MSB Financial, the holding company for Millington Savings Bank, has reported a net income of $612,000 for the fiscal year ended June 30, 2008, compared to $1.3 million for fiscal 2007.
Total assets were $308.1 million at June 30, 2008, compared to $284.6 million at June 30, 2007. Deposits were $225.4 million at June 30, 2008, compared to $211.1 million at June 30, 2007 an increase of $14.3 million or 6.8%.
Net interest income for fiscal 2008 was up $266,000 or 3.6% to $7.6 million for the year ended June 30, 2008, compared to $7.3 million for the year ended June 30, 2007. Non-interest income decreased by $1 million to $568,000 for the year ended June 30, 2008 as compared to $1.6 million for the year ended June 30, 2007 due primarily to the gain on sale of the bank’s former main office site in fiscal 2007.