VSB Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, net interest income was $2,335,655 against $1,991,523 a year ago. Income before income taxes was $895,129 against $537,389 a year ago. Net income was $581,651 or $0.34 per basic common share against $184,917, or $0.10 per basic common share a year ago. The principal reason for the increase in interest income was a $34.2 million increase in average balance between the periods, was partially offset by a 32 basis point decrease in yield, as the company have booked new loans at lower rates due to the more competitive environment.

For 2015, net interest income was $8,906,113 against $8,263,216 a year ago. Income before income taxes was $2,783,614 against $2,515,145 a year ago. Net income was $1,630,703 or $0.93 per basic common share against $1,272,494 or $0.72 per basic common share a year ago. Book value per common share as on date was $16.00 against $15.36 a year ago. The increase in net income was principally due to an increase in net interest income of $642,897, an increase in non-interest income of $148,604, a reduction in the provision for loan losses of $115,000, and a decrease in the provision for income taxes of $89,740.