This Week
  • Developer plans a $15 million project to renovate a historic site in Clifton Springs.

  • The economy and demographics have Sheridan Bros. Moving on the move.

  • Technology and other factors have brought big changes to commercial building.

  • From Morocco, Joseph Squalli traveled far to become Rooney's Restaurant owner.

  • RocMusic director Alexander Pena rallies young music makers.

  • Challenges mount for area companies that do business in Russia.

Net income jumps at Fairport Savings Bank parent

Rochester Business Journal
August 1, 2013

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.


What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google