MILLINGTON, N.J., July 31, 2018 (GLOBE NEWSWIRE) -- MSB Financial Corp. (NASDAQ: MSBF) (the “Company”), parent company of Millington Bank, reported today the results of its operations for the three and six months ended June 30, 2018.

The Company reported net income of $1.2 million, or $0.23 per diluted common share, for the three months ended June 30, 2018, compared to net income of $732,000, or $0.13 per diluted common share, for the three months ended June 30, 2017. Net income for the six months ended June 30, 2018 was $2.3 million, or $0.42 per diluted common share, compared to net income of $1.3 million, or $0.23 per diluted common share, for the six months ended June 30, 2017.

Highlights for the quarter:

-- Return on average assets was 0.87% for the three months ended June 30, 2018 compared to 0.59% for the three months ended June 30, 2017 and return on average equity was 7.17% for the three months ended June 30, 2018 compared to 3.91% for the three months ended June 30, 2017. -- Net interest margin decreased 11 basis points to 3.24% for the quarter ended June 30, 2018 from 3.35% for the quarter ended June 30, 2017 due to a change in deposit pricing as competition for deposits has increased. -- The efficiency ratio, which is calculated by dividing non-interest expense by the sum of net interest income and non-interest income, improved to 62.49% for the quarter ended June 30, 2018 from 68.02% for the quarter ended June 30, 2017 driven by an increase in net interest income year over year. -- Non-performing assets represented 0.69% of total assets at June 30, 2018 compared with 0.73% at December 31, 2017. The allowance for loan losses as a percentage of total non-performing loans was 135.53% at June 30, 2018 compared to 130.99% at December 31, 2017. -- The Company’s balance sheet reflected total asset growth of $38.2 million at June 30, 2018, compared to December 31, 2017, improving asset quality, and capital levels that exceeded regulatory standards for a well-capitalized institution. -- The effective tax rate improved to 24.7% for the quarter ended June 30, 2018 compared to 28.6% for the quarter ended June 30, 2017 primarily due to the passage of the Tax Cuts and Jobs Act.

Selected Financial Ratios (unaudited; annualized where applicable) As of or for the quarter ended: 6/30/2018 3/31/2018 12/31/2017 9/30/2017 6/30/2017 ----------------------------------- --------- --------- --------- --------- --------- Return on average assets 0.87 % 0.74 % 0.20 % 0.90 % 0.59 % Return on average equity 7.17 % 5.65 % 1.48 % 6.31 % 3.91 % Net interest margin 3.24 % 3.24 % 3.30 % 3.37 % 3.35 % Net loans / deposit ratio 113.64 % 110.85 % 105.46 % 116.04 % 109.31 % Shareholders' equity / total assets 11.39 % 12.37 % 12.97 % 13.39 % 14.79 % Efficiency ratio 62.49 % 66.29 % 62.26 % 64.21 % 68.02 % Book value per common share $ 12.43 $ 12.63 $ 12.66 $ 12.57 $ 13.07

Net Interest Income

Total interest income for the three months ended June 30, 2018 increased $1.0 million, or 21.4%, to $5.7 million compared to $4.7 million for the second quarter of 2017. Interest income increased in the quarter ended June 30, 2018 compared to the comparable period in 2017, primarily due to a $83.9 million increase in average loan balances. Total interest expense increased by $504,000, or 62.8%, to $1.3 million, for the three months ended June 30, 2018 compared to the same period in 2017 due to a mix of higher deposit rates and average deposit balances.

Net interest income for the three months ended June 30, 2018 increased $507,000, or 12.9%, to $4.4 million compared to $3.9 million for the same three-month period in 2017. The change for the three months ended June 30, 2018 was primarily a result of an increase in average earning assets of $78.8 million. The annualized net interest spread was 3.05% and 3.18% for the three months ended June 30, 2018 and 2017, respectively. For the quarter ended June 30, 2018, the Company's annualized net interest margin decreased to 3.24% compared to 3.35% for the corresponding three-month period in 2017.

Total interest income for the six months ended June 30, 2018, increased $2.1 million, or 23.8%, to $11.2 million compared to $9.0 million for the six months ended June 30, 2017 as average earning assets increased $86.6 million year over year. Total interest expense increased by $933,000, or 62.2%, to $2.4 million for the six months ended June 30, 2018 compared to June 30, 2017 as average interest-bearing liabilities increased $67.3 million year over year and the average cost of such liabilities increased 24 basis points.

Net interest income grew $1.2 million, or 16.1%, to $8.7 million for the six months ended June 30, 2018 compared to $7.5 million for the six months ended June 30, 2017. Net interest spread and net interest margin for the six months ended June 30, 2018, declined 8 basis points respectively, to 3.06% and 3.24% compared to 3.14% and 3.32% for the six months ended June 30, 2017. Net interest income and net interest margin decreased as the Company's deposit pricing has become more competitive year over year.

Non-Interest Income and Non-Interest Expense

Non-interest income for the three months ended June 30, 2018 was $208,000, as compared to $219,000 for the same period in 2017. Non-interest expense, which consists of salaries and employee benefits, occupancy expense, professional services and other non-interest expenses totaled $2.9 million for the quarter ended June 30, 2018 as compared to $2.8 million for the same period in 2017.

Non-interest income for the six months ended June 30, 2018 was $412,000, as compared to $406,000 for the same period in 2017. Non-interest expense, totaled $5.9 million for the six months ended June 30, 2018 as compared to $5.5 million for the same period in 2017 with the $351,000 increase primarily attributable to salaries and employee benefits as a result of merit and infrastructure increases.

Taxes

For the three months ended June 30, 2018, the Company recorded a $407,000 tax provision compared to a provision of $293,000 for the three months ended June 30, 2017. The effective tax rate improved to 24.7% for the quarter ended June 30, 2018 compared to 28.6% for the quarter ended June 30, 2017. As a result of the passage of the Tax Cuts and Jobs Act on December 22, 2017, the federal tax rate for corporations was reduced to 21% during 2018. The increase in tax provision is attributable to an increase in pre-tax income offset by a decrease in the applicable tax rate.

For the six months ended June 30, 2018, the Company recorded a $814,000 tax provision compared to a provision of $614,000 for the six months ended June 30, 2017. The effective tax rate improved to 26.4% for the six months ended June 30, 2018 compared to 32.4% for the six months ended June 30, 2017. The increase in tax provision is attributable to an increase in pre-tax income offset by a decrease in the applicable tax rate.

Earnings Summary for Period Ended June 30, 2018

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: 6/30/2018 3/31/2018 12/31/201 9/30/2017 6/30/2017 7 --------------------------------------------------- -------- -------- -------- --------- -------- Net interest income $ 4,431 $ 4,302 $ 4,325 $ 4,190 $ 3,924 Provision for loan losses 90 90 200 490 300 ------- ------- ------- ------- - ------- Net interest income after provision for loan losses 4,341 4,212 4,125 3,700 3,624 Other income 208 204 211 205 219 Other expense 2,899 2,987 2,824 2,822 2,818 ------- ------- ------- ------- - ------- Income before income taxes 1,650 1,429 1,512 1,083 1,025 Income taxes (benefit) 407 407 1,240 (86 ) 293 ------- ------- ------- ------- - ------- Net income $ 1,243 $ 1,022 $ 272 $ 1,169 $ 732 - ----- - ----- - ----- - ----- - - ----- Earnings per common share: Basic $ 0.23 $ 0.19 $ 0.05 $ 0.21 $ 0.13 Diluted $ 0.23 $ 0.19 $ 0.05 $ 0.21 $ 0.13 Weighted average common shares outstanding: 5,331,09 5,470,34 5,577,31 5,563,93 5,539,79 Basic 0 9 4 8 6 5,375,09 5,507,44 5,588,59 5,574,53 5,679,01 Diluted 0 3 8 5 2

Statement of Condition Highlights at June 30, 2018

-- Balance sheet growth, with total assets amounting to $601.2 million at June 30, 2018, an increase of $38.2 million, or 6.79%, compared to December 31, 2017. -- The Company’s total gross loans receivable were $515.3 million at June 30, 2018, an increase of $36.5 million, or 7.6%, from December 31, 2017. -- Securities held to maturity were $44.8 million at June 30, 2018, an increase of $6.3 million, or 16.3%, compared to December 31, 2017. -- Deposits were relatively flat totaling $448.5 million at June 30, 2018 compared to $448.9 million at December 31, 2017. -- Borrowings totaled $82.2 million at June 30, 2018, an increase of $44.5 million, or 118.1%, compared to $37.7 million at December 31, 2017.

The following table presents condensed consolidated statements of condition data as of the dates indicated.

Condensed Consolidated Statements of Condition (unaudited) (in thousands) At: 6/30/2018 3/31/2018 12/31/2017 9/30/2017 6/30/2017 ------------------------------------------------- --------- --------- --------- --------- --------- Cash and due from banks $ 1,654 $ 1,871 $ 2,030 $ 1,800 $ 1,839 Interest-earning demand deposits with banks 14,660 15,484 20,279 6,971 7,195 Securities held to maturity 44,770 36,375 38,482 40,752 42,441 Loans receivable, net of allowance 509,689 480,916 473,405 461,285 426,370 Premises and equipment 8,461 8,580 8,698 8,804 8,902 Federal home Loan Bank of New York stock, at cost 4,212 3,049 2,131 3,512 2,263 Bank owned life insurance 14,392 14,294 14,197 14,097 13,996 Accrued interest receivable 1,754 1,642 1,607 1,548 1,402 Other assets 1,657 1,816 2,211 2,988 2,690 --------- --------- --------- --------- --------- Total assets $ 601,249 $ 564,027 $ 563,040 $ 541,757 $ 507,098 - ------- - ------- - ------- - ------- - ------- Deposits $ 448,512 $ 433,843 $ 448,913 $ 397,510 $ 390,063 Borrowings 82,175 58,075 37,675 68,375 38,675 Other liabilities 2,056 2,350 3,427 3,332 3,371 Shareholders' equity 68,506 69,759 73,025 72,540 74,989 --------- --------- --------- --------- --------- Total liabilities and shareholders' equity $ 601,249 $ 564,027 $ 563,040 $ 541,757 $ 507,098 - ------- - ------- - ------- - ------- - -------

Loans

At June 30, 2018, the Company’s net loan portfolio totaled $509.7 million, an increase of $36.3 million, or 7.7%, compared to $473.4 million at December 31, 2017. The allowance for loan losses amounted to $5.6 million and $5.4 million at June 30, 2018 and December 31, 2017, respectively.

At June 30, 2018, the loan portfolio primarily consisted of commercial real estate loans (40.1%) and residential mortgages (33.2%). Commercial and industrial loans represented 17.6% of the portfolio while construction loans accounted for 9.0% of the portfolio. Total loans receivable increased $36.2 million to $535.4 million at June 30, 2018 compared to $499.2 million at December 31, 2017. The increase primarily reflects a $20.7 million increase in commercial and industrial loans and an 18.0 million increase in commercial real estate loans. The increases were partially offset by a $7.1 million 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: 6/30/2018 3/31/2018 12/31/2017 9/30/2017 6/30/2017 --------------------------------------- --------- --------- --------- --------- --------- Residential mortgage: One-to-four family $ 151,372 $ 154,576 $ 157,876 $ 161,679 $ 164,448 Home equity 26,174 27,051 26,803 27,409 29,021 --------- --------- --------- --------- --------- Total residential mortgage 177,546 181,627 184,679 189,088 193,469 Commercial and multi-family real estate 214,653 195,951 196,681 184,791 153,984 Construction 48,423 49,397 43,718 36,002 29,623 Commercial and industrial 94,140 82,712 73,465 73,409 67,686 --------- --------- --------- --------- --------- Total commercial loans 357,216 328,060 313,864 294,202 251,293 Consumer loans 608 595 618 659 434 --------- --------- --------- --------- --------- Total loans receivable 535,370 510,282 499,161 483,949 445,196 Less: Loans in process 19,594 23,398 19,868 16,864 13,315 Deferred loan fees 491 462 474 525 586 Allowance 5,596 5,506 5,414 5,275 4,925 --------- --------- --------- --------- --------- Total loans receivable, net $ 509,689 $ 480,916 $ 473,405 $ 461,285 $ 426,370 - ------- - ------- - ------- - ------- - -------

Asset Quality

At June 30, 2018, non-performing loans totaled $4.1 million, or 0.69% of total assets, compared with $4.1 million, or 0.73% of total assets, at December 31, 2017. Total delinquent loans (including nonperforming delinquent loans) were $7.0 million at June 30, 2018, an increase of $1.6 million from December 31, 2017 due to an increase in loans past due 30-59 days. The allowance for loan losses as a percentage of total loans was 1.09% at June 30, 2018 and 1.13% at December 31, 2017, respectively, while the allowance for loan losses as a percentage of non-performing loans increased to 135.53% at June 30, 2018 from 130.99% at December 31, 2017. Non-performing loans to total loans decreased to 0.80% at June 30, 2018 from 0.86% at December 31, 2017.

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: 6/30/2018 3/31/2018 12/31/2017 9/30/2017 6/30/2017 -------------------------------------------- ----------- ----------- ----------- ----------- ----------- Non-accrual loans $ 3,430 $ 3,548 $ 3,975 $ 4,071 $ 6,916 Loans 90 days or more past due and still 699 1,266 158 374 — accruing --------- - --------- - --------- - --------- - --------- - Total non-performing loans $ 4,129 $ 4,814 $ 4,133 $ 4,445 $ 6,916 - ------- - - ------- - - ------- - - ------- - - ------- - Non-performing assets / total assets 0.69 % 0.85 % 0.73 % 0.82 % 1.36 % Non-performing loans / total loans 0.80 % 0.99 % 0.86 % 0.95 % 1.60 % Net charge-offs (recoveries) $ — $ (2 ) $ 61 $ 140 $ 1 Net charge-offs (recoveries) / average loans — % — % 0.05 % 0.13 % — % (annualized) Allowance for loan loss / total loans 1.09 % 1.13 % 1.13 % 1.13 % 1.14 % Allowance for loan losses / non-performing 135.53 % 114.37 % 130.99 % 118.69 % 71.21 % loans Total assets $ 601,249 $ 564,027 $ 563,040 $ 541,757 $ 507,098 Gross loans, including ALLL $ 515,285 $ 486,422 $ 478,819 $ 466,560 $ 431,295 Average loans $ 500,959 $ 483,255 $ 472,388 $ 446,383 $ 417,065 Allowance for loan losses $ 5,596 $ 5,506 $ 5,414 $ 5,275 $ 4,925

Deposits

Total deposits at June 30, 2018 were $448.5 million compared with $448.9 million at December 31, 2017. Overall, deposits were relatively flat. Non-interest demand balances and savings balances increased $5.8 million and $4.1 million, respectively. Non-interest demand balances increased to $42.7 million from $36.9 million from year end while savings balances increased to $109.3 million from $105.1 million from year end. In addition, certificates of deposit (including IRA) balances increased $3.9 million to $128.2 million compared to $124.3 million from year end. Offsetting the increases were declines in money market and interest demand balances of $13.0 million and $1.2 million, respectively. Money market balances declined to $14.4 million compared to $27.4 million while interest demand balances declined to $154.0 million compared to $155.2 million from 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: 6/30/2018 3/31/2018 12/31/2017 9/30/2017 6/30/2017 -------------------- --------- --------- --------- --------- --------- Demand: Non-interest bearing $ 42,687 $ 36,751 $ 36,919 $ 40,504 $ 44,584 Interest-bearing 153,968 148,888 155,199 107,419 95,196 Savings 109,254 109,215 105,106 108,249 105,560 Money market 14,381 20,251 27,350 16,517 15,842 Time 128,222 118,738 124,339 124,821 128,881 --------- --------- --------- --------- --------- Total deposits $ 448,512 $ 433,843 $ 448,913 $ 397,510 $ 390,063 - ------- - ------- - ------- - ------- - -------

Capital

At June 30, 2018, the Company's total stockholders' equity amounted to $68.5 million, or 11.39% of total assets, compared to $73.0 million at December 31, 2017. The Company’s book value per common share was $12.43 at June 30, 2018, compared to $12.66 at December 31, 2017. The decline in shareholders' equity was primarily due to the repurchase of 249,837 shares of common stock for a total of $4.5 million and the payment of a special dividend in the aggregate amount of $2.5 million, partially offset by net income of $2.3 million.

At June 30, 2018, the Bank’s common equity tier 1 ratio was 11.30%, tier 1 leverage ratio was 10.33%, tier 1 capital ratio was 11.30% and the total capital ratio was 12.39%. 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 June 30, 2018, 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: 6/30/2018 3/31/2018 12/31/2017 9/30/2017 6/30/2017 ------------------------------------------ ----------- ----------- ----------- ----------- ----------- Loans $ 500,959 $ 483,255 $ 472,388 $ 446,383 $ 417,065 Securities held to maturity 36,494 37,661 39,899 41,423 41,885 Allowance for loan losses (5,538 ) (5,461 ) (5,376 ) (4,922 ) (4,695 ) All other assets 38,053 38,851 41,886 38,545 38,603 --------- - --------- - --------- - --------- - --------- - Total assets $ 569,968 $ 554,306 $ 548,797 $ 521,429 $ 492,858 - ------- - - ------- - - ------- - - ------- - - ------- - Non-interest bearing deposits $ 38,903 $ 36,211 $ 43,336 $ 44,970 $ 43,030 Interest-bearing deposits 385,047 390,522 375,098 350,589 333,902 Borrowings 74,192 53,191 53,844 47,788 37,715 Other liabilities 2,495 1,972 3,104 3,964 3,363 Stockholders' Equity 69,331 72,410 73,415 74,118 74,848 --------- - --------- - --------- - --------- - --------- - Total liabilities and shareholders' equity $ 569,968 $ 554,306 $ 548,797 $ 521,429 $ 492,858 - ------- - - ------- - - ------- - - ------- - - ------- -

CEO outlook:

"During the quarter the Company furthered its goals to create shareholder value and to reward stockholders by distributing a second special dividend of $0.445 per share," stated Michael Shriner, President and Chief Executive Officer. Mr. Shriner added, "Our staff remains committed to improving earnings, and ultimately our return to shareholders, by focusing out efforts on growing the balance sheet, building new relationships, becoming more efficient and reducing the number of non-performing assets."

Mr. Shriner further commented, "I am very pleased with our growth in the second quarter, however the trend of higher short term interest rates we are experiencing will ultimately dictate where growth ends up by the fourth quarter. Strong competition for deposits is beginning to show up in out cost of funds, which may affect the level of growth the Company achieves in the latter half of 2018."

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 At June 30, December 2018 31, 2017 ----------- ----------- (Dollars in thousands, except per share amounts) Cash and due from banks $ 1,654 $ 2,030 Interest-earning demand deposits with banks 14,660 20,279 --------- - --------- - Cash and Cash Equivalents 16,314 22,309 Securities held to maturity (fair value of $43,749 and $38,255, respectively) 44,770 38,482 Loans receivable, net of allowance for loan losses of $5,596 and $5,414, respectively 509,689 473,405 Premises and equipment 8,461 8,698 Federal Home Loan Bank of New York stock, at cost 4,212 2,131 Bank owned life insurance 14,392 14,197 Accrued interest receivable 1,754 1,607 Other assets 1,657 2,211 --------- - --------- - Total Assets $ 601,249 $ 563,040 - ------- - - ------- - Liabilities and Stockholders' Equity Liabilities Deposits: Non-interest bearing $ 42,687 $ 36,919 Interest bearing 405,825 411,994 --------- - --------- - Total Deposits 448,512 448,913 Advances from Federal Home Loan Bank of New York 82,175 37,675 Advance payments by borrowers for taxes and insurance 772 686 Other liabilities 1,284 2,741 --------- - --------- - Total Liabilities 532,743 490,015 --------- - --------- - 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; 5,513,165 and 5,768,632 55 58 issued and outstanding at June 30, 2018 and December 31, 2017, respectively Paid-in capital 46,688 51,068 Retained earnings 23,450 23,641 Unearned common stock held by ESOP (184,942 and 190,390 shares, respectively) (1,687 ) (1,742 ) --------- - --------- Total Stockholders' Equity 68,506 73,025 --------- - --------- - Total Liabilities and Stockholders' Equity $ 601,249 $ 563,040 ------------------------------------------------------------------------------------- ----------- -----------

MSB Financial Corp. and Subsidiaries -------------------------------------------------------------------------------------------- Consolidated Statements of Income Three Months Ended Six Months Ended June 30, June 30, ------------------ ------------------- 2018 2017 2018 2017 -------- -------- --------- -------- (in thousands except per share amounts) Interest Income Loans receivable, including fees $ 5,436 $ 4,444 $ 10,572 $ 8,444 Securities held to maturity 240 247 459 498 Other 62 36 136 78 ------- ------- -------- ------- Total Interest Income 5,738 4,727 11,167 9,020 ------- ------- -------- ------- Interest Expense Deposits 935 579 1,781 1,081 Borrowings 372 224 653 420 ------- ------- -------- ------- Total Interest Expense 1,307 803 2,434 1,501 ------- ------- -------- ------- Net Interest Income 4,431 3,924 8,733 7,519 Provision for Loan Losses 90 300 180 495 ------- ------- -------- ------- Net Interest Income after Provision for Loan Losses 4,341 3,624 8,553 7,024 ------- ------- -------- ------- Non-Interest Income Fees and service charges 91 98 174 169 Income from bank owned life insurance 98 105 195 212 Other 19 16 43 25 ------- ------- -------- ------- Total Non-Interest Income 208 219 412 406 ------- ------- -------- ------- Non-Interest Expenses Salaries and employee benefits 1,677 1,578 3,482 3,084 Directors compensation 122 187 244 363 Occupancy and equipment 397 429 782 823 Service bureau fees 77 49 144 97 Advertising 9 5 13 8 FDIC assessment 69 37 123 70 Professional services 336 349 689 708 Other 212 184 409 382 ------- ------- -------- ------- Total Non-Interest Expenses 2,899 2,818 5,886 5,535 ------- ------- -------- ------- Income before Income Taxes 1,650 1,025 3,079 1,895 Income Tax Expense 407 293 814 614 ------- ------- -------- ------- Net Income $ 1,243 $ 732 $ 2,265 $ 1,281 - ----- - ----- - ------ - ----- Earnings per share: Basic $ 0.23 $ 0.13 $ 0.42 $ 0.23 Diluted $ 0.23 $ 0.13 $ 0.42 $ 0.23 --------------------------------------------------- -------- -------- --------- --------

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 6/30/2018 3/31/2018 6/30/2017 applicable) ---------- ---------- ---------- (unaudited) Statements of Operations Data Interest income $ 5,738 $ 5,429 $ 4,727 Interest expense 1,307 1,127 803 -------- - -------- - -------- - Net interest income 4,431 4,302 3,924 Provision for loan losses 90 90 300 -------- - -------- - -------- - Net interest income after provision for loan losses 4,341 4,212 3,624 Other income 208 204 219 Other expense 2,899 2,987 2,818 -------- - -------- - -------- - Income before income taxes 1,650 1,429 1,025 Income tax expense (benefit) 407 407 293 -------- - -------- - -------- - Net Income $ 1,243 $ 1,022 $ 732 - ------ - - ------ - - ------ - Earnings (per Common Share) Basic $ 0.23 $ 0.19 $ 0.13 Diluted $ 0.23 $ 0.19 $ 0.13 Statements of Condition Data (Period-End) Investment securities held to maturity (fair value of $43,749, $35,561, and $ 44,770 $ 36,375 $ 42,441 $42,523) Loans receivable, net of allowance for loan losses 509,689 480,916 426,370 Total assets 601,249 564,027 507,098 Deposits 448,512 433,843 390,063 Borrowings 82,175 58,075 38,675 Stockholders' equity 68,506 69,759 74,989 Common Shares Dividend Data Cash dividends $ 2,456 $ — $ — Weighted Average Common Shares Outstanding Basic 5,331,090 5,470,349 5,539,796 Diluted 5,375,090 5,507,443 5,679,012 Operating Ratios Return on average assets 0.87 % 0.74 % 0.59 % Return on average equity 7.17 % 5.65 % 3.91 % Average equity / average assets 12.16 % 13.06 % 15.19 % Book value per common share (period-end) $ 12.43 $ 12.63 $ 13.07