The midtier holding company for Fairport Savings Bank this week reported second-quarter net income of $29,000, up 164 percent from $11,000 a year ago.
FSB Community Bankshares Inc. stockholders earned 2 cents a share, up a penny.
he increase was due in part to $1.4 million in net interest income, up 8.7 percent from $1.3 million, the bank reported Tuesday.
The $115,000 increase in net interest income was the result of reductions in deposit and borrowing costs in a low-interest rate environment, and increased interest income on interest-earning assets, the bank reported.
Earnings were hurt by $70,000 in other expenses, a $16,000 increase in the provision for loan losses and a $7,000 decrease in income tax benefit, the bank reported.
Fairport Savings Bank ranks 15th in the Rochester market with local deposits of $170.8 million at its five branches, the latest data from the Federal Deposit Insurance Corp. shows.
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