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Fairport Savings Bank parent swings to Q1 profit

By THOMAS ADAMS - 5/13/2013 3:43:33 PM

The parent of Fairport Savings Bank reported first-quarter net income of $7,000, compared with a net loss of $113,000 in the first quarter 2012.

Earnings per share for FSB Community Bankshares Inc. were breakeven, compared with a loss of 7 cents a share a year ago, the bank reported in a filing late last month with the U.S. Securities and Exchange Commission.

The improvement is the result of $1.4 million in net interest income, up $103,000 from a year ago, and a $97,000 decrease in other expenses, to just less than $2 million, the bank reported.

The improvements partially were offset by a $14,000 increase in the bank’s provision for bad loans, to $22,000.

FSB Community Bankshares is the mid-tier holding company for the bank, which has five branches in the Rochester market. It ranks 15th in the market with local deposits of $170.1 million as of June 30, data from the Federal Deposit Insurance Corp. shows.

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