VSB Bancorp, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2016. For the quarter, the company reported pre-tax income of $845,262 compared to $433,139 for the first quarter of 2015. Net income for the quarter was $549,396, or basic income of $0.32 per common share, compared to a net income of $251,345, or $0.14 basic income per common share, for the quarter ended March 31, 2015.

Return on average assets increased from 0.37% in the first quarter of 2015 to 0.67% in the first quarter of 2016, while return on average equity increased from 3.64% to 7.25%. The $298,051 increase in net income was due to an increase in net interest income of $367,487, a decrease in the provision for loan loss of $110,000 and an increase in non-interest income of $14,528, partially offset by an increase in non-interest expenses of $79,892, and an increase in the provision for income taxes of $114,072, due to an increase in pre-tax income. Total interest income was $2,626,142 compared to $2,193,375 a year ago.

Book value per common share as at March 31, 2016 was $16.34 compared to $15.54 a year ago.