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Net income rises for parent of Fairport Savings Bank

Rochester Business Journal
February 3, 2014

The mid-tier holding company for Fairport Savings Bank reported a 5 percent increase in fourth-quarter net income and a 420 percent jump for all of 2013.

FSB Community Bancshares Inc. (OTCBB: FSBC) on Friday reported fourth-quarter net income of $113,000, or 7 cents a share, up from $108,000, or 6 cents a share, in the fourth quarter 2012.

The most-recent quarter was boosted by a $176,000 increase in net interest income, officials said. That was offset by a $101,000 decrease in other income, a $58,000 increase in other expenses and an $8,000 increase in money set aside to cover bad loans.

The bank’s net interest margin increased to 2.82 percent in the quarter from 2.75 percent, officials said.

Full-year net income was $291,000, or 17 cents a share, compared with $56,000, or 3 cents a share, in 2012.

“We’ve invested so much in branches and in infrastructure over the last few years, at the expense of earnings,” President and CEO Dana Gavenda said. “That’s all starting to turn around for us.

“We’re having a really good time running the bank right now.”

FSB Community Bankshares MHC, which holds 53 percent of the company’s outstanding common stock, is the parent of bank branches in Fairport Irondequoit, Penfield, Perinton and Webster.

Fairport Savings Bank ranks 13th in the Rochester market with local deposits of $168.3 million, data from the Federal Deposit Insurance Corp. shows.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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