VSB Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported total interest income of $2,210,237, net interest income of $2,007,017, income before income taxes of $511,099, net income of $277,293 or $0.16 per basic and diluted share compared to the total interest income of $2,120,127, net interest income of $1,932,195, income before income taxes of $326,770, net income of $177,255 or $0.10 per basic and diluted share for the same quarter year ago. The $100,038 increase in net income was due to a $74,822 increase in net interest income, an increase in non-interest income of $87,968, a decrease in non-interest expense of $51,539, partially offset by an increase in the provision for loan losses of $30,000, and an increase in the provision for income taxes of $84,291. The $74,822 increase in net interest income for the fourth quarter of 2013 occurred primarily because interest income increased by $90,110, and cost of funds increased by $15,288.

For the year, the company reported total interest income of $8,565,526, net interest income of $7,740,551, income before income taxes of $1,938,235, net income of $1,051,471 or $0.59 per basic and diluted share compared to the total interest income of $9,006,715, net interest income of $8,210,690, income before income taxes of $2,190,314, net income of $1,188,200 or $0.67 per basic and diluted share for the same period year ago. Book value per share as on December 31, 2013 was $15.47 compared to the $15.55 as on December 31, 2012. The $136,729 reduction in net income for the year ended December 31, 2013 was attributable principally to a $470,139 decrease in net interest income, and a $49,030 increase in non-interest expenses. These increases were partially offset by a $197,090 increase in non-interest income, and a $70,000 decrease in the provision for loan losses.