MSB FINANCIAL CORP. RELEASES FIRST QUARTER EARNINGS
 
MILLINGTON, NJ, April 30, 2019 - 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, 2019.
 
The Company reported net income of $514,000, or $0.10 per diluted common share, for the three months ended March 31, 2019, compared to net income of $1,022,000, or $0.19 per diluted common share, for the three months ended March 31, 2018. The reduction in the current period was due to an $862,000 increase in professional expenses year over year in connection with the first audit of the Company's internal control over financial reporting. As the Company previously disclosed, in connection with the audit, management and outside auditors identified certain material weaknesses in internal control. While none of these material weaknesses resulted in any misstatement or material change to the reported results, they did cause the scope of the audit and consequently the related expense to increase significantly. Adjusting for the expense associated with the change in procedures, net income would have been $1.1 million or $0.21 per diluted share.

Michael A. Shriner, President and Chief Executive Officer, stated "We believe we have addressed the weaknesses and will continue to closely monitor compliance with the new procedures we have established. We are very hopeful that, going forward, the expense associated with the audits of our financial statements and internal control over financial reporting will be reduced."

Mr Shriner commented, "While many of these procedures are more common in larger, more complex institutions, I believe the Company as a whole, and consequently shareholders, will more than benefit in the long run from the comprehensive review of our loans and deposits, as well as the efficiencies we will pick up from the implementation of these enhancements to our internal controls. Apart from this expense, I was pleased with our quarterly results. Net income, adjusted for the additional expense, would have been $1.1 million, or $0.21 per diluted share, as compared to $1.0 million, or $0.19 per diluted share, for the first quarter of 2018. Asset quality continues to improve as well."


Highlights for the quarter:

Return on average assets was 0.36% for the three months ended March 31, 2019 compared to 0.74% for the three months ended March 31, 2018 and return on average equity was 3.05% for the three months ended March 31, 2019 compared to 5.65% for the three months ended March 31, 2018.

Net interest margin decreased five basis points to 3.19% for the quarter ended March 31, 2019 from 3.24% for the quarter ended March 31, 2018.

The efficiency ratio, which is calculated by dividing non-interest expense by the sum of net interest income and non-interest income, was 83.83% for the quarter ended March 31, 2019 as compared to 66.29% for the quarter ended March 31, 2018.

Non-performing assets represented 0.68% of total assets at March 31, 2019 compared with 0.71% at December 31, 2018. The allowance for loan losses as a percentage of total non-performing loans was 147.38% at March 31, 2019 compared to 136.83% at December 31, 2018.

The Company’s balance sheet at March 31, 2019 reflected a decline in total assets of $16.4 million compared to December 31, 2018, improved asset quality, and capital levels that exceeded regulatory standards for a well-capitalized institution.

The effective tax rate increased to 31.1% for the quarter ended March 31, 2019 compared to 28.5% for the quarter ended March 31, 2018.



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The following information was filed by Msb Financial Corp on Tuesday, April 30, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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