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Share Name | Share Symbol | Market | Type |
---|---|---|---|
MSB Financial Corporation | NASDAQ:MSBF | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.38 | 9.82 | 10.95 | 0 | 01:00:00 |
The Company reported net income of $533,000, or $0.11 per diluted common share, for the three months ended March 31, 2020, compared to net income of $514,000, or $0.10 per diluted common share, for the three months ended March 31, 2019. The three months ended March 31, 2020 were impacted by approximately $525,000 in merger related expenses associated with the Company's previously disclosed pending merger with Kearny Financial Corp. that would not be part of normal operating expenses. Adjusting for the merger related expenses, net income for the three months ended March 31, 2020 would have been $1.0 million or $0.20 per diluted share. The three months ended March 31, 2019 were impacted by approximately $862,000 in additional 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 December 31, 2018 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 for the three months ended March 31, 2019 would have been $1.1 million or $0.21 per diluted share.
Highlights for the quarter:
Selected Financial Ratios | ||||||||||||||||||||
(unaudited; annualized where applicable) | ||||||||||||||||||||
As of or for the quarter ended: | 3/31/2020 | 12/31/2019 | 9/30/2019 | 6/30/2019 | 3/31/2019 | |||||||||||||||
Return on average assets | 0.36 | % | 0.86 | % | 0.77 | % | 0.85 | % | 0.36 | % | ||||||||||
Return on average equity | 3.22 | % | 7.71 | % | 6.79 | % | 7.28 | % | 3.05 | % | ||||||||||
Net interest margin | 3.16 | % | 3.16 | % | 3.12 | % | 3.21 | % | 3.19 | % | ||||||||||
Net loans / deposit ratio | 116.90 | % | 107.46 | % | 106.56 | % | 118.62 | % | 113.10 | % | ||||||||||
Shareholders' equity / total assets | 11.00 | % | 11.02 | % | 10.86 | % | 11.42 | % | 11.77 | % | ||||||||||
Efficiency ratio | 76.39 | % | 64.50 | % | 64.30 | % | 62.97 | % | 83.83 | % | ||||||||||
Book value per common share | $ | 12.74 | $ | 12.61 | $ | 12.35 | $ | 12.64 | $ | 12.46 |
CEO Outlook
"Our first quarter efforts were focused on the operational impact of CODIV-19," stated Michael Shriner, President and Chief Executive Officer. Mr. Shriner added, "I am pleased to say that we implemented our business continuity plan quickly and effectively and we continued to operate without impact to our customers." Mr. Gallaway, Chairman of the Board of Directors added “I am proud of what our team has been able to accomplish in the face of adversity, providing service to our communities in the form of normal operations while concurrently fulfilling voluminous requests for the SBA Payroll Protection Program and loan referral requests all while remaining in compliance with State Executive Orders.”
Mr. Shriner further stated “although it is still too early to determine the ultimate impact of COVID-19 on the loan portfolio, we determined a gradual increase to the provision for loan losses was appropriate. We will continue to monitor the impact and make additional provisions as necessary.”
Non-GAAP Financial Measures
This release references adjusted net income, which is a non-GAAP (Generally Accepted Accounting Principles) financial measure. Adjusted net income for March 31, 2020 is derived from GAAP net income less the $525,000 in merger related expenses that would not be part of normal operating expenses and tax effected at a rate of 31% for the portion of expense that was allowable for deduction. Adjusted net income for March 31, 2019 is derived from GAAP net income less the $862,000 in additional expenses associated with the expanded audit scope and identification of material weaknesses and tax effected at a rate of 31%. We believe the presentation of adjusted net income is appropriate as it better enables an investor to analyze the performance of our core business year over year without the impact of unusual items.
The following tables reconcile adjusted net income to net income and adjusted diluted earnings per share to diluted earnings per share:
Three months ended March 31, | |||||||
2020 | 2019 | ||||||
(dollars in thousands) | |||||||
Net income | $ | 533 | $ | 514 | |||
Merger related expenses | 525 | — | |||||
Professional expenses associated with increased audit scope and identification of material weaknesses | — | 862 | |||||
Tax adjustment using an assumed tax rate of 31% | (66 | ) | (267 | ) | |||
Adjusted net income | $ | 992 | $ | 1,109 |
Three Months Ended March 31, | |||||||
(In Thousands, Except Per Share Data) | 2020 | 2019 | |||||
Numerator: | |||||||
Net income | $ | 992 | $ | 1,109 | |||
Denominator: | |||||||
Weighted average common shares | 5,018 | 5,198 | |||||
Dilutive potential common shares | 23 | 39 | |||||
Weighted average fully diluted shares | 5,041 | 5,237 | |||||
Earnings per share: | |||||||
Dilutive | $ | 0.20 | $ | 0.21 |
Forward Looking Statement Disclaimer
This release may contain forward-looking statements. Such forward-looking statements are subject to risks and uncertainties which may cause actual results to differ materially from those currently anticipated due to a number of factor. Factors that may cause actual results to differ from those contemplated include our ability to reduce interest rates on deposits; our ability to reduce our funding costs; our ability to continue to use funding sources like short-term brokered deposits; our ability to reduce our nonperforming loans; our continued ability to grow the loan portfolio; the impact of the passage of the Tax Cuts and Jobs Act; our continued ability to manage cybersecurity risks; our continued ability to successfully remediate our identified internal control weaknesses; and our ability to control expenses. Therefore, readers should not place undue reliance on any forward-looking statements. MSB Financial Corp. does not undertake, and specifically disclaims, any obligations to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such circumstance.
Contact: | Michael A. Shriner, President & CEO | |
(908) 647-4000 | ||
mshriner@millingtonbank.com |
MSB Financial Corp. and Subsidiaries | ||||||
Consolidated Statements of Financial Condition | ||||||
At March 31, 2020 | At December 31, 2019 | |||||
(Dollars in thousands, except per share amounts) | ||||||
Cash and due from banks | $ | 1,242 | $ | 1,296 | ||
Interest-earning demand deposits with banks | 9,834 | 17,157 | ||||
Cash and Cash Equivalents | 11,076 | 18,453 | ||||
Securities held to maturity (fair value of $34,818 and $35,696, respectively) | 35,092 | 35,827 | ||||
Loans receivable, net of allowance for loan losses of $5,965 and $5,655, respectively | 522,941 | 508,022 | ||||
Premises and equipment | 7,876 | 8,020 | ||||
Federal Home Loan Bank of New York stock, at cost | 4,301 | 2,848 | ||||
Bank owned life insurance | 14,571 | 14,480 | ||||
Accrued interest receivable | 1,741 | 1,650 | ||||
Other assets | 2,837 | 3,786 | ||||
Total Assets | $ | 600,435 | $ | 593,086 | ||
Liabilities and Stockholders' Equity | ||||||
Liabilities | ||||||
Deposits: | ||||||
Non-interest bearing | $ | 45,856 | $ | 47,935 | ||
Interest bearing | 401,520 | 424,817 | ||||
Total Deposits | 447,376 | 472,752 | ||||
Advances from Federal Home Loan Bank of New York | 83,875 | 51,575 | ||||
Advance payments by borrowers for taxes and insurance | 776 | 722 | ||||
Other liabilities | 2,375 | 2,662 | ||||
Total Liabilities | 534,402 | 527,711 | ||||
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; 5,184,914 issued and outstanding at March 31, 2020 and December 31, 2019, respectively | 52 | 52 | ||||
Paid-in capital | 41,955 | 41,857 | ||||
Retained earnings | 25,522 | 24,989 | ||||
Unearned common stock held by ESOP (165,844 and 168,538 shares, respectively) | (1,496 | ) | (1,523 | ) | ||
Total Stockholders' Equity | 66,033 | 65,375 | ||||
Total Liabilities and Stockholders' Equity | $ | 600,435 | $ | 593,086 | ||
MSB Financial Corp. and Subsidiaries | ||||||||
Consolidated Statements of Income | ||||||||
Three months ended March 31, | ||||||||
2020 | 2019 | |||||||
(in thousands except per share amounts) | ||||||||
Interest Income | ||||||||
Loans receivable, including fees | $ | 5,929 | $ | 5,691 | ||||
Securities held to maturity | 228 | 285 | ||||||
Other | 71 | 132 | ||||||
Total Interest Income | 6,228 | 6,108 | ||||||
Interest Expense | ||||||||
Deposits | 1,385 | 1,126 | ||||||
Borrowings | 297 | 559 | ||||||
Total Interest Expense | 1,682 | 1,685 | ||||||
Net Interest Income | 4,546 | 4,423 | ||||||
Provision for Loan Losses | 250 | — | ||||||
Net Interest Income after Provision for Loan Losses | 4,296 | 4,423 | ||||||
Non-Interest Income | ||||||||
Fees and service charges | 122 | 72 | ||||||
Income from bank owned life insurance | 95 | 94 | ||||||
Other | 19 | 24 | ||||||
Total Non-Interest Income | 236 | 190 | ||||||
Non-Interest Expenses | ||||||||
Salaries and employee benefits | 1,731 | 1,728 | ||||||
Directors compensation | 132 | 129 | ||||||
Occupancy and equipment | 384 | 375 | ||||||
Service bureau fees | 200 | 95 | ||||||
Advertising | 1 | 7 | ||||||
FDIC assessment | 45 | 46 | ||||||
Professional services | 414 | 1,278 | ||||||
Merger Expenses | 525 | — | ||||||
Other | 221 | 209 | ||||||
Total Non-Interest Expenses | 3,653 | 3,867 | ||||||
Income before Income Taxes | 879 | 746 | ||||||
Income Tax Expense | 346 | 232 | ||||||
Net Income | $ | 533 | $ | 514 | ||||
Earnings per share: | ||||||||
Basic | $ | 0.11 | $ | 0.10 | ||||
Diluted | $ | 0.11 | $ | 0.10 | ||||
1 Year MSB Financial Chart |
1 Month MSB Financial Chart |
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