VSB Bancorp, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported total interest income of $2,474,942 compared to $2,574,080 a year ago. Net interest income was $2,290,426 compared to $2,401,615 a year ago. Net rental income was $15,444 compared to $16,325 a year ago. Income before income taxes was $772,894 compared to $980,017 a year ago. Net income was $502,422 or $0.29 per basic and diluted share compared to $546,317 or $0.31 per basic and diluted share a year ago. As at September 30, 2015, the company's book value per common share was $15.94 compared to $15.26 a year ago. The $43,895 decrease in net income was due to a decrease in interest income of $99,138, an increase in non-interest expense of $169,450, an increase in interest expense of $12,051 and a decrease in non-interest income of $11,484, partially offset by a decrease in the provision for income taxes of $163,228 and a decrease in the provision for loan losses of $85,000. Return on average assets increased to 0.59% in the third quarter of 2015 as compared to 0.50% in the third quarter of 2014, while return on average equity increased to 6.49% from 5.14%, in the same period.

For the nine months, the company reported total interest income of $7,109,330 compared to $6,806,067 a year ago. Net interest income was $6,570,458 compared to $6,271,693 a year ago. Net rental income was $56,546 compared to $43,970 a year ago. Income before income taxes was $1,888,485 compared to $1,977,756 a year ago. Net income was $1,049,052 or $0.60 per basic and diluted share compared to $1,087,577 or $0.61 per basic and diluted share a year ago. The decrease in net income for the nine months ended September 30, 2015 compared to the same period in 2014 was attributable principally to a $544,167 increase in non-interest expense and the $155,266 valuation allowance recorded against of deferred tax asset, as discussed above, substantially offset by $298,765 increase in net interest income, a $91,131 increase in non-interest income, and a $65,000 decrease in the provision for loan losses.