VSB Bancorp Inc. (VSBN) reported that its third-quarter net income was $357,460, or $0.20 per share, down from $422,288, or $0.23 per share in the year ago quarter.
The $64,828 decrease in net income was due to a decrease in net interest income of $232,433. This decrease was partially offset by a decrease in non-interest expense of $57,465, a decrease in the provision for income taxes of $54,817, and a decrease in the provision for loan losses of $50,000.
Net interest income for the quarter was $2.05 million, compared to $2.28 million last year. Total non-interest income for the quarter was $607,828 compared to 602,505 in the year ago quarter.
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