July 29, 2016
|
Date of Report
|
(Date of earliest event reported)
|
MSB Financial Corp.
|
(Exact name of Registrant as specified in its Charter)
|
Maryland
|
001-37506
|
34-1981437
|
||
(State or other jurisdiction
of incorporation)
|
(SEC Commission
File No.)
|
(IRS Employer
Identification Number)
|
1902 Long Hill Road, Millington, New Jersey
|
07946-0417
|
(Address of principal executive offices)
|
(Zip Code)
|
Registrant's telephone number, including area code:
|
(908) 647-4000
|
Not Applicable
|
(Former name or former address, if changed since last Report)
|
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:
|
|
[ ]
|
Written communications pursuant to Rule 425 under the Securities Act
|
[ ]
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
|
[ ]
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
|
[ ]
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
|
Item 2.02
|
Results of Operations and Financial Condition
|
Item 9.01
|
Financial Statements and Exhibits
|
Exhibit
Number
|
Description
|
|
99
|
Press Release dated July 29, 2016
|
MSB FINANCIAL CORP.
|
|||
By:
|
/s/ Michael A. Shriner |
||
Date: July 29, 2016
|
Michael A. Shriner
President and Chief Executive Officer
|
At
|
At
|
||||||||||
June 30,
|
December 31,
|
||||||||||
(In thousands)
|
2016
|
2015
|
|||||||||
Residential mortgage:
|
|||||||||||
One-to-four family
|
$
|
157,777
|
52.4
|
%
|
$
|
154,624
|
57.1
|
%
|
|||
Home equity
|
|
35,033
|
|
11.6
|
|
35,002
|
|
12.9
|
|||
Total residential mortgage
|
|
192,810
|
|
64.0
|
|
189,626
|
|
70.0
|
|||
Commercial and multi-family real estate
|
80,014
|
26.6
|
59,642
|
22.0
|
|||||||
Construction
|
12,523
|
4.2
|
10,895
|
4.0
|
|||||||
Commercial and industrial
|
|
15,597
|
|
5.2
|
|
10,275
|
|
3.8
|
|||
Total commercial loans
|
|
108,134
|
|
35.8
|
|
80,812
|
|
29.8
|
|||
Consumer loans
|
|
463
|
|
0.2
|
|
493
|
|
0.2
|
|||
Total loans receivable
|
301,407
|
100.0
|
%
|
270,931
|
100.0
|
%
|
|||||
Less:
|
|||||||||||
Loans in process
|
4,331
|
4,600
|
|||||||||
Deferred loan fees
|
639
|
417
|
|||||||||
Allowance
|
3,869
|
3,602
|
|||||||||
Total loans receivable, net
|
$
|
292,568
|
$
|
262,312
|
|||||||
At
|
At
|
||||||||
(Dollars in thousands)
|
June 30, 2016
|
December 31, 2015
|
|||||||
Noninterest demand
|
$ 34,787
|
11.85
|
%
|
$ 28,173
|
10.73
|
%
|
|||
Interest demand
|
61,295
|
20.88
|
41,893
|
15.95
|
|||||
Savings
|
103,383
|
35.21
|
102,196
|
38.92
|
|||||
Money Market
|
7,845
|
2.67
|
4,928
|
1.88
|
|||||
Total demand deposits
|
207,310
|
70.61
|
177,190
|
67.48
|
|||||
Certificates of Deposit
|
86,307
|
29.39
|
85,408
|
32.52
|
|||||
Total Deposits
|
$ 293,617
|
100.00
|
%
|
$ 262,598
|
100.00
|
%
|
Contact:
|
Michael A. Shriner, President & CEO
|
(908) 647-4000
|
|
mshriner@millingtonbank.com
|
MSB FINANCIAL CORP
|
|||||||||
(In Thousands, except for per share amount)
|
(Unaudited)
|
(Unaudited)
|
|||||||
Statement of Financial Condition Data:
|
06/30/2016
|
06/30/2015
|
|||||||
Total assets
|
$395,908
|
$416,850
|
|||||||
|
|||||||||
Cash and cash equivalents
|
28,715
|
67,436
|
|||||||
|
|||||||||
Loans receivable, net
|
292,568
|
245,013
|
|||||||
|
|||||||||
Securities held to maturity
|
53,428
|
81,606
|
|||||||
|
|||||||||
Deposits
|
293,617
|
265,349
|
|||||||
|
|||||||||
Federal Home Loan Bank advances
|
22,675
|
30,000
|
|||||||
|
|||||||||
Total stockholders' equity
|
75,383
|
41,255
|
|||||||
Stock Information:
|
|||||||||
Number of shares of common stock outstanding
|
5,953
|
5,010
|
|||||||
Book value per share of common stock
|
$12.66
|
$8.23
|
|||||||
Closing market price
|
$13.79
|
$11.63
|
|||||||
|
|||||||||
Summary of Operations:
(In Thousands, except for per share amounts)
|
(Unaudited)
For the three months ended June 30,
|
(Unaudited)
For the six months ended June 30,
|
|||||||
2016
|
2015
|
2016
|
2015
|
||||||
Total interest income
|
$3,453
|
$3,033
|
$6,751
|
$5,967
|
|||||
|
|||||||||
Total interest expense
|
522
|
548
|
1,032
|
1,102
|
|||||
|
|||||||||
Net interest income
|
2,931
|
2,485
|
5,719
|
4,865
|
|||||
|
|||||||||
Provision (credit) for loan losses
|
190
|
35
|
320
|
(17)
|
|||||
|
|||||||||
Net interest income after provision (credit) for loan losses
|
2,741
|
2,450
|
5,399
|
4,882
|
|||||
|
|||||||||
Non-interest income
|
512
|
169
|
653
|
332
|
|||||
|
|||||||||
Non-interest expense
|
2,909
|
2,717
|
5,473
|
4,975
|
|||||
|
|||||||||
Income (loss) before taxes
|
344
|
(98)
|
579
|
239
|
|||||
|
|||||||||
Income tax (benefit) expense
|
121
|
(65)
|
197
|
56
|
|||||
|
|||||||||
Net income (loss)
|
$223
|
$(33)
|
$382
|
$183
|
|||||
|
|||||||||
Net income (loss) per common share - basic
|
$0.04
|
$(0.01)
|
$0.07
|
$0.03
|
|||||
Net income (loss) per common share - diluted
|
$0.04
|
$(0.01)
|
$0.07
|
$0.03
|
|||||
|
|||||||||
Weighted average number of shares - basic
|
5,744
|
5,642
|
5,744
|
5,639
|
|||||
Weighted average number of shares - diluted
|
5,822
|
5,642
|
5,818
|
5,654
|
|||||
Performance Ratios:
|
|||||||||
Return on average assets annualized
|
0.23%
|
(0.04)%
|
0.20%
|
0.10%
|
|||||
Return on average common equity annualized
|
1.15%
|
(0.32)%
|
0.99%
|
0.89%
|
|||||
Net interest margin
|
3.17%
|
3.03%
|
3.15%
|
3.02%
|
|||||
Efficiency ratio
|
84.49%
|
102.37%
|
85.89%
|
95.73%
|
|||||
Operating expenses / average assets annualized
|
3.00%
|
3.05%
|
2.87%
|
2.85%
|
For the three months ended
|
||||||
06/30/16
|
06/30/15
|
|||||
Average Balance Sheet
(In Thousands)
|
Average
Balance
|
Interest
Income/
Expense
|
Yield
|
Average
Balance
|
Interest
Income/
Expense
|
Yield
|
Interest-earning assets:
|
||||||
Loans Receivable
|
$285,649
|
$3,082
|
4.32%
|
$244,361
|
$2,578
|
4.22%
|
Securities held to maturity
|
62,585
|
331
|
2.12
|
80,483
|
435
|
2.16
|
Other interest-earning assets
|
21,430
|
40
|
0.75
|
3,471
|
20
|
2.30
|
Total interest-earning assets
|
369,664
|
3,453
|
3.74
|
328,315
|
3,033
|
3.70
|
Allowance for Loan Loss
|
(3,718)
|
(3,571)
|
||||
Non-interest-earning assets
|
21,833
|
32,110
|
||||
Total non-interest-earning assets
|
18,115
|
28,539
|
||||
Total Assets
|
$387,779
|
$356,854
|
||||
Interest-bearing liabilities:
|
||||||
NOW & Money Market
|
$60,006
|
$37
|
0.25%
|
$47,941
|
$20
|
0.17%
|
Savings and club deposits
|
104,283
|
58
|
0.22
|
101,216
|
55
|
0.22
|
Certificates of deposit
|
85,702
|
244
|
1.14
|
88,658
|
275
|
1.24
|
Total interest-bearing deposits
|
249,991
|
339
|
0.54
|
237,815
|
350
|
0.59
|
Federal Home Loan Bank advances
|
22,675
|
183
|
3.23
|
39,369
|
198
|
2.01
|
Total interest-bearing liabilities
|
272,666
|
522
|
0.77
|
277,184
|
548
|
0.79
|
Non-interest-bearing deposit
|
33,964
|
35,549
|
||||
Other non-interest-bearing liabilities
|
3,745
|
2,704
|
||||
Total Liabilities
|
310,375
|
315,437
|
||||
Equity
|
77,404
|
41,417
|
||||
Total Liabilities and Equity
|
$387,779
|
$356,854
|
||||
Net Interest Spread
|
2,931
|
2.97%
|
2,485
|
2.90%
|
||
Net Interest Margin
|
3.17%
|
3.03%
|
||||
Ratio of Interest Earning Assets to Interest Bearing Liabilities
|
135.57%
|
118.45%
|
||||
For the six months ended
|
||||||
06/30/16
|
06/30/15
|
|||||
Average Balance Sheet
(In Thousands)
|
Average
Balance
|
Interest
Income/
Expense
|
Yield
|
Average
Balance
|
Interest
Income/
Expense
|
Yield
|
Interest-earning assets:
|
||||||
Loans Receivable
|
$278,732
|
$5,920
|
4.25%
|
$239,899
|
$5,086
|
4.24%
|
Securities held to maturity
|
69,758
|
762
|
2.18
|
79,477
|
839
|
2.11
|
Other interest-earning assets
|
14,930
|
69
|
0.92
|
3,324
|
42
|
2.53
|
Total interest-earning assets
|
363,420
|
6,751
|
3.72
|
322,700
|
5,967
|
3.70
|
Allowance for Loan Loss
|
(3,670)
|
(3,579)
|
||||
Non-interest-earning assets
|
21,740
|
29,577
|
||||
Total non-interest-earning assets
|
18,070
|
25,998
|
||||
Total Assets
|
$381,490
|
$348,698
|
||||
Interest-bearing liabilities:
|
||||||
NOW & Money Market
|
$54,228
|
$58
|
0.21%
|
$46,810
|
$36
|
0.15%
|
Savings and club deposits
|
103,364
|
114
|
0.22
|
100,785
|
109
|
0.22
|
Certificates of deposit
|
85,070
|
481
|
1.13
|
90,647
|
570
|
1.26
|
Total interest-bearing deposits
|
242,662
|
653
|
0.54
|
238,242
|
715
|
0.60
|
Federal Home Loan Bank advances
|
26,214
|
379
|
2.89
|
35,597
|
387
|
2.17
|
Total interest-bearing liabilities
|
268,876
|
1,032
|
0.77
|
273,839
|
1,102
|
0.80
|
Non-interest-bearing deposit
|
31,793
|
30,748
|
||||
Other non-interest-bearing liabilities
|
3,783
|
2,793
|
||||
Total Liabilities
|
304,452
|
307,380
|
||||
Equity
|
77,038
|
41,318
|
||||
Total Liabilities and Equity
|
$381,490
|
$348,698
|
||||
Net Interest Spread
|
5,719
|
2.95%
|
4,865
|
2.89%
|
||
Net Interest Margin
|
3.15%
|
3.02%
|
||||
Ratio of Interest Earning Assets to Interest Bearing Liabilities
|
135.16%
|
117.84%
|
||||