VSB Bancorp, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, net interest income was $1,991,523 against $2,007,017 a year ago. The decline in interest income resulted from a $199,980 decrease in interest income from loans principally due to a reduction in the average balance of $6.7 million and a decrease of 44 basis points in the yield on loans. Income before income taxes was $537,389 against $511,099 a year ago. Net income was $184,917 against $277,293 a year ago. Diluted net income per share was $0.10 against $0.16 a year ago. Book value per common share was $15.36 against $15.47 a year ago. Return on average assets decreased from 0.36% to 0.20%, while return on average equity decreased from 3.87% to 2.11%.

For the nine months, net interest income was $8,263,216 against $7,740,551 a year ago. Income before income taxes was $2,515,145 against $1,938,235 a year ago. Net income was $1,272,494 against $1,051,471 a year ago. Diluted net income per share was $0.72 against $0.59 a year ago. Book value per common share was $15.36 against $15.47 a year ago.