VSB Bancorp Inc. (VSBN) reported an increase in fourth-quarter net income to $177,255, or $0.10 per share, from $162,668, or $0.09 per share in the year ago quarter.
The increase in net income was due to a decrease in the provision for loan losses, said VSB Bancorp in a statement.
The company's provision for loan losses for the fourth-quarter totaled $75 thousand compared to $450 thousand in the year-ago quarter.
Net interest income for the quarter was $1.93 million, compared to $1.99 million last year. Total non-interest income for the quarter was $572 thousand compared to $638 thousand in the year ago quarter.
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