MSB FINANCIAL, INC. REPORTS
FIRST QUARTER EARNINGS
Marshall, Michigan, October 30, 2003/Business Wire--MSB Financial, Inc. (Nasdaq-SmallCap: MSBF), the holding company for Marshall Savings Bank, FSB, with its fiscal year ending June 30, 2004, today reported financial results for the three-month period ended September 30, 2003.
Net income for the three-month period ended September 30, 2003 was $331,000, compared to $469,000 for the same period last year, a decrease of 29.4%. Earnings per diluted share totaled $.25 for the quarter, compared to $.37 for the same period in 2002.
Net interest income for the quarter totaled $892,000, compared to $1.0 million for the same period in 2002, a decrease of 14.8%, due primarily to a decrease in interest income, as adjustable rate loans re-priced at lower rates during the quarter.
Noninterest income was $536,000 compared to $557,000 for the same period in 2002. The decrease was primarily due to a decrease in net loan servicing fees.
Noninterest expense increased to $893,000 for the quarter ended September 30, 2003, compared to $877,000 for same period last year. This was primarily due to an increase in professional fees incurred as a result of the proposed merger with Monarch Community Bancorp.
As of September 30, 2003, net loans outstanding totaled $73.9 million, compared to $74.1 million as of June 30, 2003, while total assets decreased to $98.0 million, compared to total assets at June 30, 2003 of $103.2 million. The decrease in total assets was primarily due to a decrease in securities available for sale, which funded a net decrease in deposits of $2.3 million.
Stockholders' equity totaled $15.4 million, or $11.81 per share, as of September 30, 2003.
| FOR IMMEDIATE RELEASE | | For More Information Contact:
|
| October 30, 2003 | | Charles B. Cook, President
MSB Financial, Inc.
107 N. Park St.
Marshall, MI 49068
(269) 781-5103
http://www.marshallsavings.com |
MSB FINANCIAL, INC.
SUMMARY OF FINANCIAL HIGHLIGHTS
Unaudited
Condensed Consolidated Statements of Financial Condition
| September 30, 2003
| June 30, 2003
|
| (Dollars in thousands) | | |
| ASSETS | | |
| Cash and cash equivalents | $ 3,413 | $ 4,658 |
| Investments | 12,154 | 15,920 |
| Loans, net | 73,907 | 74,139 |
| Other assets | 8,554
| 8,496
|
| Total Assets | $ 98,028
| $ 103,213
|
| LIABILITIES AND SHAREHOLDERS' EQUITY | | |
| Deposits | $ 70,492 | $ 72,805 |
| Borrowings | 10,108 | 11,302 |
| Other liabilities | 1,990
| 3,876
|
| Total Liabilities | $ 82,590 | $ 87,983 |
| Total Shareholders' Equity | 15,438
| 15,230
|
| Total Liabilities and Shareholders' Equity | $ 98,028
| $ 103,213
|
| | |
| | |
| | |
| | |
| Condensed Consolidated Statements of Income |
| Three months ended
|
| September 30
2003
| September 30
2002
|
| (Dollars in thousands, except per share data) | | |
| Interest income | $ 1,336 | $ 1,686 |
| Interest expense | 444
| 638
|
| Net interest income | 892 | 1,048 |
| Provision for loan losses | 30
| 15
|
| Net interest income after provision for loan losses | 862 | 1,033 |
| Noninterest income | 536 | 557 |
| Noninterest expense | 893
| 877
|
| Income before federal income tax expense | 505 | 713 |
| Federal income tax expense | 174
| 244
|
| Net income | $ 331
| $ 469
|
| | |
| | |
| Basic earnings per share | $ 0.26 | $ 0.38 |
| Diluted earnings per share | $ 0.25 | $ 0.37 |
