PRINT | CLOSE WINDOW

Net income jumps at Fairport Savings Bank parent

By THOMAS ADAMS - 8/1/2013 4:53:42 PM

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.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.