65 | % | ||||
For the three months ended
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||||||||||||||||||||||||
03/31/16
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03/31/15
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|||||||||||||||||||||||
Average Balance Sheet
(In Thousands)
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Average
Balance
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Interest
Income/
Expense
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Yield
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Average
Balance
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Interest
Income/
Expense
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Yield
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||||||||||||||||||
Interest-earning assets:
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||||||||||||||||||||||||
Loans Receivable
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$ | 271,815 | $ | 2,838 | 4.18 | % | $ | 235,387 | $ | 2,508 | 4.26 | % | ||||||||||||
Securities held to maturity
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76,932 | 431 | 2.24 | 78,461 | 404 | 2.06 | ||||||||||||||||||
Other interest-earning assets
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8,430 | 29 | 1.38 | 3,176 | 22 | 2.77 | ||||||||||||||||||
Total interest-earning assets
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357,177 | 3,298 | 3.69 | 317,024 | 2,934 | 3.70 | ||||||||||||||||||
Allowance for Loan Loss
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(3,622 | ) | (3,587 | ) | ||||||||||||||||||||
Non-interest-earning assets
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21,646 | 26,758 | ||||||||||||||||||||||
Total non-interest-earning assets
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18,024 | 23,171 | ||||||||||||||||||||||
Total Assets
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$ | 375,201 | $ | 340,195 | ||||||||||||||||||||
Interest-bearing liabilities:
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||||||||||||||||||||||||
NOW & Money Market
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$ | 48,453 | $ | 21 | 0.17 | % | $ | 45,667 | $ | 17 | 0.15 | % | ||||||||||||
Savings and club deposits
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102,445 | 56 | 0.22 | 100,350 | 53 | 0.21 | ||||||||||||||||||
Certificates of deposit
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84,437 | 237 | 1.12 | 92,658 | 295 | 1.27 | ||||||||||||||||||
Total interest-bearing deposits
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235,335 | 314 | 0.53 | 238,675 | 365 | 0.61 | ||||||||||||||||||
Federal Home Loan Bank advances
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29,754 | 196 | 2.63 | 31,783 | 189 | 2.38 | ||||||||||||||||||
Total interest-bearing liabilities
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265,089 | 510 | 0.77 | 270,458 | 554 | 0.82 | ||||||||||||||||||
Non-interest-bearing deposit
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29,621 | 25,638 | ||||||||||||||||||||||
Other non-interest-bearing liabilities
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3,820 | 2,882 | ||||||||||||||||||||||
Total Liabilities
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298,530 | 298,978 | ||||||||||||||||||||||
Equity
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76,671 | 41,217 | ||||||||||||||||||||||
Total Liabilities and Equity
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$ | 375,201 | $ | 340,195 | ||||||||||||||||||||
Net Interest Spread
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2,788 | 2.92 | % | 2,380 | 2.88 | % | ||||||||||||||||||
Net Interest Margin
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3.12 | % | 3.00 | % | ||||||||||||||||||||
Ratio of Interest Earning Assets to Interest Bearing Liabilities
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134.74 | % | 117.22 | % | ||||||||||||||||||||