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Form 8-K MSB FINANCIAL CORP For: Nov 13

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November 13, 2015 12:09 PM EST

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



November 13, 2015
Date of Report
(Date of earliest event reported)


MSB Financial Corp.
(Exact name of Registrant as specified in its Charter)


Maryland
  
001-33246
  
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 November 13, 2015, the Registrant issued a press release to report earnings for the quarter and nine months ended September 30, 2015.  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 November 13, 2015











- 1 -
 
 
 

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:  November 13, 2015
    
Michael A. Shriner
President and Chief Executive Officer



MSB FINANCIAL CORP. RELEASES THIRD QUARTER EARNINGS
 
Millington, New Jersey, November 13, 2015 – MSB Financial Corp. (NASDAQ: MSBF) (the “Company”) parent company of Millington Bank, reported today the results of its operations for the three and nine months ended September 30, 2015.  The results of operations reflect the results of operations of MSB Financial Corp., a federal corporation (“Old MSB”) which was merged with and into the Company on July 16, 2015 upon completion of the second-step conversion transaction.
 
The Company reported net income of $258,000 for the three months ended September 30, 2015, compared to net income of $227,000 for the three months ended September 30, 2014. Net income for the nine months ended September 30, 2015 was $441,000 compared to net income of $716,000 for the nine months ended September 30, 2014.
 
Net income per diluted common share was $0.04 for the three months ended September 30, 2015 compared to net income per diluted common share of $0.04 for the three months ended September 30, 2014. Net income per diluted common share was $0.08 for the nine months ended September 30, 2015 compared to $0.13 for the nine months ended September 30, 2014.
 
Total assets were $370.8 million at September 30, 2015, compared to $340.3 million at December 31, 2014, an increase of $30.5 million or 9.0%.  On July 16, 2015, the Company sold 3,766,592 shares of its common stock (including 150,663 shares sold to the Bank’s employee stock ownership plan) at $10.00 per share, for gross proceeds of approximately $37.7 million. In addition, 2,187,242 shares were issued to former holders of the common stock of Old MSB (other than the MHC) in exchange for such shares at a per share exchange ratio of 1.1397 with cash paid in lieu of fractional shares.  During the nine-month period ending September 30, 2015 the Company experienced growth of $20.8 million or 9.0%, in loans receivable, net, and $1.6 million, or 2.0% within the investment portfolio.  In addition, other real estate owned (OREO) declined by $738,000 or 57.5% to $545,000 as of September 30, 2015 compared to $1.3 million at December 31, 2014.
 
Total deposits at September 30, 2015 were $258.1 million compared with $266.1 million as of December 31, 2014.  Overall, deposits decreased by $8.0 million with non-interest-bearing balances increasing by $4.4 million while interest-bearing deposits declined $12.3 million since December 31, 2014 as the Company focused on deposit pricing and the development of deeper customer relationships. Within non-interest-bearing accounts, growth was experienced in business checking accounts.  Savings and club account growth combined to offset some of the decrease in certificates of deposit during the quarter.

“The organization remains focused on the future, and to that end, we have evaluated and recently selected a new core data services platform that will enable us to execute on our strategy, enhance delivery channels and provide efficient and effective solutions”, stated Michael A. Shriner, President and Chief Executive Officer. “In addition we have also contracted with a managed IT provider that brings the strength and expertise of an industry leader which will enable the Company to operate in a secure and effective fashion and manage the ever-present cybersecurity threats.  The core data processing conversion will occur in May 2016 and we anticipate recording the costs associated with the conversion from our existing provider during the fourth quarter of 2015 which we currently estimate to be between $400,000 and $450,000.”
 
Mr. Shriner added, “During the first nine months of 2015, we reduced our OREO properties from three properties totaling $1.3 million to two properties carried at $545,000 and during the month of October 2015 both remaining properties were sold with no additional loss.  In addition, non-performing loans continue to improve year-over-year.  Non-performing loans to total loans were 2.60% at September 30, 2015 compared to 2.93% at September 30, 2014.
 
“The Company has also embarked on a rebranding effort and its subsidiary is now known as Millington Bank.  We fully expect to execute on our promise of Vision, Integrity and Passion and deliver a V.I.P. experience to our customers, new and existing alike.” Mr. Shriner concluded.
 
Contact:
  
Michael A. Shriner, President & CEO
   
(908) 647-4000
   


 
 
 


MSB FINANCIAL CORP
            
(Dollars in Thousands, except for per share amount)
  
(Unaudited)
        
Statement of Financial Condition Data:
  
9/30/2015
    
12/31/2014
  
Total assets
   $ 370,799     $ 340,252  
                 
Cash and cash equivalents
     16,290       7,519  
                 
Loans receivable, net
     252,242       231,449  
                 
Securities held to maturity
     80,118       78,518  
                 
Deposits
     258,112       266,068  
                 
Federal Home Loan Bank advances
     32,675       30,000  
                 
Total stockholders' equity
     76,349       41,025  
 

   
(Unaudited)
For the three months ended September 30,
    
(Unaudited)
For the nine months ended September 30,
  
Summary of Operations: (Dollars in Thousands,
except for per share amounts)
  
2015
    
2014
    
2015
    
2014
  
Total interest income
   $ 3,116     $ 2,987     $ 9,083     $ 9,009  
                                 
Total interest expense
     532       591       1,634       1,764  
                                 
Net interest income
     2,584       2,396       7,449       7,245  
                                 
Provision for loan losses
     40       100       23       400  
                                 
Net interest income after provision for loan losses
     2,544       2,296       7,426       6,845  
                                 
Non-interest income
     172       162       504       523  
                                 
Non-interest expense
     2,325       2,116       7,300       6,250  
                                 
Income before taxes
     391       342       630       1118  
                                 
Income tax expense
     133       115       189       402  
                                 
Net income
   $ 258     $ 227     $ 441     $ 716  
                                 
Net income per common share - basic
     0.05       0.04       0.08       0.13  
Net income per common share - diluted
     0.04       0.04       0.08       0.13  
                                 
Weighted average number of shares - basic
     5,721       5,622       5,667       5,620  
Weighted average number of shares - diluted
     5,765       5,622       5,693       5,620  
                                 
Book Value per Share
   $ 13.31     $ 8.32     $ 13.31     $ 8.32  
Closing Stock Price
   $ 11.60     $ 7.35     $ 11.60     $ 7.35  
                                 
Performance Ratios:
                                
Efficiency Ratio
     84.36 %     82.72 %     91.79 %     80.46 %
Return on average assets annualized
     0.27 %     0.26 %     0.16 %     0.28 %
Return on average common equity annualized
     1.59 %     2.22 %     1.19 %     2.35 %
Operating expenses / average assets annualized
     2.46 %     2.45 %     2.71 %     2.41 %
 
 
 
 


   
For the nine months ended
   
09/30/15
    
9/30/14
  
Average Balance Sheet
  
Average
Balance
    
Interest
Income/
Expense
    
Yield
    
Average
Balance
    
Interest
Income/
Expense
    
Yield
  
Interest-earning assets:
                                    
Loans Receivable
   $ 243,584     $ 7,716       4.22 %   $ 234,568     $ 7,558       4.30 %
Securities held to maturity
     80,123       1,288       2.14 %     84,547       1,384       2.18 %
Other interest-earning assets
     13,349       79       0.79 %     3,554       67       2.51 %
Total interest-earning assets
     337,056       9,083       3.59 %     322,669       9,009       3.72 %
                                                 
Allowance for Loan Loss
     (3,580 )                     (3,686 )                
Non-interest-earning assets
     25,102                       26,546                  
Non-interest-earning assets
     21,522                       22,860                  
                                                 
Total Assets
   $ 358,578                     $ 345,529                  
                                                 
Interest-bearing liabilities:
                                                
NOW & Money Market
   $ 47,067     $ 56       0.16 %   $ 40,830     $ 41       0.13 %
Savings and club deposits
     100,753       165       0.22 %     104,493       168       0.21 %
Certificates of deposit
     88,366       823       1.24 %     98,198       973       1.32 %
Total interest-bearing deposits
     236,186       1,044       0.59 %     243,521       1,182       0.65 %
                                                 
Federal Home Loan Bank advances
     34,563       590       2.28 %     34,875       582       2.23 %
Total interest-bearing liabilities
     270,749       1,634       0.80 %     278,396       1,764       0.84 %
                                                 
Non-interest-bearing deposit
     35,524                       23,446                  
Other non-interest-bearing liabilities
     3,011                       2,992                  
Total Liabilities
     309,284                       304,834                  
                                                 
Equity
     49,294                       40,695                  
Total Liabilities and Equity
   $ 358,578                     $ 345,529                  
                                                 
Net Interest Spread
           $ 7,449       2.79 %           $ 7,245       2.88 %
                                                 
Net Interest Margin
                     2.95 %                     2.99 %
                                                 
Ratio of Interest Earning Assets to Interest Bearing Liabilities
     124.49 %                     115.90 %                
 
 

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