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MSB Financial finds weaknesses in internal control, delays annual report filing

Millington, N.J.-based MSB Financial Corp. sought an extension of the filing deadline of its annual report on Form 10-K from the SEC after identifying material weaknesses in internal control over financial reporting.

Specifically, the management found weaknesses related to the design, implementation and effectiveness of certain information technology general controls; the processing and approving of department level journal entries; loan data within the loan accounting system; deposit data within the deposit accounting system; and the allowance for loan loss calculation.

The weaknesses did not lead to any identified material misstatements to the financial statements, according to MSB Financial. There was also no material change to the financial results previously released. However, as a result of the weaknesses, the audit of internal control over financial reporting cannot be completed by the deadline as MSB Financial and its auditors need to finish additional procedures.

The management took remedial actions that include reviewing the weaknesses with appropriate levels of management, enhancing and implementing systemic controls over information technology processing and redefining roles and adding staff to address segregation of duties issues.

MSB Financial expects the filing of its Form 10-K within the 15-day extension period from the prescribed deadline.