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| 8-K - FORM 8-K - MSB FINANCIAL CORP. - MSB FINANCIAL CORP | f8k_013118-5468.htm |
MSB FINANCIAL CORP. RELEASES FOURTH QUARTER AND FULL YEAR EARNINGS
MILLINGTON, NJ, January 31, 2018 - MSB Financial Corp. (NASDAQ: MSBF) (the “Company”), parent company of Millington Bank, reported today the results of its operations for the three and twelve months ended December 31, 2017.
The Company reported net income of $272,000, or $0.05 per diluted common share, for the three months ended December 31, 2017, compared to net income of $478,000, or $0.09 per diluted common share, for the three months ended December 31, 2016. Net income for the full 2017 year was $2.7 million, or $0.49 per diluted common share, compared to net income of $1.2 million, or $0.20 per diluted common share, for the full year of 2016.
During the fourth quarter of 2017, the Company recorded additional tax provision of $678,000, or $0.12 per diluted common share, due to the revaluation of the Company's deferred tax asset as a result of the passage of the Tax Cuts and Jobs Act on December 22, 2017 which significantly reduced corporate tax rates. The impact of the change was the primary reason for the decrease in earnings for the fourth quarter. Excluding the additional tax provision, net income would have been $950,000, or $0.17 per diluted common share.
Highlights for the quarter:
• | Net interest margin improved 11 basis points to 3.30% for the quarter ended December 31, 2017 from 3.19% for the quarter ended December 31, 2016. |
• | Efficiency ratio improved to 62.3% for the quarter ended December 31, 2017 from 69.0% for the quarter ended December 31, 2016 driven by an increase in net interest income year over year. |
• | Non-performing assets were at 0.73% of total assets at December 31, 2017 compared with 1.51% at December 31, 2016. The allowance for loan losses as a percentage of total non-performing loans was 130.99% at December 31, 2017 compared to 64.13% at December 31, 2016. |
• | The Company’s balance sheet reflected total asset growth of $101.4 million at December 31, 2017, compared to December 31, 2016, combined with improving asset quality, and capital levels that exceeded regulatory standards for a well-capitalized institution. |
Selected Financial Ratios | ||||||||||||||||||||
(unaudited; annualized where applicable) | ||||||||||||||||||||
As of or for the quarter ended: | 12/31/2017 | 9/30/2017 | 6/30/2017 | 3/31/2017 | 12/31/2016 | |||||||||||||||
Return on average assets | 0.20 | % | 0.90 | % | 0.59 | % | 0.48 | % | 0.44 | % | ||||||||||
Return on average equity | 1.48 | % | 6.31 | % | 3.91 | % | 2.97 | % | 2.62 | % | ||||||||||
Net interest margin | 3.30 | % | 3.37 | % | 3.35 | % | 3.29 | % | 3.19 | % | ||||||||||
Loans / deposit ratio | 105.46 | % | 116.04 | % | 109.31 | % | 112.26 | % | 101.58 | % | ||||||||||
Shareholders' equity / total assets | 12.97 | % | 13.39 | % | 14.79 | % | 15.37 | % | 15.85 | % | ||||||||||
Efficiency ratio | 62.26 | % | 64.21 | % | 68.02 | % | 71.83 | % | 68.96 | % | ||||||||||
Book value per common share | $ | 12.66 | $ | 12.57 | $ | 13.07 | $ | 12.93 | $ | 12.81 | ||||||||||
Net Interest Income
Total interest income for the three months ended December 31, 2017 increased $1.4 million, or 36.2%, to $5.4 million compared to $3.9 million for the fourth quarter of 2016. Interest income increased in the quarter ended December 31, 2017 compared to the comparable period in 2016, primarily due to a $128.7 million increase in average loan balances. Total interest expense increased by $403,000, or 62.1%, to $1.1 million, for the three months ended December 31, 2017 compared to the same period in 2016.
Net interest income for the three months ended December 31, 2017 increased $1.0 million, or 31.1% to $4.3 million compared to the same three month period in 2016. The change for the three months ended December 31, 2017 was primarily a result of an increase in average earning assets of $110.7 million. The annualized net interest spread was 3.12% and 3.02% for the three months ended December 31, 2017 and 2016, respectively. For the quarter ended December 31, 2017, the Company's annualized net interest margin increased to 3.30% compared to 3.19% for the corresponding three month period in 2016.
Total interest income for the year ended December 31, 2017, increased $5.3 million, or 37.1%, to $19.5 million compared to $14.2 million for the year ended December 31, 2017 as average earning assets increased $100.3 million year over year. Total interest expense increased by $1.2 million, or 53.4%, to $3.4 million for the year ended December 31, 2017 compared to 2016 as average interest-bearing liabilities increased $97.1 million year over year.
Net interest income grew $4.1 million, or 34.0%, to $16.0 million for the year ended December 31, 2017 compared to $12.0 million for the year ended December 31, 2016. Net interest spread and net interest margin for the year ended December 31, 2017, improved 21 and 20 basis points respectively, to 3.15% and 3.33% compared to 2.94% and 3.13% for the year ended December 31, 2016. Net interest income and net interest margin continue to increase due primarily to the growth in the Company’s commercial real estate and commercial loan portfolios.
Earnings Summary for Period Ended December 31, 2017
The following table presents condensed consolidated statements of income data for the periods indicated.
Condensed Consolidated Statements of Income (unaudited) | ||||||||||||||||||||
(dollars in thousands, except for per share data) | ||||||||||||||||||||
For the quarter ended: | 12/31/2017 | 9/30/2017 | 6/30/2017 | 3/31/2017 | 12/31/2016 | |||||||||||||||
Net interest income | $ | 4,325 | $ | 4,190 | $ | 3,924 | $ | 3,595 | $ | 3,300 | ||||||||||
Provision for loan losses | 200 | 490 | 300 | 195 | 300 | |||||||||||||||
Net interest income after provision for loan losses | 4,125 | 3,700 | 3,624 | 3,400 | 3,000 | |||||||||||||||
Other income | 211 | 205 | 219 | 187 | 205 | |||||||||||||||
Other expense | 2,824 | 2,822 | 2,818 | 2,717 | 2,417 | |||||||||||||||
Income before income taxes | 1,512 | 1,083 | 1,025 | 870 | 788 | |||||||||||||||
Income taxes (benefit) | 1,240 | (86 | ) | 293 | 321 | 310 | ||||||||||||||
Net income | $ | 272 | $ | 1,169 | $ | 732 | $ | 549 | $ | 478 | ||||||||||
Earnings per common share: | ||||||||||||||||||||
Basic | $ | 0.05 | $ | 0.21 | $ | 0.13 | $ | 0.10 | $ | 0.09 | ||||||||||
Diluted | $ | 0.05 | $ | 0.21 | $ | 0.13 | $ | 0.10 | $ | 0.09 | ||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||
Basic | 5,577 | 5,564 | 5,540 | 5,520 | 5,510 | |||||||||||||||
Diluted | 5,588 | 5,575 | 5,679 | 5,614 | 5,596 | |||||||||||||||
Statement of Condition Highlights at December 31, 2017
• | Balance sheet growth, with total assets amounting to $563.0 million at December 31, 2017, an increase of $101.4 million, or 22.0%, compared to December 31, 2016. |
• | The Company’s total gross loans receivable were $499.2 million at December 31, 2017, an increase of $119.5 million, or 31.5%, from December 31, 2016. |
• | Securities held to maturity were $38.5 million at December 31, 2017, a decrease of $5.6 million, or 12.8%, compared to December 31, 2016. |
• | Deposits totaled $448.9 million at December 31, 2017, an increase of $86.6 million, or 23.9%, compared to December 31, 2016. |
• | Borrowings totaled $37.7 million at December 31, 2017, an increase of $15.0 million, or 66.2%, compared to $22.7 million at December 31, 2016. |
The following table presents condensed consolidated statements of condition data as of the dates indicated.
Condensed Consolidated Statements of Condition (unaudited) | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
At: | 12/31/2017 | 9/30/2017 | 6/30/2017 | 3/31/2017 | 12/31/2016 | |||||||||||||||
Cash and due from banks | $ | 2,030 | $ | 1,800 | $ | 1,839 | $ | 2,051 | $ | 1,388 | ||||||||||
Interest-earning demand deposits with banks | 20,279 | 6,971 | 7,195 | 9,198 | 19,994 | |||||||||||||||
Securities held to maturity | 38,482 | 40,752 | 42,441 | 42,716 | 44,104 | |||||||||||||||
Loans receivable, net of allowance | 473,405 | 461,285 | 426,370 | 398,447 | 368,007 | |||||||||||||||
Premises and equipment | 8,698 | 8,804 | 8,902 | 8,918 | 8,957 | |||||||||||||||
Federal home Loan Bank of New York stock, at cost | 2,131 | 3,512 | 2,263 | 2,626 | 1,433 | |||||||||||||||
Bank owned life insurance | 14,197 | 14,097 | 13,996 | 13,891 | 13,784 | |||||||||||||||
Accrued interest receivable | 1,607 | 1,548 | 1,402 | 1,277 | 1,378 | |||||||||||||||
Other assets | 2,211 | 2,988 | 2,690 | 2,784 | 2,601 | |||||||||||||||
Total assets | $ | 563,040 | $ | 541,757 | $ | 507,098 | $ | 481,908 | $ | 461,646 | ||||||||||
Deposits | $ | 448,913 | $ | 397,510 | $ | 390,063 | $ | 354,931 | $ | 362,299 | ||||||||||
Borrowings | 37,675 | 68,375 | 38,675 | 49,175 | 22,675 | |||||||||||||||
Other liabilities | 3,427 | 3,332 | 3,371 | 3,735 | 3,487 | |||||||||||||||
Shareholders' equity | 73,025 | 72,540 | 74,989 | 74,067 | 73,185 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 563,040 | $ | 541,757 | $ | 507,098 | $ | 481,908 | $ | 461,646 | ||||||||||
Loans
At December 31, 2017, the Company’s net loan portfolio totaled $473.4 million, an increase of $105.4 million, or 28.6%, compared to $368.0 million at December 31, 2016. The allowance for loan losses amounted to $5.4 million and $4.5 million at December 31, 2017 and December 31, 2016, respectively.
At the end of 2017, the loan portfolio primarily consisted of commercial real estate loans (39.4%) and residential mortgages (37.0%). Commercial and industrial loans represented 14.7% of the portfolio while construction loans accounted for 8.8% of the portfolio. Total loans receivable increased $119.5 million to $499.2 million at December 31, 2017 compared to $379.7 million at December 31, 2016. The increase primarily reflects a $72.0 million increase in commercial real estate loans, a $28.2 million increase in commercial and industrial loans and a $27.2 million increase in construction loans. The increases were partially offset by an $8.1 decrease in residential mortgages as the Company continues to focus on commercial lending.
The following table shows the composition of the Company's loan portfolio as of the dates indicated.
Loans (unaudited) | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
At quarter ended: | 12/31/2017 | 9/30/2017 | 6/30/2017 | 3/31/2017 | 12/31/2016 | |||||||||||||||
Residential mortgage: | ||||||||||||||||||||
One-to-four family | $ | 157,876 | $ | 161,679 | $ | 164,448 | $ | 160,153 | $ | 160,534 | ||||||||||
Home equity | 26,803 | 27,409 | 29,021 | 30,493 | 32,262 | |||||||||||||||
Total residential mortgage | 184,679 | 189,088 | 193,469 | 190,646 | 192,796 | |||||||||||||||
Commercial and multi-family real estate | 196,681 | 184,791 | 153,984 | 141,193 | 124,656 | |||||||||||||||
Construction | 43,718 | 36,002 | 29,623 | 31,978 | 16,554 | |||||||||||||||
Commercial and industrial | 73,465 | 73,409 | 67,686 | 54,887 | 45,246 | |||||||||||||||
Total commercial loans | 313,864 | 294,202 | 251,293 | 228,058 | 186,456 | |||||||||||||||
Consumer loans | 618 | 659 | 434 | 394 | 446 | |||||||||||||||
Total loans receivable | 499,161 | 483,949 | 445,196 | 419,098 | 379,698 | |||||||||||||||
Less: | ||||||||||||||||||||
Loans in process | 19,868 | 16,864 | 13,315 | 15,394 | 6,557 | |||||||||||||||
Deferred loan fees | 474 | 525 | 586 | 631 | 658 | |||||||||||||||
Allowance | 5,414 | 5,275 | 4,925 | 4,626 | 4,476 | |||||||||||||||
Total loans receivable, net | $ | 473,405 | $ | 461,285 | $ | 426,370 | $ | 398,447 | $ | 368,007 | ||||||||||
Asset Quality
At December 31, 2017, non-performing loans totaled $4.1 million, or 0.73% of total assets compared with $7.0 million, or 1.51% of total assets at December 31, 2016. Total delinquent loans (including nonperforming delinquent loans) were $5.4 million at December 31, 2017, a reduction of $6.5 million from December 31, 2016. The allowance for loan losses as a percentage of total loans was 1.13% and 1.20% at December 31, 2017 and December 31, 2016, respectively, while the allowance for loan losses as a percentage of non-performing loans increased to 130.99% at December 31, 2017 from 64.13% at December 31, 2016. Non-performing loans to total loans declined to 0.86% at December 31, 2017 from 1.87% at December 31, 2016.
The following table presents the components of non-performing assets and other asset quality data for the periods indicated.
(dollars in thousands, unaudited) | ||||||||||||||||||||
As of or for the quarter ended: | 12/31/2017 | 9/30/2017 | 6/30/2017 | 3/31/2017 | 12/31/2016 | |||||||||||||||
Non-accrual loans | $ | 3,975 | $ | 4,071 | $ | 6,916 | $ | 7,405 | $ | 6,980 | ||||||||||
Loans 90 days or more past due and still accruing | 158 | 374 | — | 34 | — | |||||||||||||||
Total non-performing loans | $ | 4,133 | $ | 4,445 | $ | 6,916 | $ | 7,439 | $ | 6,980 | ||||||||||
Non-performing assets / total assets | 0.73 | % | 0.82 | % | 1.36 | % | 1.54 | % | 1.51 | % | ||||||||||
Non-performing loans / total loans | 0.86 | % | 0.95 | % | 1.60 | % | 1.85 | % | 1.87 | % | ||||||||||
Net charge-offs (recoveries) | $ | 61 | $ | 140 | $ | 1 | $ | 45 | $ | (132 | ) | |||||||||
Net charge-offs (recoveries) / average loans (annualized) | 0.05 | % | 0.13 | % | — | % | 0.05 | % | (0.15 | )% | ||||||||||
Allowance for loan loss / total loans | 1.13 | % | 1.13 | % | 1.14 | % | 1.15 | % | 1.20 | % | ||||||||||
Allowance for loan losses / non-performing loans | 130.99 | % | 118.67 | % | 72.21 | % | 62.19 | % | 64.13 | % | ||||||||||
Total assets | $ | 563,040 | $ | 541,757 | $ | 507,098 | $ | 481,908 | $ | 461,646 | ||||||||||
Total net loans receivable, excluding ALLL | $ | 478,819 | $ | 466,560 | $ | 431,295 | $ | 403,073 | $ | 372,483 | ||||||||||
Average loans | $ | 472,388 | $ | 446,383 | $ | 417,065 | $ | 382,386 | $ | 343,684 | ||||||||||
Allowance for loan losses | $ | 5,414 | $ | 5,275 | $ | 4,925 | $ | 4,626 | $ | 4,476 | ||||||||||
Deposits
Total deposits at December 31, 2017 were $448.9 million compared with $362.3 million at December 31, 2016. Overall, deposits increased by $86.6 million, or 23.9% with growth occurring across all product types. Interest-bearing demand balances and certificate of deposit (including IRA) balances increased $55.3 million and $20.7 million, respectively, year over year. Interest-bearing demand balances grew to $155.2 million compared to $99.9 million at December 31, 2016 while certificates of deposit balances grew to $124.3 million compared to $103.6 million at December 31, 2016. Money Market balances increased by $16.1 million to $27.4 million from $11.3 million at December 31, 2016. Savings balances increased $1.9 million to $105.1 million from $103.2 million at the prior year end. Offsetting these increases was a decrease in non-interest demand deposits of $7.5 million to $36.9 million from $44.4 million at the prior year end.
The following table shows the composition of the Company's deposits as of the dates indicated.
Deposits (unaudited) | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
At quarter ended: | 12/31/2017 | 9/30/2017 | 6/30/2017 | 3/31/2017 | 12/31/2016 | |||||||||||||||
Demand: | ||||||||||||||||||||
Non-interest bearing | $ | 36,919 | $ | 40,504 | $ | 44,584 | $ | 38,970 | $ | 44,365 | ||||||||||
Interest-bearing | 155,199 | 107,419 | 95,196 | 89,159 | 99,879 | |||||||||||||||
Savings | 105,106 | 108,249 | 105,560 | 104,956 | 103,163 | |||||||||||||||
Money market | 27,350 | 16,517 | 15,842 | 13,950 | 11,265 | |||||||||||||||
Time | 124,339 | 124,821 | 128,881 | 107,896 | 103,627 | |||||||||||||||
Total deposits | $ | 448,913 | $ | 397,510 | $ | 390,063 | $ | 354,931 | $ | 362,299 | ||||||||||
Capital
At December 31, 2017, the Company's total shareholders' equity amounted to $73.0 million, or 12.97% of total assets, compared to $73.2 million at December 31, 2016. The Company’s book value per common share was $12.66 at December 31, 2017, compared to $12.81 at December 31, 2016. During the year, the Company paid a $0.425 per share special dividend to shareholders.
At December 31, 2017, the Bank’s common equity tier 1 ratio was 11.98%, tier 1 leverage ratio was 10.72%, tier 1 capital ratio was 11.98% and the total capital ratio was 13.10%. At December 31, 2016, the Bank’s common equity tier 1 ratio was 15.66%, tier 1 leverage ratio was 12.72%, tier 1 capital ratio was 15.66% and the total capital ratio was 16.91%. At December 31, 2017, the Bank was in compliance with all applicable regulatory capital requirements.
The following table sets forth the Company's consolidated average statements of condition for the periods presented.
Condensed Consolidated Average Statements of Condition (unaudited) | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
For the quarter ended: | 12/31/2017 | 9/30/2017 | 6/30/2017 | 3/31/2017 | 12/31/2016 | |||||||||||||||
Loans | $ | 472,388 | $ | 446,383 | $ | 417,065 | $ | 382,386 | $ | 343,684 | ||||||||||
Securities held to maturity | 39,899 | 41,423 | 41,885 | 43,285 | 44,426 | |||||||||||||||
Allowance for loan losses | (5,376 | ) | (4,922 | ) | (4,695 | ) | (4,524 | ) | (4,193 | ) | ||||||||||
All other assets | 41,886 | 38,545 | 38,603 | 39,702 | 53,915 | |||||||||||||||
Total assets | $ | 548,797 | $ | 521,429 | $ | 492,858 | $ | 460,849 | $ | 437,832 | ||||||||||
Non-interest bearing deposits | $ | 43,336 | $ | 44,970 | $ | 43,030 | $ | 37,821 | $ | 38,014 | ||||||||||
Interest-bearing deposits | 375,098 | 350,589 | 333,902 | 316,324 | 300,726 | |||||||||||||||
Borrowings | 53,844 | 47,788 | 37,715 | 29,992 | 22,675 | |||||||||||||||
Other liabilities | 3,104 | 3,964 | 3,363 | 2,789 | 3,374 | |||||||||||||||
Shareholders' equity | 73,415 | 74,118 | 74,848 | 73,923 | 73,043 | |||||||||||||||
Total liabilities and shareholders' equity | $ | 548,797 | $ | 521,429 | $ | 492,858 | $ | 460,849 | $ | 437,832 | ||||||||||
CEO outlook:
“The success of our Company over the past 24 months would not have been possible without the hard work and dedication of our entire staff and Board of Directors,” stated Michael A. Shriner, President and Chief Executive Officer. Mr. Shriner added, “Not only did we push past $500 million in assets and returned to shareholders a $0.425 special dividend in 2017, our Lending Department achieved two consecutive years of $100 million in loan growth, an accomplishment our Company will not soon forget. Our Company will continue to pursue loan portfolio growth but not at the expense of asset quality.”
Mr. Shriner further added, “Like most financial institutions, we were required to revalue our deferred tax asset as a result of the passage of the Tax Cuts and Jobs Act. While this negatively impacted our results in the last quarter, going forward we will benefit from the significant reduction in tax rates.”
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 impact of the passage of the Tax Cuts and Jobs Act and our continued ability to manage cybersecurity risks.
Contact: | Michael A. Shriner, President & CEO |
(908) 647-4000 | |
mshriner@millingtonbank.com | |
MSB Financial Corp. and Subsidiaries | ||||||
Consolidated Statements of Financial Condition | ||||||
At December 31, 2017 | At December 31, 2016 | |||||
(Dollars in thousands, except per share amounts) | ||||||
Cash and due from banks | $ | 2,030 | $ | 1,388 | ||
Interest-earning demand deposits with banks | 20,279 | 19,994 | ||||
Cash and Cash Equivalents | 22,309 | 21,382 | ||||
Securities held to maturity (fair value of $38,255 and $43,894, respectively) | 38,482 | 44,104 | ||||
Loans receivable, net of allowance for loan losses of $5,414 and $4,476, respectively | 473,405 | 368,007 | ||||
Premises and equipment | 8,698 | 8,957 | ||||
Federal Home Loan Bank of New York stock, at cost | 2,131 | 1,433 | ||||
Bank owned life insurance | 14,197 | 13,784 | ||||
Accrued interest receivable | 1,607 | 1,378 | ||||
Other assets | 2,211 | 2,601 | ||||
Total Assets | $ | 563,040 | $ | 461,646 | ||
Liabilities and Stockholders' Equity | ||||||
Liabilities | ||||||
Deposits: | ||||||
Non-interest bearing | $ | 36,919 | $ | 44,365 | ||
Interest bearing | 411,994 | 317,934 | ||||
Total Deposits | 448,913 | 362,299 | ||||
Advances from Federal Home Loan Bank of New York | 37,675 | 22,675 | ||||
Advance payments by borrowers for taxes and insurance | 686 | 792 | ||||
Other liabilities | 2,741 | 2,695 | ||||
Total Liabilities | 490,015 | 388,461 | ||||
Stockholders' Equity | ||||||
Preferred stock, par value $0.01; 1,000,000 shares authorized; no shares issued or outstanding | — | — | ||||
Common stock, par value $0.01; 49,000,000 shares authorized; 5,768,632 and 5,714,182 issued; 5,768,632 and 5,714,182 outstanding, respectively | 58 | 57 | ||||
Paid-in capital | 51,068 | 51,809 | ||||
Retained earnings | 23,641 | 23,370 | ||||
Unearned common stock held by ESOP (190,390 and 201,316 shares, respectively) | (1,742 | ) | (1,929 | ) | ||
Accumulated other comprehensive loss | — | (122 | ) | |||
Total Stockholders' Equity | 73,025 | 73,185 | ||||
Total Liabilities and Stockholders' Equity | $ | 563,040 | $ | 461,646 | ||
MSB Financial Corp. and Subsidiaries | ||||||||||||||||
Consolidated Statements of Income | ||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
(in thousands except per share amounts) | ||||||||||||||||
Interest Income | ||||||||||||||||
Loans receivable, including fees | $ | 5,065 | $ | 3,648 | $ | 18,278 | $ | 12,745 | ||||||||
Securities held to maturity | 249 | 255 | 1,011 | 1,293 | ||||||||||||
Other | 63 | 46 | 191 | 172 | ||||||||||||
Total Interest Income | 5,377 | 3,949 | 19,480 | 14,210 | ||||||||||||
Interest Expense | ||||||||||||||||
Deposits | 747 | 465 | 2,450 | 1,501 | ||||||||||||
Borrowings | 305 | 184 | 996 | 746 | ||||||||||||
Total Interest Expense | 1,052 | 649 | 3,446 | 2,247 | ||||||||||||
Net Interest Income | 4,325 | 3,300 | 16,034 | 11,963 | ||||||||||||
Provision for Loan Losses | 200 | 300 | 1,185 | 800 | ||||||||||||
Net Interest Income after Provision for Loan Losses | 4,125 | 3,000 | 14,849 | 11,163 | ||||||||||||
Non-Interest Income | ||||||||||||||||
Fees and service charges | 86 | 85 | 342 | 333 | ||||||||||||
Income from bank owned life insurance | 100 | 109 | 413 | 316 | ||||||||||||
Other | 25 | 11 | 67 | 392 | ||||||||||||
Total Non-Interest Income | 211 | 205 | 822 | 1,041 | ||||||||||||
Non-Interest Expenses | ||||||||||||||||
Salaries and employee benefits | 1,579 | 1,423 | 6,240 | 5,729 | ||||||||||||
Directors compensation | 192 | 122 | 743 | 458 | ||||||||||||
Occupancy and equipment | 403 | 390 | 1,620 | 1,454 | ||||||||||||
Service bureau fees | 65 | 113 | 229 | 752 | ||||||||||||
Advertising | 12 | 13 | 24 | 41 | ||||||||||||
FDIC assessment | 53 | (13 | ) | 184 | 198 | |||||||||||
Professional services | 297 | 240 | 1,347 | 1,100 | ||||||||||||
Other | 223 | 129 | 794 | 658 | ||||||||||||
Total Non-Interest Expenses | 2,824 | 2,417 | 11,181 | 10,390 | ||||||||||||
Income before Income Taxes | 1,512 | 788 | 4,490 | 1,814 | ||||||||||||
Income Tax Expense | 1,240 | 310 | 1,768 | 653 | ||||||||||||
Net Income | $ | 272 | $ | 478 | $ | 2,722 | $ | 1,161 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.05 | $ | 0.09 | $ | 0.49 | $ | 0.21 | ||||||||
Diluted | $ | 0.05 | $ | 0.09 | $ | 0.49 | $ | 0.20 | ||||||||
MSB Financial Corp. and Subsidiaries | |||||||||||
Selected Quarterly Financial and Statistical Data | |||||||||||
Three Months Ended | |||||||||||
(in thousands, except for share and per share data) (annualized where applicable) | 12/31/2017 | 9/30/2017 | 12/31/2016 | ||||||||
(unaudited) | |||||||||||
Statements of Operations Data | |||||||||||
Interest income | $ | 5,377 | $ | 5,083 | $ | 3,949 | |||||
Interest expense | 1,052 | 893 | 649 | ||||||||
Net interest income | 4,325 | 4,190 | 3,300 | ||||||||
Provision for loan losses | 200 | 490 | 300 | ||||||||
Net interest income after provision for loan losses | 4,125 | 3,700 | 3,000 | ||||||||
Other income | 211 | 205 | 205 | ||||||||
Other expense | 2,824 | 2,822 | 2,417 | ||||||||
Income before income taxes | 1,512 | 1,083 | 788 | ||||||||
Income tax expense (benefit) | 1,240 | (86 | ) | 310 | |||||||
Net Income | $ | 272 | $ | 1,169 | $ | 478 | |||||
Earnings (per Common Share) | |||||||||||
Basic | $ | 0.05 | $ | 0.21 | $ | 0.09 | |||||
Diluted | $ | 0.05 | $ | 0.21 | $ | 0.09 | |||||
Statements of Condition Data (Period-End) | |||||||||||
Investment securities held to maturity (fair value of $38,255, $40,794 and $43,894) | $ | 38,482 | $ | 40,752 | $ | 44,104 | |||||
Loans receivable, net of allowance for loan losses | 473,405 | 461,285 | 368,007 | ||||||||
Total assets | 563,040 | 541,757 | 461,646 | ||||||||
Deposits | 448,913 | 397,510 | 362,299 | ||||||||
Borrowings | 37,675 | 68,375 | 22,675 | ||||||||
Shareholders' equity | 73,025 | 72,540 | 73,185 | ||||||||
Common Shares Dividend Data | |||||||||||
Cash dividends | $ | — | $ | 2,452 | $ | — | |||||
Weighted Average Common Shares Outstanding | |||||||||||
Basic | 5,577 | 5,564 | 5,510 | ||||||||
Diluted | 5,588 | 5,575 | 5,596 | ||||||||
Operating Ratios | |||||||||||
Return on average assets | 0.20 | % | 0.90 | % | 0.44 | % | |||||
Return on average equity | 1.48 | % | 6.31 | % | 2.62 | % | |||||
Average equity / average assets | 13.38 | % | 14.21 | % | 16.68 | % | |||||
Book value per common share (period-end) | $ | 12.66 | $ | 12.57 | $ | 12.81 | |||||