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Form 8-K MSB FINANCIAL CORP For: Apr 29

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April 29, 2016 5:03 PM EDT

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934



April 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



 
 
 
 

INFORMATION TO BE INCLUDED IN REPORT



Item 2.02
  
Results of Operations and Financial Condition
  

On April 29, 2016, the Registrant issued a press release to report earnings for the quarter ended March 31, 2016.  A copy of the press release is furnished with this Form 8-K as Exhibit 99.

Item 9.01
  
Financial Statements and Exhibits
  


Exhibit
Number
  
 
Description
     
99
  
Press Release dated April 29, 2016











                                                                  --
 
 
 

SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, hereunto duly authorized.


   
MSB FINANCIAL CORP.
   
 
 
By:
 
 
/s/ Michael A. Shriner 
Date:  April 29, 2016
    
Michael A. Shriner
President and Chief Executive Officer



MSB FINANCIAL CORP. RELEASES FIRST QUARTER EARNINGS
 
Millington, New Jersey, April 29, 2016 – MSB Financial Corp. (NASDAQ: MSBF) (the “Company”) parent company of Millington Bank, reported today the results of its operations for the three months ended March 31, 2016.
 
The Company reported net income of $159,000 for the three months ended March 31, 2016, compared to net income of $216,000 for the three months ended March 31, 2015. Net income per diluted common share was $0.03 for the three months ended March 31, 2016 and $0.04 for the three months ended March 31, 2015. The results of operations for the three months ended March 31, 2015 reflect the results of operations of MSB Financial Corp., a federal corporation which was the predecessor company to the Company.
 
Total assets were $380.1 million at March 31, 2016, compared to $375.7 million at December 31, 2015, an increase of $4.4 million or 1.2%. During 2016, the Company experienced growth of $8.4 million or 3.2%, in loans receivable, net. Commercial and multi-family real estate loans continued to have the most growth during the first three months of 2016 as the Company continues to diversify its loan portfolio.

The following table summarizes loan balances and composition at March 31, 2016 and December 31, 2015:

   
At
    
At
  
   
March 31,
    
December 31,
  
(In thousands)
  
2016
    
2015
  
                         
Residential mortgage:
                        
   One-to-four family
   $ 155,764       55.9 %   $ 154,624       57.1 %
   Home equity
     34,484       12.4       35,002       12.9  
                                 
Total residential mortgage
     190,248       68.3       189,626       70.0  
                                 
 Commercial and multi-family real estate
     65,227       23.4       59,642       22.0  
 Construction
     11,280       4.0       10,895       4.0  
 Commercial and industrial
     11,399       4.1       10,275       3.8  
                                 
Total commercial loans
     87,906       31.5       80,812       29.8  
                                 
Consumer loans
     371       0.2       493       0.2  
                                 
Total loans receivable
     278,525       100.0 %     270,931       100.0 %
                                 
Less:
                                
   Loans in process
     3,729               4,600          
   Deferred loan fees
     412               417          
   Allowance
     3,671               3,602          
                                 
Total loans receivable, net
   $ 270,713             $ 262,312          
                                 
 
Total deposits at March 31, 2016 were $276.8 million compared with $262.6 million at December 31, 2015.  Overall, deposits increased by $14.2 million, or 5.4% with most of the growth occurring in interest demand deposits of $8.0 million or 19.1%. Noninterest demand deposits also increased $5.0 million, or 17.6%. Most of the growth in these two categories was attributable to developing stronger relationships with our commercial and small business customers.

 
 
 
The following table summarizes deposit balances and composition at March 31, 2016 and December 31, 2015:

   
At
    
At
  
(Dollars in thousands)
  
March 31, 2016
    
December 31, 2015
  
                         
Noninterest demand
   $ 33,139       11.97 %   $ 28,173       10.73 %
Interest demand
     49,875       18.02       41,893       15.95  
Savings
     103,575       37.41       102,196       38.92  
Money Market
     5,211       1.88       4,928       1.88  
                                 
   Total demand deposits
     191,800       69.28       177,190       67.48  
                                 
Certificates of Deposit
     85,041       30.72       85,408       32.52  
                                 
Total Deposits
   $ 276,841       100.00 %   $ 262,598       100.00 %

“We are pleased with the progress we have made during the first quarter of 2016”, stated Michael A. Shriner, President and Chief Executive Officer.  “Much of our staff has been focused on our core system conversion, which will occur in May 2016, as well as normal activities.   The investment in our infrastructure will position us well for the years ahead and we are looking forward to our transition.  The organization remains committed to continue to enhance and strengthen its defenses specifically as they relate to mitigating the ever increasing risk of cybersecurity.”
 
Mr. Shriner added, “So far in 2016, our efforts have resulted in the positive growth and diversification of the organization’s deposit portfolio as well as its loan portfolio.  We are encouraged that this ongoing strategy has provided a favorable expansion of the company’s net interest margin.”


Forward Looking Statement Disclaimer
 
The foregoing release may contain forward-looking statements concerning the financial condition, results of operations and business of the Company. We caution that such statements are subject to a number of uncertainties and actual results could differ materially, and, therefore, readers should not place undue reliance on any forward-looking statements. Factors that may cause actual results to differ from those contemplated include our continued ability to grow the loan portfolio, the successful conversion of our core system and our continued ability to manage cybersecurity risks.
 

Contact:
Michael A. Shriner, President & CEO
 
(908) 647-4000
 


 
 
 
 

 
 

MSB FINANCIAL CORP
    
(In Thousands, except for per share amount)
(Unaudited)
(Unaudited)
Statement of Financial Condition Data:
03/31/2016
03/31/2015
Total assets
$380,134
$347,455
     
Cash and cash equivalents
14,515
6,849
     
Loans receivable, net
270,713
239,274
     
Securities held to maturity
73,603
78,228
     
Deposits
276,841
265,760
     
Federal Home Loan Bank advances
22,675
37,100
     
Total stockholders' equity
76,560
41,290
     
Stock Information:
    
Number of shares of common stock outstanding
5,953
5,010
Book value per share of common stock
$12.86
$8.24
Closing market price
$12.85
$11.41
 
 
 
 
 
 
 


 
Summary of Operations:  
(Unaudited)
For the three months ended March 31,
  
(In Thousands, except for per share amounts)
  
2016
    
2015
  
Total interest income
   $ 3,298     $ 2,934  
                 
Total interest expense
     510       554  
                 
Net interest income
     2,788       2,380  
                 
Provision (credit) for loan losses
     130       (52 )
                 
Net interest income after provision (credit) for loan losses
     2,658       2,432  
                 
Non-interest income
     141       163  
                 
Non-interest expense
     2,564       2,258  
                 
Income before taxes
     235       337  
                 
Income tax expense
     76       121  
                 
Net income
   $ 159     $ 216  
                 
Net income per common share - basic
   $ 0.03     $ 0.04  
Net income per common share - diluted
   $ 0.03     $ 0.04  
                 
Weighted average number of shares - basic
     5,743       5,637  
Weighted average number of shares - diluted
     5,812       5,637  
                 
Performance Ratios:
                
Return on average assets annualized
     0.17 %     0.25 %
Return on average common equity annualized
     0.83 %     2.10 %
Net interest margin
     3.12 %     3.00 %
Efficiency ratio
     87.54 %     88.79 %
Operating expenses / average assets annualized
     2.73 %     2.65 %
                 

 
 
 

 
   
For the three months ended
  
   
03/31/16
    
03/31/15
  
Average Balance Sheet
(In Thousands)
  
Average
Balance
    
Interest
Income/
Expense
    
Yield
    
Average
Balance
    
Interest
Income/
Expense
    
Yield
  
Interest-earning assets:
                                    
Loans Receivable
   $ 271,815     $ 2,838       4.18 %   $ 235,387     $ 2,508       4.26 %
Securities held to maturity
     76,932       431       2.24       78,461       404       2.06  
Other interest-earning assets
     8,430       29       1.38       3,176       22       2.77  
Total interest-earning assets
     357,177       3,298       3.69       317,024       2,934       3.70  
Allowance for Loan Loss
     (3,622 )                     (3,587 )                
Non-interest-earning assets
     21,646                       26,758                  
Total non-interest-earning assets
     18,024                       23,171                  
Total Assets
   $ 375,201                     $ 340,195                  
                                                 
Interest-bearing liabilities:
                                                
NOW & Money Market
   $ 48,453     $ 21       0.17 %   $ 45,667     $ 17       0.15 %
Savings and club deposits
     102,445       56       0.22       100,350       53       0.21  
Certificates of deposit
     84,437       237       1.12       92,658       295       1.27  
Total interest-bearing deposits
     235,335       314       0.53       238,675       365       0.61  
                                                 
Federal Home Loan Bank advances
     29,754       196       2.63       31,783       189       2.38  
Total interest-bearing liabilities
     265,089       510       0.77       270,458       554       0.82  
                                                 
Non-interest-bearing deposit
     29,621                       25,638                  
Other non-interest-bearing liabilities
     3,820                       2,882                  
Total Liabilities
     298,530                       298,978                  
                                                 
Equity
     76,671                       41,217                  
Total Liabilities and Equity
   $ 375,201                     $ 340,195                  
                                                 
Net Interest Spread
             2,788       2.92 %             2,380       2.88 %
                                                 
Net Interest Margin
                     3.12 %                     3.00 %
                                                 
Ratio of Interest Earning Assets to Interest Bearing Liabilities
     134.74 %                     117.22 %                
                                                 






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