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Fairport Savings Bank swings to profit in Q4

By THOMAS ADAMS - 2/5/2013 3:10:26 PM

The holding company of Fairport Savings Bank reported fourth-quarter net income of $108,000, or 6 cents a share, reversing a loss from a year ago.

FSB Community Bankshares Inc. lost $68,000, or 4 cents a share, in the fourth quarter 2011.

The turnaround was the result of a $138,000 increase in net interest income, to $1.39 million from $1.26 million, including provisional costs for bad loans, and $282,000 increase in other income, the bank said last week.

Those increases were offset somewhat by a $153,000 hike in other expenses, an $85,000 increase in income tax expense and a $6,000 increase in money set aside to cover loan losses, the bank reported.

For all of 2012, the bank reported net income of $56,000, or 3 cents a share. It lost $72,000, or 4 cents a share, in 2011.

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